Acquisitions

Drapac Capital Sells 23,362 SF Retail Property in Downtown Memphis Leased to Walgreens

by John Nelson June 17, 2022

MEMPHIS, TENN. — Drapac Capital Partners, a real estate investment firm based in Australia, has sold a 23,362-square-foot retail property located at 2 N. Main St. in downtown Memphis. A flagship Walgreens occupies the bottom two levels of the property, and the top level is vacant space. Studio Capital, an investor and developer based in California, purchased the multi-story property for $2.7 million. Drapac Capital purchased the property in 2015 for $715,000. St. Bourke, a community placemaking and development firm, refurbished the property last year that included new windows, facades, finishes, paint, signage and entryways.

June 17, 2022

Acquisitions Office Texas

Newmark Brokers Sale of 673,150 SF Office Complex in North Dallas

by Taylor Williams June 17, 2022

DALLAS — Newmark has brokered the sale of Element Towers, a two-building, 673,150-square-foot office complex located at 3010 and 3030 LBJ Freeway in North Dallas. Element Towers sits on seven acres, and both buildings feature newly renovated lobbies, fitness centers, conference facilities and full-service cafeterias. Gary Carr, Chris Murphy, Robert Hill and Chase Tagen represented the seller in the transaction. David Milestone, Brett Green and Josh Francis, also with Newmark, arranged acquisition financing on behalf of the buyer, California-based Stanton Road Capital. Element Towers was 68 percent leased at the time of sale.

June 17, 2022

Acquisitions Hospitality Texas

HREC Negotiates Sale of 63-Room Best Western Hotel in South Padre Island, Texas

by Taylor Williams June 17, 2022

SOUTH PADRE ISLAND, TEXAS — HREC Investment Advisors has negotiated the sale of the 63-room Best Western Beachside Inn in the coastal resort community of South Padre Island. Ketan Patel and Mark Rome of HREC represented the seller, a Florida-based limited liability company, in the transaction. An out-of-state investor purchased the hotel for an undisclosed price and will retain the Best Western flag.

June 17, 2022

Acquisitions California Office Western

Madison Capital, Meadow Partners Acquire Ford Point R&D Property in Richmond, California for $103.7M

by Amy Works June 17, 2022

RICHMOND, CALIF. — New York-based Madison Capital and Meadow Partners have purchased Ford Point, a creative R&D building located at 1414 Harbour Way S. in Richmond. Orton Development sold the asset for $103.7 million. At the time of sale, the 478,761-square-foot property was 83 percent leased to a variety of tenants, including SunPower, Mountain Hardwear and California Closets. Orton Development purchased the long-dormant, 22.9-acre site from the Richmond Redevelopment Agency in 2004 and began a comprehensive $40 million renovation of the entire building, installing new building systems and undertaking an extensive seismic upgrade. Since 2008, the company invested an additional $11.3 million for an ungraded roof, electric vehicle charging stations, asphalt repaving and one mega-watt rooftop solar system. Designed in 1930 by Albert Kahn, Ford Point was built as the Ford Motor Co. Assembly Plant and was the largest assembly plant to be built on the West Coast. Ford Point has been on the National Register of Historical places since 1988, and the site is home to a National Parks Services education center, known as the Rosie the Riveter Visitor Center. Seth Siegel, Steve Hermann, Ryan Venezia, Rick Ryan, Kevin Flemming and Courtney Trunnell of Cushman & Wakefield’s Northern California …

June 17, 2022

Acquisitions Multifamily New York Northeast

Ariel Property Advisors Arranges $11.5M Sale of Two New York City Multifamily Buildings

by Taylor Williams June 17, 2022

NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has arranged the $11.5 million sale of two New York City multifamily buildings. The 10-unit building at 246 W. 108th St. on Manhattan’s Upper West Side sold for $5.8 million, and the 11-unit building at 369 W. 126th St. in Harlem sold for $5.7 million. Shimon Shkury, Victor Sozio, Howard Raber and Mark Anderson of Ariel Property Advisors brokered the first deal. Sozio, James Nestor and Evan Hirsch of Ariel negotiated the second transaction. The buyers and sellers were not disclosed.

June 17, 2022

Acquisitions Colorado Retail Western

CBRE Brokers $21.4M Sale of Centerpointe Plaza Retail Center in Colorado Springs

by Amy Works June 17, 2022

COLORADO SPRINGS, COLO. — CBRE has arranged the sale of Centerpointe Plaza, a neighborhood shopping center located at 5605-5785 North Academy Blvd. in Colorado Springs. A Denver-based private fund acquired the property from Phoenix-based Kinetic Development for $21.4 million. Built in 1983, Centerpointe Plaza features 154,988 square feet of retail space. At the time of sale, Centerpointe Plaza was 85 percent occupied. Current tenants include Dollar Tree, Tuesday Morning, Key Bank, Boot Barn, Whiskey Baron, Winnelson Bath & Kitchen Idea Center and Guiry’s Color Source. Parker Brown, Matthew Henrichs and Brad Lyons of CBRE’s National Retail Partners represented the seller in the deal.

June 17, 2022

Creekside-Plaza-Office-Park-San-Leandro-CA

Acquisitions California Office Western

Cushman & Wakefield Negotiates Sale of 227,803 SF Creekside Plaza Office Park in San Leandro, California

by Amy Works June 17, 2022

SAN LEANDRO, CALIF. — Cushman & Wakefield has arranged the sale of Creekside Plaza Office Park, a three-building office campus and development site in San Leandro. An institutional investor purchased the asset from a privately held real estate development company for an undisclosed price. Built in phases between 2002 to 2010, Creekside Plaza Office Park features 227,803 square feet of Class A, multi-tenant office space. Owned by the original developers for the more than 20 years, this is the first time Creekside Plaza was marketed for sale. Ryan Venezia, Barry Cohn, Seth Siegel, Steve Hermann, Rick Ryan, Kevin Flemming and David Englert of Cushman & Wakefield represented the seller in the transaction.

June 17, 2022

Acquisitions Arizona Multifamily Western

Western Wealth Capital Buys 352-Unit Villetta Apartment Homes in Mesa, Arizona

by Amy Works June 17, 2022

MESA, ARIZ. — Western Wealth Capital has purchased Villetta Apartment Homes, a multifamily property in Mesa. Terms of the transaction were not released. Villetta Apartment Homes features 352 apartments. Western Wealth Capital plans to implement interior and exterior value-add programs at the property. Many of the interiors are in original condition and have not been upgraded since the property’s completion in 1983. The property amenities have recently been upgraded.

June 17, 2022

Acquisitions Midwest Multifamily NAI Seniors Housing Wisconsin

NAI Greywolf Negotiates Sale of 123-Bed Seniors Housing Campus in Green Bay, Wisconsin

by Kristin Harlow June 17, 2022

GREEN BAY, WIS. — NAI Greywolf has negotiated the sale of two seniors housing communities in Green Bay. Dawn Davis of NAI Greywolf represented the seller. The portfolio included Bishop’s Court Community, a 69-bed assisted living facility with memory care, and Allouez Sunrise Village, which is a 49-unit residential care apartment complex. The combined 125,711-square-foot portfolio is located on the same campus. The buyer and price were not disclosed.

June 17, 2022

Acquisitions Illinois Midwest Retail

Quantum Brokers $4.4M Sale of Retail Strip Center in Peoria, Illinois

by Kristin Harlow June 17, 2022

PEORIA, ILL. — Quantum Real Estate Advisors Inc. has brokered the sale of a retail strip center in Peoria for $4.4 million. Aspen Dental and Vitamin Shoppe anchor the property, which is located at 5116 N. Big Hollow Road. Zack Hilgendorf of Quantum represented the seller, a Miami-based developer that originally built the center in 2010. The property sold to a Chicago-based buyer.

June 17, 2022

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