Acquisitions

Harbor Gateway Sells Office-to-Industrial Conversion Property in Los Angeles for $39.8M

by Amy Works June 6, 2022

LOS ANGELES — Harbor Gateway LLC has completed the disposition of a 5.4-acre industrial redevelopment property located at 19401 S. Vermont Ave. in Los Angeles’ South Bay market. Atlas Capital acquired the asset for $39.8 million. The property currently comprises 12 office buildings totaling 94,113 square feet. The location offers close proximity to two of the busiest seaports in North America and Los Angeles International Airport, as well as immediate access to the 105, 110, 710, 405 and 91 freeways. Kevin Shannon, Scott Schumacher, Ken White, Bret Hardy, Jim Linn, Andrew Briner, John McMillan and Danny Williams of Newmark represented the seller.

June 6, 2022

Acquisitions California Retail Western

Agora Realty Buys 115,522 SF Antelope Marketplace Near Sacramento

by Amy Works June 6, 2022

ANTELOPE, CALIF. — Agora Realty and Management has purchased Antelope Marketplace, a retail center located at 7901 Walerga Road in Antelope, a suburb of Sacramento. Philips Edison & Co. sold the asset for $33 million. Built in 1992 and remodeled in 2005, the 115,522-square-foot shopping center was 98 percent occupied at the time of sale. Current tenants include Bel Air, 24 Hour Fitness, Banfield Pet Hospital, Round Table Pizza, Leslie’s Pool Supplies, Wing Stop, Jamba Juice, Supercuts and State Farm Insurance. Ryan Thompson and Roman Benvenuti of Palmer Capital represented the buyer and seller in the transaction.

June 6, 2022

Acquisitions Arizona Retail Western

Marcus & Millichap Brokers Sale of La Gran Plaza Retail Center in Mesa, Arizona

by Amy Works June 6, 2022

MESA, ARIZ. — Marcus & Millichap has arranged the sale of La Gran Plaza, a retail property located at 1245 E. Southern Ave. in Mesa. An Arizona-based developer sold the asset to a California-based investor for $12.3 million. Sanford Burstyn of Marcus & Millichap represented the seller, while Bryan Ledbetter and Bryan Baits of Western Retail Advisors represented the buyer in the deal. Built in 1986 and remodeled in 2014, La Gran Plaza features 79,743 square feet of retail space. At the time of sale, the property was 96 percent occupied. Current tenants include El Super Grocery, Panda Express, Los Altos Ranch Market, dd’s Fashion, Taco Bell, WSS Shoes, Aaron’s, Walgreens and T-Mobile.

June 6, 2022

Acquisitions Florida Multifamily Southeast Top Stories

Snell Properties Acquires Citi Tower Apartment Building in Downtown Orlando for $106M

by Taylor Williams June 6, 2022

ORLANDO, FLA. — Snell Properties, an investment firm based in the Washington, D.C. area, has acquired Citi Tower, a 233-unit apartment building in downtown Orlando’s South Eola district, for $106 million. The price equates to roughly $455,000 per unit. Built in 2017, the 25-story building contains studio, one-, two- and three-bedroom units, all of which have private balconies. Apartments feature granite countertops, floor-to-ceiling windows, stainless steel appliances and individual washers and dryers. Citi Tower also houses 11,000 square feet of retail space. Amenities include a pool, fitness center and an outdoor lounge, all of which offer panoramic views of downtown Orlando, as well as a conference room and an outdoor kitchen area with grilling stations and seating areas. There are also more 185 retail and restaurant establishments within walking distance of the property, according to Snell. “Citi Tower is our third successive acquisition in Central Florida,” says Chris Hanessian, president of Snell Properties. “Orlando’s thriving economy, impressive infrastructure and strong demographics make it an ideal market for investment.” “Citi Tower’s many strengths include high-quality construction, an unbeatable location in downtown and the coolest rooftop in Orlando,” adds Peter Colarulli, vice president of Snell Properties. Brian Moulder and Chris Chadbourne of …

June 6, 2022

Acquisitions Multifamily North Carolina Southeast

Madison Marquette Purchases 380-Unit Crosswinds Apartment Complex in Wilmington, North Carolina

by Amy Works June 3, 2022

WILMINGTON, N.C. — Madison Marquette has acquired Crosswinds, a multifamily property in Wilmington, as part of its Evergreen Multifamily Value Add Fund for an undisclosed price. Terms of the transaction were not released. Built in 1989 on 23 acres, Crosswinds features 380 apartments in a mix of one-, two- and three-bedroom units, ranging from 645 square feet to 1,306 square feet, spread across 19 buildings. The units feature wood-style flooring, patio/balconies in each unit, wood-burning fireplaces and full-size washer/dryer connections in most unit types. Community amenities include a saltwater resort-style pool with a sundeck, grilling and picnic areas, lighted tennis and volleyball courts, a fitness center and business center. The buyer plans to complete strategic unit upgrades that will provide higher quality hardware and finishes, including appliances, flooring and countertops. Additionally, Madison Marquette will improve the community’s amenities, perform aesthetic work and upgrade landscaping.

June 3, 2022

Acquisitions Florida Hospitality Southeast

North Carolina Real Estate Investor Buys Tropical Winds Oceanfront Hotel in Daytona Beach for $14M

by Amy Works June 3, 2022

DAYTONA BEACH, FLA. — A North Carolina-based real estate investor has purchased Tropical Winds Oceanfront Hotel at 1398 N. Atlantic Ave. in Daytona Beach. A New York-based family sold the asset for $14 million. Constructed in 1988, Tropical Winds Oceanfront Hotel features 94 guest rooms, direct beach access, oceanfront balconies, outdoor and indoor heated swimming pools, outdoor sundeck and poolside café. Leo Reilly and Robert Hunter of Marcus & Millichap’s Fort Lauderdale-based team represented the seller in the transaction.

June 3, 2022

Acquisitions Georgia Office Retail Southeast

Marcus & Millichap Brokers $9.1M Acquisition of Plantation Village Retail/Office Property in Macon, Georgia

by Amy Works June 3, 2022

MACON, GA. — Marcus & Millichap has arranged the purchase of Plantation Village, a retail and office property located at 6255 Zebulon Road in Macon. A limited liability company acquired the 18-suite property from an undisclosed seller for $9.1 million. Jared Kaye and Sonny Molly of Marcus & Millichap represented the buyer in the deal. Built in 2005 on 7.9 acres, Plantation Village features 52,228 square feet of retail and office space. Current tenants include Moe’s Southwest Grill, Goodwill, Great Clips and T-Mobile.

June 3, 2022

Acquisitions California Industrial Western

Rexford Industrial Buys Four Properties in Southern California for $163.8M

by Amy Works June 3, 2022

LOS ANGELES — Rexford Industrial Realty has purchased four industrial assets for an aggregate acquisition price of $163.8 million in off-market transactions. The purchases were funded using a combination of cash on hand, the company’s line of credit and units in the company’s operating partnership (OP Units). In May and June, the company purchased: 2020 South Central Ave. in Compton, Calif., for $10.8 million, or $110 per land square foot. The 2.3-acre, industrial-zoned land site contains a fully occupied, 30,233-square-foot, single-tenant building. Upon lease expiration, Rexford plans to redevelop the site by constructing a 45,000-square-foot, Class A industrial building. 14200-14220 Arminta St. in Panorama City, Calif., for $90.2 million, or $451 per square foot. Situated on 8.5 acres, the 200,000-square-foot, Class A building is leased long-term to a credit tenant. The acquisition was completed using $24.5 million of cash and 954,000 OP Units at a value of $68.84 common stock. Michael Bogle of CBRE represented both Rexford and the seller, Powell Plaza Associates, in the transaction. 1172 Holt Blvd. in Ontario, Calif., for $17.8 million, or $404 per square foot. Built in 2021 on 2.1 acres, the 44,000-square-foot, Class A building is adjacent to the Rexford’s recently purchased 1154 Holt …

June 3, 2022

Acquisitions Arizona Multifamily Student Housing Western

Coastal Ridge, Goldman Sachs Acquire 448-Bed Student Housing Community Near Northern Arizona University

by Amy Works June 3, 2022

FLAGSTAFF, ARIZ. — A joint venture between Coastal Ridge Real Estate and Goldman Sachs Asset Management has acquired the Commons at Sawmill, a 448-bed student housing community near Northern Arizona University in Flagstaff. The property offers studio, two- and four-bedroom, fully furnished units. Shared amenities include a newly built clubhouse, fitness center, game area, theater, study lounge and outdoor courtyard. Jaclyn Fitts, Casey Schaefer and William Vonderfecht with CBRE brokered the acquisition of the property from an undisclosed seller. Coastal Ridge will manage the community.

June 3, 2022

Acquisitions California Multifamily Seniors Housing Western

Kisco Senior Living Enters Upscale Seniors Housing Segment with Acquisition of Crestavilla in Laguna Niguel, California

by Amy Works June 3, 2022

LAGUNA NIGUEL, CALIF. — Kisco Senior Living has taken over operations of Crestavilla, a luxury seniors housing community in the Orange County city of Laguna Niguel. Affiliates of Kisco Senior Living and Harrison Street as advisor to an institutional investor fully transferred operations and management of Crestavilla from Atria Senior Living to Kisco. The LEED Gold-designated community offers 201 studio, one- and two-bedroom floorplans for independent living, assisted living and memory care residences. Crestavilla’s amenities and services include a 12,000-square-foot rooftop terrace, organic greenhouse, wellness programming, five unique dining venues, two fitness centers and a golf practice green. This acquisition signals the next step in Kisco’s services, with Crestavilla serving as Kisco’s first Signature Community, the company’s new upscale brand. The Carnegie at Washingtonian Center, set to welcome residents in spring 2024, will be Kisco’s second Signature Community.

June 3, 2022

Newer Posts

Older Posts