Acquisitions

JLL Brokers $82M Sale of Conyers Crossroads Shopping Center in Metro Atlanta

by John Nelson May 6, 2022

CONYERS, GA. — JLL has brokered the $82 million sale of Conyers Crossroads, a 465,993-square-foot shopping center in the east Atlanta suburb of Conyers. Valley Stream, New York-based Serota Properties acquired the asset from a joint venture between Hendon Properties and Harbert Management Corp. Built in phases between 2000 and 2005, Conyers Crossroads was fully leased at the time of sale to tenants such as Kohl’s, Belk, AMC Theatres, T.J. Maxx, Best Buy, HomeGoods, Michaels, Old Navy, Five Below and Shoe Carnival. Jim Hamilton, Brad Buchanan and Taylor Callaway of JLL represented the seller in the transaction.

May 6, 2022

Acquisitions Florida Multifamily Southeast

Rosewood Realty Sells Multifamily Property in Metro Tampa for $71M

by John Nelson May 6, 2022

LAND O’ LAKES, FLA. — New York City-based brokerage firm Rosewood Realty Group has arranged the $71 million sale of The Lakes at Collier Commons, a 252-unit multifamily property in Land O’ Lakes. Rosewood Realty represented the buyer, Triwest Development, a multifamily investment company based in El Segundo, Calif. Rosewood Realty also represented the seller, Primerica Group One, a Tampa-based real estate development firm. Located approximately 20 miles north of downtown Tampa, Lakes at Collier Commons was built in 2004 and consists of 10 buildings spanning more than 200,000 square feet. The average unit size is over 1,100 square feet. The development features a pool, fitness center, business center, spa, playground, clubhouse, volleyball court and a pond.

May 6, 2022

Acquisitions Georgia Retail Southeast

Palomar Group Arranges $2.9M Sale of Retail Strip Center in Macon, Georgia

by John Nelson May 6, 2022

MACON, GA. — The Palomar Group has arranged the $2.9 million sale of a 32,676-square-foot retail strip center located at 888 Pierce Ave. in Macon. The fully leased property includes tenants Dollar General, Buddy’s Furniture and Mattress Barn. Robbie Romeiser of Spencer/Hines Properties represented the buyer, an unnamed private investor based in South Carolina, in the transaction. The seller was an unnamed regional shopping center developer and owner based in Georgia.

May 6, 2022

Acquisitions Multifamily Texas

TruAmerica Multifamily Acquires 310-Unit Rancho Mirage Apartments in Irving

by Taylor Williams May 6, 2022

IRVNG, TEXAS — Los Angeles-based investment firm TruAmerica Multifamily has acquired Rancho Mirage, a 310-unit apartment community in Irving that was originally built in 1991. Rancho Mirage features one- and two-bedroom units and amenities such as a pool, fitness center, business center, indoor racquetball court, billiards and game room, dog park and outdoor grilling and dining areas. TruAmerica plans to implement a multimillion-dollar value-add program focused on unit interiors and building exteriors. The seller and sales price were not disclosed.

May 6, 2022

Acquisitions Office Texas

Newmark Brokers Sale of 130,371 SF Lincoln Legacy Two Office Building in Plano

by Taylor Williams May 6, 2022

PLANO, TEXAS — Newmark has brokered the sale of Lincoln Legacy Two, a 130,371-square-foot office building in the Legacy area of Plano. The five-story building was constructed in 2014 and features a tenant lounge, fitness center and a four-story parking garage. Chris Murphy, Robert Hill, Gary Carr and Chase Tagen of Newmark represented the seller, a partnership led by Dallas-based Pillar Commercial, in the transaction. Josh Francis of Newmark arranged acquisition financing on behalf of the buyer, Missouri-based Larson Capital Management. Lincoln Legacy Two was 90 percent leased at the time of sale.

May 6, 2022

Acquisitions Retail Texas

JLL Negotiates Sale of 60,136 West U Marketplace Shopping Center in Houston

by Taylor Williams May 6, 2022

HOUSTON — JLL has negotiated the sale of West U Marketplace, a 60,136-square-foot shopping center in Houston. Whole Foods Market anchors the center, which also houses tenants such as Yoshi Sushi, Natural Pawz, Island Grill, French Cuff Boutique and River Oaks Nail & Spa. Chris Gerard, Ryan West and Katherine Miller of JLL represented the seller, an affiliate of New York-based Camden Securities Co., in the transaction. Brixmor Property Group (NYSE: BRX) acquired the asset for an undisclosed price.

May 6, 2022

Acquisitions Office Texas

SkyWalker Property Partners Sells 36,879 SF Call Center in Wichita Falls, Texas

by Taylor Williams May 6, 2022

WICHITA FALLS, TEXAS — Dallas-based SkyWalker Property Partners has sold a 36,879-square-foot call center located at 2236 Airport Freeway in Wichita Falls, about 140 miles northwest of Fort Worth. Situated on a seven-acre site, the property was fully leased at the time of sale to a subsidiary of customer service and communications firm The Results Cos. The call center was auctioned by Ten-X, with SCM Real Estate brokering for the seller of record, Wichita Calls LLC. The winning bid came from a local 1031 exchange buyer, Star Texan Properties LLC.

May 6, 2022

Acquisitions Arizona Multifamily Western

Liv Communities Sells Liv North Scottsdale Multifamily Community in Arizona for $145M

by Amy Works May 6, 2022

SCOTTSDALE, ARIZ. — Liv Communities has completed the disposition of Liv North Scottsdale, an apartment property located at 15509 N. Scottsdale Road in Scottsdale. An undisclosed buyer acquired the asset for $145 million, or $604,167 per unit. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction. Completed in 2014, Liv North Scottsdale features 240 apartments with nine-foot ceilings, full-size washers/dryers, walk-in closets and private balconies or patios. Community amenities include a resort-style heated pool and spa, a private cabana with flat-screen TVs, rentable storage units, covered parking and structured parking. A rooftop patio features a firepit, outdoor kitchen with barbecue grilling station, bar seating and views of Scottsdale Airpark and the McDowell Mountains.

May 6, 2022

Acquisitions Arizona Multifamily Western

CBRE Brokers $127.8M Sale of Tamarron Multifamily Property in Phoenix

by Amy Works May 6, 2022

PHOENIX — CBRE has arranged the sale of Tamarron, a multifamily community located at 4410 N. 99th Ave. in Phoenix. CX Holdings sold the asset to Decron Properties for $127.8 million. The 328-unit Tamarron features a resort-style swimming pool and spa area; a fully equipped fitness center and sauna; two outdoor basketball courts; resident clubhouse with media room and business center; children’s playground; dog park; barbecue and picnic areas; and parcel package lockers. Asher Gunter, Matt Pesch, Sean Cunningham, Austin Groen and Tyler Anderson of CBRE represented the seller in the transaction. Joseph Dietz of Beacon Investment Real Estate assisted in the transaction as asset manager to the seller and Curt Cranfield represented the seller. Chris Maddox and Vicki Etherton of Landmark Title Assurance Agency handled escrow.

May 6, 2022

Acquisitions Alabama California Loans Net Lease Retail Tennessee Western Wisconsin

Tauro Capital Advisors Arranges $149.7M Bridge Loan for 24-Store Walgreens Portfolio

by Amy Works May 6, 2022

LOS ANGELES — Los Angeles-based Tauro Capital Advisors, on behalf of borrower IBF Properties, has facilitated a $149.7 million, one-year, floating-rate bridge loan for a 24-property Walgreens portfolio. The stores are located in nine states across the United States, primarily in Tennessee, Wisconsin and Alabama. The borrower is purchasing retail assets occupied by investment-grade tenants and plans to create a REIT to hold and operate the portfolio of income-producing real estate. Matt Bucaro, Eric Alvarez, Michael Bucaro, Matthew Ingle and Garryn Laws of Tauro Capital Advisors arranged the financing transaction. Benefit Street Partners was the lender. Totaling 314,852 square feet, the borrower purchased the portfolio in 2021. After acquisition, longer leases were negotiated for the majority of the tenants, which provided stability for those investors purchasing dividends within the REIT and offering a level of commitment by Walgreens to the sites and a low probability of leaving.

May 6, 2022

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