Acquisitions

SRS Negotiates $20.3M Sale of Industrial Building in Asheville

by Julia Sanders July 21, 2021

ASHEVILLE, N.C. — SRS Real Estate Partners has negotiated the $20.3 million sale of a 388,540-square-foot industrial building located at 12 Gerber Road in Asheville. Jack Cornell and Max Finn of SRS represented the seller, a North Carolina-based private investor, and the buyer, a Florida-based private investor. Built in 1959, the property was originally the headquarters for Gerber Baby Food and was most recently renovated in 2014. The industrial building is fully occupied by several tenants including SRS Distribution, GF Linamar and U-Haul. The property is located adjacent to Norfolk & Southern Railroad and features an onsite rail spur.

July 21, 2021

Acquisitions Industrial Texas

Preston Forrest Capital Acquires 518,700 SF Industrial Property in Sherman, Texas

by Taylor Williams July 21, 2021

SHERMAN, TEXAS — Dallas-based investment firm Preston Forrest Capital has acquired a 518,700-square-foot industrial property that is situated on a 70-acre site in the North Texas city of Sherman. The building is situated within the 3,300-acre Progress Park master-planned development, which houses tenants such as Tyson Foods, Sunny Delight and Texas Instruments. The property was fully leased at the time of sale and serves as a regional distribution hub for CertainTeed Corp., an international building products manufacturer. Stan McClure of CBRE represented the seller, The State of Texas Permanent School Fund and General Land Office, in the transaction.

July 21, 2021

Acquisitions Retail Texas

KM Realty Investment Trust Buys 32,449 SF Shopping Center in San Antonio

by Taylor Williams July 21, 2021

SAN ANTONIO — KM Realty Investment Trust Inc., a Houston-based REIT, has acquired City Base Commons, a 32,449-square-foot shopping center that is located on a 7.5-acre site south of downtown San Antonio. Locally based firm GFR Development sold the asset for an undisclosed price. City Base Commons was 95 percent leased at the time of sale to tenants such as Credit Human, Kung Fu Tea, Jimmy John’s, McAlister’s Deli, Raising Cane’s and Smoothie King.

July 21, 2021

Acquisitions Midwest Minnesota Retail

Upland Negotiates $6.3M Sale of Hobby Lobby-Occupied Property in West St. Paul

by Kristin Harlow July 21, 2021

WEST ST. PAUL, MINN. — Upland Real Estate Group’s net lease team has negotiated the sale of a Hobby Lobby-occupied property in West St. Paul for $6.3 million. Deborah Vannelli, Keith Sturm and Amanda Leathers of Upland represented the undisclosed seller. The property sold to a California-based buyer. Hobby Lobby’s portfolio consists of 900 stores in 46 states.

July 21, 2021

Acquisitions Midwest Nebraska Retail

Avison Young Brokers $4.5M Sale of Shopping Mall in Norfolk, Nebraska

by Kristin Harlow July 21, 2021

NORFOLK, NEB. — Avison Young has brokered the $4.5 million sale of Sunset Plaza Mall in Norfolk, a city in northeast Nebraska. The 232,347-square-foot shopping center is located at 1700 Market Lane. The property was lender-owned and was roughly 48 percent occupied at close of escrow. Built in 1968 and renovated in 1994, the mall sits on 31 acres and features a mix of 30 regional and national tenants, including JC Penney, Bath & Body Works, Famous Footwear and GNC. Chris Maling and David Maling of Avison Young represented the seller, Wells Fargo Bank, in the value-add transaction. The duo also procured the buyer, Tennessee-based LBD Properties LLC.

July 21, 2021

Acquisitions Industrial Michigan Midwest

Colliers Arranges Sale of Two Industrial Buildings in Detroit

by Kristin Harlow July 21, 2021

DETROIT — Colliers International has arranged the sale of two industrial buildings in Detroit for an undisclosed price. The first property at 13901 Joy Road spans 456,156 square feet. The second building at 8211 Decatur Road totals 113,332 square feet. Peter E. Kepic and Peter J. Kepic of Colliers represented the buyer, Schostak Brothers & Co. Inc., as well as the seller, Joy Road Holdings LLC. Schostak has retained the duo to market the buildings for lease. Schostak says the purchase fits its strategy of buying and renovating well-located industrial properties.

July 21, 2021

Acquisitions Industrial New Jersey Northeast

CenterPoint Properties Acquires 274,430 SF Distribution Center in Dayton, New Jersey

by Taylor Williams July 21, 2021

DAYTON, N.J. — CenterPoint Properties, a Chicago-based investment firm, has acquired a 274,430-square-foot distribution center in Dayton, about 45 miles south of New York City. The building is situated on a 27-acre site that includes 10 acres for parking and outdoor storage. In addition, the property, which is leased long-term to a global distribution company, features a clear height of 34 feet and is configured to accommodate parking for 300 trailers and 400 cars. The seller was not disclosed. Marc Duval, Jordan Avanzato and Jose Cruz of JLL brokered the deal.

July 21, 2021

Acquisitions Hospitality New York Northeast

Electra America Hospitality Group Buys 194-Room Roger New York Hotel

by Taylor Williams July 21, 2021

NEW YORK CITY — Electra America Hospitality Group, a joint venture between Florida-based private equity firm Electra Capital and hospitality operator AKA, has acquired the Roger New York hotel in Manhattan’s NoMad neighborhood. The 194-room boutique hotel sold for $19 million, or roughly $98,000 per room. The new ownership will invest $22 million in capital improvements and reopen the hotel in mid-2022 under the AKA brand. The seller was not disclosed.

July 21, 2021

Acquisitions Multifamily Washington Western

Main Street Flats in Bellevue Trades Hands for $232.5M

by Amy Works July 20, 2021

BELLEVUE, WASH. — Hines and a subsidiary of funds managed by Oaktree Capital have purchased Main Street Flats, a multifamily complex located at 1050 Main St. in Bellevue. According to the King County records, the property traded hands for $23.2.5 million. The name of the seller was not released. Developed by Alamo Manhattan in 2015, Main Street Flats features 425 apartments in a mix of studio, one- and two-bedroom layouts, a rooftop terrace, fitness center, resident lounge and 12,000 square feet of ground-floor retail space. The acquisition follows Hines’ recently announced Main Street Place, a 6.75-acre mixed-use development in downtown Bellevue. The project is slated to open in 2023.

July 20, 2021

Acquisitions Retail Utah Western

Faris Lee Negotiates $8.6M Sale of Garden Square Shopping Center in Midvale, Utah

by Amy Works July 20, 2021

MIDVALE, UTAH — Faris Lee Investments has arranged the sale of Garden Square, a neighborhood shopping center in Midvale. The asset traded hands for $8.6 million. The names of the buyer and seller were not released. Garden Square features a combination of low-rent-paying local and regional tenants, allowing for an acquisition well below replacement cost, high in-place yield and strong upside potential in a market with excellent economic fundamentals, according to Faris Lee. Nick D’Argenzio, Tom Chichester and Joe Chichester of Faris Lee Investments represented both sides in the transaction.

July 20, 2021

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