Acquisitions

Albany Road Acquires Two Office Buildings in Orlando Totaling 147,000 SF

by John Nelson August 12, 2022

ORLANDO, FLA. — Albany Road Real Estate Partners has purchased Challenger South I and II, a two-building office portfolio in Orlando totaling 147,000 square feet. Boston-based Taurus Investment Holdings LLC sold the buildings for an undisclosed price. Patterson Real Estate Advisory Group arranged an undisclosed amount of acquisition financing through Beach Bank for Boston-based Albany Road. Located on 15 acres within Central Florida Research Park, Challenger South I and II were 93 percent leased at the time of sale to eight tenants, including Vectrus, Microsemi Storage Solutions and Rockwell Collins. The buildings provide a real estate ratio of 80 percent offices and 20 percent high-bay warehouse space.

August 12, 2022

Acquisitions Restaurant Southeast Tennessee

SRS Negotiates $2.4M Sale of New Restaurant Near Knoxville Ground Leased to Texas Roadhouse

by John Nelson August 12, 2022

ALCOA, TENN. — SRS Real Estate Partners’ National Net Lease Group has brokered the $2.4 million ground-lease sale of an 8,354-square-foot restaurant at 1125 Franck St. in Alcoa, a suburb of Knoxville. The landowner and tenant, Louisville-based Texas Roadhouse Inc., sold the 2.4-acre site to an undisclosed investor based in Virginia. The newly constructed restaurant is set to open in September, and Texas Roadhouse is subject to a 15-year ground lease. Morgan Creech and Sarah Shanks of SRS’ Louisville office represented Texas Roadhouse in the transaction. Feldman Ruel Urban Property Advisors represented the buyer.

August 12, 2022

Acquisitions California Multifamily Western

Berkadia Negotiates $93M Sale of The Vines at Riverpark Apartment Property in Oxnard, California

by Amy Works August 12, 2022

OXNARD, CALIF. — Berkadia Institutional Solutions has arranged the sale of The Vines at Riverpark, a multifamily community in Oxnard. Champion Real Estate Co. sold the asset to Interstate Equities Corp. for $93 million, or more than $567,000 per unit, in an off-market transaction. Both the buyer and seller were based in California. Adrienne Barr of Berkadia Los Angeles and Mike Murphy of Berkadia Irvine represented the seller in the transaction. Located at 3040 N. Oxnard Blvd., The Vines at Riverpark features 164 apartments that were originally built as two-story condominiums in 2013 and 2014. The Vines offers 136 three-bedroom, two-and-one-half bath units and 28 two-bedroom, two-bath units. Units feature private, two-car direct-access parking garages, separate water heaters, central air and heat and a front porch or balcony. Additional unit features include GE Energy Star stainless steel appliances, granite countertops and backsplashes, brushed nickel hardware and plumbing fixtures, espresso-colored cabinets with stainless steel pulls throughout the kitchens and bathrooms and vinyl wood plank flooring throughout the first floor.

August 12, 2022

Acquisitions Affordable Housing California Multifamily

CBRE Brokers $48.6M Sale of Apartment Community in West Covina, California

by Amy Works August 12, 2022

WEST COVINA, CALIF. — CBRE has arranged the sale of Atrium at West Covina, a 138-unit multifamily property located at 1829-1841 E. Workman Ave. in West Covina. Langdon Park Capital acquired the asset from an affiliate of Abacus Capital Group for $48.6 million. Dean Zander and Stewart Weston of CBRE represented the seller in the transaction. Built in 1962 and 1963, Atrium at West Covina features swimming pools, a fitness center and social areas. The community offers mostly two- and three-bedroom layouts that average more than 1,000 square feet. The buyer plans to improve the units while also preserving the property’s workforce housing designation.

August 12, 2022

Acquisitions California Retail Western

Crow Holdings Sells Community Shopping Center in Chula Vista, California for $47.8M

by Amy Works August 12, 2022

CHULA VISTA, CALIF. — Crow Holdings has completed the disposition of a 60,973-square-foot portion of The Shops at Eastlake Terrace, a 363,300-square-foot retail center in Chula Vista. Gersham Properties acquired the asset for $47.8 million. Pete Bethea, Rob Ippolito and Glenn Ruby of Newmark represented the seller in the deal. The traded portion features well-located shops and freestanding buildings. Tenants at The Shops at Eastlake include Walgreens, Chase Bank, Chick-fil-A, Carl’s Jr., Starbucks Coffee, Navy Federal Credit Union, Supercuts and Rubios.

August 12, 2022

Acquisitions California Retail Western

JLL Income Property Trust Acquires Silverado Square Retail Center in Las Vegas for $24.4M

by Amy Works August 12, 2022

LAS VEGAS — JLL Income Property Trust, a REIT with approximately $6.8 billion in portfolio assets, purchased Silverado Square, a retail center in Las Vegas. An undisclosed seller sold the asset for $24.4 million. Sprouts Farmers Market anchors the 48,000-square-foot property, which includes a parcel that is fully entitled for nearly 5,000 square feet of rentable retail space. Constructed in 2018, the property has a weighted average lease term of more than eight years, including a 15-year lease signed by Sprouts in 2018 that features 10 percent rent escalations every five years. At the time of sale, the property was 98 percent leased. JLL Income Property Trust plans to build a three-tenant building on the fully entitled parcel. The new building is slated for completion later this year.

August 12, 2022

Acquisitions Industrial Utah Western

MAG Capital Partners Purchases 61,881 SF Cold Storage Facility in Ogden, Utah

by Amy Works August 12, 2022

OGDEN, UTAH — Fort Worth, Texas-based MAG Capital Partners has acquired a cold storage facility located at 130 W. 28th St. in Ogden. Luis Ortega of Marcus & Millichap represented the seller, a private investor, in the deal. The sales price was not disclosed. Western Gateway Storage Corp. occupies the 62,881-square-foot property, which is situated on 1.3 acres. The tenant provides cold chain solutions, including cold and freezer storage warehousing, ambient and temperature-controlled fulfillment and refrigerated transportation services. The two-story facility features 22,000 square feet of both cooler and freezer spaces, a 16,550-square-foot warehouse and a roughly 1,800-square-foot office. The facility also features three loading docks and four drive-in doors with clear heights from 10 feet to 12 feet.

August 12, 2022

Acquisitions Michigan Midwest Retail

DRA, Pine Tree Acquire Shops at CenterPoint in Grand Rapids for $63.5M

by Kristin Harlow August 12, 2022

GRAND RAPIDS, MICH. — A fund managed by DRA Advisors in partnership with Pine Tree has acquired The Shops at CenterPoint in Grand Rapids for $63.5 million. The 537,948-square-foot regional shopping center is home to TJ Maxx, HomeGoods, Nordstrom Rack, Sierra Trading Post, DSW, Ulta, Five Below, Jo-Ann Fabrics, Planet Fitness and Dunham Sports. Previously an enclosed mall, the property underwent $38 million in renovations throughout 2012 and 2013 to transform it into an open-air retail center. CBRE represented the undisclosed seller in the off-market transaction.

August 12, 2022

Acquisitions Michigan Midwest Retail

JLL Brokers $45M Sale of Tel Twelve Shopping Center in Southfield, Michigan

by Kristin Harlow August 12, 2022

SOUTHFIELD, MICH. — JLL Capital Markets has brokered the sale of Tel Twelve shopping center in Southfield for $45 million. The 193,850-square-foot, open-air property was built in 1968 and renovated in 2005. Tel Twelve is nearly 98 percent leased to tenants such as Best Buy, Ulta, DSW, PetSmart, BuyBuy Baby and Michaels. The property is situated at the intersection of Telegraph and 12 Mile roads. Amy Sands, Clinton Mitchell and Michael Nieder of JLL represented the seller, RPT Realty, and procured the buyer, Kaufman & Jacobs LLC.

August 12, 2022

Acquisitions Indiana Midwest Retail

LBX Investments Purchases 130,100 SF Orchard Crossing Retail Center in Fort Wayne

by Kristin Harlow August 12, 2022

FORT WAYNE, IND. — LBX Investments has purchased Orchard Crossing in Fort Wayne for an undisclosed price. The 130,100-square-foot, open-air shopping center is home to Hobby Lobby, Barnes & Noble, Dollar Tree and Five Below. A Target store shadow anchors the property, which was built in 2008 and is 99 percent leased. Amy Sands, Clinton Mitchell and Michael Nieder of JLL represented the seller, DRA Advisors.

August 12, 2022

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