Acquisitions

CBRE Arranges $23.6M Sale of Two Self-Storage Facilities in Suburban Charlotte

by John Nelson August 22, 2022

SALISBURY AND MOORESVILLE, N.C. — CBRE has arranged the $23.6 million sale of two self-storage facilities in the Charlotte suburbs of Salisbury and Mooresville. Lakeland Village acquired the portfolio, both of which are operated by Extra Space Storage, from an undisclosed private investor. Morgan Windbiel of CBRE’s Self Storage Advisory Group represented the seller in the transaction. The Salisbury facility, located at 725 Jake Alexander Blvd. S, measures 66,000 square feet and includes 680 units. A second phase expansion was delivered at certificate of occupancy, according to CBRE. The Mooresville facility, located at 1110 Brawley School Road, measures 70,994 square feet and consists of 705 units.

August 22, 2022

Acquisitions Arizona Office Western

Cushman & Wakefield Negotiates $8.2M Sale of Office Building in Phoenix

by Amy Works August 22, 2022

PHOENIX — Cushman & Wakefield has arranged the sale of a multi-tenant office property in Phoenix. Jumping Cholla II LLC sold the asset to 4545 Investment Alliance LLC, a Washington company, for $8.2 million. Located at 4545 E. Shea Blvd., the two-story building features 46,574 square feet of space. At the time of sale, the property was 90 percent leased to a mix of tenants. Built in the mid-1980s and renovated in 2008, the garden-style building features a covered central courtyard and outdoor common area patio spaces on the second floor. Eric Wichterman and Mike Coover of Cushman & Wakefield’s private capital and capital markets teams in Phoenix represented the seller in the transaction.

August 22, 2022

Acquisitions California Retail Western

SRS Real Estate Partners Brokers $8.1M Sale of Planet Fitness-Occupied Retail Property in San Diego

by Amy Works August 22, 2022

SAN DIEGO — SRS Real Estate Partners has arranged the sale of single-tenant retail building located at 9420 Scranton Road in San Diego. A Southern California-based retail property owner and operator sold the asset to a Southern California-based family partnership for $8.1 million in an all-cash transaction. Planet Fitness occupies the 17,000-square-foot building, which was built in 1986 and renovated in 2020. Matthew Mousavi and Patrick Luther of SRS’ National Net Lease group represented the seller and buyer in the deal.

August 22, 2022

Acquisitions Kansas Midwest Multifamily Northmarq

Northmarq Arranges $10M Sale of Multifamily Property in Overland Park, Kansas

by Kristin Harlow August 22, 2022

OVERLAND PARK, KAN. — Northmarq has arranged the sale of Antioch Crossing in Overland Park for $10 million. The 90-unit, three-story multifamily property, built in 1968, is located at 8710 W. 106th Terrace near I-435. Jeff Lamott and Gabe Tovar of Northmarq represented the seller, Worcester Investments. Greg Duvall and John Duvall of Northmarq arranged acquisition financing through an agency lender on behalf of the buyer, Balfour Real Estate, which plans to renovate the majority of the units.

August 22, 2022

Acquisitions Michigan Midwest Retail

Marcus & Millichap Brokers $2.9M Sale of Retail Center in Livonia, Michigan

by Kristin Harlow August 22, 2022

LIVONIA, MICH. — Marcus & Millichap has brokered the $2.9 million sale of Century Plaza in Livonia, just west of Detroit. The 19,584-square-foot retail center is located at 37300 Five Mile Road. Davita Dialysis anchors the fully leased property. Craig Fuller, Erin Patton and Scott Wiles of Marcus & Millichap represented the seller, a REIT. The team also procured the all-cash buyer.

August 22, 2022

Acquisitions Industrial Self-Storage Texas

JLL Negotiates Sale of Three Austin-Area Self-Storage Facilities Totaling 1,600 Units

by Taylor Williams August 19, 2022

AUSTIN AND BEE CAVE, TEXAS — JLL has negotiated the sale of three self-storage facilities totaling approximately 1,600 units that are located in the Austin area. Two of the properties are located within the city limits at 8200 S. I-35 Service Road and 8327 S. Congress Ave., and the third is located in the western suburb of Bee Cave. The properties traded as part of a portfolio sale that totaled 6,550 units across 11 facilities, with the other eight assets being located in California and Oregon. Brian Somoza, Steve Mellon, Matthew Wheeler, Adam Roossien and Jake Kinnear of JLL represented the seller, Pegasus Group, in the portfolio sale to California-based SecureSpace Self Storage.

August 19, 2022

Acquisitions Multifamily Texas

Newmark Arranges Sale of 250-Unit Multifamily Property in West Austin

by Taylor Williams August 19, 2022

AUSTIN, TEXAS — Newmark has arranged the sale of Barton Creek Villas, a 250-unit multifamily property in West Austin. Built in 1998, the property features one-, two- and three-bedroom floor plans with an average size of 1,049 square feet. Amenities include a pool, fitness center, clubhouse with a coffee bar, outdoor grilling stations, a dog park and walking trails. The Connor Group sold Barton Creek Villas, which was 99 percent occupied at the time of sale, to a fund backed by Goldman Sachs Asset Management for an undisclosed price. Patton Jones and Andrew Dickson of Newmark brokered the deal.

August 19, 2022

Acquisitions Industrial Northeast Pennsylvania

JLL Brokers $54.5M Sale of Lehigh Valley Warehouse, Distribution Center

by Taylor Williams August 19, 2022

SHOEMAKERSVILLE, PA. — JLL has brokered the $54.5 million sale of a 310,238-square-foot warehouse and distribution center located in the Lehigh Valley community of Shoemakersville. Built on roughly 24 acres in 2022, the facility features a clear height of 36 feet, 40 loading doors, 185-foot truck court depths and parking for 81 trailers and 185 cars. John Plower, Ryan Cottone, Jeff Lockard and Ryan Barros of JLL represented the seller, a joint venture between The Keith Corp. and The Kiel Group, in the transaction. The buyer was not disclosed. At the time of sale, the facility was fully leased to online fashion retailer Revolve Group and Arcadian Crossing Consumer Products, which provides disposable tabletop and food storage solutions.

August 19, 2022

Acquisitions Connecticut Northeast Retail

O,R&L Commercial Negotiates $18.9M Sale of Retail Center in Branford, Connecticut

by Taylor Williams August 19, 2022

BRANFORD, CONN. — Locally based brokerage firm O,R&L Commercial has negotiated the $18.9 million sale of Shoreline Plaza, a 77,037-square-foot retail center in the southern coastal Connecticut city of Branford. Tenants include Coastal Wine & Spirits, Staples, Shoreline Prime Meats & Deli and InShape Fitness. Frank Hird of O,R&L Commercial represented the seller, A&A Properties, in the transaction, and procured the buyer, an entity doing business as Executive Two Hundred LLC.

August 19, 2022

Acquisitions Company News District of Columbia Industrial Office Southeast

Avison Young to Acquire Trio of Business Lines from Madison Marquette

by John Nelson August 19, 2022

TORONTO AND WASHINGTON, D.C. — Toronto-based commercial real estate services firm Avison Young has signed an agreement to acquire Washington, D.C.-based Madison Marquette’s office and industrial property management, agency leasing and project management service lines. The trio of services will operate under the Avison Young brand as part of the acquisition, which is expected to close in September. Financial terms of the deal were not disclosed. The acquisition includes more than 20 million square feet of affected real estate, as well as 235 team members, including property managers, agency leasing professionals, project managers, building engineers and accountants. The former Madison Marquette staffers will integrate with Avison Young’s existing markets, primarily in Texas and California, the East Coast region and a new Hawaii office. Avison Young will integrate its data analytics, technology and global real estate intelligence platform with Madison Marquette’s trophy assets and institutional clients, such as CenterPoint Energy, Starwood Property Trustand Principal Global Investors. “This is a transformative opportunity for both companies to build on their core strengths to achieve competitive advantage,” says Vince Costantini, CEO of Madison Marquette. “We made the strategic choice to move a portion of our services to Avison Young to better serve our office …

August 19, 2022

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