Acquisitions

Likewise Partners Buys Metro Milwaukee Industrial Property for $3.7M

by Kristin Harlow May 21, 2021

FRANKLIN, WIS. — Likewise Partners LLC has purchased a 54,833-square-foot industrial facility located at 9720 S. Oakwood Park Drive in Franklin, a southern suburb of Milwaukee. The purchase price was $3.7 million. The building features a clear height of 24 feet and is located within the 4.5 million-square-foot Franklin Business Park. Constructed in 2000, the facility is fully leased to four tenants. Adam Matson and Travis Tiede of Newmark represented Likewise in the transaction. Raymond Zanca and Scott Modelski of Black Bear Capital Partners arranged acquisition financing. The acquisition marks the first purchase in Wisconsin for Minneapolis-based Likewise, which targets industrial investment and development in Midwest markets.

May 21, 2021

Acquisitions Development Retail Utah Western

Midtown National Group Acquires Highland Marketplace in Utah, Plans 65,000 SF Development

by Amy Works May 20, 2021

HIGHLAND CITY, UTAH — Midtown National Group (MNG) has purchased Highland Marketplace shopping center and 9.2 acres of development land in Highland City. Located at 5300 W. 11000 North, the shopping center offers 40,000 square feet of existing retail space with storefronts ranging from 1,010 square feet to 5,641 square feet. A 65,000-square-foot athletic facility is slated to be built on the development land, which is on the north boundary of the shopping center. Lance Pendleton of Mountain West Commercial Real Estate handled the transaction and will manage the retail and office leasing opportunities for the property.

May 20, 2021

Acquisitions California Loans Office Retail Western

Thorofare Capital Funds $18M Acquisition Loan for The Spreckels Building in San Diego’s Gaslamp District

by Amy Works May 20, 2021

SAN DIEGO — Thorofare Capital has funded an $18 million loan for a joint venture between New York-based Taconic Capital Advisors and Triangle Capital Group for the purchase of The Spreckels Building in San Diego. Located at 121 Broadway in the Gaslamp District, The Spreckels Building features 217,173 square feet of office, retail and theater space. The six-story building was built in 1912 and most recently renovated in 1982. The property was designated as one of San Diego’s historic sites in 1972 and placed on the National Register of Historic Places in 1975. Marc Renard led the Cushman & Wakefield team that represented the seller, a family trust associated with Jacquelyn Littlefield, while the buyer was self-represented in the transaction. CBRE will serve as the property’s manager under the new ownership.

May 20, 2021

Acquisitions Arizona Retail Western

JLL Brokers $16.2M Sale of Single-Tenant Retail Building Near Phoenix

by Amy Works May 20, 2021

GLENDALE, ARIZ. — JLL has arranged the sale of a single-tenant retail building located within Talavi Town Center in Glendale. The property traded for $16.2 million. A global discount department and grocery store tenant occupies the 33,300-square-foot property, which is situated on 3.4 acres at 5845 W. Bell Road. Adam Friedlander and Patrick Dempsey of JLL Capital Markets Investments Sales Advisory team represented the undisclosed seller in the deal. The name of the buyer was not released.

May 20, 2021

Acquisitions Loans Multifamily Oregon Western

Tower Capital Arranges $15.6M Acquisition, Rehab Loan for Multifamily Property in Metro Portland

by Amy Works May 20, 2021

TUALATIN, ORE. — Tower Capital has arranged a $15.6 million acquisition and rehabilitation loan for an apartment community located in Tualatin, a suburb of Portland. The undisclosed borrower acquired the property in an off-market transaction. The asset features 74 units in a mix of one-, two- and three-bedroom floor plans with outdoor balconies or patios. The borrower plans to implement a capital improvement program to upgrade the remaining 66 partially renovated units. Interior renovations will include installation of stainless steel appliances, lighting fixtures, plumbing fixtures, vinyl plank flooring in common areas, new carpet in bedrooms, tile backsplashes in the kitchen and new electrical plates. Community amenities include picnic areas, barbecuing stations and natural scenic paths. The three-year bridge loan features a floating interest rate starting at 3.2 percent based upon a 75 percent loan-to-cost ratio. Additionally, Tower Capital introduced the borrower to a limited partner that provided $4 million of capital with a 10 percent preferred return and graduated waterfall structure.

May 20, 2021

Acquisitions Retail Southeast Tennessee

SRS Brokers $18M Sale of Kroger-Anchored Shopping Center in Metro Nashville

by Julia Sanders May 20, 2021

ANTIOCH, TENN. — SRS Real Estate Partners has brokered the sale of the Shoppes at Hickory Hollow, a 144,469-square-foot, Kroger-anchored shopping center in Antioch. The sellers, Mishorim USA Inc., Park One USA Inc. and Gold Investments USA Inc., sold the property to an entity doing business as FNRP CV LLC for $18 million. The center is situated at 5319 Mount View Road next to Mount View and Bell roads in metro Nashville. Built in 1986 on approximately 12.9 acres, the center is roughly 97 percent leased to tenants such as Citi Trends, Octapharma Plasma, EmbroidMe, PostalAnnex, Republic Finance and Little Caesars Pizza. Kyle Stonis and Pierce Mayson of SRS’ Investment Properties Group represented the seller in the transaction. The buyer was self-represented. Shoppes at Hickory Hollow is the second Kroger-anchored transaction that SRS has brokered this year.

May 20, 2021

Acquisitions Florida Retail Southeast

Limestone Asset Management Acquires Two Retail Outparcels Near Orlando’s Mall at Millenia for $10.4M

by Julia Sanders May 20, 2021

ORLANDO, FLA. — Miami-based Limestone Asset Management has acquired two outparcel buildings totaling 14,075 square feet near Orlando’s Mall at Millenia for $10.4 million. The acquisitions include a 5,530-square-foot store located at 4006 Conroy Road that is leased to AT&T; and a two-tenant outparcel at 4060 Conroy Road housing a 5,045-square-foot Panera Bread and a 3,500-square-foot Shake Shack. Mall at Millenia comprises more than 1.1 million square feet and includes anchors such as Macy’s, Neiman Marcus and Bloomingdale’s. The property is located at 4200 Conroy Road, six miles southwest of downtown Orlando. Kevin Sanz of Orion Real Estate Group represented Limestone in the purchase. Patrick Luther of SRS Real Estate Partners represented the undisclosed seller of the AT&T-leased store. Ocean Bank provided an undisclosed amount of acquisition financing.

May 20, 2021

Acquisitions Industrial Self-Storage Texas

JLL Negotiates Sale of 645-Unit Self-Storage Facility in Metro Austin

by Taylor Williams May 20, 2021

BEE CAVE, TEXAS — JLL has negotiated the sale of CubeSmart – Bee Cave, a 645-unit self-storage facility located on the western outskirts of Austin. The property opened in September 2019 and consists of 590 climate-controlled units and 55 non-climate-controlled drive-up units. Brian Somoza and Steve Mellon of JLL represented the seller, an affiliate of locally based developer Endeavor Real Estate Group, in the transaction. The buyer, New York City-based investment firm The Pegasus Group, will manage the property under its Central Self Storage flag.

May 20, 2021

Acquisitions Development Multifamily Texas

Origin Investments Buys $7.2M Preferred Equity Stake in Multifamily Project Near Fort Worth

by Taylor Williams May 20, 2021

MANSFIELD, TEXAS — Chicago-based Origin Investments has purchased a $7.2 million preferred equity stake from in Haven at Mansfield, a 257-unit multifamily project under construction on the southern outskirts of Fort Worth, from Guefen Development Partners. Slated for a May 2022 completion, Haven at Mansfield will offer units with granite countertops, stainless steel appliances and full-size washers and dryers. Amenities will include a pool, fitness center, clubhouse and an indoor/outdoor social lounge.

May 20, 2021

Acquisitions Midwest Minnesota Multifamily

Colliers Brokers $1.7M Sale of Multifamily Development Site in Rogers, Minnesota

by Kristin Harlow May 20, 2021

ROGERS, MINN. — Colliers MSP has brokered the $1.7 million sale of a 14.8-acre land site in Rogers, a northwest suburb of the Twin Cities. The buyer, Rachel Development Inc., plans to build a 134-unit apartment complex as well as 56 townhomes. Andy Heieie and Rob Brass of Colliers represented the seller, WJD II & Co. LLP. The Colliers team also worked with the owners of the adjacent Caribou Coffee and Culvers to redesign their access points and drive-thru lanes for the project.

May 20, 2021

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