TEXAS CITY, TEXAS — Marcus & Millichap has brokered the sale of Three Palms Retail Center, a 26,318-square-foot property in Texas City, located south of Houston. Gus Lagos, Alex Wolansky, Jacob Starr and Zuhare Rizvon of Marcus & Millichap represented the seller in the transaction. Riley Sharman, also with Marcus & Millichap, represented the buyer. Both parties were limited liability companies that requested anonymity.
MCKINNEY, TEXAS — Locally based retail brokerage firm STRIVE has arranged the sale of Shops on Custer, a 15,690-square-foot retail strip center located in the northern Dallas suburb of McKinney. Jason Vitorino of STRIVE represented the seller, a local developer, in the transaction. Hudson Lambert, also with STRIVE, represented the Texas-based buyer. The property was fully leased to seven tenants at the time of sale.
LELAND, N.C.— Capstone Land Sales has brokered the $4.4 million sale of a 22.8-acre multifamily development site within the Westgate community of Leland, about 10 miles west of Wilmington, N.C. The buyer, Virginia-based Kotarides Developers, will break ground in 2023 on a 360-unit luxury apartment community at the site. Caleb Troop and Eric Liebich of Capstone Land Sales led the sales transaction. The seller was not disclosed. Kotarides’ apartment project will offer views of Jackeys Creek and be part of the greater 550-acre Westgate community, which includes retail and dining, apartment communities and single-family homes, as well as the 146-acre Westgate Nature Park. The project will be the first apartment property in the Wilmington market for Kotarides, which has several other communities in Raleigh and Charlotte. The regional firm now owns and manages 24 apartment communities and several million square feet of commercial properties.
BETHANY BEACH, DEL. — Savills Inc. has arranged the sale of the 112-room Bethany Beach Ocean Suites Residence Inn, part of the Marriott family of brands, in coastal Delaware. The oceanfront hotel offers resort-like suites, a full-service spa and five meeting rooms. Marc Magazine and Tom Baker of Savills represented the seller, a partnership by entities doing business as Bethany Boardwalk Group LLC and Bethany Beach Ocean Inn LLC, in the transaction. The buyer was EOS Acquisitions LLC.
ST. PAUL, MINN. — JLL Capital Markets has arranged the sale of the Phoenix Apartments in the Battle Creek neighborhood of St. Paul for $26.1 million. Located at 200 Winthrop St., the 216-unit apartment complex was built in 1976 and updated in 2017. Mox Gunderson, Josh Talberg, Dan Linnell and Adam Haydon of JLL represented the seller, Main Street Cos. A joint venture between a fund managed by DRA Advisors and Marquette Cos. was the buyer. The sale represents a value-add opportunity as roughly 50 percent of the apartment complex is still in need of renovations, according to JLL.
LINCOLN, NEB. — MAG Capital Partners LLC has sold an approximately 88,000-square-foot athletic and tennis facility in Lincoln to the property’s tenant, Genesis Health Clubs. The sales price was undisclosed. MAG Capital Partners purchased the property, located at 5300 Old Cheney Road, in 2017 and leased it to Genesis. The property offers tennis, racquetball, aquatics, youth programs, tanning, massage therapy, a café and pro shop. Plans for a major remodel are underway. Fort Worth, Texas-based MAG Capital Partners is led by principals Dax T.S. Mitchell and Andrew Gi. Genesis operates 57 locations across six states.
HAZELWOOD, MO. — Stan Johnson Co. has brokered the sale of an industrial property comprised of a 25,107-square-foot building and an adjacent parking lot in Hazelwood, a northern suburb of St. Louis. The sales price was undisclosed. Carvana Service Center occupies the building, which was renovated for the tenant in 2020. Amazon Fleet Parking leases the parking lot for its sprinter fleet vans and trucks. The property is located at 5651-5701 Phantom Drive. Jonathan Ameen of Stan Johnson represented the Missouri-based seller. A Georgia-based institutional investor was the buyer.
MANCHESTER, GA. — Coldwell Banker Commercial has arranged the sale of a 370,000-square-foot warehouse and distribution building located at 1000 W. Main St. in Manchester. The sales price was not disclosed. Ernie Smallman IV of Coldwell Banker Commercial Kennon, Parker, Duncan & Davis represented the buyer, FW Logistics, and the seller, Global Track Warehouse. Built in 1978, the single-story property is situated on 30 acres roughly 39 miles from Columbus, Ga., and 19 miles from Pine Mountain, Ga. The property has 21 exterior dock doors and 300 parking spaces located outside of the building. FW Logistics has selected Coldwell Banker Commercial as the exclusive leasing agent for the property. The firm intends to lease 300,000 square feet of the building to a tenant and utilize the remaining space for its own operations. The company also plans to do upgrades and renovations to the building.
CLEARWATER, FLA. — Stan Johnson Co. has brokered the $23 million sale of a 106,000-square-foot distribution facility located at 13133 34th Street N. in Clearwater. Seattle-based Amazon anchors the industrial facility, which is adjacent to Macy’s operations center and Raymond James’ headquarters. Stan Johnson’s Craig Tomlinson, John Zimmerman and Rocco Driscoll represented the 1031 exchange buyer, a New Jersey-based syndicator, in the transaction. Bruce Vaughan of Vaughan Commercial represented the seller, a private local partnership group. Originally built in 1980, the distribution facility was fully renovated in 2019 and is situated on 8.8 acres. The property is located less than two miles from Interstate 275, St. Pete-Clearwater International Airport and Old Tampa Bay.
SHEPHERDSVILLE, KY. — Bay Country Estates has purchased a 34,484-square-foot retail property in Shepherdsville that is ground-leased to Burger King. An entity doing business as Dixie Hwy Development #3 LLC sold the property for $1.6 million. Carrols Corp. operates the Burger King location, which has 18.5 years remaining on its lease. The property is located at 315 Keystone Crossing Drive, about 20 miles south of Louisville. Jesse Limon of Marcus & Millichap’s Manhattan office represented the seller in the transaction. Jesse Limon and Colby Haugness of Marcus & Millichap’s Kentucky office represented the buyer.