Acquisitions

SRS Real Estate Negotiates Sale of 78,888 SF Shopping Center in Metro Austin

by Taylor Williams February 11, 2022

GEORGETOWN, TEXAS — Dallas-based SRS Real Estate Partners has negotiated the sale of Oak Meadows Marketplace, a 78,888-square-foot shopping center located in the northern Austin suburb of Georgetown. Built in 2018, the property was 92 percent leased at the time of sale, with grocer Randalls serving as the anchor tenant. Cathy Nabours, Walter Saad, Kyle Shaffer and Aaron Johnson of SRS represented the seller, Cypress Equities, in the transaction. Cincinnati-based retail REIT Phillips Edison & Co. (NASDAQ: PECO) purchased Oak Meadows Marketplace for an undisclosed price.

February 11, 2022

Acquisitions Massachusetts Northeast Office

Newmark Brokers $129M Sale of Raytheon Office Campus in Woburn, Massachusetts

by Taylor Williams February 11, 2022

WOBURN, MASS. — Newmark has brokered the $129 million sale of a two-building, 440,130-square-foot office campus in the northern Boston suburb of Woburn that is leased to defense contractor Raytheon. The campus includes research and development space, as well as a fitness center, full-service cafeteria, conference facilities and two parking garages. Robert Griffin, Edward Maher, Matthew Pullen, Samantha Hallowell and William Sleeper of Newmark represented the seller, Atlanta-based Piedmont Office Realty Trust, in the transaction. The team also procured the undisclosed buyer.

February 11, 2022

Acquisitions Georgia Industrial North Carolina Self-Storage South Carolina Southeast

Space Shop Sells Two Self-Storage Portfolios in Georgia, Carolinas for $137M

by Julia Sanders February 11, 2022

ATLANTA — Atlanta-based Space Shop Self Storage has sold two self-storage portfolios for $137 million to Salt Lake City-based Extra Space Storage, a national self-storage REIT. The nine properties are situated across Georgia, South Carolina and North Carolina. The first portfolio sale included five properties such as a 75,000-square-foot facility in Covington, Ga.; three properties throughout Charleston totaling 175,000 square feet; and a 75,000-square-foot facility in Cary, N.C. The first portfolio sold for $55 million, or an average of $183 per square foot. The second portfolio included four facilities in metro Atlanta totaling 300,250 square feet. The facilities are located in downtown Atlanta, the Buckhead district, Chamblee and Cumming. The portfolio traded for $82 million.

February 11, 2022

Acquisitions Louisiana Retail Southeast

Faris Lee Arranges Sale of 10 Dairy Queen-Leased Properties in Louisiana

by Julia Sanders February 11, 2022

IRVINE, CALIF. — Irvine, Calif.-based Faris Lee Investments has arranged the sale of 10 Dairy Queen-occupied properties across Louisiana. The portfolio was sold to two separate buyers for an undisclosed sales price. Scott DeYoung, Jeff Conover and Hunter Steffien of Faris Lee represented the seller, an entity doing business as MP Holdings LLC, the existing Dairy Queen franchisee. The 10 stores are located in metro New Orleans, Baton Rouge, Lafayette and Houma. All featured relatively new locations, except for the Houma location being under construction at the time of sale. Additionally, all the properties are freestanding buildings with drive thrus. One of the locations was temporally closed and going through a remodel at the time of sale due to the impact of Hurricane Ida.

February 11, 2022

Acquisitions Florida Hospitality Southeast

Integra Investments, Activate Hospitality Sell Miami Beach Hotel for $23.5M

by Julia Sanders February 11, 2022

MIAMI BEACH, FLA. — Locally based partners Integra Investments and Activate Hospitality have sold Sixty Sixty Resort, an 82-room hotel located in Miami Beach, for $23.5 million. Gregory Rumpel of JLL Capital Markets brokered the deal. Bloom Hotels is the buyer. Sixty Sixty is a 16-floor building that was built as a condo-hotel in 1992. In 2020, the previous owners planned renovations for the property, including the addition of a ground-floor restaurant and café. Situated at 6060 Indian Creek Drive, Sixty Sixty offers direct ocean access and panoramic views of downtown Miami and Miami Beach. The property’s features include a 2,000-square-foot dock, pool and two rooftop terraces. The building affords patrons access to a plethora of dining, retail and entertainment options, including the renowned Bal Harbour shops and Lincoln Road.

February 11, 2022

Acquisitions Industrial Midwest Wisconsin

Marcus & Millichap Arranges $17.5M Sale of Industrial Property in Wausau, Wisconsin

by Kristin Harlow February 11, 2022

WAUSAU, WIS. — Marcus & Millichap has arranged the $17.5 million sale of a 500,000-square-foot industrial property in the central Wisconsin city of Wausau. Located at 500 N. 72nd Ave., the building has served as a Midwest distribution center for Footlocker since its construction in 2001. Christian Hlavinka and Jon Rauh of Marcus & Millichap represented the seller, a partnership. The duo also secured the buyer, a private investor.

February 11, 2022

Acquisitions Industrial Michigan Midwest

Signature Associates Brokers Sale of 443,340 SF Industrial Building in Auburn Hills, Michigan

by Kristin Harlow February 11, 2022

AUBURN HILLS, MICH. — Signature Associates has brokered the sale of a 443,340-square-foot industrial building in Auburn Hills for an undisclosed price. Located at 3600 Giddings Road, the property features a clear height of 30 feet and 375 car parking spaces. Joe Hamway and Greg Hudas of Signature Associates represented the buyer, a partnership between Foundation Capital Partners LLC and Wheelock Street Capital LLC. The duo is now marketing the property for lease. Occupancy will be available in May.

February 11, 2022

Acquisitions Office South Carolina Southeast

Two Capital Partners Sells Park 37 Office Campus in Greenville for $53.3M

by Julia Sanders February 10, 2022

GREENVILLE, S.C. — Atlanta-based Two Capital Partners has sold Park 37, a nine-building office campus, for $53.3 million. Jared Londry, Mack Freudenstein and Alex Olofson of Stream Realty Partners represented Two Capital in the transaction. The buyer was a private partnership. Park 37 is located at the intersection of Interstates 85 and 385 and is close to downtown Greenville and the Greenville-Spartanburg International Airport. The property was 76 percent leased at the time of sale to tenants including Transcom, Majorel and Hargrove. Park 37 was built between the 1970s and 1990s and was renovated in 2019. The renovated campus now features a fitness center, 8,000-square-foot conference center, tenant lounge and an onsite restaurant and catering kitchen. Additionally, the property has undergone technology upgrades including keycard access systems and digital lobby directories.

February 10, 2022

Acquisitions Retail South Carolina Southeast

JLL Arranges Sale of 255,868 SF Shopping Center in Metro Charlotte

by Julia Sanders February 10, 2022

INDIAN LAND, S.C. — JLL Capital Markets has arranged the sale of Promenade at Carolina Reserve, a 255,868-square-foot shopping center in Indian Land, a South Carolina suburb of Charlotte. Jim Hamilton, Brad Buchanan, Tom Kolarczyk, Ryan Eklund and Andrew Kahn of JLL represented the seller, Chattanooga, Tenn.-based Hutton. Dallas-based Bandera Ventures acquired the property for an undisclosed amount. Completed in 2018, Promenade at Carolina Reserve was fully leased at the time of sale to tenants including T.J. Maxx, Burlington, Ross Dress for Less, HomeGoods, Ulta Beauty, Hobby Lobby and Petco. Additionally, the center includes five single-tenant outparcel pads totaling 22,410 square feet, which are leased to Heartland Dental, The Habit Burger Grill, Taco Bell, Chili’s and Mavis Discount. Located at US 521 at Jim Wilson Road, Promenade at Carolina Reserve is situated 25.4 miles from Charlotte and is 27.4 miles from the Charlotte Douglas International Airport.

February 10, 2022

Acquisitions Florida Office Southeast

Marcus & Millichap Brokers Sale of 59,070 SF Office Building in Plantation, Florida

by Julia Sanders February 10, 2022

PLANTATION, FLA. — Marcus & Millichap has brokered the $12.7 million sale of Plantation Corporate Center, a 59,070-square-foot office property located in Plantation. Alex Zylberglait and Michael Crocchiola of Marcus & Millichap represented the seller, Germany-based Rüger Holding. Zylberglait and Crocchiola of Marcus & Millichap also represented the buyer, Coral Springs, Fla.-based MMB Commercial Properties Co. Inc. Plantation Corporate Center was built in 1985 and renovated in 2019. The property was 88 percent leased at the time of sale. Located at 2 S. University Drive on 3.2 acres, the property is situated on a signalized corner of West Broward Boulevard and South University Drive. The property is also located directly across from Westfield Broward Mall.

February 10, 2022

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