STONE MOUNTAIN, GA. — First National Realty Partners has acquired Crowe’s Crossing, a 93,728-square-foot shopping center in Stone Mountain. The seller and sales price were not disclosed. Located at 1232 South Hairston Road, the property is situated approximately 12 miles east of downtown Atlanta. The shopping center was 97 percent occupied at the time of sale and anchored by a 45,528-square-foot Kroger Supermarket. The other tenants were not disclosed.
HARLINGEN, TEXAS — Los Angeles-based BH Properties has acquired an 86,640-square-foot industrial building located in the Rio Grande Valley city of Harlingen. The property was built in 1970 as a regional distribution facility for Sears. Most recently, Valley Baptist Hospital operated the property as a laundry and supply storage facility prior to it being damaged in a storm. BH Properties will undertake a multimillion-dollar capital improvement program to address deferred maintenance, install a new roof and restore power and building systems. Conrad McEachern and Carlos Telles with CBRE represented the seller in the transaction.
PLANO, TEXAS — JAH Realty has purchased Preston Parkway Center, a 62,394-square-foot shopping center in Plano. At the time of sale, the property was 79 percent leased to tenants such as Red Hot & Blue, Einstein Bros. Bagels, Dogtopia, Honey Baked Ham, Ben & Jerry’s. Toronto-based Great Gulf sold the asset for an undisclosed price. Dallas-based John Freese & Associates brokered the deal.
CHICAGO — Cushman & Wakefield has brokered the $41.7 million sale of 1100 West Fulton, a 45,380-square-foot office property in Chicago’s Fulton Market. Fulton Street Cos. and Huizenga Capital Management completed development of the five-story building in 2020. Furniture company Herman Miller occupies space at the property on a long-term lease. Cody Hundertmark, David Knapp, Tom Sitz, Dan Deuter and Paul Lundstedt of Cushman & Wakefield represented the sellers. Zagame Corp. was the buyer. The transaction sets a new per-square-foot record for Chicago office investment sales, according to Cushman & Wakefield.
CHICAGO — Becovic, a Chicago-based multifamily owner and operator, has acquired The Clark Rogers in Chicago’s Rogers Park neighborhood for $2.2 million. The 19-unit apartment building is located on North Clark Street and includes eight parking spaces. Chicago Real Estate Resources represented the undisclosed seller, while Becovic Realty represented the buyer.
BOSTON — Newmark has brokered the $5.6 million sale of a 9,947-square-foot office and retail building located at 50-52 Broad St. in Boston. The property was originally built in 1853 and is known as The Architectural Building. Robert Griffin, Michael Greeley Joseph, Alvarado, George Demoulas and Casey Valent of Newmark represented the seller in the transaction. Matthew George of Newmark procured the buyer. Both parties requested anonymity.
NEW YORK CITY — American Finance Trust Inc. (NASDAQ: AFIN) has entered into a definitive agreement to acquire a portfolio of 81 retail centers from CIM Real Estate Finance Trust, a REIT managed by Los Angeles-based CIM Group. The transaction is valued at $1.32 billion. The 9.5 million-square-foot portfolio comprises power retail and grocery-anchored shopping centers, as well as two single-tenant properties. The weighted average lease term of the portfolio is five years, according to CIM. The names and locations of the retail properties were not disclosed. The transaction price comprises primarily cash considerations, as well as $53.4 million in AFIN’s stock and additional considerations based on performance metrics achieved in the first 180 days after closing. The transaction is scheduled to close in the first quarter of 2022. “This immediately accretive off-market transaction represents a unique value creation opportunity,” says Michael Weil, CEO of AFIN. “We are adding significant scale while further enhancing our best-in-class portfolio with pandemic-tested assets on accretive terms.” For CIM Real Estate Finance Trust, the sale repositions the REIT’s retail portfolio to 437 credit-leased retail properties with a weighted average lease term of 10.8 years. The remaining portfolio totals 13.2 million square feet across 45 …
SCOTTSDALE, ARIZ. — YMC Co. has acquired Kierland Corporate Center I in Scottsdale from Starwood Property Trust for $37.7 million. Erik Marsh of Kidder Mathews represented the buyer in the deal. Located at 7047 E. Greenway, the property features 109,811 square feet of Class A office space. The center is surrounded by a variety of amenities, including Kierland Commons, Scottsdale Quarter, Westin Kierland Resort and AC Hotel.
EUGENE, ORE. — Cumberland Holdings has completed the disposition of Sheldon Butte, a garden-style, value-add multifamily property in Eugene. Clear Capital acquired the asset for $35.7 million. Located at 2555 Willakenzie Road, Seldon Butte features 176 apartments. Community amenities include a leasing office, community lounge, fitness center, pool and spa, four laundry facilities, a recycling center, dog park, picnic and barbecue areas, and a community garden. The property was built in 1972. Ira Virden, Carrie Kahn and Frank Solorzano of JLL Capital Markets represented the seller in the deal.
SAN ANTONIO — Newmark has brokered the sale of Waterford Park, a 224-unit apartment community in northeast San Antonio that was built in 2008. The property offers one-, two- and three-bedroom units and amenities such as a pool, fitness center, coffee lounge, business center and a dog park. Matt Michelson of Newmark represented the seller, Kansas City-based development and investment firm Cohen-Esrey, in the transaction. San Antonio-based REEP Equity purchased the asset for an undisclosed price. Waterford Park was 96 percent occupied at the time of sale.
