Acquisitions

Exeter 4837 Watt Buys Flex Industrial Building in North Highlands, California for $12.4M

by Amy Works September 13, 2021

NORTH HIGHLANDS, CALIF. — Exeter 4837 Watt LLC has acquired a flex industrial facility located at 4837 Watt Ave. in North Highlands. Stoneridge Watt Avenue LLC sold the asset for $12.4 million. Built in 1987 for Price Club, the property was renovated in 1997 for industrial and flex use. Situated on 12.8 acres, the 129,491-square-foot property is half a mile from Interstate 80. Alan Pekarcik and Chris Smith of Avison Young’s Irvine, Calif., office represented the buyer, while Cushman & Wakefield represented the seller in the deal.

September 13, 2021

Acquisitions Net Lease Retail Texas

Boulder Group Arranges $2.4M Sale of Net-Leased Retail Property in Taylor, Texas

by Taylor Williams September 13, 2021

TAYLOR, TEXAS — The Boulder Group, an Illinois-based retail brokerage firm, has arranged the $2.4 million sale of a 6,912-square-foot retail property that is net-leased to Advance Auto Parts in Taylor, located northeast of Austin. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a private investor based in the Southwest, in the transaction. The undisclosed, West Coast-based buyer completed the deal via a 1031 exchange.

September 13, 2021

5120-5110-W-Indian-School-Road-Phoenix-AZ

Acquisitions Arizona Restaurant Retail Western

Marcus & Millichap Arranges $8.1M Sale of Retail Property in Phoenix

by Amy Works September 13, 2021

PHOENIX — Marcus & Millichap has brokered the sale of a retail property located at 5120 and 5110 W. Indian School Road in Phoenix. A limited liability company sold the property to a personal trust for $8.1 million. WSS Shoes and Habit Burger occupy the 13,100-square-foot shopping center, which is across the street from American Family Fields of Phoenix Baseball Park, spring training home to the Milwaukee Brewers. Mark Ruble and Chris Land of Marcus & Millichap’s Phoenix’s office represented the seller, while Peter James and Rob Narchi of Marcus & Millichap’s Los Angeles office represented the buyer in the deal.

September 13, 2021

Acquisitions Hospitality Oregon Western

CIP Brokers Sale of 25-Room Ranch Motel in Oakland, Oregon

by Amy Works September 13, 2021

OAKLAND, ORE. — Crystal Investment Property (CIP) has arranged the sale of Ranch Motel, a motel in Oakland, a tiny city approximately midway between Eugene and Medford. Joseph Kennedy of CIP represented the buyer and seller in the deal. The acquisition price was not released. The exterior corridor motel is located north of Oakland and features 25 A-frame-style rooms and limited service. The property’s updated lobby and cabins feature a mid-century peaked metal roof.

September 13, 2021

Acquisitions Affordable Housing Multifamily New Jersey Northeast

Joint Venture Acquires 718-Unit Workforce Housing Portfolio in East Orange, New Jersey

by Taylor Williams September 13, 2021

EAST ORANGE, N.J. — A joint venture between Boston-based investment firm The Davis Cos., New York City-based Spaxel and Atalaya Capital Management has acquired a 718-unit workforce housing portfolio in East Orange, about 15 miles west of Manhattan. The portfolio consists of 11 buildings that were 96 percent occupied at the time of sale. Steven Kohn, John Alascio, Brian Whitmer, Chuck Kohaut, Jessica Ke and T.J. Sullivan represented Spaxel and Atalaya Capital Management in structuring a joint venture with The Davis Cos. The new ownership will implement a value-add program.

September 13, 2021

Acquisitions Massachusetts Northeast Retail

RPT Realty to Purchase Grocery-Anchored Shopping Center in Metro Boston for $131.5M

by Kristin Harlow September 13, 2021

DEDHAM, MASS. — RPT Realty (NYSE: RPT) is under contract to purchase a 510,000-square-foot, grocery-anchored shopping center in Dedham near Boston for $131.5 million. Stop & Shop is the anchor tenant. Other tenants at the property, which is nearly 92 percent occupied, include TJ Maxx, Dick’s Sporting Goods, Starbucks and Chipotle. The acquisition is expected to close in the fourth quarter. R2G Venture LLC, RPT’s joint venture platform focused on grocery-anchored assets, will be utilized to acquire the property.

September 13, 2021

Acquisitions Florida Retail Southeast

Marcus & Millichap Brokers $16M Sale of Retail Property in Miami Net-Leased to CVS

by Julia Sanders September 13, 2021

MIAMI — Marcus & Millichap has brokered the $16 million sale of a freestanding CVS/pharmacy-occupied retail property located in Miami. The 14,989-square-foot building is situated on a 2.4-acre parcel, a portion of which is subleased to Wendy’s. Ronnie Issenberg, Gabriel Britti, Ricardo Esteves and Kevin O’Hanlon of Marcus & Millichap represented the sellers, an entity doing business as TRR Everglades Holdings LLC and a group of local Miami investors and developers. The buyer was International Capital Acquisitions LLC, a foreign investor based in Germany. Located at 10660 SW 40th St., the CVS/pharmacy is situated 1.2 miles from Kendall Regional Medical Center, 4.3 miles from Westchester General Hospital, about 5.2 miles from Nicklaus Children’s Hospital and approximately 13.7 miles from Miami International Airport.

September 13, 2021

Acquisitions Retail Southeast Virginia

Cushman & Wakefield | Thalhimer Arranges $6.6M Sale of Midlothian Crossing Shopping Center in Metro Richmond

by Julia Sanders September 13, 2021

NORTH CHESTERFIELD, VA. — Cushman & Wakefield | Thalhimer has arranged the sale of Midlothian Crossing in North Chesterfield, about 9.7 miles south of Richmond. Midlothian Crossing is an 87,938-square-foot shopping center that was 95.6 percent leased at the time of sale to tenants such as Big Lots and Goodwill. Catharine Spangler of Cushman & Wakefield | Thalhimer represented the seller, an entity doing business as RCC Midlothian Crossing LLC. The Richmond-based buyer, an entity doing business as 8501 MIDLO PIKE LCC, acquired the property for $6.6 million. Located off the Midlothian Turnpike, Midlothian Crossing’s tenant roster includes Red Wing Shoes, Alliance Rehabilitation, PeopleReady Inc. and John Smith Subs. The center has 406 surface parking spots.

September 13, 2021

Acquisitions Florida Office Southeast

JLL Brokers Sale of 223,588 SF Office Portfolio in Jacksonville

by Julia Sanders September 10, 2021

JACKSONVILLE, FLA. — JLL Capital Markets has brokered the sale of a two-property, Class A office portfolio totaling 223,588 square feet located at 4190 Belford Road and 4345 Southpoint Blvd. in Jacksonville. Hermen Rodriguez, Robbie McEwan, Ike Ojala, Max Lescano, Blake Koletic, Michael Roukis and Matthew McCormack of JLL represented the buyer, Bradford Allen Investment Advisors LLC, in the sales transaction. A joint venture between TriGate Capital and LRC Properties sold the portfolio for an undisclosed amount. The 4190 Belfort Road property spans 119,230 square feet of office space and was 85 percent leased at the time of sale. The 4345 Southpoint Blvd. property has 103,358 square feet and is fully vacant. Overall, the property is leased to 14 tenants across 11 different industries. The office portfolio is located within Enterprise Corporate Park, about eight miles southeast of downtown Jacksonville. The property is situated just east of Interstate 95 and John Turner Butler Boulevard and is adjacent to St. Vincent’s Medical Center.

September 10, 2021

Acquisitions New Mexico Restaurant Retail Western

Benderson Development Buys 450,000 SF Power Center Ground Lease in Santa Fe

by Amy Works September 10, 2021

SANTA FE, N.M. — Benderson Development has acquired two tracts of land ground-leased to Plaza Santa Fe, a 450,000-square-foot power center in Santa Fe. Truzaf LP sold the asset for an undisclosed price. The leases commenced in two phases, one in 1998 with the region’s only Target store and a newly refurbished Albertsons Market Street, and the second in 2000 with the opening of TJ Maxx, Ross Dress for Less, BestBuy, Michaels and PetSmart. Located at the intersections of Cerrillos Road, Zafarano Drive and Rodeo Road, the retail center has more than 1,000 lineal feet of street frontage on Cerrillos Road and 3,000 square feet of footage on Zafarano Drive. Target, BestBuy, Albertsons, Ross Dress for Less, TJ Maxx, Michaels, PetSmart, Ulta Beauty, Total Wine & More, Panera Bread, Five Guys and Buffalo Wild Wings are tenants at the retail center. The tracts’ combined 1.2 million gross square feet of land includes 717 parking stalls. Bill Rose of Institutional Property Advisors, a division of Marcus & Millichap, and Matt Reeves, Marcus & Millichap’s broker of record in New Mexico, represented the seller and procured the buyer in the transaction.

September 10, 2021

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