Acquisitions

Bridge Purchases 77-Acre Site for Bridge Point Vancouver Industrial Development in Washington

by Amy Works June 22, 2022

VANCOUVER, WASH. — Bridge Industrial has acquired a 77-acre land parcel located at 5500 Northeast 162nd Ave. in Vancouver, a suburb of Portland, Ore. The buyer plans to develop Bridge Point Vancouver 600, an industrial facility, on the property. Private sellers sold the land site for an undisclosed price. Bridge expects to break ground on the project in late third-quarter 2022. Upon completion, the 646,274-square-foot Bridge Point Vancouver 600 will feature 40-foot clear heights, 110 docks, eight drive-in doors, 413 parking stalls and 166 trailer stalls. Zach Francis and Karla Hansen of Kidder Mathews represented Bridge, while Matt Lyman and Greg Nesting of North Stevens represented the sellers in the deal. Both teams will serve as leasing agents for the project.

June 22, 2022

Acquisitions Georgia Industrial Southeast

LRC Properties Acquires Vacant Industrial Building in Morrow, Georgia for $31.5M

by John Nelson June 22, 2022

MORROW, GA. — LRC Properties has purchased a vacant, 522,071-square-foot industrial building located at 1791 Mt. Zion Road in Morrow, about 15 miles south of Atlanta and about seven miles from Hartsfield-Jackson Atlanta International Airport. LRC purchased the asset in a joint venture with an unnamed, institutional investor for $31.5 million. The seller was also not disclosed. The new ownership plans to make capital improvements at the site, including removing 54,000 square feet from the property that will improve access, generate better traffic flow and add trailer parking and dock space. The new ownership also plans to install a new ESFR sprinkler system, LED lighting and exterior building and pavement improvements. Mike Sutter of Lee & Associates is handling the leasing assignment at the facility.

June 22, 2022

22631-22653-Ventura-Blvd-Woodland-Hills-CA

Acquisitions California Retail Western

Keller Williams Commercial Arranges $24.5M Sale of Mayhew Plaza Shopping Center in Woodland Hills, California

by Amy Works June 22, 2022

WOODLAND HILLS, CALIF. — Keller Williams Commercial has arranged the acquisition of Mayhew Plaza Shopping Center, a grocery-anchored neighborhood shopping center located at 22631-22653 Ventura Blvd. in Woodland Hills. J Globo LLC and SHWH LLC sold the asset to GNC Properties LLC and Western Prime Holdings LLC for $24.5 million. Built in 1962 and renovated in 1999, Mayhew Plaza features 39,867 square feet of retail space. Smart & Final Extra!, a warehouse-style food and supply store, anchors the property, which was 96.2 percent occupied at the time of sale. Joe Penich of KW Commercial represented the buyer, while Thomas Kim and William Shin of GTR Consulting Group represented the seller in the deal.

June 22, 2022

Acquisitions Florida Retail Southeast

CBRE Arranges $31M Sale of Arena Shoppes in South Florida

by John Nelson June 22, 2022

NORTH LAUDERDALE, FLA. — CBRE has arranged the $31 million sale of Arena Shoppes, a 130,558-square-foot shopping center located roughly 33 miles outside Miami in North Lauderdale. Dennis Carson, Casey Rosen, David Donnellan and Patricia Friend of CBRE represented the undisclosed seller in the transaction. Paul Ahmed and Mackenzie Lampman, also with CBRE, secured $20.7 million in acquisition financing on behalf of the buyers, South Florida-based investors doing business as Arena Shoppes NL LLC and Lyons Plaza CC LLC. The 10-year, fixed-rate loan was secured through an unnamed regional bank. Located at 7296 W. McNab Road, Arena Shoppes was fully leased at the time of sale to 20 tenants, including off-price apparel, fitness, restaurant, beauty services, service and medical users.

June 22, 2022

Acquisitions California Industrial Western

LPC West, Angelo Gordon Acquire 63,000 SF Industrial Building in Carlsbad, California

by Amy Works June 22, 2022

CARLSBAD, CALIF. — A joint venture between LPC West and Angelo Gordon has purchased a single-story industrial building located at 1695 Faraday Ave. in Carlsbad. Situated on 4.1 acres, the 63,000-square-foot building features 26-foot minimum clear heights and 3,000-amp power. According to LPC West, the property is positioned for a life sciences manufacturing tenant. Chris Roth and Rusty Williams of Lee & Associates represented LPC in the transaction. Dennis Visser and Weston Yahn of Cushman & Wakefield also participated in the deal.

June 22, 2022

Acquisitions California Industrial Western

Dunleer Buys Two Outdoor Storage Yards in Southern California for $13M

by Amy Works June 22, 2022

SANTA ANA AND BELLFLOWER, CALIF. — Los Angeles-based Dunleer has acquired two industrial outdoor storage properties for a total consideration of $13 million. The properties are located at 4404 W. First St. in Santa Ana and 10027 Artesia Blvd. in Bellflower. The Santa Ana property features a 2.7-acre outdoor storage yard that includes one 3,826-square-foot office/industrial building. Dunleer purchased the property for $8.6 million. Chad Solomon of JLL represented the buyer in the deal. The name of the seller was not released. The Bellflower property is a 1.1-acre outdoor storage yard that includes improvements totaling 3,792 square feet. Dunleer acquired the asset for $4.1 million. The seller was the current tenant, a pipe and steel fabrication user, which will leaseback the site for six months. John Rendon of INCO Commercial represented the buyer and seller in the deal.

June 22, 2022

Acquisitions Hospitality Southeast Virginia

Hunter Brokers Sale of 295-Room Delta Hotel in Virginia Beach

by John Nelson June 22, 2022

VIRGINIA BEACH, VA. — Hunter Hotel Advisors has brokered the sale of Delta Hotel by Marriott Virginia Beach Bayfront Suite, a 295-room hotel located on the north shore of Virginia Beach. The beachfront hotel was renovated in 2020 and features three food and beverage options, including Tin Cup Kitchen + Oyster Bar, as well as a fitness center and outdoor pool. Lingerfelt CommonWealth Partners sold Delta Hotel to a joint venture between BlackPearl Capital and an affiliate of Paceline Equity Partners for an undisclosed price. Trey Scott and Spencer Davidson of Hunter Hotel Advisors represented the seller in the transaction.

June 22, 2022

Acquisitions Multifamily Texas Top Stories

SWBC Real Estate Sells Five-Property Multifamily Portfolio in Texas for $350M

by Kristin Harlow June 22, 2022

TEXAS — SWBC Real Estate LLC has sold a five-property multifamily portfolio totaling 1,437 units in Texas for $350 million. The communities include: The Royalton at Grand Prairie in Grand Prairie; Central Park at Craig Ranch and The Royalton at Craig Ranch in McKinney; The Royalton at Rockwall Downes in Rockwall; and The Royalton at Sunfield in Buda. Lightbulb Capital Group, the family office of developer and investor Jay Schuminsky, acquired the properties in the Dallas-Fort Worth metroplex, including those in Grand Prairie, McKinney and Rockwall. Brixton Capital purchased the community in Buda, which is a southern suburb of Austin. Both buyers are based in California. “It’s apparent that there is still a very aggressive appetite for new multifamily properties in the Dallas and Austin markets, as there was a large amount of interest in the sale of these properties,” says Stuart Smith, COO of SWBC. “The recent uptick in interest rates is causing some concern with the future values of commercial real estate properties. However, the continued interest in the multifamily sector in well-located areas throughout Texas has remained strong at this time.” Joey Tumminello, Will Balthrope and Drew Kile of Marcus & Millichap’s Institutional Property Advisors led the …

June 22, 2022

Acquisitions Multifamily North Carolina Southeast

Magma Equities Acquires Litchford 315 Apartments in Raleigh for $83M

by John Nelson June 21, 2022

RALEIGH, N.C. — Magma Equities has purchased Litchford 315 Apartments, a 240-unit multifamily community in Raleigh that was delivered in January. The Southern California-based investor purchased the property in an off-market transaction for $83 million, which represents the company’s fourth investment in North Carolina this year and its largest single-property acquisition in the state. Litchford 315 features one-, two- and three-bedroom apartments across 10 buildings. Community amenities include a clubhouse, resort-style swimming pool, fitness center, billiards and gaming lounge and a dog park. Litchford 315 was 96 percent occupied at the time of sale. The seller/developer was not disclosed.

June 21, 2022

Acquisitions Kentucky Loans Southeast

Colliers Mortgage Provides Acquisition Loan for Brookefield Apartments in Elizabethtown, Kentucky

by John Nelson June 21, 2022

ELIZABETHTOWN, KY. — Colliers Mortgage has provided a Fannie Mae acquisition loan for Brookefield Apartment Homes, a 91-unit, market-rate multifamily community in Elizabethtown. Built in 2020, the property features attached garages, 24-hour emergency maintenance, a clubhouse, pool, fitness center, dog park and a pet wash station. Colliers Mortgage and partner Old Capital Lending provided the undisclosed amount of financing to the borrower, an entity doing business as BFA202 LLC. The 10-year loan features a 30-year amortization schedule.

June 21, 2022

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