Acquisitions

IPA Brokers $83M Sale of Freedom Town Center Shopping Center in Fayetteville, North Carolina

by John Nelson May 16, 2022

FAYETTEVILLE, N.C. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $83 million sale of Freedom Town Center, a 350,800-square-foot shopping center in Fayetteville. Built in 2017, the property was almost fully leased at the time of sale to tenants such as Sprouts Farmers Market, Dick’s Sporting Goods, Hobby Lobby, Field & Stream, HomeGoods, Burkes Outlet, Petco, buybuy Baby, DSW, World Market, Five Below, Osh Kosh B’Gosh and Five Guys. New York-based Triple Net Group sold Freedom Town Center to an unnamed investment group in a 1031 exchange. Steven Siegel of IPA represented both parties in the transaction. Ben Yelm, Marcus & Millichap’s broker of record in North Carolina, assisted Siegel.

May 16, 2022

Acquisitions Multifamily Southeast Tennessee

JLL Arranges Sale of Accent Edgewood Apartments in Nashville

by John Nelson May 16, 2022

NASHVILLE, TENN. — JLL Capital Markets has brokered the sale of Accent Edgewood, a 236-unit, mid-rise multifamily community in the Wedgewood-Houston neighborhood of Nashville. JLL represented the seller, Westplan Investors, in the transaction. PassiveInvesting.com acquired the Class A asset for an undisclosed price. ACRE provided a $58.5 million acquisition loan through its latest debt fund to the buyer, which rebranded the community as Braxton Music City. Accent Edgewood features units with luxury finishes, including high ceilings, energy-efficient lighting, granite countertops, stainless steel appliances, vinyl and hardwood flooring, full-sized washers and dryers, walk-in closets and large windows. Community amenities include a 24-hour gym, resort-style pool, pet washing spa, bark park, bicycle storage, sky lounge, coffee bar, coworking space and a recording room. Located at 2165 Nolensville Pike near downtown Nashville, Accent Edgewood is situated near the redevelopment of the May Hosiery and Nashville Warehouse Co., a 150,000-square-foot creative office and outdoor music venue. The community also has immediate access to the recently opened Geodis Park, Nashville Soccer Club’s MLS stadium, which is the largest soccer-specific stadium in the United States by seating capacity (30,109 seats).

May 16, 2022

Acquisitions Florida Multifamily Southeast

Berkadia Negotiates Sale of Alta Winter Garden Multifamily Community in Metro Orlando

by John Nelson May 16, 2022

ORLANDO, FLA. — Berkadia has negotiated the sale of Alta Winter Garden, a 250-unit, Class A multifamily community in the Orlando suburb of Winter Garden. Berkadia represented the seller, Atlanta-based Wood Partners, one of the nation’s leading multifamily developers and managers. CONTI Capital, a real estate investment company based in Dallas, acquired the property for an undisclosed price. Alta Winter Garden was delivered earlier this year and is located at 1223 E. Plant St., approximately 15 miles from downtown Orlando. ¬¬The property offers studio, one-, two- and three-bedroom units ranging from 637 square feet to 1,464 square feet. Individual units feature energy-efficient stainless steel Whirlpool appliances, Nest thermostats, electronic door locks with keyless entry, outlets with USB ports, kitchen islands, wood-style plank flooring and oversized balconies in select units. The controlled-access community’s amenities include a walk-in pool with a sun shelf and poolside cabanas, as well as a game room and a fitness center with a virtual training room and TRX equipment. Other amenities include an outdoor pavilion with a beer tap and summer kitchen, pet park, beer garden, rentable private office pods, study spaces with Wi-Fi, an outdoor lounge area, private detached garages and valet waste services.

May 16, 2022

Acquisitions Mississippi Retail Southeast

Palomar Group Secures Sale of Harper Square Shopping Center in Corinth, Mississippi

by John Nelson May 16, 2022

CORINTH, MISS. — The Palomar Group has secured the $3 million sale of Harper Square, a 40,000-square-foot shopping center located at 1801 S. Harper Road in Corinth. The property, which was redeveloped in 2018, was fully leased at the time of sale to Marshalls and Aldi. A private investment firm based in Georgia purchased the asset from an unnamed lender that recently foreclosed on the center. The Palomar Group represented the seller in the transaction.

May 16, 2022

Acquisitions California Retail Western

Pacific Castle Management Sells Waterman Grove Plaza in Elk Grove, California for $17.2M

by Amy Works May 16, 2022

ELK GROVE, CALIF. — Pacific Castle Management has completed the disposition of Waterman Grove Plaza, a retail strip center located at 9304-9332 Elk Grove Road in Elk Grove. CenterSquare Investment Management acquired the property for $17.2 million. Situated on 4.2 acres, Waterman Grove Plaza features 44,090 square feet of retail space. At the time of sale, the property was 89.2 percent occupied. Current tenants include Pets to Go, Panda Express, Jamba Juice, Mountain Mike’s Pizza, 9Round, Subway and Envy Day Spa. Eric Kathrein, Gleb Lvovich, Bryan Ley and Warren McClean of JLL Retail Capital Markets represented the seller in the deal.

May 16, 2022

Acquisitions Colorado Healthcare Office Western

SRS Real Estate Partners Negotiates $10.6M Sale of Medical Office Property in Colorado Springs

by Amy Works May 16, 2022

COLORADO SPRINGS, COLO. — SRS Real Estate Partners has arranged the sale of a medical retail property located at 1910 Lelaray St. in Colorado Springs. A Colorado-based private investor sold the asset to a West Coast-based investor for $10.6 million. Built in 2009 on 2.1 acres, the property features 19,187 square feet of medical office space. Liberty Dialysis, a subsidiary of Fresenius, and Pikes Peak Nephrology fully occupy the two-tenant building. Stephen Sullivan, Matthew Mousavi and Patrick Luther of SRS’ National Net Lease Group represented the seller in the deal.

May 16, 2022

221-299-Allen-Ave-906-924-Cataract-Ave-San-Dimas-CA

Acquisitions California Industrial Western

RanchHarbor, Manhattan West Acquire 91,000 SF Industrial Infill Property in San Dimas, California

by Amy Works May 16, 2022

SAN DIMAS, CALIF. — Newport Beach-based RanchHarbor and Los Angeles-based Manhattan West have partnered to purchase a multi-tenant industrial warehouse property located at 221-299 Allen Ave. and 906-924 Cataract Ave. in San Dimas. Terms of the transaction were not released. Situated on five acres, the value-add asset includes four individual buildings encompassing 91,000 rentable square feet across 44 individual suites. At the time of sale, the property was 98 percent occupied. The property’s four concrete tilt-up structures feature 14-foot to 18-foot clear heights and 44 ground-level doors. Unit sizes range from 1,232 square feet to 6,250 square feet. The property was originally built in 1979 and renovated in 2005. The buyers plan to perform deferred maintenance and capital improvements to the property. Jack Haley of Lee & Associates represented the buyer, while Todd Launchbaugh and Justin Leewood of Lee & Associates represented the undisclosed seller in the deal.

May 16, 2022

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 199-Unit South Texas Self-Storage Facility

by Taylor Williams May 13, 2022

GEORGE WEST, TEXAS — Marcus & Millichap has brokered the sale of 281 Mini Storage, a 199-unit self-storage facility in George West, located roughly midway between San Antonio and Corpus Christi. The facility spans 37,440 net rentable square feet. Bryan Quaschnick, Brandon Karr and Danny Cunningham of Marcus & Millichap represented the seller, a private investor, in the transaction. The trio also procured a privately held, Texas-based investment group as the buyer. Both parties requested anonymity.

May 13, 2022

Acquisitions Multifamily Seniors Housing Texas

Blueprint Negotiates $10.5M Sale of Skilled Nursing Facility in Temple, Texas

by Taylor Williams May 13, 2022

TEMPLE, TEXAS — Blueprint Healthcare Real Estate Advisors has negotiated the sale of a 70-unit transitional care facility in Temple, approximately 70 miles north of Austin. Mainstreet developed the newly constructed healthcare property but never opened it. An undisclosed, Texas-based investor acquired the asset for $10.5 million. The new owner structured a lease with a national healthcare system based out of Southern California and will operate the facility as a specialty post-acute hospital.

May 13, 2022

Acquisitions Kentucky Multifamily Southeast

Marcus & Millichap Arranges $32.5M Sale of Regal Park Apartments in Louisville

by John Nelson May 13, 2022

LOUISVILLE, KY. — Marcus & Millichap has arranged the $32.5 million sale of Regal Park Apartments, a 228-unit apartment property in Louisville. David Badgett Jr. of Marcus & Millichap represented the seller and buyer, both undisclosed limited liability companies, in the transaction. Colby Haugness, Marcus & Millichap’s broker of record in Kentucky, assisted Badgett in the transaction. Regal Park is located at 9400 Hurstbourne Park Blvd. and offers a variety of floor plans: 30 one-bed/one-bath, 150 are two-bed /two-bath and 48 are three-bed/two-bath. The property has consistently held a 92 percent occupancy rate, according to Marcus & Millichap. Regal Park was built in 1972 and has seen several renovations since its construction. In recent years, Regal Park underwent upgrades, including a complete renovation to the clubhouse. The property features amenities including a swimming pool, grilling area, sundeck and a spacious courtyard.

May 13, 2022

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