TULSA, OKLA. — Stan Johnson Co., a locally based brokerage firm focused on net-leased assets, has arranged the $7.3 million sale of a 13,225-square-foot retail property in Tulsa that is leased to CVS. The property was built in 2011. B.J. Feller of Stan Johnson Co. represented the seller in the transaction. A California-based institutional investor acquired the asset. The deal traded at a cap rate of 5.25 percent and was executed via a 1031 exchange.
DELRAY BEACH, FLA. — Sleiman Enterprises has acquired Delray Square, a 160,000-square-foot shopping and dining destination in Delray Beach. Berkeley Capital Advisors represented the undisclosed seller in the transaction. The sales price was not disclosed. Built in 1976 on approximately 16 acres, Delray Square has tenants including Publix, Hobby Lobby, Walgreens, Chipotle and Chick-fil-A. Publix recently relocated to a newly constructed 45,600-square-foot space at the property, while Hobby Lobby recently signed a long-term lease with plans to open in the next few months. Redevelopments occurred in 2019 at Delray Square, which included new LED lighting for the parking lot, newly built anchor store and shops, roof renovation of Hobby Lobby and an overhauled façade. The property was 96 percent occupied at the time of sale. Located at 4771 W. Atlantic Ave., the property is situated 3.2 miles from Delray Beach and 10.4 miles from Boca Raton. The property is also 8.7 miles from the Boca Raton Airport and 7.9 miles from Florida Atlantic University.
NEW YORK CITY — New York City-based investment firm iStar Inc. (NYSE: STAR) has entered into an agreement to sell its portfolio of net-leased office, industrial and entertainment properties for roughly $3 billion. The properties are located in various markets throughout the country and total approximately 18.3 million square feet. The buyer is an affiliate of New York City-based private equity firm Carlyle Group. The deal is expected to close before the end of the first quarter. The stock price of iStar Inc. closed at $24.94 per share on Wednesday, Feb. 2, the first full day of trading after the deal was announced. The stock price is currently up more than 50 percent from its mark of $15.81 a year ago.
MAHWAH, N.J. — CBRE has negotiated the $17.5 million sale of an industrial development site located at 1000 MacArthur Blvd. in the Northern New Jersey community of Mahwah. Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Rich Gatto, Fahri Ozturk, Travis Langer, Zach McHale, Matthew Saker and Patrick Cavanagh of CBRE represented the seller, TD Bank, in the transaction. The team also procured the buyer, a partnership between Russo Development and PGIM. The new ownership has secured approvals to develop a 200,000-square-foot building. Demolition of the existing 60,000-square-foot structure on site is set to begin in the coming days.
PHILADELPHIA — Equus Capital Partners has acquired a 5.4 million-square-foot industrial portfolio located across the Sun Belt and East Coast. The properties were purchased from Prologis for $900 million, according to the Philadelphia Business Journal. The 75-property portfolio primarily comprises multi-tenant, infill, shallow-bay assets located across seven major distribution markets in Texas, Florida, Georgia, South Carolina and Virginia. The acquisition was made on behalf of the company’s sponsored value-add fund, Equus Investment Partnership XII L.P. The portfolio was 98 percent leased to 250 tenants at the time of sale, which included e-commerce, logistics providers, manufacturing, business-to-business and business-to-consumer users. Equus made headlines with another large-scale industrial acquisition in October of last year, buying a 7.3 million-square-foot industrial portfolio in Arizona for $1.1 billion. “We remain disciplined in our approach to appropriately scaling our industrial holdings across the U.S. on behalf of our investment partners,” says Kyle Turner, partner and director of investments for the Philadelphia-based firm. “This most recent investment further diversifies our platform holdings in the industrial sector and provides access to dynamic distribution locations poised to benefit from improving industrial fundamentals and sustained population growth,” he continues. Kyle Turner, Tim Feron, Laura Brestelli, Joe Felici, Scott Miller and Ryan Klancic …
CHESAPEAKE, VA. AND ELIZABETH CITY, N.C. — Marcus & Millichap has arranged the sale of the Templeton Portfolio, a three-property apartment portfolio in Chesapeake and Elizabeth City. Altay Uzun of Marcus & Millichap facilitated the transaction and secured the buyer, MRKT Capital. The undisclosed seller sold the portfolio for $61 million. The properties within the Templeton Portfolio include Green Tree Apartments and Oak Grove Apartments in Chesapeake and Emerald Lake Apartments in Elizabeth City. Green Tree is a 208-unit apartment community that offers one- and two-bedroom floorplans. Community amenities include a pool, fitness center, clubhouse, volleyball court, walking and biking trails, controlled building access, onsite laundry facilities and a package receiving service. Located at 749 Green Tree Circle, the property is situated 10.6 miles from Norfolk. Oak Grove is a 132-unit apartment community that offers one- and two-bedroom floorplans. Community amenities include onsite laundry facilities, controlled building access, a volleyball court and ample parking. Located at 408 Trotman Way, the property is situated near Chesapeake Regional Medical Center and the Great Bridge Lock Park. Emerald Lake is a 132-unit apartment community that offers three-bed/two-bath floorplans. Community amenities include a pool, clubhouse, parking, onsite management and a package receiving service. Located …
DURHAM, N.C. — StoneBridge Investments has acquired Haven at Patterson Place, a 242-unit apartment community in Durham, for $56.2 million. Howard Jenkins and Kevin Kempf of CBRE’s Southeast Multifamily team represented the seller, an affiliate of Washington, D.C.-based FCP. This property is StoneBridge’s fourth acquisition in the Raleigh-Durham market, and now the company owns a portfolio of more than 1,000 units in the Research Triangle area. Built in 2002, Haven at Patterson Place offers one-, two- and three-bedroom floorplans with an average range of 669 to 1,404 square feet. Community amenities include a swimming pool, fitness center, clubhouse, cyber café, community fire pit, dog park, playground, grilling stations, resident car wash with vacuum station and complimentary package service. StoneBridge plans to make renovations to the property including modernizing clubhouse design and decor, adding a 24-hour touchless package locker system and enhancing the pool and outdoor lounge areas. Unit renovations will include the addition of stainless steel appliances, granite countertops, modern Shaker style cabinet fronts, subway tile backsplashes, a modern lighting package, vinyl plank flooring, washer-dryer sets in all units and a tech package. Located at 5110 Old Chapel Hill Road, the property is situated near Interstate 40 and N.C. Highway …
INDIANAPOLIS — Cushman & Wakefield has arranged the sale of North Meridian Professional Center in Indianapolis for $8.9 million. The medical office property consists of three buildings totaling 72,309 square feet. Two of the buildings were constructed in the 1980s while the third was built in 2002. The property is 80 percent leased to a variety of medical and dental tenants. Gino Lollio, Travis Ives, Jon Owens and Joshua Graham of Cushman & Wakefield represented the seller, Florida-based Cantor Partners. Stablegate Investment Management was the buyer.
MIRAMAR, FLA. — Conshohocken, Penn.-based Seagis Property Group LP has purchased a 60,831-square-foot warehouse and distribution facility in Miramar. Tommy Gil of Vivo Real Estate Group Inc. represented the buyer in the transaction, while the seller, Megacenter US LLC, was self-represented by Bryan Demello. The sales price was $13.3 million. The property, which is being rebranded as Seagis @ Riviera Boulevard, is immediately available for lease and was vacant at the time of sale. Completed in 2021, Seagis @ Riviera Boulevard features 32-foot clear heights, six dock-high doors, five drive-in doors, a 1.4 per 1,000 parking ratio and the flexibility to accommodate tenants from 25,000 to 60,831 square feet. Located at 7481 Riviera Blvd., the property is situated along the Florida Turnpike. Seagis plans to make renovations on the interior of the property including an addition to office space to complement the distribution facility.
MIDDLEBURG HEIGHTS, OHIO — Marcus & Millichap has negotiated the $8.7 million sale of the Crowne Plaza Cleveland Airport hotel in Middleburg Heights, a suburb of Cleveland. The five-story, 238-room hotel features an onsite restaurant named Tavolo 72. Amenities include a fitness center, indoor pool, airport shuttle and 16,000 square feet of meeting space. The property, located at 7230 Engle Road, was originally built in 1978. It was branded as Crowne Plaza in 2008. Robert Hunter and Scott Havericak of Marcus & Millichap represented the seller, a limited liability company. The duo also procured the undisclosed buyer.