Acquisitions

Stonelake Capital Partners Buys Renovated Industrial Building in Gilbert, Arizona for $11.5M

by Amy Works April 7, 2022

GILBERT, ARIZ. — Dallas-based Stonelake Capital Partners has purchased a renovated industrial property located at 1503 W. San Pedro St. in Gilbert. Pallisides Trust sold the vacant asset for $11.5 million. Situated on five acres, the 65,531-square-foot building features 9,000 square feet of office space, 24-foot clear heights, LED lighting, air conditioning, a secured yard with motorized gate, advanced security system, new asphalt parking lot, multiple cranes, air compressors and grade-level loading. The property also includes 1.5 acres of excess yard. Phil Haenel, Mike Haenel and Andy Markham of Cushman & Wakefield’s Phoenix office represented both parties in the deal.

April 7, 2022

Acquisitions Industrial New Jersey Northeast Self-Storage

Storage Post Acquires Self-Storage Facility in Linden, New Jersey

by Taylor Williams April 7, 2022

LINDEN, N.J. — Storage Post, an Atlanta-based self-storage owner-operator, has acquired a facility located at 1051 Edward St. in the Northern New Jersey community of Linden. The number of units was not disclosed, but the property spans approximately 107,000 square feet of net rentable climate-controlled space. The seller was also not disclosed. Storage Post will assume operations of the property, which previously conducted business under the Public Storage brand.

April 7, 2022

Acquisitions Company News Retail Texas Top Stories

Dave & Buster’s Agrees to Acquire Entertainment Concept Main Event for $835M

by Katie Sloan April 7, 2022

DALLAS AND COPPELL, TEXAS — Dave & Buster’s Entertainment Inc. (NASDAQ: PLAY) has agreed to acquire family entertainment concept Main Event for $835 million in an all-cash transaction. The seller is a joint venture between Ardent Leisure Group Limited and Red Bird Capital Partners, and the deal is expected to close later this year. Chris Morris, current CEO of Main Event, will serve as CEO of the combined entity upon closing. The move ends the search for a new Dave & Buster’s CEO, which has been ongoing for approximately seven months following the retirement of Brian Jenkins. The purchase price represents a valuation of approximately nine times Main Event’s 12-month adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) as of Dec. 31. Deutsche Bank Securities Inc., JPMorgan Chase Bank, N.A. and BMO Capital Markets Corp. are the joint lead arrangers and joint book-runners on the transaction. “From a strategic fit perspective, Main Event’s business model, footprint and asset quality aligns well with Dave & Buster’s,” says Kevin Sheehan, board chair and interim CEO of the Coppell-based buyer. “Main Event targets a different demographic — families with younger children — while Dave & Buster’s primarily targets young adults,” he continues. …

April 7, 2022

Acquisitions Illinois Industrial Midwest

Conor Commercial Real Estate Sells Two-Building Industrial Development in Elgin, Illinois

by Kristin Harlow April 6, 2022

ELGIN, ILL. — Conor Commercial Real Estate has sold Northwest Pointe III in Elgin for an undisclosed price. The property consists of two industrial buildings totaling 349,080 square feet and is situated within Northwest Corporate Park. At the time of sale, the property was 72 percent leased to three tenants, including Continental Packaging. Both buildings feature a clear height of 32 feet and 20 dock doors. McShane Construction Co. served as general contractor and Ware Malcomb was the architect. Ed Halibert and John Hugenard of JLL represented Conor in the sale to the private buyer.

April 6, 2022

Acquisitions Multifamily Texas

S2 Capital Acquires Two Dallas-Area Apartment Communities Totaling 676 Units

by Taylor Williams April 6, 2022

DALLAS AND CARROLLTON, TEXAS — Locally based investment firm S2 Capital has acquired two garden-style apartment communities totaling 676 units in the Dallas area in a single transaction. Lake Highlands is a 356-unit property located on the city’s east side that was built on 12 acres in 1979. Carrollton Oaks is a 320-unit community that was constructed in 1981. Both properties offer one- and two-bedroom units. S2 Capital plans to invest about $5 million over the next two years in capital improvements to both assets. Renovations will include upgrades of unit interiors, building exteriors and landscaping, as well as amenity spaces such as the pools, clubhouses and leasing offices. Taylor Snoddy of Northmarq represented the undisclosed seller in the deal. Lauren Bresky and Lauren Heikenfeld of Northmarq arranged acquisition financing on behalf of S2 Capital.

April 6, 2022

Acquisitions Industrial Texas

NAI Partners Brokers Sale of 44,304 SF Warehouse in Weslaco, Texas

by Taylor Williams April 6, 2022

WESLACO, TEXAS — NAI Partners has brokered the sale of a 44,304-square-foot warehouse located at 818 E. Expressway 83 in the Rio Grande Valley city of Weslaco. NAI Partners’ Carlos Marquez represented the buyer, Western Industries Corp., in the transaction. Charles Marina of First American Realty represented the seller, Fidelity Bonded Warehouse of Texas.

April 6, 2022

Acquisitions Industrial Lee & Associates Texas

Lee & Associates Arranges Sale of 31,217 SF Industrial Building in Irving

by Taylor Williams April 6, 2022

IRVING, TEXAS — Lee & Associates has arranged the sale of a 31,217-square-foot industrial building located at 3402 Century Circle in Irving. Alex Wilson and Nathan Denton of Lee & Associates represented the buyer, locally based investment and development firm CanTex Capital, in the transaction. Blue Fish Sushi DFW, which operates six Japanese restaurants across the metroplex, sold the property for an undisclosed price.

April 6, 2022

Acquisitions California Multifamily Western

Levin Johnston Arranges $31.5M Sale of The Lakes Apartments in Concord, California

by Amy Works April 6, 2022

CONCORD, CALIF. — Levin Johnston of Marcus & Millichap has brokered the sale of The Lakes Apartments, a multifamily property located at 1818, 1819 and 1850 Laguna St. in Concord. An undisclosed seller sold the asset to a private investor for $31.5 million. Constructed in 1967 on 4.2 acres, The Lakes features 102 one- and two-bedroom floor plans, secure vehicle and pedestrian entrances, onsite laundry, a swimming pool and private balconies and patios. Adam Levin and Robert Johnston of Levin Johnston represented the seller and procured the buyer in the deal.

April 6, 2022

Acquisitions Retail Southeast Virginia

Cushman & Wakefield | Thalhimer Arranges $13M Sale of Gold’s Gym Plaza in Richmond

by Julia Sanders April 6, 2022

RICHMOND, VA. — Cushman & Wakefield | Thalhimer’s Capital Markets Group has arranged the sale of Gold’s Gym Plaza in Richmond. An entity doing business as Seminole Trail Annex LLC acquired the property for $13 million. Catharine Spangler of Cushman & Wakefield | Thalhimer represented the sellers, West Tower LLC and SugarOak Investments, in the transaction. Located at 8900 West Broad St., the property spans 124,275 square feet across five buildings. The center is currently fully leased and co-anchored by Gold’s Gym and Regal Cinemas, which have occupied space at the property for 40 and 19 years, respectively. The 44,000-square-foot box anchored by Regal Cinemas and an adjacent parking lot are subject to a ground lease.

April 6, 2022

Acquisitions California Industrial Lee & Associates Western

Lee & Associates Brokers Acquisition of Three Industrial Buildings in North Hollywood Totaling $21.4M

by Amy Works April 6, 2022

LOS ANGELES — Lee & Associates LA North/Ventura has arranged the purchases of three multi-tenant industrial properties located in the North Hollywood neighborhood of Los Angeles in two separate deals for the combined total of $21.4 million. Together the properties total 66,019 square feet. In the first transaction, Vineland Group Holdings sold a two-building asset at 6850 Vineland Ave. to LaTerra Development II LLC. Scott Caswell and Eric Balin of Lee & Associates LA North/Ventura represented the buyer. In the second deal, 625 South Pacific Avenue LLC acquired an industrial building at 13401-13431 Saticoy St. from Pine Investment Partners. Caswell and Balin represented the buyer, while Greg Barsamian of CBRE represented the seller in the deal.

April 6, 2022

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