Acquisitions

Inland Real Estate Purchases Single-Family Rental Community Near Denver from NexMetro for $63.1M

by Amy Works December 17, 2021

BRIGHTON, COLO. — Phoenix-based NexMetro Communities has completed the disposition of Avilla Prairie Center, a purpose-built single-family-rental community in Brighton. Chicago-based Inland Real Estate Group of Cos. acquired the asset for $63.1 million, or $464,000 per unit. Located at 2103 Peregrine Drive, Avilla Prairie Center features 136 homes. Inland has purchased two other Avilla Homes communities from NexMetro. Dave Potarf, Matt Barnett, Dan Woodward and Jake Young of Walker & Dunlop handled the transaction.

December 17, 2021

Acquisitions California Retail Western

Lowe Acquires Sequoia Station Shopping Center in Redwood City from Regency Centers

by Amy Works December 17, 2021

REDWOOD CITY, CALIF. — Lowe has completed the purchase of Regency Centers’ portion of the Sequoia Station Shopping Center in downtown Redwood City. Terms of the transaction were not released. Lowe is in the process of seeking entitlements to redevelop the site into a modern mixed-use development as part of Redwood City’s proposed Transit District. The Regency portion of the property includes 103,000 square feet of retail space on 6.6 acres. Safeway and CVS/pharmacy anchor the property. Safeway will retain its current ownership within the shopping center and both Safeway and CVS/pharmacy will remain open and operating as the phased project is constructed.

December 17, 2021

Granger-Medical-Clinic-Salt-Lake-City-UT

Acquisitions Healthcare Office Utah Western

Montecito Medical Buys 95,000 SF Granger Medical Clinic Near Salt Lake City

by Amy Works December 17, 2021

WEST VALLEY CITY, UTAH — Montecito Medical has acquired Granger Medical Clinic, a medical office building located in West Valley City, a suburb of Salt Lake City. Terms of the transaction were not released. Built in 2020, the asset features nearly 95,000 square feet of space. Granger Medical Clinic fully occupies the property. Physicians at the property provide a variety of medical services, including urgent care, cancer care, endocrinology, ENT, audiology, family medicine, gastroenterology, internal medicine, ophthalmology, orthopedics, sports medicine, pediatrics and urology. The building also includes an imaging center, lab and pharmacy.

December 17, 2021

Acquisitions Industrial Nevada Western

Brass Cap Development Sells 70,000 SF Executive Airport Crossing Industrial Project Near Las Vegas

by Amy Works December 17, 2021

HENDERSON, NEV. — Brass Cap Development has completed the disposition of Executive Airport Crossing, a nearly complete industrial project in the West Henderson area near Raiders Way and Volunteer Boulevard. Terms of the transaction were not released. Totaling 70,000 square feet, the property features two buildings that are divisible from 14,446 square feet to 40,000 square feet. The buildings also offer dock- and grade-level loading areas. Executive Airport Crossing provides access to Interstate 15 and 215 Beltway. Las Vegas-based LM Construction designed and built the project.

December 17, 2021

Acquisitions Connecticut Multifamily Northeast

IPA Negotiates Sale of 184-Unit Multifamily Property in Hartford

by Taylor Williams December 17, 2021

HARTFORD, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Folly Brook Manor, a 184-unit multifamily property in Hartford. The seven-building community was built on 17 acres in 1961 and features two-bedroom units with an average size of 800 square feet. Eric Pentore, Victor Nolletti and Wes Klockner of IPA represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

December 17, 2021

Acquisitions Georgia Industrial Southeast

NAI Brannen Goddard Arranges Sale of 400,000 SF Industrial Property in Savannah

by Julia Sanders December 16, 2021

SAVANNAH, GA. — NAI Brannen Goddard has arranged the sale of 6030 Commerce Blvd., a 400,000-square-foot distribution center in Savannah. Joseph Mullican of NAI Brannen Goddard represented the buyer, New York-based Brookfield Properties. The seller and sales price were not disclosed. The 6030 Commerce Blvd. distribution building is located less than two miles from the Port of Savannah and has access to Interstate 95. The front-load building features 28- to 30-foot clear heights, 31 dock-high doors, 70 extra trailer spaces, 180-foot concrete truck courts, ESFR sprinklers and a recently constructed loading platform.

December 16, 2021

Acquisitions Georgia Industrial Southeast

Ackerman & Co. Acquires 102,856 SF Industrial Facility in Temple, Georgia

by Julia Sanders December 16, 2021

TEMPLE, GA. — Atlanta-based Ackerman & Co. has acquired a 102,856-square-foot distribution and manufacturing facility located at 134 Janus International Blvd. in Temple, about 40 miles west of downtown Atlanta. The sales price was $6.8 million. Daniel Levison of CRE Holdings represented Ackerman & Co. in the acquisition, and Neal Shiver of King Industrial Realty/CORFAC International represented the undisclosed seller. The 134 Janus International Blvd. facility is fully occupied by Janus International Group, a Temple-based manufacturer of self-storage and commercial industrial doors and storage facility components. Brett Buckner of Ackerman completed a 10-year lease extension with Janus International Group. Built in 2001 on 12 acres, the building features 24-foot clear heights. The property is located next to Janus’ 217,050-square-foot global headquarters. Janus also has other locations in the United States including in Arizona, California, Florida, Indiana, Texas and Washington.

December 16, 2021

Acquisitions Multifamily Texas

Fairstead Acquires 160-Unit Mixed-Income Housing Community in Metro Houston

by Taylor Williams December 16, 2021

LAKE JACKSON, TEXAS — Fairstead, a residential investment firm with three offices along the East Coast, has acquired Lake Jackson Apartments, a 160-unit mixed-income community located on the southern outskirts of Houston. The property consists of 11 residential buildings and one communal building on a 14-acre site. The property’s affordable units are reserved for renters earning 60 percent or less of the area median income (AMI). Amenities include a pool, fitness center, dog park, playground, volleyball court and storage units. Fairstead plans to invest about $14 million in capital improvements and preserve affordability by converting a portion of the market-rate units into affordable housing for families earning 80 percent or less of AMI. The seller was not disclosed.

December 16, 2021

Acquisitions Colorado Industrial Western

Realterm Logistics Acquires E-Commerce Distribution Facility in North Denver for $94.8M

by Amy Works December 16, 2021

BROOMFIELD, COLO. — Annapolis, Md.-based Realterm Logistics has purchased a warehouse and distribution building, located at 400 W. 160th Ave. in Broomfield. Colorado-based McWhinney sold the asset for $94.8 million. Built in fourth-quarter 2021, Amazon occupies the 200,864-square-foot facility. The property features 36-foot clear heights, heating throughout, ESFR sprinklers, ample power, energy-efficient lighting, multiple points of ingress and egress and a concrete truck court apron. Additionally, the property offers a flexible office layout, four entrances/exits, ample outdoor amenity space and extensive landscaping. Will Strong, Jeff Chiate, Kirk Kuller, Mike Adey, Greer Oliver and Connor Nebeker-Hay of Cushman & Wakefield represented the seller. Alec Rhodes and Aaron Valdez of Cushman & Wakefield provided local market leasing advisory.

December 16, 2021

Acquisitions Nevada Retail Western

Brixton Capital Divests of Rainbow Plaza Shopping Center in Las Vegas for $63.7M

by Amy Works December 16, 2021

LAS VEGAS — Brixton Capital has completed the sale of Rainbow Plaza, a dual grocery-anchored shopping center in Las Vegas. An undisclosed buyer acquired the asset for $63.7 million. Rob Ippolito of Newmark represented the seller in the deal. Located on the corner of Rainbow Avenue and Charleston Boulevard, Rainbow Plaza features 259,980 square feet of retail space. At the time of sale, the property was 94 percent occupied by credit, internet-resistant tenants, including Albertsons, Ross Dress for Less, The Home Depot, Sprouts Farmers Market, Goodwill, EOS Fitness and Chase Bank. The weighted average tenture of Rainbow Plaza tenants exceeds 15 years with more than 37 percent of the existing tenants having been at the center for more than 25 years.

December 16, 2021

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