Acquisitions

Cushman & Wakefield | Thalhimer Arranges $61M Sale of Crossways Commerce Center in Hampton Roads

by Julia Sanders May 28, 2021

CHESAPEAKE, VA. — Cushman & Wakefield | Thalhimer’s Capital Markets Group has arranged the $61 million sale of Crossways Commerce Center I & II, a three-building, 525,082-square-foot industrial/flex portfolio in Virginia’s Hampton Roads region. The properties are located at 1449 Kristina Way and 1501 and 1545 Crossways Blvd. in Chesapeake. Eric Berkman of Cushman & Wakefield’s Washington, D.C., office, as well as Eric Robison of Cushman & Wakefield | Thalhimer, represented the seller, D.C.-based DSC Partners. A family office out of New Jersey known as Heritage Capital acquired the property. Crossways Commerce Center I & II was 100 percent leased at the time of sale to tenants including General Dynamics, Fiserv, Sentara Healthcare, Safelite Fulfillment Inc., Mid-Atlantic Engineering and Regus.

May 28, 2021

Acquisitions Georgia Multifamily Southeast

Marcus & Millichap Brokers $31.8M Sale of Multifamily Community in Metro Atlanta

by Julia Sanders May 28, 2021

KENNESAW, GA. — Marcus & Millichap has brokered the sale of Lewis House at Kennesaw, a 132-unit apartment property located in the Atlanta suburb of Kennesaw. The property sold for $31.8 million, which equates to approximately $240,530 per unit. Walt Gill of True North Cos. built the Lewis House at Kennesaw. The Class A property was less than 30 percent occupied when it was brought to market. The community is located adjacent to several recreational and entertainment venues, including a new $10 million recreation center, a new 4,400-seat amphitheater and a 33-acre community park. The Lewis House is approximately 2.2 miles from Kennesaw State University. The property features a unique “big house” design concept that is single-family-home-like in appearance while providing apartment amenities and services to its residents. John Brigel of Marcus & Millichap had the exclusive listing to market the property on behalf of the seller and procured the buyer, an undisclosed limited liability company. John Leonard of Marcus & Millichap assisted in closing the transaction.

May 28, 2021

Acquisitions Industrial South Carolina Southeast

McCraney Sells 201,600 SF 85 Logistics Park in Metro Greenville to Pall Corp.

by Julia Sanders May 28, 2021

DUNCAN, S.C. — McCraney Property Co. has sold 85 Logistics Park, a 201,600-square-foot, speculative industrial building located on 18.6 acres at 816 Berry Shoals Road in Duncan. This property is the first location in South Carolina for the new owner and buyer, Pall Corp., a global manufacturer of high-tech filtration, separation and purification products servicing the advanced manufacturing, food and life sciences industries. The sales price was not disclosed. The addition of Pall Corp. to the Greenville-Spartanburg industrial submarket will result in the addition of 425 new jobs, according to Joseph Curley of McCraney. Trey Pennington and Jeff Benedict of CBRE represented McCraney in the transaction. Frank Larsen of CBRE represented the buyer.

May 28, 2021

Acquisitions Kentucky Retail Southeast

NAI Isaac Brokers Sale of 16,300 SF Retail Center in Lexington, Kentucky

by Julia Sanders May 28, 2021

LEXINGTON, KY. — NAI Isaac has brokered the sale of a 16,300-square-foot retail center located at 268-278 Southland Drive in Lexington. An unnamed, locally based investor purchased the property for an undisclosed price. The buyer retained NAI Isaac as property manager. The center spans two buildings and is occupied by Planned Parenthood, Gold & Diamond Apparel, GDA Jewelers, Lexington Healing Arts Academy, Associates in Rehab and Providence Community Church. Jamie Adams and J. L. Cannady of NAI Isaac represented the buyer in the transaction. John Bunch of SVN Stone Commercial Real Estate represented the seller.

May 28, 2021

Acquisitions Midwest Office Ohio

Alterra Real Estate Sells Columbus-Area Office Building for $9.7M

by Kristin Harlow May 28, 2021

NEW ALBANY, OHIO — Alterra Real Estate Advisors has sold an 83,000-square-foot office building in New Albany to OhioHealth for $9.7 million. The property is located at 5150 E. Dublin Granville Road within suburban Columbus. The building was constructed in 1999 and renovated in 2007. OhioHealth, central Ohio’s largest hospital system, plans to redevelop the building into its New Albany Medical Campus at a project cost of roughly $36 million. The campus will enable the health system to expand its services and offer urgent care, primary care, various specialties, lab and imaging and an onsite retail pharmacy.

May 28, 2021

Acquisitions Illinois Midwest Multifamily

SVN Chicago Commercial Negotiates $4.9M Sale of Multifamily Building

by Kristin Harlow May 28, 2021

CHICAGO — SVN Chicago Commercial has negotiated the sale of a 44-unit multifamily building in Chicago’s Kenwood neighborhood for $4.9 million. The property is located at 4611 S. Drexel Blvd. Jeff Baasch of SVN brokered the sale. ShainRealty Capital, a Los Angeles-based privately owned real estate investment firm, purchased the property from the undisclosed seller. The acquisition marks ShainRealty’s ninth purchase on Chicago’s South Side.

May 28, 2021

Acquisitions Midwest Minnesota Retail

Upland Brokers $2.4M Sale of Sleep Number-Occupied Retail Property in Rochester, Minnesota

by Kristin Harlow May 28, 2021

ROCHESTER, MINN. — Upland Real Estate Group has brokered the sale of a Sleep Number-occupied retail property in Rochester for $2.4 million. Sleep Number relocated from Apache Mall in 2018 to this 3,000-square-foot, freestanding store at 2257 Commerce Drive NW. Deborah Vannelli, Keith Sturm and Amanda Leathers of Upland represented the 1031 exchange buyer in the acquisition of the net-leased property. Tom Gommels of Marchs & Millichap represented the seller, a limited liability company.

May 28, 2021

Acquisitions Arizona Multifamily Southeast Tennessee

TruAmerica Multifamily Acquires Two Apartment Communities in Metro Nashville, Phoenix for $196M

by Julia Sanders May 27, 2021

FRANKLIN, TENN. AND PHOENIX, ARIZ. — TruAmerica Multifamily has acquired two garden-style communities in Phoenix and Nashville’s Cool Springs district in separate transactions totaling $196 million. The two properties add about 1,000 apartments to the company’s national multifamily portfolio. The 435-unit Phoenix property is dubbed The Urban. Built in 2005, the property is located at 3601 E. McDowell Road and features floorplans that range in size from studio to three-bedroom, two-bathroom units. Community amenities include two swimming pools, an outdoor kitchen, fitness center and community green space. The Urban is the second acquisition in Phoenix this year for TruAmerica, after purchasing The Bella, a 200-unit, garden-style community on the city’s north side. The metro Nashville property is Viera Cool Springs, a 468-unit property built in 1987. Acquired in an off-market transaction from Miami-based Lindemann Multifamily, Viera Cool Springs is located at 300 Royal Oaks Boulevard in Franklin, 25 miles south of downtown Nashville. The property has one- and two-bedroom apartment homes that are situated in 38 two-story buildings on a 36.5-acre site. Community amenities include lighted tennis courts, two swimming pools, resident clubhouse and business center, yoga studio and fitness center. Viera Cool Springs is TruAmerica’s second investment in metro …

May 27, 2021

Acquisitions Loans Multifamily Southeast Tennessee

CBRE Global Investors Provides $52M Acquisition Loan for Avana Overlook Apartments in Nashville

by Julia Sanders May 27, 2021

NASHVILLE, TENN. — A fund sponsored by CBRE Global Investors has provided a $52 million acquisition loan for a 452-unit multifamily property in Nashville. The borrower is a subsidiary of Charleston, S.C.-based Greystar Real Estate Partners. The seller was not disclosed. The property, known as Avana Overlook, is a garden-style apartment located at 727 Bell Road. Built in 1998, the property offers one-, two- and three- bedroom units that include in-unit washers and dryers, private patios and balconies and walk-in closets. Community amenities include two swimming pools with cabanas, a 24-hour fitness center, playground, outdoor grilling area, clubhouse and a dog park. Avana Overlook is situated one mile from Interstate 24 and State Highway 41. The property is 14 miles from downtown Nashville, 7.2 miles from Nashville International Airport and less than two miles from the Century Farms Development, a 310-acre, $1.7 billion mixed-use project currently under construction. Nate Sittema of CBRE’s Charlotte office arranged the loan on behalf of Greystar.

May 27, 2021

Acquisitions Georgia Retail Southeast Virginia

SRS Brokers $10.6M Sale of Two New Petsuites-Occupied Stores in Virginia, Georgia

by Julia Sanders May 27, 2021

NEWPORT NEWS, VA. AND LAWRENCEVILLE, GA. — SRS Real Estate Partners’ National Net Lease Group has brokered the sales of two single-tenant retail properties for a combined $10.6 million. The properties are located in Newport News and Lawrenceville and were both built in 2020. Petsuites, a pet resort and spa operator based in Erlanger, Ky., signed long-term, 20-year leases at both locations. The properties were in high demand as the $232 billion pet care industry has seen a huge increase in growth amid the pandemic, according to Raymond of SRS. Britt Raymond and Kyle Fant of SRS represented the seller, a North Carolina-based developer, in both 1031 exchange transactions. Both stores span 14,000 square feet. The Newport News location is located at 12533 Warwick Blvd. The property is situated on just over two acres and sold for $5.5 million. Danny Brooker of Monument Retail represented the Florida-based, privately held buyer. The store is close to other national retailers including Harris Teeter, Food Lion and Chick-fil-A. The Lawrenceville property is located at 2525 Sugarloaf Parkway and is situated on 4.7 acres. Elizabeth Morgan of Pinnacle Real Estate represented the Minnesota-based buyer in the $5.1 million transaction.

May 27, 2021

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