Acquisitions

Lake-Pointe-Corporate-Centre-West-Valley-City-UT

Felton Properties Sells 182,121 SF Lake Pointe Corporate Centre Near Salt Lake City

by Amy Works August 20, 2021

WEST VALLEY CITY, UTAH — Portland, Ore.-based Felton Properties has completed the sale of Lake Pointe Corporate Centre, a two-building suburban office campus located in West Valley City. A partnership between Advanced Medical Properties and George Urban Properties acquired the asset for an undisclosed price. Kevin Shannon, Ken White, Rick Stumm, Bryce Blanchard and Steve Walton of Newmark represented the seller in the deal. David Milestone and Brett Green, also of Newmark, secured acquisition financing for the buyer. Located at 2850 and 2875 S. Decker Lake Drive, the property consists of 182,121 square feet of industrial space. At the time of sale, the asset was 97 percent leased to a roster of nationally recognized tenants. Since 2018, the property has undergone significant capital upgrades, including fully renovated lobbies, digital tenant directors, fitness center enhancements, elevator modernizations, prominent signage, refurbished restrooms and corridors, and tenant interior improvements.

August 20, 2021

Acquisitions Hospitality Restaurant Retail Washington Western

JLL Brokers Sale of Suncadia Resort in Cle Elum, Washington

by Amy Works August 20, 2021

CLE ELUM, WASH. — JLL’s Hotel & Hospitality Group has arranged the sale of Suncadia, a resort community with hotel and residential components in Cle Elum, approximately 90 miles east of Seattle. Funds managed by Oaktreee Capital Management sold the asset. Terms of the transaction were not released. Situated on 6,400 acres, the resort features the 254-room Lodge at Suncadia; the 18-room Inn at Suncadia; five food and beverage outlets; multiple event spaces and meeting rooms; a swim club and fitness center; and a spa and wellness center. The resort also offers three mountain golf courses: the 7,100-yard, 18-hole Prospector Golf Course; the 7,300-yard, 18-hole Rope Rider Golf Course; and the private Tumble Creek Golf Course. The current ownership expects to sell additional units across the Suncadia resort and its sister community, Tumble Creek, which is located across the Cle Elum River. John Strauss, Tony Musico, Melvin Chu and Tatiana Hodapp of JLL Hotels & Hospitality represented the seller in the transaction.

August 20, 2021

Acquisitions Arizona Industrial Western

Mapleton Investments Acquires Industrial Property in Phoenix for $4.4M

by Amy Works August 20, 2021

PHOENIX — Mapleton Investments has purchased a freestanding industrial building located at 3269 E. Harbour Drive in Phoenix. Stephen M. Javinett Trust sold the asset for $4.4 million, or $150 per square foot. Situated within the Southbank Industrial Business Park, the property features 29,665 square feet of space. Constructed in 1989, the building features a 40/60 blend of office and warehouse space, 100 percent air conditioning, three grade-level doors, 1,000 amp, 277/480-volt power, 18-foot clear heights in the warehouse, moisture-abating industrial clerestory skylights, fenced rear yard and 96 parking spaces. Chris Toci and Chad Littell of Cushman & Wakefield’s Phoenix office represented the buyer, while Mike Parker of CBRE represented the seller in the deal.

August 20, 2021

Acquisitions Hospitality Northeast Pennsylvania

HREC Negotiates Sale of 179-Room Crowne Plaza Suites Hotel in Pittsburgh

by Taylor Williams August 20, 2021

PITTSBURGH — HREC Investment Advisors has negotiated the sale of Crowne Plaza Suites Pittsburgh South, a 179-room hotel located about seven miles from the downtown area. The property offers a pool, fitness center, business center, restaurant and bar and indoor and outdoor event space. Phil White and Mark von Dwingelo of HREC represented the undisclosed buyer in the transaction. The seller and sales price were also not disclosed.

August 20, 2021

Acquisitions New Jersey Northeast Retail

Marcus & Millichap Brokers $4.7M Sale of Retail Property in Fair Lawn, New Jersey

by Taylor Williams August 20, 2021

FAIR LAWN, N.J. — Marcus & Millichap has brokered the $4.7 million sale of a 4,416-square-foot retail property that is ground-leased to Bank of America in the Northern New Jersey community of Fair Lawn. Alan Cafiero, Ben Sgambati, David Cafiero and John Moroz of Marcus & Millichap represented the seller and procured the buyer, both of which were limited liability companies that requested anonymity.

August 20, 2021

Acquisitions Multifamily Nevada Western

Waterton Acquires 624-Unit Multifamily Portfolio in Las Vegas

by Amy Works August 19, 2021

LAS VEGAS — Waterton has purchased a two-community apartment portfolio in the Centennial Hills master-planned community in Las Vegas. Situated 15 minutes northwest of downtown Las Vegas, the portfolio offers a total of 624 apartments in a mix of one-, two and three-bedrooms layouts. The acquisition includes Ely at Centennial Hills, a 312-unit property at 5900 Sky Pointe Drive, and Pointe at Centennial Hills, a 312-unit property at 5850 Sky Pointe Drive. Waterton plans to rebrand the assets as one community: The Paisley & Pointe at Centennial Hills. A portion of the residences and amenity spaces at both properties have undergone cosmetic upgrades. However, Waterton still plans to implement a value-add strategy across the assets. Amenities at the properties include clubhouses, picnic and barbecue areas, playgrounds, fitness centers, resort-style pools and in-unit washers/dryers. Ely at Centennial Hills also includes a dog park, shuffleboard and billiards, while Pointe at Centennial Hills features basketball and tennis courts. Terms of the acquisition were not released.

August 19, 2021

Acquisitions California Restaurant Retail Western

Faris Lee Arranges $20.5M Purchase of Three Multi-Tenant Retail Pads in Anaheim, California

by Amy Works August 19, 2021

ANAHEIM, CALIF. — Faris Lee Investments has arranged the $20.5 million sale of three multi-tenant retail pad sites known as Anaheim Gateway Retail in Anaheim. Scott DeYoung and Jeff Conover of Faris Lee represented the undisclosed buyer in the transaction. The seller was also not disclosed. The three buildings total 15,356 square feet and are anchored by Starbucks Coffee, Habit Burger and California Fish Grill.

August 19, 2021

Extra-Space-Storage-Corrales-Rio-Rancho-NM

Acquisitions Industrial New Mexico Self-Storage Western

Titan Development Sells Four Self-Storage Facilities in New Mexico to Extra Space Storage

by Amy Works August 19, 2021

SANTA FE, ALBUQUERQUE AND RIO RANCHO, N.M. — Titan Development has completed the disposition of four self-storage assets in New Mexico. Extra Space Storage Inc. (NYSE: EXR) acquired the 380,000-square-foot portfolio for an undisclosed price. The properties are the 88,000-square-foot Extra Space Storage Vegas Verde and the 101,000-square-foot Extra Space Storage Rodeo Business Park in Santa Fe; the 103,000-square-foot Extra Space Storage Ladera Road and Unser Boulevard in Albuquerque; and the 88,000-square-foot Extra Space Storage Corrales and 528 in Rio Rancho. The facilities were the final four self-storage assets within Titan’s inaugural fund, Titan Real Estate Development Fund I (TDREF I), a $112 million private-equity real estate fund established in 2017 to raise and invest capital in $350 million of Titan’s investment opportunities across the industrial, multifamily, self-storage and seniors housing sectors.

August 19, 2021

Acquisitions Florida Multifamily Southeast

Robbins Property Associates Acquires SoBA Apartments in Jacksonville for $35.4M

by Julia Sanders August 19, 2021

JACKSONVILLE, FLA. — Robbins Property Associates, a multifamily owner and operator, has acquired SoBA Apartments, a 147-unit multifamily property in Jacksonville. Robbins Property acquired the property from Atlanta-based Catalyst Development Partners for $35.4 million, according to the Jacksonville Business Journal. Built in 2020, SoBA Apartments is four stories tall and offers one-, two- and three-bedroom apartments. The units feature kitchens with granite countertops and stainless steel appliances, walk-in closets and patios. Community amenities include a pool with in-water lounge chairs, clubroom, open-air game lounge, kitchen with gas grill stations, outdoor lounge, self-service grooming pet spa, 24-hour fitness club and an outdoor yoga garden. The property’s clubroom has a Starbucks beverage café, game room and a business lounge. Located at 1444 Home St., SoBA Apartments is situated on the Southbank in the downtown submarket of Jacksonville. The apartment complex is situated about 0.7 mile from San Marco Square, which has dining and shopping options. Robbins Property Associates is a real estate private equity firm with offices in Tampa and Boston. The company currently owns and operates 22 properties totaling over 5,700 units in Florida.

August 19, 2021

Acquisitions Georgia Industrial Southeast

Dalfen Buys 60,000 SF Industrial Property in Norcross, Georgia

by Julia Sanders August 19, 2021

NORCROSS, GA. — Dalfen Industrial has bought 5250 Brook Hollow Parkway, a 60,000-square-foot, single-tenant industrial property in Norcross, a northeast suburb of Atlanta. This acquisition brings Dalfen Industrial’s Atlanta portfolio to almost 2 million square feet. The sales price and seller were not disclosed. Built in 1999, the infill property is located close to Interstates 85 and 285 and is approximately 20 miles from the Hartsfield-Jackson Atlanta International Airport. The property features high dock door counts and the potential for outside storage. The 5250 Brook Hollow Parkway property is 100 percent leased to Office Creations, a woman-owned business and office furniture and design retailer.

August 19, 2021

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