Acquisitions

Barings, Ocean West Capital Partners Buy 136,610 SF Smoky Hollow Industrial Campus in El Segundo, California

by Amy Works March 8, 2022

EL SEGUNDO, CALIF. — Barings has partnered with Ocean West Capital Partners to acquire Smoky Hollow Flex Industrial Campus in El Segundo’s Smoky Hollow submarket. Terms of the off-market transaction were not released. Situated on 5.1 acres, the three-property campus offers 136,610 square feet of flex industrial space. The owners intend to implement a repositioning, including the construction of a new flex industrial building and 266-stall parking structure. Renovations to the three existing buildings will include upgrades to the exterior and building systems while constructing outdoor recreation spaces.

March 8, 2022

Acquisitions Arizona Development Restaurant Retail Western

BJ’s Restaurants Plans 7,600 SF Location in Goodyear, Arizona

by Amy Works March 8, 2022

GOODYEAR, ARIZ. — BJ’s Restaurants Inc. has purchased land to develop a BJ’s Restaurant & Brewhouse near Civic Square at GSQ, a new city hall, library and community gathering spot in Goodyear. Located on a three-acre site at the northeast corner of North 150th Drive and West McDowell Road, the family-friendly restaurant is slated to open in late 2022. Totaling more than 7,600 square feet, the new BJ’s interior will seat approximately 250 guests, with more seating at the patio and round bar. The restaurant plans to hire approximately 160 team members. BJ’s operates seven breweries in five states and offers 11 beers and ciders on tap.

March 8, 2022

Acquisitions Michigan Midwest Office

Princeton Enterprises Acquires 108,634 SF Office Building in Southfield, Michigan

by Kristin Harlow March 8, 2022

SOUTHFIELD, MICH. — Princeton Enterprises, a privately held real estate investment company based in Bloomfield Hills, has acquired a 108,634-square-foot office building in Southfield for an undisclosed price. The property is located at 26600 Telegraph Road. First Mercury Insurance Co., a member of national property and casualty insurer Crum & Forster, was the seller. Anne Galbraith Kohn of CBRE represented the seller, while Jordan Friedman of Friedman Real Estate represented the buyer.

March 8, 2022

Acquisitions North Carolina Retail Southeast

SRS Arranges $72.5M Sale of Shopping Center in Fayetteville, North Carolina

by Julia Sanders March 8, 2022

FAYETTEVILLE, N.C. — SRS Real Estate Partners’ Investment Properties Group has arranged the sale of Freedom Town Center, a 350,838-square-foot shopping center in Fayetteville. The seller, an entity doing business as NC Fayetteville Skibo LLC, sold the property for $72.5 million to an undisclosed buyer. Kyle Stonis, Pierce Mayson and Boris Shilkrot of SRS’ Atlanta office represented the buyer in the transaction. Tyson Glasser of RealtyLink represented the seller. Built in 2017, Freedom Town Center was 99.7 percent leased at the time of sale to tenants including Field & Stream, Sprouts Farmers Market, HomeGoods, Hobby Lobby, Five Below, Dick’s Sporting Goods, buybuy Baby, Petco, Cost Plus World Market, Burkes Outlet and Designer Shoe Warehouse (DSW). Located at 2000 Skibo Road on 38.3 acres, the property is situated five miles from downtown Fayetteville and 8.3 miles from the Fayetteville Regional Airport.

March 8, 2022

Acquisitions Retail Texas

CTO Realty Growth Buys Metro Houston Shopping Center for $39.1M

by Taylor Williams March 8, 2022

HOUSTON — CTO Realty Growth (NYSE: CTO), a Florida-based REIT, has purchased Price Plaza Shopping Center, a 205,000-square-foot retail center in the western Houston suburb of Katy, for $39.1 million. The property sits on a 22.3-acre site along the Interstate 10/Katy Freeway corridor and was 95 percent leased at the time of sale, with Best Buy, Ross Dress for Less, dd’s DISCOUNTS and James Avery Artisan Jewelry serving as the anchor tenants. CTO Realty Growth acquired Price Plaza Shopping Center from an undisclosed seller via a 1031 exchange.

March 8, 2022

Acquisitions Healthcare Texas

Wolf Capital Acquires 120,000 SF Medical Tower in Houston’s Heights Neighborhood

by Taylor Williams March 8, 2022

HOUSTON — Wolf Capital Partners has acquired Heights Medical Tower, a 120,000-square-foot medical office building in Houston’s Heights neighborhood. The location at 427 W. 20th St. puts the property across the street from The Heights Hospital. The new ownership will renovate the property to feature a new lobby, elevator cabs, spec suites, MEP systems and restrooms, while also rebranding the building as HeightsMED. Heins Properties’ Anthony Heins represented Wolf Capital Partners in the deal. Matthew Putterman of JLL arranged acquisition financing through Origin Bank. The seller was not disclosed. Transwestern has been tapped to lease the property. Completion of the capital improvement program is slated for mid-2023.

March 8, 2022

Acquisitions Industrial Southeast Virginia

IPA Brokers $22M Sale of Flex Facility in Toano, Virginia

by Julia Sanders March 8, 2022

TOANO, VA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of 9000 Westmont Drive, a 175,000-square-foot, single-tenant flex facility in Toano. Robert Filley, Chandler Pace, Randall Heilig and Robert Bechtel of IPA, as well as Christopher Dale of Marcus & Millichap, represented the seller, MICPAR Realty LLC, and procured the buyer, an entity doing business as 9000 Westmont Owner LLC. The property sold for $22 million. The property, 9000 Westmont Drive, is triple-net leased to Avid Medical Inc., a wholly owned subsidiary of Owens & Minor and sole occupant of the property. Built in 1998, the two-story facility was expanded by 25,000 square feet in 2009. The property’s warehouse area spans 113,834 square feet and the office component spans 61,118 square feet. The facility features 10 dock-high loading doors and 366 parking spaces. Located on the Interstate 64 Peninsula, the property is situated between Newport News and Richmond. The property is also situated 51.7 miles from the Port of Virginia and 32.7 miles from Richmond International Airport.

March 8, 2022

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 208-Unit Self-Storage Facility in San Antonio

by Taylor Williams March 8, 2022

SAN ANTONIO — Marcus & Millichap has brokered the sale of AA Stor All, a 208-unit self-storage facility in San Antonio. The property consists of 24,750 net rentable square feet of non-climate-controlled space across 170 units, along with 38 outdoor parking spaces. Jon Danklefs of Marcus & Millichap represented the seller, an undisclosed limited liability company, in the transaction. The buyer and sales price were also undisclosed.

March 8, 2022

Acquisitions Multifamily Seniors Housing Texas

Ensign Group Acquires 74-Bed Waterton Skilled Nursing Facility in Tyler, Texas

by Taylor Williams March 8, 2022

TYLER, TEXAS— The Ensign Group, Inc. (NASDAQ: ENSG) has acquired the real estate and operations of The Waterton Healthcare and Rehabilitation, a 74-bed skilled nursing facility in Tyler. The sales price was not disclosed. These acquisitions bring Ensign’s portfolio to 250 healthcare operations, 23 of which also include senior living operations, across 13 states. Ensign owns 102 real estate assets.

March 8, 2022

Acquisitions Hospitality Loans New York Northeast

Premier Hotels Acquires 213-Room Hotel @ Times Square in Manhattan

by Taylor Williams March 8, 2022

NEW YORK CITY — Hospitality owner-operator Premier Hotels has acquired Hotel @ Times Square, a 213-room property in Midtown Manhattan. The hotel, which was renovated in 2021, also houses 10,000 square feet of retail space and 8,000 square feet of office space. Cronheim Mortgage arranged $41.2 million in acquisition financing through an undisclosed direct lender on behalf of Premier Hotels for the transaction. The seller was also not disclosed.

March 8, 2022

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