Acquisitions

Truist Securities Buys Office Building in Federal Way, Washington for $93.5M

by Amy Works June 9, 2022

FEDERAL WAY, WA. — An entity of Atlanta-based Truist Securities has purchased an office building located at 3201 S. 323rd St. in Federal Way. DaVita Inc. sold the asset for $93.5 million in a sale-leaseback transaction. At the time of sale, the seller signed a long-term lease for the entire facility. Constructed in 2021 on 11.2 acres, the 160,493-square-foot property serves as DaVita’s primary revenue operations office, staffing roughly 800 employees. The mission-critical facility is located approximately 20 minutes south of Seattle-Tacoma International Airport. The property served to consolidate operations from around the region under one roof and was designed to be expanded by 40,000 square feet at the option of the occupant in the future. Scott Briggs of Stan Johnson Co. represented the seller in the deal.

June 9, 2022

Acquisitions Healthcare Net Lease Nevada Office Western

Avison Young Brokers $8.4M Sale-Leaseback of Two Medical Office Buildings in Las Vegas

by Amy Works June 9, 2022

LAS VEGAS — Avison Young has arranged the sale-leaseback of two adjoining medical office buildings located at 7189 and 7195 Advanced Way in Las Vegas. Nashville, Tenn.-based Montecito Cos. acquired the assets from a group of six physician owners for $8.4 million, or $400 per square foot. Advanced Orthopedics and Sports Medicine fully occupy the two 21,000-square-foot properties. The seller signed a 15-year lease for the space. Built in 2009 and renovated in 2019 and 2020, the Class A properties feature orthopedic examination rooms, radiology and physical therapy spaces. The buildings are part of a three-building campus that includes an ambulatory surgery center building. Barton Hyde of Avison Young represented the seller in the deal.

June 9, 2022

Acquisitions Colorado Industrial Western

Tri-County Real Estate Acquisitions Sells 22-Acre Industrial Portfolio in Brighton, Colorado for $9.2M

by Amy Works June 9, 2022

BRIGHTON, COLO. — Tri-County Real Estate Acquisitions has completed the disposition of an industrial portfolio on three lots totaling 22 acres at 12628, 12706 and 12750 WCR 4 in Brighton. 12628 Brighton Partners LLC purchased the property for $9.2 million. Totaling 30,525 square feet, the portfolio was 100 percent leased to two tenants at the time of sale. Travis Ackerman of Cushman & Wakefield’s Fort Collins, Colo., office represented the seller in the deal.

June 9, 2022

Acquisitions Industrial Texas

Titan Development Acquires 188 Acres for Industrial Project in Metro Austin

by Taylor Williams June 9, 2022

HUTTO, TEXAS — Titan Development has acquired 188 acres in the northern Austin suburb of Hutto for the development of an industrial project that will be dubbed Hutto Mega TechCenter. Titan Development acquired the land, which is located near State Highway 130 and is zoned for light industrial usage, from the City of Hutto. Buildings will range in size from 200,000 to 1 million square feet. A construction timeline is still being finalized.

June 9, 2022

Acquisitions Multifamily Texas

Azora Exan, One Real Estate Acquire 278-Unit Multifamily Property in San Antonio

by Taylor Williams June 9, 2022

SAN ANTONIO — Azora Exan, the Miami-based investment arm of European private equity firm Azora Capital, and One Real Estate Investments (also based in Miami) have acquired The Fredd, a 278-unit multifamily property in San Antonio. The property offers one-, two- and three-bedroom units and a resort-style pool with a sun deck, as well as a sports court and a fitness center. The new ownership plans to implement a value-add program. The seller and sales price were not disclosed.

June 9, 2022

Acquisitions Multifamily Texas

Greysteel Arranges Sale of 196-Unit Multifamily Property in El Paso

by Taylor Williams June 9, 2022

EL PASO, TEXAS — Greysteel has arranged the sale of Casa Barranca, a 196-unit multifamily property in El Paso. The community offers two- and three-bedroom units and was close to fully occupied at the time of sale. According to Apartments.com, amenities include a pool, playground, clubhouse and onsite laundry facilities. Jack Stone of Greysteel brokered the deal. The buyer and seller both requested anonymity.

June 9, 2022

Acquisitions Illinois Midwest Retail

JLL Brokers $40.7M Sale of Lincoln Place Shopping Center Near St. Louis

by Kristin Harlow June 9, 2022

FAIRVIEW HEIGHTS, ILL. — JLL Capital Markets has brokered the $40.7 million sale of Lincoln Place, a 272,060-square-foot shopping center in the St. Louis suburb of Fairview Heights. The property was 95 percent leased at the time of sale. Tenants include Aldi, Total Wine & More, Kohl’s, Shoe Carnival, Ross Dress for Less, Marshalls, Five Below, GameStop, Pizza Hut and St. Louis Bread Co. Amy Sands, Clinton Mitchell and Michael Nieder of JLL represented the seller, Acadia Realty Trust. Jenel Real Estate was the buyer.

June 9, 2022

Acquisitions Illinois Industrial Midwest

Clear Height, Blackbird Investment Sell 112,000 SF Industrial Building in Suburban Chicago

by Kristin Harlow June 9, 2022

ELK GROVE VILLAGE, ILL. — A joint venture between Clear Height Properties and Blackbird Investment Group has sold a 112,000-square-foot industrial building in Elk Grove Village for an undisclosed price. The property, located at 1250-1350 Greenleaf Ave., is fully leased to Brett Anthony Foods. In early 2018, Clear Height began planning with Brett Anthony Foods on site selection. Clear Height and Blackbird acquired the adjacent building at 1250 Greenleaf Ave. in January 2021 through a sale-leaseback transaction. A project team consisting of DSI Group, Michael Weber Architects, Cartland Kraus and Cage Engineering merged the two buildings via a 10,000-square-foot addition and completed improvements to the façade, main entrance, parking lot, landscaping and office portion. Michael Caprile, Zach Graham, Jason Lev and Ryan Bain of CBRE represented Clear Height in the sale. An institutional investor acquired the asset.

June 9, 2022

Acquisitions Illinois Midwest Retail

Next Realty Completes Disposition of 30,000 SF Retail Building in Chicago

by Kristin Harlow June 9, 2022

CHICAGO — An affiliate of Next Realty LLC has sold Nagle Plaza in Chicago for an undisclosed price. Walgreens anchors the 30,000-square-foot retail building, which is located along Nagle Avenue. Additional tenants include City Edge Dental and Ankle & Foot Specialists. Sean Sharko and Austin Weisenbeck of Marcus & Millichap represented Next in the sale. The property represented a value-add investment for Next, which initially acquired the defaulted first mortgage note and ultimately obtained fee title to the property. Next completed lease-up of the building earlier this year. The buyer was not provided.

June 9, 2022

Acquisitions Multifamily New Jersey Northeast

CBRE Brokers $47M Sale of Essex Mall Shopping Center in West Caldwell, New Jersey

by Taylor Williams June 9, 2022

WEST CALDWELL, N.J. — CBRE has brokered the $47 million sale of Essex Mall, a 189,773-square-foot shopping center in West Caldwell, located in the northern part of the Garden State. Anchored by grocer Stop & Shop and Marshalls, the property was 97 percent leased at the time of sale. Jeffrey Dunne, David Gavin, Jeremy Neuer, Steve Bardsley and Travis Langer of CBRE represented the owner, a joint venture between Stop & Shop and Goodrich Management, in the transaction. The team also procured the buyer, Milbrook Properties, which acquired the center via a 1031 exchange.

June 9, 2022

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