VIRGINIA BEACH, VA. — Cushman & Wakefield | Thalhimer has brokered the sale of 4598 Broad St. in Virginia Beach. CR Assets LLC purchased the 5,040-square-foot office building from Broad Street Associates for $1 million as the future corporate home for Canzell Realty. Rob Wright of Cushman & Wakefield | Thalhimer handled the sale negotiations on behalf of the purchaser.
INDIANA AND TEXAS — Hanley Investment Group Real Estate Advisors has arranged the sale of a four-property Fresenius Medical Care portfolio in Indiana and Texas for $9.8 million. The outpatient dialysis clinics are located in Auburn, Fort Wayne and Marion, Ind. as well as one in Dayton, Texas. Bill Asher, Jeff Lefko and Ed Hanley of Hanley Investment Group, in conjunction with ParaSell Inc., represented the seller, a Midwest-based private partnership. Brian Appel of Appel & Henick LLP handled legal affairs on behalf of the seller and negotiated lease extensions for the three Indiana properties. The 7,176-square-foot facility in Auburn sold to a St. Louis-based private buyer. Vince Vatterott and Michael Kocur of Westwood Net Lease Advisors represented the buyer. A Marin County, Calif.-based institutional group purchased the 7,580-square-foot property in Fort Wayne. Daniel Barnes of Lee & Associates represented the buyer. Brad Canova of Horvath & Tremblay represented the Denver-based private investor in the purchase of the 9,300-square-foot Marion facility. Lastly, Chris Shoemaker of Shoemaker Commercial Real Estate represented the California-based private investor in the acquisition of the 5,931-square-foot property in Dayton.
ELMHURST, ILL. — Newcastle Properties has acquired a 7,763-square-foot retail center in Elmhurst, a western suburb of Chicago. Built in 2016, the property is fully leased to Starbucks, Hand & Stone Massage, T-Mobile and Bentley’s Pet Stuff. The center is shadow-anchored by LA Fitness. Sean Devine of Newcastle sourced and managed the acquisition. Beth Sansiper and Jeff Gurian of Becker & Gurian represented Newcastle in the transaction. The seller and sales price were undisclosed.
ANAHEIM HILLS, CALIF. — Avanath Capital Management has purchased Overlook at Anaheim Hills, a seniors housing property located at 145-235 S. Festival Drive in Anaheim Hills. An undisclosed seller sold the property for $87.5 million. Built in 2001, Overlook consists of seven two- and three-story garden-style buildings offering a total of 261 units with an average unit size of 751 square feet. Community amenities include a community center, clubhouse, business center, pool, spa, fitness center and billiard room. At the time of sale, the property was nearly 100 percent occupied. Avanath plans to implement a variety of capital improvements to the property, including renovating the clubhouse and community spaces, adding a dog park and implementing sustainability initiatives to reduce the property’s carbon footprint and generate energy savings.
MILLIKEN, COLO. — Avison Young has brokered the sale-leaseback of Ranger Energy Services’ mission-critical facility located at 3333 E. Center Drive in Milliken. Salt Lake City-based The Ninigret Group acquired the asset from Ranger Energy Services (NYSE: RNGR) for $13 million. Ranger Energy Services signed a long-term lease to continue to occupy the 131,389-square-foot facility, which was built in 2000 on 23.3 acres. The tenant utilizes the facility for oil and gas operations, including fleet maintenance and storage supporting the operations of Ranger’s region-wide DJ Basin energy services business. Ranger is an independent provider of well service rigs and associated services in the United States, with a focus on unconventional horizontal well completion and production operations. Rick Egitto, Dawn McCombs, Kevin Hann, Jonathan Hipp and Rich Murphy of Avison Young represented the seller and sourced the buyer in the deal.
PHOENIX — CBRE has arranged the sale-leaseback of an industrial property located at 1815 Deer Valley Road in Phoenix. A private, Los Angeles-based investor acquired the asset for $6.9 million, or $140 per square foot. Regency Technologies, an IT asset conversion service provider, sold the facility and signed a 10-year, triple-net lease to occupy the 49,815-square-foot property. Geoffrey Turbow, Matt Pourcho, Gary Stache, Anthony DeLorenzo, Bryan Johnson, Gary Cornish, Rusty Kennedy, Pat Feeney and Danny Calihan of CBRE represented the seller in the transaction.
ATLANTA AND RALEIGH, N.C. — Preferred Apartment Communities (NYSE: APTS) has agreed to sell a portfolio of office assets in Atlanta and North Carolina to Highwoods Properties Inc. (NYSE: HIW). The deal, which is expected to close during the third quarter, is valued at $717 million and includes $28 million of planned improvements and $5 million in transaction costs. The sale comprises the bulk of Preferred Apartment Communities’ (PAC) office assets. Joel Murphy, president and CEO of the Atlanta-based REIT, says that the sale of the office portfolio is part of a larger plan to simplify its real estate footprint. The company also sold a portfolio of student housing properties last year as part of that plan. “Upon closing, PAC’s real estate portfolio will be further streamlined with an increased primary weighting on our core, Class A, suburban Sun Belt multifamily business and our complementary 100 percent grocery-anchored Sun Belt retail investments,” says Murphy, referring to PAC’s wholly owned retail investment subsidiary New Market Properties LLC. The portfolio sale to Highwoods includes seven properties in Atlanta, Charlotte and Raleigh. The assets include: • 150 Fayetteville, a 560,000-square-foot tower in downtown Raleigh • Capitol Towers, a two-building complex in Charlotte’s SouthPark …
HOUSTON — San Antonio-based investment firm REEP Equity has purchased Savoy Manor, a 192-unit apartment community in northwest Houston. The pet-friendly property features one- and two-bedroom units that all offer private patios and balconies. Amenities include a pool, playground, fitness center, dog park and outdoor grilling areas. Mark Brandenburg, C.W. Sheehan and Cort Martin of JLL represented the seller in the transaction. JLL also provided an undisclosed amount of Freddie Mac acquisition financing, which was structured with a 10-year term and a floating interest rate, on behalf of REEP Equity.
ROCKDALE, ILL. — Industrial Realty Group LLC (IRG) has acquired a 1.5 million-square-foot industrial facility formerly occupied by Caterpillar in Rockdale near Joliet. The purchase price was undisclosed. The 69-acre property includes several buildings along the Des Plaines River. The largest building is 1.3 million square feet and includes 65,384 square feet of office space. Caterpillar used the site for its hydraulic manufacturing operations. IRG’s CEO John Mase says the company intends to convert the single-tenant manufacturing facility into a multi-tenant complex capable of accommodating warehouse, distribution and manufacturing users. IRG plans to immediately begin renovations and marketing the space for lease.
LEXINGTON, KY. — NAI Isaac has brokered the sale of Ruccio Pavilion, a 17,649-square-foot shopping center located at 220 Ruccio Way in Lexington. Al Isaac and Jim Holbrook of NAI Isaac represented the seller, Legacy Investments LLC in the transaction. John Bunch of SVN Stone represented the buyer, an entity doing business as Ruccio Shoppes LLC. The sales price was not disclosed. Ruccio Pavilion is situated close to Fayette Mall, Target, The Mall at Lexington Green and Embassy Suites Hotel. The center’s tenants include Mr. Brews Taphouse, Commonwealth Dentistry, Aqua-Tots Swim School, Thomas Sewing Center and Cuts & Paste Craft Studio. Meijer shadow-anchors Ruccio Pavilion.
