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Acquisitions

North Shops at Spradlin Farm
AcquisitionsRetailSoutheastVirginia

SRS Brokers $8.2M Sale of Retail Center in Christiansburg, Virginia

by Julia Sanders

CHRISTIANSBURG, VA. — SRS Real Estate Partners has brokered the $8.2 million sale of North Shops at Spradlin Farm, a 17,290-square-foot, multi-tenant retail center in Christiansburg. Britt Raymond, Kyle Fant, Matthew Mousavi and Patrick Luther of SRS represented the seller, a North Carolina-based shopping center fund. Tyler Price of Price Richards Commercial represented the buyer, a California-based investment firm that was in a 1031 exchange. Built in 2000, North Shops at Spradlin Farm was fully occupied at the time of sale to tenants including Mattress Firm, AT&T, Supercuts and MedExpress. The retail property is an outparcel to Spradlin Farm Shopping Center, a 441,000-square-foot power center anchored by Target, The Home Depot, Big Lots and T.J. Maxx. Located at 10-100 Spradlin Farm Drive on two acres, North Shops at Spradlin Farm is situated at the major intersection of North Franklin Street and Spradlin Farm Drive NW. The property is also 4.6 miles from Virginia Tech Montgomery Executive Airport and 6.7 miles from Virginia Tech.

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AcquisitionsMultifamilyTexas

Exact Capital Acquires Affordable Housing Community in Oklahoma City for $59M

by Taylor Williams

OKLAHOMA CITY — New York-based development and investment firm Exact Capital has acquired Isola Bella Apartments, a 77-building affordable housing community located at 6303 NW 63rd St. in Oklahoma City, for $59 million. Isola Bella’s unit mix comprises 451 one-bedroom units, 280 two-bedroom apartments, 16 three-bedroom residences, 23 four-bedroom dwellings and a superintendent’s unit. According to Apartments.com, amenities include a pool, fitness center, business center, clubhouse and onsite laundry facilities. The new ownership will renovate and rebrand the property as Alora Apartments. Following the renovation and recapitalization of the property with Low-Income Housing Tax Credits, units will be reserved for renters earning up to 60 percent of the area median income.

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AcquisitionsIndustrialNortheastPennsylvania

1788 Holdings Sells 423,900 SF Lehigh Valley Industrial Facility

by Taylor Williams

WHITEHALL, PA. — Maryland-based investment firm 1788 Holdings LLC has sold Riverside Business Center, a 423,900-square-foot industrial facility located in the Lehigh Valley city of Whitehall. The property was originally built on 34 acres in 1910 and has been renovated numerous times over the years. Those renovations most recently included a $9 million capital improvement program in 2006 that converted the property from a single-use manufacturing facility to a multi-tenant warehouse. Michael Hines of CBRE represented 1788 Holdings in the transaction. The buyer, Buligo Capital Partners, purchased the asset for $34.6 million.  

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Pitney-Bowes-Shelton-Connecticut
AcquisitionsConnecticutNortheastOffice

BDP Holdings Acquires 310,094 SF Office Complex in Shelton, Connecticut

by Taylor Williams

SHELTON, CONN. — New Jersey-based investment firm BDP Holdings has acquired 27 and 35 Waterview Drive, a 310,094-square-foot office complex in the southern coastal Connecticut city of Shelton. The waterfront complex includes warehouse and engineering space and was fully leased at the time of sale to global technology company Pitney Bowes. Amenities include a cafeteria, fitness center, outdoor amenity spaces and a medical clinic. Jon Mikula, Michael Klein and Ryan Carroll of JLL arranged a $31.3 million acquisition loan for the deal through Ladder Capital Finance on behalf of BDP Holdings. The loan carried a 10-year term and a fixed interest rate.

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AcquisitionsIndianaIndustrialMidwest

MDH Partners Purchases 808,505 SF Industrial Facility in Franklin, Indiana

by Kristin Harlow

FRANKLIN, IND. — MDH Partners has purchased Franklin Tech Park, an 808,505-square-foot industrial facility in the Indianapolis suburb of Franklin. The purchase price was undisclosed. Constructed in 2009, the property sits on 42 acres at 500 Bartram Parkway. The facility is LEED Gold-certified and features a clear height of 32 feet, 78 exterior dock doors and over 100 trailer parking spaces. The transaction marks the first acquisition in Indiana for Atlanta-based MDH. Upon acquisition, MDH executed a lease with Atlanta-based, third-party logistics provider Broadrange Logistics. Houston Hawley of MDH served as the acquisition lead for the company. JR Wright and John Gosnell of Strategic Real Estate Partners brokered the sale.

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AcquisitionsDevelopmentIndustrialMidwestOhio

Brennan Acquires 34 Acres in Suburban Cincinnati, Plans 445,000 SF Spec Industrial Development

by Kristin Harlow

FAIRFIELD, OHIO — Brennan Investment Group has acquired 34 acres at the intersection of Seward and Symmes roads in Fairfield, a northern suburb of Cincinnati. The firm plans to build two speculative industrial buildings totaling 445,000 square feet. One building will span 282,000 square feet, while the other will total 163,000 square feet. The site is near I-75, I-275 and the Cincinnati-Northern Kentucky International Airport. The seller and sales price were not released.

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AcquisitionsMidwestOhioRetail

SRS Real Estate Brokers $10.2M Sale of Shopping Center in Cincinnati

by Kristin Harlow

CINCINNATI — SRS Real Estate Partners has brokered the sale of Ridgewater Plaza in Cincinnati for $10.2 million. The 175,945-square-foot shopping center is located at 3240 Highland Ave. The property is 92 percent occupied by tenants such as American Freight and NAPA Auto Parts. Jack Cornell of SRS represented the seller, Oklahoma-based Frayer Enterprises, as well as the buyer, an Ohio-based private real estate investment firm.

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AcquisitionsIllinoisIndustrialMidwest

Transwestern Arranges Sale of 131,000 SF Industrial Flex Building in Suburban Chicago

by Kristin Harlow

BATAVIA, ILL. — Transwestern Real Estate Services has arranged the sale of the Campana Building in the Chicago suburb of Batavia for an undisclosed price. The 131,000-square-foot industrial flex building is located at 901 N. Batavia Ave. Michael Marconi and Paige Gunn of Transwestern represented the seller, Campana Redevelopment, and the buyer, Batavia Business Center LLC. The property was 65 percent leased at the time of sale. The new ownership has retained Transwestern to provide leasing and property management services.

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AcquisitionsMidwestOhioRestaurantRetail

Cooper Group Negotiates Sale of P.F. Chang’s-Occupied Property Near Cleveland for $3.8M

by Kristin Harlow

BEACHWOOD, OHIO — The Cooper Commercial Investment Group has negotiated the $3.8 million sale of a single-tenant property occupied by P.F. Chang’s in Beachwood, a suburb of Cleveland. The restaurant’s lease expires in 2025. Dan Cooper of Cooper Group represented the seller, a private investment group, and procured the all-cash buyer. The transaction represents a cap rate of 4.62 percent. The property sold for $543 per square foot and at approximately 98 percent of the list price.

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UBS-Tower-Nashville
AcquisitionsOfficeSoutheastTennesseeTop Stories

KBS Acquires 29-Story Office Tower in Downtown Nashville for $175M

by Taylor Williams

NASHVILLE — California-based investment and development firm KBS has acquired UBS Tower, a 29-story office tower in downtown Nashville. The sales price was approximately $175 million, according to The Nashville Business Journal. Located at 315 Deaderick St., the 605,000-square-foot UBS Tower is the second-tallest office building in the city and occupies a full city block. The property was originally constructed in 1972 and has been renovated several times over the ensuing decades. The namesake tenant and investment banking firm renewed its 138,000-square-foot lease in 2021 and will serve as the building’s anchor tenant until 2034. The most recent capital improvement program delivered new and revamped amenity spaces, including the lobby, tenant lounge, coffee bar, fitness center and conference facilities. This project also upgraded the building’s mechanical systems. “With a population quickly approaching 2 million, Nashville is a vital business, tourism and transportation center,” says Marc DeLuca, CEO and Eastern regional president at KBS. “Nashville boasts a thriving economy that is predicted to see a 3.9 percent growth in employment in 2022. This activity creates numerous office-using jobs and significantly increases the rental growth and demand in the market.” According to CoStar Group, Nashville has approximately 80 percent more office-using jobs …

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