Acquisitions

Fidelis Realty Partners Buys 613,468 SF Retail Power Center in Metro Houston

by Taylor Williams January 26, 2022

PEARLAND, TEXAS — Locally based investment and development firm Fidelis Realty Partners has purchased Shadow Creek Ranch, a 613,468-square-foot retail power center located in the southern Houston suburb of Pearland. Built in 2008 and anchored by grocer H-E-B, Shadow Creek Ranch was roughly 98 percent leased at the time of sale. Other retailers include Academy Sports + Outdoors, Ashley HomeStore, Burlington, Dynamic Fitness, Hobby Lobby, Men’s Wearhouse and Pure Barre. Restaurant users include Salata, Taco Cabana, Longhorn Steakhouse and Subway. Ryan West, Chris Gerard, Barry Brown, Wendy Vandeventer and Katherine Miller of JLL represented the seller, Edens, in the transaction. Fidelis also tapped JLL to arrange post-acquisition financing for the property.

January 26, 2022

Acquisitions Industrial Texas

JLL Negotiates Sale of 144,128 SF Industrial Facility in Allen, Texas

by Taylor Williams January 26, 2022

ALLEN, TEXAS — JLL has negotiated the sale of a 144,128-square-foot industrial facility in the northeastern Dallas suburb of Allen that is fully leased to KONE, a provider of elevator and escalator systems. The complex was constructed in 2016 and consists of a 121,852-square-foot building with 28-foot clear heights and a seven-story, 22,276-square-foot elevator testing tower with office space. Stephen Bailey, Dustin Volz, Dom Espinosa, Wesley Gilmer and Beth Copeland of JLL represented the seller, Houston-based Sentinel Capital, in the transaction. Tradition Senior Living LP purchased the property for an undisclosed price via a 1031 exchange as part of an effort to increase its exposure to other asset classes.

January 26, 2022

Acquisitions Development Mixed-Use Office Retail Southeast Tennessee

CBRE Investment Management Acquires Sylvan Supply Mixed-Use Development in Nashville

by Julia Sanders January 26, 2022

NASHVILLE, TENN. — CBRE Investment Management, on behalf of the Strategic Partners U.S. Value 9 fund, has acquired Sylvan Supply, an eight-building, 193,663-square-foot mixed-use development in Nashville. The sellers are the project’s developers: FCP and Third & Urban. The sales price was not disclosed. Originally built in 1959, Sylvan Supply was formally used as a specialty wood mill. Between 2018 and 2020, the site was redeveloped by FCP and Third & Urban. Now, the property includes about 158,000 square feet of creative office space and 36,000 square feet of retail space. The property was 61 percent leased at the time of sale to five restaurants and a variety of other retail tenants, including a brewery, fitness studio and a salon. In addition to creative office space, Sylvan Supply offers a common area, Wi-Fi and numerous outdoor plazas for retail and dining, in addition to private patios for office tenants. The site offers abundant parking for tenants and visitors. Located at 4101 Charlotte Ave. on a 7.8-acre site, Sylvan Supply is situated less than four miles from downtown Nashville.

January 26, 2022

Acquisitions Georgia Retail Southeast

SRS Brokers $11.6M Sale of Shopping Center in Metro Atlanta

by Julia Sanders January 26, 2022

DOUGLASVILLE, GA. — SRS Real Estate Partners’ Investment Properties Group has brokered the sale of Douglasville Marketplace, an 86,166-square-foot shopping center located in Douglasville. The seller, a family office out of Dallas, sold the property for $11.6 million to Continental Property Group LLC. Kyle Stonis and Pierce Mayson of SRS represented the seller in the transaction, and the buyer was self-represented. Built in 2000 on 9.4 acres, Douglasville Marketplace was fully occupied at the time of sale to tenants including Kaiser Permanente, Ashley Homestore and Best Buy. The property is shadow-anchored by Lowe’s Home Improvement. Located at 775 Douglas Blvd., the property is situated 23.6 miles west from downtown Atlanta and 27.9 miles from the University of West Georgia. The property is also located close to Douglas County High School, Wellstar Douglas Hospital and the Douglas County Courthouse.

January 26, 2022

Acquisitions California Office Western

Woodstock Development Buys One Bay Plaza Office Building in Burlingame, California for $108M

by Amy Works January 26, 2022

BURLINGAME, CALIF. — Woodstock Development has purchased the remaining ownership stake in One Bay Plaza, a nine-story, Class A office building located on the Bayshore waterfront in Burlingame. With the completion of the transaction, valued at $108 million, Woodstock is now the 100 percent owner of the property. Located at 1250 Bayshore Highway, the property features 196,000 rentable square feet, plus approximately 12,000 square feet of lower-level amenity space. The building is currently 85 percent leased to more than 35 tenants, including Alaska Airlines, Cushman & Wakefield, BTIG and Acco Brands. Woodstock first purchased the property with Iron Point Partners in June 2019. Since 2019, Woodstock has implemented a renovation of building, including new lobbies, restrooms and corridors. Additionally, the company retained Mark Cavagnero Associates to design a 12,000-square-foot amenity area, including conference rooms, collaboration rooms, ping pong, fitness room with showers and lockers, and a social pantry. Eastdil Secured represented Woodstock Development and Iron Point in the transaction.

January 26, 2022

Acquisitions California Retail Western

NewMark Merrill Cos. Acquires North Broadway Plaza Shopping Center in Santa Maria, California

by Amy Works January 26, 2022

SANTA MARIA, CALIF. — Woodland Hills-based NewMark Merrill Cos. has purchased North Broadway Plaza, a grocery-anchored neighborhood retail center at the northeast corner of North Broadway and East Grant Street in Santa Maria. Terms of the transaction were not released. North Broadway Plaza features 97,555 square feet of retail space. Current tenants include Food Maxx and CVS/pharmacy. Reza Investment Group represented NewMark Merrill and the seller in the deal.

January 26, 2022

Acquisitions Multifamily Washington Western

MIG Real Estate Purchases 152-Unit BluWater Multifamily Property in Everett, Washington

by Amy Works January 26, 2022

EVERETT, WASH. — MIG Real Estate has acquired BluWater, a multifamily property located at 11311 19th Ave. SE in Everett. BluWater is the fifth Seattle-area multifamily community managed by MIG. Terms of the transaction were not released. Built in 1991, BluWater features seven three-story buildings offering a total of 152 one-, two- and three-bedroom apartments with eight-foot ceilings. Amenities include a clubhouse, leasing center, indoor/outdoor swimming pool with sauna, fitness center, children’s playground, multiple walking paths and playgrounds. MIG plans to renovate BluWater including apartment interiors, refreshing the buildings’ exterior paint, expanding the clubhouse and leasing center, and enhancing common area amenities. Giovanni Napoli and Phillip Assouad of Institutional Property Advisors, a division of Marcus & Millichap, brokered the transaction.

January 26, 2022

Acquisitions Colorado Multifamily Western

Cushman & Wakefield Negotiates Sale of 116-Unit Chestnut Square Apartments in Windsor, Colorado

by Amy Works January 26, 2022

WINDSOR, COLO. — Cushman & Wakefield has arranged the sale of Chestnut Square Apartments, an apartment community located at 601 Chestnut St. in Windsor. 601 Chestnut LLC acquired the property from Jones Family Trust for an undisclosed price. Situated on six acres, Chestnut Square Apartments features 116 apartments in a mix of one-, two- and three-bedroom layouts. Originally constructed in 1972, the property most recently underwent a multi-million-dollar capital renovation in 2018. The buyer plans to reposition the property through an extensive renovation program, including unit and building upgrades, improved amenities and updates throughout the campus. Jared Goodman and Brian Mannlein of Cushman & Wakefield represented the seller in the transaction.

January 26, 2022

Acquisitions Multifamily New York Northeast

Global One Real Estate Acquires 357-Unit Affordable Housing Building in The Bronx

by Taylor Williams January 26, 2022

NEW YORK CITY — Global One Real Estate Fund, an affiliate of New York-based Nelson Management Group, has acquired Evergreen Gardens, a 357-unit affordable housing building in the Soundview neighborhood of The Bronx, for $15.5 million. The two-building, transit-oriented property includes 253 parking spaces. Daniel Parker of Hodges Ward Elliott represented the seller, New York City-based Milstein Properties, in the transaction. The New York City Housing Development Corp. provided $23.6 million in permanent financing to cover the acquisition of the property, as well as to fund capital improvements and preserve affordability,

January 26, 2022

Acquisitions Illinois Midwest Retail

Joint Venture Acquires 160,301 SF Grocery-Anchored Shopping Center in Suburban Chicago

by Kristin Harlow January 26, 2022

SCHAUMBURG, ILL. — A joint venture between PCCP and KPR Centers has acquired Schaumburg Corners, a 160,301-square-foot shopping center in the Chicago suburb of Schaumburg. The purchase price was undisclosed. Anchored by Amazon Fresh, the fully leased property is also home to Bob’s Furniture, Office Depot, Petco and H Mart. Kensington Development Partners was the seller.

January 26, 2022

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