Acquisitions

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

Acquisitions Arizona Multifamily Western

Bear Holding Group Sells Gateway Scottsdale Apartment Community in Arizona for $18.2M

by Amy Works February 10, 2022

SCOTTSDALE, ARIZ. — Phoenix-based Bear Holdings Group has completed the sale of Gateway Scottsdale, a multifamily property located at 5245 E. Thomas Road in Scottsdale. Washington-based EZ Real Estate acquired the asset for $18.2 million, or $491 per square foot. Situated on 2.3 acres, the two-story, 37,115-square-foot Gateway Scottsdale features 71 units in a mix of studio, one- and two-bedroom layouts, averaging 523 square feet. Community amenities include a gated entry, swimming pool with sundeck, dog park, central courtyard area with a water feature, barbecue grills and picnic areas. Constructed in 1968, the property was fully remodeled in 2021. Chris Roach, Brad Cooke, Matt Roach and Cindy Cooke of Colliers in Arizona handled the off-market transaction.

February 10, 2022

Acquisitions Colorado Retail Western

IPA Brokers Sale of Sprouts Farmers Market-Occupied Retail Property in Denver

by Amy Works February 10, 2022

DENVER — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of a newly constructed retail building located in Denver. Colorado-based Rustic Partners acquired the property from Evergreen DevCo for an undisclosed price. Evergreen developed the 23,300-square-foot asset as a build-to-suit for Sprouts Farmers Market. The grocery store anchors the new shopping center at the northeast corner of 56th Avenue and Tower Road. Ryan Bowlby and Drew Issac of IPA, along with James Rassenfoss of Marcus & Millichap, represented the seller and procured the buyer in the deal.

February 10, 2022

Acquisitions California Industrial Western

DAUM Negotiates Acquisition of Two Industrial Buildings Totaling 208,180 SF in Fremont, California

by Amy Works February 10, 2022

FREMONT, CALIF. — DAUM Commercial Real Estate Services has arranged the purchase of two fully leased industrial properties in Fremont. CenterPoint Properties acquired the assets from an undisclosed seller for $86 million. Jordan Lara of DAUM represented the buyer in the deal. Situated on 13.7 acres at 41099 Boyce Road, the properties offer a total of 208,180 square feet of industrial space with 28-foot clear heights and a fully secured site.

February 10, 2022

Acquisitions Arizona Loans Office Western

Gantry Arranges $15.5M Acquisition Financing for Office Building in Chandler, Arizona

by Amy Works February 10, 2022

CHANDLER, ARIZ. — Gantry has secured $15.5 million in financing for the acquisition of a three-story office building located at 3377 S. Price Road in Chandler. Workpliciti, a Chandler-based co-working space provider, anchors the 83,000-square-foot property. Craig Hoebing, Chad Metzger and Kevin Valenzuela of Gantry arranged the loan for the borrower, a private investor. Avana Cos. provided the five-year loan, which features a fixed rate and 25-year amortization schedule with no pre-payment penalties.

February 10, 2022

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