Acquisitions

Cushman & Wakefield Brokers Sale of 355 Logistics Center in Lockport, Illinois

by Kristin Harlow November 19, 2021

LOCKPORT, ILL. — Cushman & Wakefield has brokered the sale of 355 Logistics Center in Lockport, about 30 miles southwest of Chicago. The sales price was undisclosed. Constructed in 2018, the two-building industrial development spans 611,576 square feet. Both buildings feature a clear height of 32 feet. James Carpenter, Mike Tenteris and Adam Tyler of Cushman & Wakefield represented the seller, Boston-based High Street Logistics Properties. A fund managed by a subsidiary of Ares Management Corp. was the buyer.

November 19, 2021

Acquisitions Arizona Retail Western

SRS Real Estate Partners Brokers $65.8M Sale of Arcadia Crossing Retail Center in Phoenix

by Amy Works November 19, 2021

PHOENIX — SRS Real Estate Partners has arranged the sale of Arcadia Crossing, a grocery-anchored power center located at 44th Street and Thomas Road in Phoenix. A Phoenix-based family office sold the asset to a Denver-based family office for $65.8 million. Chris Tramontano, John Redfield, Mike Polachek and Brian Polachek of SRS represented the seller, while Pinnacle Real Estate Partners represented the buyer in the transaction. Situated on 44 acres, Arcadia Crossing features 453,457 square feet of retail space. At the time of sale, the property was 95 percent occupied. Tenants include Fry’s Food & Drug, Target, Burlington, Conn’s HomePlus, Costco, Ross Dress for Less, Petco and Five Below.

November 19, 2021

Acquisitions Multifamily Seniors Housing Utah Western

Buchanan Street Partners Sells Incline at Anthem Active Adult Community in Herriman, Utah

by Amy Works November 19, 2021

HERRIMAN, UTAH — Buchanan Street Partners has completed the disposition of Incline at Anthem, a 55-plus multifamily property in Herriman. Ridan acquired the community for an undisclosed price. Completed in 2018 on eight acres, Incline at Anthem features 298 apartments with open-concept living areas, vaulted ceilings, wood-style flooring, plush carpeting and washers/dryers. Community amenities include a pool and spa; a yoga, cycle and Cross Fit studio; a lounge with billiards and shuffleboard; and a business center and conference room. Daniel Shin, Brock Zylstra, Steve Gebing, Cliff David and Hamid Panahi of Institutional Property Advisors, a division of Marcus & Millichap, procured the buyer in the deal. Justin Forman of Marcus & Millichap served as broker of record in Utah.

November 19, 2021

Acquisitions Georgia Multifamily Southeast

Carroll Sells 1,263-Unit Southeastern Multifamily Portfolio to Greystar

by Julia Sanders November 18, 2021

ATLANTA — Atlanta-based Carroll Co. has sold a four-property, 1,263-unit multifamily portfolio located across four Southeastern states: Georgia, Tennessee, South Carolina and North Carolina. Charleston-based Greystar purchased the property for an undisclosed amount. Shea Campbell, Colleen Hendrix and Ashish Cholia of CBRE represented Carroll in the transaction. Nate Sittema and Kristen Reilley of CBRE Capital Markets’ Debt & Structured Finance team in Charlotte represented the borrower, a subsidiary of Greystar. One of the portfolio’s properties is Edgewater Plantation, a 360-unit property located at 100 Eighty Oak Ave. in Mount Pleasant, S.C. The property was recently rebranded to Avana Long Point. Built in 2001, the property offers one-, two- and three-bedroom floorplans with unit features such as in-unit washers and dryers, walk-in closets and patios/decks. Community amenities include a pool, laundry facility, playground, fitness center and a business center. Another one of the properties is Arium South Oaks, which was rebranded to Avana South Oaks. The 323-unit property is located at 100 Antioch Pike in Nashville, and offers one-, two- and three-bedroom floorplans with a unit size range of 742 to 1,660 square feet. The units feature walk-in closets, balconies/patios and washer/dryer hookups. Community amenities include a tennis court, playground, fitness …

November 18, 2021

Acquisitions Industrial South Carolina Southeast

JLL Arranges Sale of 196,540 SF Industrial Property in Charleston

by Julia Sanders November 18, 2021

CHARLESTON, S.C. — JLL Capital Markets has arranged the sale of 7770 Palmetto Commerce Parkway, a 196,540-square-foot industrial facility in Charleston. Pete Pittroff, Dave Andrews, Patrick Nally, Josh McArdle, Michael Scarnato and Zach Lloyd of JLL represented the seller, a joint venture between Charleston-based The Beach Co. and Greensboro, S.C.-based Samet Corp. New York-based Indus Realty Trust Inc. acquired the property for an undisclosed amount. 7770 Palmetto Commerce Parkway is a Class, A rear-load warehouse that is partially leased to Cummins Inc., an Indiana-based diesel and alternative fuel engines and generators retailer. The infill property is situated adjacent to Interstate 26, eight miles from Charleston International Airport and 16.2 miles from Port of Charleston.

November 18, 2021

Acquisitions Multifamily Nevada Western

Bascom Group Sells Lyric Apartments in Las Vegas to Starlight U.S. Residential Fund for $135.2M

by Amy Works November 18, 2021

LAS VEGAS — The Bascom Group has completed the disposition of Lyric Apartments, a multifamily property located at 304 E. Silverado Ranch in Las Vegas. Starlight U.S. Residential Fund acquired the community for $135.2 million, or $359,575 per unit. Curt Allsop, Angela Bates, Doug Schuster and Vittal Ram of Newmark represented the seller in the deal. Matthew Williams and James Maynard, also of Newmark, secured $91.4 million in acquisition financing through Sumitomo Mitsui Banking Corp. for the buyer. Built in 2014 by Nevada West, Lyric Apartments features 376 units in a mix of one-, two- and three-bedroom layouts. On-site amenities include two resort-style pools with cabanas, a fitness center, karaoke lounge, splash pad and playground. At the time of sale, the property was 99 percent occupied.

November 18, 2021

Acquisitions Multifamily Nevada Western

Tides Equities Acquires Wynn Palms Multifamily Property in Las Vegas for $113.5M

by Amy Works November 18, 2021

LAS VEGAS — California-based Tides Equities has purchased Wynn Palms, an apartment community located at 3800 Wynn Road in Las Vegas. 3D Investments sold the asset for $113.5 million. Jared Glover of Berkadia Las Vegas represented the buyer in the deal. Wynn Palms features 555 apartments in a mix of one- and two-bedroom floor plans with walk-in closets and air conditioning. Community amenities include three swimming pools, six laundry facilities and a playground.

November 18, 2021

Acquisitions Florida Retail Southeast

SRS Brokers $14.3M Sale of Shopping Center in Metro Orlando

by Julia Sanders November 18, 2021

KISSIMMEE, FLA. — SRS Real Estate Partners’ Investment Properties Group has brokered the sale of Kissimmee Korners, an 83,340-square-foot neighborhood center in Kissimmee, about 24.7 miles from Orlando. The seller, an entity doing business as Kissimmee Korners LLP, sold the property to an entity doing business as WWX2 LLC for $14.3 million. Kevin Yaryan, Kyle Stonis and Pierce Mayson of SRS represented the seller in the transaction. Houwen Zhou of Lokation Real Estate represented the buyer. Kissimmee Korners includes two one-story, multi-tenant retail buildings and one medical office/retail building. The multi-building center is 92.6 percent occupied and is anchored by Cano Health. Other tenants include Kissimmee Produce Market, T-Mobile, Florida Optical and Rent-A-Center. Renovated in 2006, the property is situated on 6.5 acres of land at the intersection of West Vine Street and North John Young Parkway. The property has 367 parking spaces.

November 18, 2021

Acquisitions Arizona Office Western

Cushman & Wakefield Brokers $14.5M Sale of Palm Valley Office Park III Near Phoenix

by Amy Works November 18, 2021

GOODYEAR, ARIZ. — Cushman & Wakefield has arranged the sale of Palm Valley Office Park III, a multi-tenant, Class A office property in Goodyear. Southern California-based Pacifica Palm Valley Center LLC sold the building to Greenwich, Conn.-based Goodyear 1626 LLC for $14.5 million. Built in 2007 on 5.2 acres, the three-story Palm Valley Office Park III features 60,436 square feet of office space. The asset is located at 1626 N. Litchfield Road. Eric Wichterman and Mike Coover of Cushman & Wakefield represented the seller, while Mike Kitlica of Cushman & Wakefield represented the buyer in the transaction.

November 18, 2021

Acquisitions Indiana Industrial Midwest

Avison Young Brokers Sale of Three Industrial Buildings Totaling 878,410 SF Near Indianapolis

by Kristin Harlow November 18, 2021

WHITELAND, IND. — Avison Young has brokered the sale of three industrial buildings totaling 878,410 square feet in Whiteland, a southern suburb of Indianapolis. The sales price was undisclosed. All the buildings are situated within the 2.4 million-square-foot Whiteland Exchange Business Park. The properties are fully leased to e-commerce and packing companies. Erik Foster and Mike Wilson of Avison Young’s Chicago office represented the seller, Jones Development. The duo worked in conjunction with Sean McHale and Peter Seoane of Avison Young’s Indianapolis office. Lexington Realty Trust was the buyer.

November 18, 2021

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