Acquisitions

Monarch Investment & Management Acquires 589-Unit Multifamily Portfolio in Rochester, Minnesota

by Kristin Harlow June 3, 2021

ROCHESTER, MINN. — Monarch Investment & Management Group has acquired a six-property, 589-unit multifamily portfolio in Rochester for an undisclosed price. The townhome communities include Crystal Bay, French Creek, Village Green, Winchester, Heritage Manor and Olympik Village. The properties were built between 1962 to 1996 and range in size from 36 to 182 units. Three of the assets (Winchester, Heritage Manor and Olympik Village) are rental properties. Average occupancy across the portfolio is 95 percent. Keith Collins, Abe Appert and Ted Abramson of CBRE Minneapolis Multifamily represented the seller, Premier Mahtomedi MN LLC, in the transaction.

June 3, 2021

Acquisitions Industrial Midwest Ohio Retail

Neyer Properties Purchases 400,000 SF Commercial Portfolio Across Cincinnati, St. Louis

by Kristin Harlow June 3, 2021

CINCINNATI — Neyer Properties has purchased a nearly 400,000-square-foot commercial portfolio occupied by Watson’s in a sale-leaseback transaction. The purchase price was undisclosed. The four-building portfolio consists of three retail assets and one industrial property that are located in the Cincinnati, Florence, Dayton and St. Louis markets. The sale-leaseback will enable Watson’s to free up capital as it looks to expand in additional markets, according to Neyer. The sale marks the first time Watson’s has sold its own real estate. Keith Yearout of Newmark represented Watson’s, which is a pool, spa and furniture retailer based in Cincinnati.

June 3, 2021

Acquisitions Midwest Ohio Retail

JLL Brokers Sale of Grocery-Anchored Retail Center in Suburban Cleveland for $10.5M

by Kristin Harlow June 3, 2021

STREETSBORO, OHIO — JLL Capital Markets has brokered the sale of Streetsboro Crossing in suburban Cleveland for $10.5 million. Grocer Giant Eagle anchors the 89,436-square-foot retail center. Other tenants at the property, which was nearly 94 percent leased at the time of sale, include Pet Supplies Plus, Palm Beach Tanning, GNC, Great Clips and Sally Beauty. Completed in 1996 and renovated this year, the center is situated on nearly 20 acres. Amy Sands, Clinton Mitchell, Kirstey Lein and Bill Poffenberger of JLL represented the seller, an affiliate of Chicago-based Pine Tree. A private Delaware Statutory Trust investor purchased the asset in an all-cash transaction.

June 3, 2021

Acquisitions California Industrial Office Western

Voit Real Estate Brokers $47M Sale of Office/Industrial Portfolio in Southern California

by Amy Works June 3, 2021

CHULA VISTA AND MISSION VALLEY, CALIF. — Voit Real Estate Services has arranged the sale of a five-property office and industrial portfolio in Chula Vista and Mission Valley. Protea Properties acquired the portfolio from Carleton Management for $47 million. Totaling 231,878 square feet, the portfolio includes a 48,828-square-foot, fully leased industrial/showroom building at 630 Bay Blvd. in Chula Vista; a 32,601-square-foot, fully leased multi-tenant office property at 660 Bay Blvd. in Chula Vista; a 99,584-square-foot, fully occupied office/industrial building at 780-784 Bay Blvd. in Chula Vista; a 30,046-square-foot, single-tenant property at 830 Bay Blvd. in Chula Vista; and a 20,819-square-foot, multi-tenant office building located at 5920 Friars Road in Mission Valley. Tenants at the portfolio include Cox Communications, National University, Fresenius Medical, Bayfront Charter School and West Marine. Randy LaChance Sr. of Voit’s San Diego office represented the seller, while the buyer was self-represented.

June 3, 2021

Acquisitions Colorado Retail Western

McWhinney, Prism Places Acquire 662,000 SF Foothills Mall in Fort Collins, Colorado

by Amy Works June 3, 2021

FORT COLLINS, COLO. — A joint venture between Colorado-based McWhinney and Los Angeles-based Prism Places has purchased Foothills, a retail property located on 63 acres at 215 Foothills Parkway in midtown Fort Collins. Totaling 662,000 square feet, the property includes a 128,000-square-foot Macy’s department store and originally opened as Foothills Fashion Mall in 1973. The acquisition includes all of the mall’s assets and buildings with the exception of the parking structure and surface parking fields, which the Foothills Metro District owns, and the Foothills Activity Center, which the City of Fort Collins owns. Prism will take over as the mall’s property manager. McWhinney already owns and operates the adjacent 405-unit Cycle Apartments property.

June 3, 2021

Acquisitions Arizona Multifamily Western

Sentinel Real Estate Sells 276-Unit Apartment Property in Scottsdale to Sunroad Enterprises

by Amy Works June 3, 2021

SCOTTSDALE, ARIZ. — Sentinel Real Estate Corp. has completed the disposition of The Paragon at Kierland in Scottsdale to San Diego-based Sunroad Enterprises for an undisclosed price. CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch represented the seller in the deal. Built in 2000, The Paragon at Kierland features 276 apartments, a lagoon-style swimming pool with private cabanas, an outdoor kitchen area with TV and fire pit, a fitness center and a resident clubhouse.

June 3, 2021

Acquisitions Colorado Multifamily Western

Pinnacle Arranges $15.7M Sale of Parkview Towers Multifamily Property in Englewood, Colorado

by Amy Works June 3, 2021

ENGLEWOOD, COLO. — Pinnacle Real Estate Advisors has brokered the sale of Parkview Towers, an apartment community located at 3655 S. Pearl St. and 3659 S. Pennsylvania St. in Englewood. The property sold for $15.7 million, or $181,034 per unit. Built in 1972, the community features two six-story towers offering a total of 87 apartments. Robert Lawson of Pinnacle represented the undisclosed seller, while Jim Knowlton of Pinnacle represented the undisclosed buyer in the deal.

June 3, 2021

Acquisitions Industrial Nevada Western

Stonestream Properties Divests of Four-Building Industrial Property in Las Vegas for $4.7M

by Amy Works June 3, 2021

LAS VEGAS — Stonesteam Properties has completed the disposition of a four-building industrial campus located on 6.4 acres at 12885 S. Las Vegas Blvd. in Las Vegas. Vegas Ranch LLC acquired the asset for $4.7 million. Star Nursery will utilize the property to service its nine retail locations in Nevada. The asset includes a 12,500-square-foot warehouse, one storage warehouse and two additional buildings totaling 3,200 square feet. The site offers quick access to Interstate 15 via Saint Rose Parkway or Starr Interchange. James Griffis, Tyler Ecklund and Britney Arredondo of CBRE represented the seller in the deal.

June 3, 2021

Acquisitions Retail Texas

BH Properties Buys 361,780 SF Preston Shepard Place Shopping Center in Metro Dallas

by Taylor Williams June 2, 2021

PLANO, TEXAS — Los Angeles-based investment firm BH Properties has purchased Preston Shepard Place, a 361,780-square-foot shopping center in Plano. Originally built in 1995, the property houses tenants such as Marshalls, Burlington and Tuesday Morning. The 31-acre Shepard Preston Place was 55 percent leased at the time of sale. The seller and sales price were not disclosed.

June 2, 2021

Acquisitions Industrial Self-Storage Texas

Colliers Arranges Sale of 599-Unit Allsafe Self-Storage Facility in Metro Dallas

by Taylor Williams June 2, 2021

CEDAR HILL, TEXAS — Colliers International has arranged the sale of Allsafe Self Storage, a 599-unit facility in Cedar Hill, a southern suburb of Dallas. The 85,550-square-foot property was built in 2000 and expanded in 2011. Kyle Newswanger of Colliers represented the seller, a private developer and investor, in the transaction. Newswanger also secured the buyer, an out-of-state private investor.

June 2, 2021

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