Acquisitions

Hackney Trades Two Grocery-Anchored Shopping Centers in Metro Atlanta for $29M

by John Nelson September 7, 2022

ACWORTH AND SMYRNA, GA. — Hackney Real Estate Partners has sold two grocery-anchored shopping centers in metro Atlanta for $29 million. The assets include the 144,678-square-foot Cherokee Corners in Acworth and the 185,601-square-foot Concord Village in Smyrna. Brad Buchanan, Jim Hamilton and Andrew Kahn of JLL represented Hackney in the portfolio transaction. Both shopping centers are anchored by Food Depot, which has recently signed a 10-year renewal at both locations. Built in 1984 and renovated in 2016, Cherokee Corners was fully leased at the time of sale to tenants such as Woodstock Market, Dolce Furniture and Family Dollar. Concord Village was built in 1988 and renovated in 2016. The center was 99 percent leased at the time of sale to tenants such as Goodwill, Citi Trends, Mega Furniture Outlet, Dollar General and CSL Plasma.

September 7, 2022

Acquisitions Industrial Southeast Tennessee

Lincoln Property Co. Acquires 200,000 SF Industrial Facility in Franklin, Tennessee

by John Nelson September 7, 2022

FRANKLIN, TENN. — Dallas-based Lincoln Property Co. has sold a 200,000-square-foot industrial facility located on 15.6 acres at 117 SE Parkway in Franklin, a suburb of Nashville. The asset was fully leased at the time of the sale to the undisclosed seller, which has leased back 100 percent of the space. The sales price was not disclosed. Built in 1981, the distribution facility features 18- to 22-foot clear heights, 13 docks (including one drive-in) and 73 parking spots. Patterson Real Estate Advisory Group arranged an undisclosed amount of acquisition financing through Renasant Bank.

September 7, 2022

Acquisitions North Carolina Retail Southeast

PEBB Enterprises Sells Concord Station Retail Center Near Charlotte for $15.2M

by John Nelson September 7, 2022

CONCORD, N.C. — PEBB Enterprises, a South Florida-based private equity real estate investment firm, has sold Concord Station, a 45,569-square-foot retail center located at 8591 Concord Mills Blvd. in the Charlotte suburb of Concord. The buyer, an entity doing business as South Coast Commercial LLC, purchased the center for $15.2 million. Evan Halkias and Margaret Jones of Cushman & Wakefield represented PEBB in the transaction. Situated at the entrance of Simon’s newly renovated Concord Mills Mall, Concord Station was fully leased at the time of sale to tenants including Big Blue Swim School, McAlister’s Deli, Guitar Center, The UPS Store and Wild Birds Unlimited. The property, which offers direct access to I-85, was constructed on 6.3 acres in 2004.

September 7, 2022

Acquisitions Georgia Southeast Student Housing

Fountain Residential Partners Disposes of 241-Bed Student Housing Community Near KSU in Metro Atlanta

by John Nelson September 7, 2022

KENNESAW, GA. — Fountain Residential Partners has sold 14 SixtyFive, a 241-bed student housing community near Kennesaw State University in metro Atlanta. The development was recently completed and offers two-, three-, four- and five-bedroom, fully furnished units with bed-to-bath parity. Community amenities include study spaces on every floor, a gaming room, 24-hour fitness center, outdoor kitchen, barbecue grills, resort-style swimming pool and a study lounge. The 52-unit property is situated one mile north of campus at 1465 Shiloh Road in Kennesaw. Teddy Leatherman, Stewart Hayes and Scott Clifton of JLL represented the seller in the disposition of the property to Nuveen Real Estate. The sales price was not disclosed.

September 7, 2022

Acquisitions California Office Western

Pacific Development Partners Sells Concorde Career College Office Building in Garden Grove, California for $14M

by Amy Works September 7, 2022

GARDEN GROVE, CALIF. — Pacific Development Partners has completed the disposition of Concorde Career College, a two-story office property in Garden Grove. Brooklyn Cos. acquired the asset for $14 million. The transaction also included rights to 4.2 acres of land in Garden Grove. Located at 12951 S. Euclid St., the building features 45,451 square feet of office space. At the time of sale, the property was fully leased to Concorde Career College. The asset has served as a medical and dental vocational school since 1999. Sean Fulp, Ryan Plummer, Mark Schuessler, Paul Jones and Brandon White of Newmark represented the seller in the in the deal. Norman Lee and Jason Roth of Newmark secured financing for the buyer.

September 7, 2022

Acquisitions Arizona NAI Retail Western

NAI Horizon Arranges Sale of 30,040 SF Olive Crossing Retail Building in Glendale, Arizona

by Amy Works September 7, 2022

GLENDALE, ARIZ. — NAI Horizon has negotiated the sale of Olive Crossing, a retail building located at 9250 N. 43rd Ave. in Glendale. Arizona MSK and Garvin Holdings acquired the 30,040-square-foot property from 43rd Ave LLC for $3.9 million. Matt Harper of NAI Horizon represented the seller and buyer in the transaction.

September 7, 2022

Acquisitions Industrial Oregon Western

Norris & Stevens Brokers $2.2M Sale of Industrial Complex in Tualatin, Oregon

by Amy Works September 7, 2022

TUALATIN, ORE. — Norris & Stevens has arranged the acquisition of two industrial condominiums located at 18254-18256 SW 100th Court in Tualatin. AEB Properties purchased the properties for $2.2 million. Totaling 9,600 square feet, the two Class B condos are part of a 24,192-square-foot building situated on 1.5 acres. Built in 1986, the single-story building features two dock-high loading doors and six drive-in, grade-level doors. Scott Finney and Nick Chessar of Portland-based Norris & Stevens represented the buyer, while Jordan Truitt of First Commercial Real Estate represented the seller in the deal.

September 7, 2022

Acquisitions Industrial Texas

JLL Negotiates Sale of 366,771 SF Industrial Development in Euless, Texas

by Taylor Williams September 6, 2022

EULESS, TEXAS — JLL has negotiated the sale of Urban District 183, a 366,771-square-foot industrial development located in the central metroplex city of Euless. The newly built development comprises three buildings that were constructed on a speculative basis at the former site of Coopers Golf Park. Dustin Volz, Stephen Bailey, Dom Espinosa, Wells Waller, Robby Westerfield and Megan Babovec of JLL represented the seller, Urban Logistics Realty, in the transaction. The buyer was not disclosed, but The Dallas Morning News reports that an affiliate of Morgan Stanley Real Estate Advisors purchased the asset for an undisclosed price.

September 6, 2022

Acquisitions Midwest Office Ohio

Cooper Group Negotiates $5.6M Sale of Office Complex in New Philadelphia, Ohio

by Kristin Harlow September 6, 2022

NEW PHILADELPHIA, OHIO — The Cooper Commercial Investment Group has negotiated the $5.6 million sale of Monroe Centre in New Philadelphia, about 85 miles south of Cleveland. The 78,743-square-foot complex is home to office, medical and General Services Administration (GSA) tenants. The New Philadelphia VA Clinic, which recently renewed its lease for five years, anchors the property. Additional tenants include the Social Security Administration, Ohio BMV, OhioMeansJobs and Fresenius Medical Care. Bob Havasi and Dan Cooper of Cooper Group represented the seller, an Ohio-based private investment group. An Ohio-based private investor was the buyer. The property sold at about 96 percent of the list price.

September 6, 2022

Acquisitions Indiana Midwest Retail

Marcus & Millichap Arranges $3.9M Sale of Retail Building in Mishawaka, Indiana

by Kristin Harlow September 6, 2022

MISHAWAKA, IND. — Marcus & Millichap has arranged the $3.9 million sale of a 6,677-square-foot retail building in Mishawaka, a city in northern Indiana. Located at 5230 N. Main St., the property is home to Mission BBQ and Crumbl Cookies. Brennan Clegg, Chris Lind and Mark Ruble of Marcus & Millichap represented the seller, a limited liability company. Buyer information was not provided.

September 6, 2022

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