Acquisitions

SRS Brokers Sale of 50,275 SF Shopping Center in Marion, Virginia

by Julia Sanders January 19, 2022

MARION, VA. — SRS Real Estate Partners’ Investment Properties Group has brokered the sale of Marion Shopping Center, a 50,275-square-foot multi-tenant retail center in Marion. The buyer, Eire Investments USA LLC, purchased the property for an undisclosed price. Kyle Stonis and Pierce Mayson of SRS represented the undisclosed seller in the transaction. Anchored by Food Lion, Marion Shopping Center is fully occupied by retailers such as CVS/pharmacy and Fresenius Medical Care. Both Food Lion and CVS/pharmacy have been at the property for over 35 years. Fresenius recently signed a 10-year lease at the property. Located on 4.6 acres, the property is situated along Interstate 81 near where the North Carolina, Tennessee and Virginia borders intersect.

January 19, 2022

Acquisitions Florida Retail Southeast

CBRE Arranges $3.1M Sale of Tampa Bay Retail Strip Center

by Julia Sanders January 19, 2022

ST. PETERSBURG, FLA. — CBRE has arranged the sale of Bayview Plaza II, a 16,146-square-foot retail strip center in St. Petersburg. Millan Enterprises, a Tennessee-based real estate firm, purchased the property for $3.1 million. Mark Shellabarger and Ari Ravi of CBRE represented the seller, Sarasota, Fla.-based ICORR Properties. Built in 1985 and partially renovated in 2018, Bayview Plaza II was 83 percent leased at the time of sale to eight tenants, including Brewers’ Tasting Room, H & R Block, MCI Metro, Critical Hit Games and Thai Wok restaurant. Located at 11270 4th St. N, the property is situated adjacent to Bayview Office Building and Bayview Plaza, a 78,000-square-foot, Winn-Dixie-anchored shopping center. The property is located 14.7 miles from Tampa and 7.3 miles from downtown St. Petersburg.

January 19, 2022

Acquisitions Office Texas

JLL Negotiates Sale of 192,313 SF Office Building in Houston’s Westchase District

by Taylor Williams January 19, 2022

HOUSTON — JLL has negotiated the sale of 1500 Citywest, a 192,313-square-foot office building in Houston’s Westchase District. Built on roughly four acres in 1981, the property was 65 percent leased at the time of sale, primarily to tenants in the energy and engineering sectors. Rick Goings and Jack Moody of JLL represented the seller, a partnership controlled by Salt Lake City-based Bridge Investment Group, in the off-market transaction. Josh Morrow and Collin Roach of Avison Young represented the buyer, locally based commodities trader BioUrja Group.

January 19, 2022

Acquisitions Retail Texas

Steeplechase Ventures Acquires 166,225 SF Shopping Center in Denton, Texas

by Taylor Williams January 19, 2022

DENTON, TEXAS — Dallas-based investment firm Steeplechase Ventures LLC has acquired Presidio Plaza, a 166,225-square-foot shopping center located in the North Texas city of Denton. The property, which was 91 percent leased at the time of sale, was originally constructed as a regional outlet mall known as Stonehill Center. Adam Howells, Ryan Shore and Matthew Barge of JLL represented the seller, locally based firm LAD Ventures LLC, which purchased the asset in 2016 and subsequently expanded it, in the transaction.

January 19, 2022

Acquisitions Affordable Housing Hawaii Multifamily Western

CPP Acquires 164-Unit Smith-Beretania Affordable Housing Tower in Honolulu

by Amy Works January 19, 2022

HONOLULU — Community Preservation Partners (CPP) has purchased Smith-Beretania Apartments, an affordable multifamily property in Honolulu. Terms of the transaction were not released. The 22-floor housing complex features 164 one- and two-bedroom units, all of which receive subsidy under a Section 8 HAP contract. The property also features a community room, on-site management, laundry facilities, controlled access entry and dedicated parking in the adjacent parking structure. The site also provides access to a public park with a playground, basketball court, pet park and open green space. CPP plans to work with Hawaii-based business partners to invest nearly $10 million to rehabilitate the complex, with renovations to include exterior paint, unit turns, energy-efficiency improvements, accessibility upgrades and site amenity updates. CPP partnered with local lenders BlackSand Capital and Bank of Hawaii to finance the property acquisition. The company also worked with Hawaii affordable housing specialist Ahe Group in the transaction. Now under CPP ownership, future renovations to the Smith-Beretania Apartments will be financed through the Low-Income Housing Tax Credit (LIHTC) program, which will preserve its affordable housing designation for decades.

January 19, 2022

Acquisitions Midwest Minnesota Retail

JLL Brokers Sale of Ridgehaven Shopping Center in Suburban Minneapolis

by Kristin Harlow January 19, 2022

MINNETONKA, MINN. — JLL Capital Markets has brokered the sale of Ridgehaven shopping center in the Minneapolis suburb of Minnetonka for an undisclosed price. Located at 13081 Ridgedale Drive and shadow anchored by Target, the fully leased property spans 140,418 square feet. Tenants include Lunds & Byerlys, Barnes & Noble, Ulta Beauty, Rosenthal Furniture Co., Massage Envy and Supercuts. Amy Sands, Clinton Mitchell, Michael Nieder and Ted Gonsior of JLL represented the seller, Invesco Real Estate. Bianco Properties was the buyer.

January 19, 2022

22600-22700-E-I-76-Frontage-Rd-Brighton-CO

Acquisitions Colorado Industrial Western

CBRE Negotiates Sale of Two Distribution Buildings in Denver’s I-76 Corridor

by Amy Works January 19, 2022

BRIGHTON, COLO. — CBRE has arranged the sale of Buildings 4 and 5 within 76 Commerce Center, a logistics park in Denver’s I-76 corridor. Principal Real Estate Advisors acquired the assets from Mortenson Properties and Hyde Development for an undisclosed price. Tyler Carner, Jeremy Ballenger, Jessica Ostermick, Judson Welliver, Sonja Dusil and Bentley Smith of CBRE represented the sellers in the transaction. Located at 22600 and 22700 E. I-76 Frontage Road in Brighton, Buildings 4 and 5 total 618,480 square feet and are fully leased. Building 5 was constructed in 2018 and Building 4 in 2020. The buildings have Class A features throughout, in addition to fenced outside storage, trailer parking and office space. 76 Commerce Center is a 155-acre regional distribution center with one full mile of Interstate 76 frontage and immediate interstate access. At full build out, the project will have four buildings totaling 1.7 million square feet.

January 19, 2022

Acquisitions Industrial Michigan Midwest

Colliers Negotiates Sale of 51,954 SF Industrial Flex Building in Southfield, Michigan

by Kristin Harlow January 19, 2022

SOUTHFIELD, MICH. — Colliers Detroit has negotiated the sale of a 51,954-square-foot industrial flex building in Southfield for an undisclosed price. The property is located at 26545 American Drive. John Fricke, Peter Kepic and Jonathon Loos of Colliers represented the seller, Veoneer, which previously used the building as office space. Oakland Family Centers, a family mental health services organization with existing locations in Michigan, was the buyer. Oakland plans to take occupancy this quarter.

January 19, 2022

Acquisitions Arizona Restaurant Retail Western

Hanley Investment Negotiates $7.1M Sale of Portillo’s Drive-Thru Property in Glendale, Arizona

by Amy Works January 19, 2022

GLENDALE, ARIZ. — Hanley Investment Real Estate Advisors has brokered the sale of a newly constructed, single-tenant restaurant property located 17125 N. 79th Ave. in Glendale. An Orange County, Calif.-based private investor sold the asset to a Los Angeles County-based private investor for $7.1 million. Portillo’s occupies the 7,800-square-foot restaurant building, which is situated on 1.9 acres. The property features an outdoor patio and a double-lane drive-thru. The diner-themed restaurant, which opened in April 2021, serves Chicago-style hot dogs, Italian beef sandwiches, chargrilled burgers, fresh salads and chocolate cake. Bill Asher, Jeff Lefko and Ed Hanley of Hanley Investments represented the seller, while Chuck Wilson and Kenny Patricia of Colliers’ Irvine, Calif., office represented the buyer in the deal. Lee Csenar of Hanley Investment Real Estate Advisors served as broker of record in Arizona.

January 19, 2022

Acquisitions Connecticut Multifamily Northeast Seniors Housing

Senior Living Residences Acquires Former Atria Community in Ridgefield, Connecticut

by Taylor Williams January 19, 2022

RIDGEFIELD, CONN. — New England-based Senior Living Residences (SLR) has acquired a former Atria Senior Living Community in Ridgefield, located approximately 50 miles northeast of Manhattan along the New York-Connecticut border. SLR is rebranding the community, which opened in 2020, as Ridgefield Station Senior Living. The number of units and types of services provided were not disclosed.

January 19, 2022

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