TAMPA, FLA. — CIP Real Estate has purchased two industrial parks in east Tampa for a combined $74.3 million. The properties, Center Point Business Park and Hampton Oaks Business Park, are situated three miles apart via U.S. Route 301. The developments span 405,772 square feet of small and mid-bay industrial space and feature 37 dock-high doors, 58 grade-level doors and 22 ramp loading entrances. CIP expects to invest $6.3 million in upgrades to the facilities over the next three years. Rick Brugge of Cushman & Wakefield represented the seller, Albany Road Estate Partners, in the transaction. Jason Hochman and Ron Granite of Cushman & Wakefield arranged acquisition financing through BankUnited on behalf of CIP.
Acquisitions
DALLAS — Marcus & Millichap has arranged the sale of Maverick Oak Lawn, a 137-unit apartment complex located in the Oak Lawn area of Dallas. The property features one- and two-bedroom units as well as a pool, outdoor grilling and dining areas and onsite laundry facilities. Al Silva and Ford Braly of Marcus & Millichap represented the seller, a locally based partnership, in the transaction. The duo also procured the buyer, an out-of-state partnership. Both parties requested anonymity. Los Angeles-based Veleta Capital Partners provided an $18 million floating-rate bridge loan for the acquisition. Bellwether Enterprise Real Estate Capital arranged the financing, a portion of which will be used to fund capital improvements.
FORT WORTH, TEXAS — SVN | Dunn Commercial has brokered the sale of Willard Flex Park, a 24,000-square-foot industrial property in Fort Worth. The newly constructed property comprises four buildings that had three in-place tenants at the time of sale. David Dunn and Anna Lee Moore of SVN | Dunn Commercial represented the undisclosed buyer in the transaction. The seller and sales price were also not disclosed.
BROOKFIELD, WIS. — Mid-America Real Estate Corp. has brokered the sale of Shoppers World of Brookfield, a 178,784-square-foot shopping center in the Milwaukee suburb of Brookfield. The sales price was undisclosed. Tenants at the fully leased property include Ross Dress for Less, Burlington, Xperience Fitness and Best Buy Outlet. Metro Market, operated by Kroger Co., shadow anchors the property. Ben Wineman, Emily Gadomski and Dan Rosenfeld of Mid-America represented the seller, an affiliate of New Orleans-based private investment firm, PMAT. Brandon Goodman, Spencer Strong, Sage Shepard and Nate Monson of Colliers represented the buyer, a private investor completing a 1031 exchange. PMAT purchased the center in 2019 when it was 78 percent occupied.
NORWOOD AND FRAMINGHAM, MASS. — JLL has negotiated the sale of two Marriott-branded hotels totaling 221 rooms in metro Boston. The Residence Inn Boston Norwood/Canton and Residence Inn Boston Framingham total 96 and 125 rooms, respectively. Both hotels offer guest suites with fully equipped kitchens and complimentary breakfast, as well as physical amenities such as fitness centers, business centers and indoor pools. Alan Suzuki and Matthew Enright of JLL represented the seller, APEX Capital Investments Corp., in the transaction. The buyer, JNR Management Inc., plans to make capital improvements at both properties.
HADLEY, MASS. — Boston-based brokerage firm Atlantic Capital Partners has arranged the sale of Campus Plaza, a 150,984-square-foot shopping center in Hadley, located north of Springfield in the western part of the state. Anchored by a 71,494-square-foot Stop & Shop grocery store, Campus Plaza was 91 percent leased to 10 tenants at the time of sale. Justin Smith, Chris Peterson, Sam Koonce and Cole Van Gelder of Atlantic Capital Partners represented the buyer and seller, both of which requested anonymity, in the transaction.
SCHERTZ, TEXAS — CBRE has arranged the sale of a 153,000-square-foot industrial portfolio in the northeastern San Antonio suburb of Schertz. The portfolio consists of two properties spanning 41,000 and 112,000 square feet that were respectively built in 2006 and 2017 and were fully leased at the time of sale. Eliza Bachhuber, Randy Baird, Ryan Thornton, Jonathan Bryan and Nathan Wynne of CBRE represented the seller, Marbella Interests, in the transaction. The buyer and sales price were not disclosed.
HOUSTON — Partners, the investment and brokerage firm formerly known as NAI Partners, has negotiated the sale of a 96,011-square-foot cold storage facility in Houston. Cary Latham and Wyatt Huff of Partners represented the buyer, Harbor Capital LLC, in the transaction. Stephen Schneidau of Cushman & Wakefield, along with independent broker Bill Schneidau, represented the seller, Mendware LLC.
SAN ANTONIO — Dallas-based investment firm Big Sky Medical Real Estate has acquired Alamo Quarry Center, a 38,370-square-foot healthcare property located at 250 E. Basse Road in San Antonio. Methodist Healthcare anchors the property, which was 93 percent occupied at the time of sale. Travis Ives, Gino Lollio, Todd Mills, Carrie Caesar, Hunter Mills and Travis Crow of Cushman & Wakefield brokered the deal on behalf of the seller, Dallas-based Mohr Capital. The sales price was not disclosed.
COLUMBIA, MD. — Excelsa Properties has acquired Columbia Pointe, a 325-unit multifamily community located at 5764 Stevens Forest Road in Columbia, approximately 20 miles southwest of Baltimore. Newmark represented the seller, Morgan Properties, in the $78 million transaction. Built in 1972, the 18-acre property features one residential tower and 14 garden-style buildings with apartments in one-, two- and three-bedroom layouts. Excelsa plans to invest $3.2 million in the renovation of about half of Columbia Pointe’s units that will include kitchen and bathroom upgrades. Occupancy at the time of sale was 95 percent.