Acquisitions

NAI Isaac Brokers Sale of 120,000 SF Corporate Plaza Office Building in Lexington, Kentucky

by Julia Sanders March 26, 2021

LEXINGTON, KY. — NAI Isaac has brokered the sale of 771 Corporate Drive, a 120,000-square-foot office building in Lexington. An entity doing business as Corporate Drive LLC sold the 10-story property was sold to a private, undisclosed buyer. Al Isaac of NAI Isaac represented the seller in the transaction. The price was not disclosed. The Corporate Plaza is located about four miles from Bluegrass Airport. The new property owner has retained NAI Isaac as the exclusive leasing agent and property manager for the building, marking over two decades of the local firm managing Corporate Plaza.

March 26, 2021

Acquisitions Industrial North Carolina Southeast

McCraney Purchases 150 Acres in Charlotte, Plans to Develop 1.2 MSF Industrial Park

by Julia Sanders March 26, 2021

CHARLOTTE, N.C. — McCraney Property Co. has purchased 150 acres in an off-market assemblage of four parcels at the intersection of Garrison Road and West Boulevard in Charlotte. This transaction is believed to be the last remaining premium parcel in Charlotte’s Southwest Airport industrial submarket. If the site plan is approved by the City of Charlotte, McCraney will build 485 Logistics Industrial Park, a speculative, Class A industrial park encompassing approximately 1.2 million square feet across five buildings. The new park would bring McCraney’s Charlotte portfolio to more than 2 million square feet. Christopher Skibinski and Chris Loyd of Avison Young represented one of the four sellers in the land transaction.

March 26, 2021

Acquisitions Multifamily Texas

Marcus & Millichap Brokers Sale of 100-Unit Richelieu at Bluffview Apartments in Dallas

by Taylor Williams March 26, 2021

DALLAS — Marcus & Millichap has brokered the sale of The Richelieu at Bluffview, a 100-unit multifamily complex in Dallas. The property was built in 1963 and consists of 11 buildings situated on 3.3 acres. Al Silva and Ford Braly of Marcus & Millichap represented the seller, family of the original developer, in the transaction. The duo also procured a California-based 1031 investor as the buyer. Both parties requested anonymity.

March 26, 2021

Acquisitions Retail Texas

Phillips Edison Acquires 28,134 SF Shopping Center in Denton, Texas

by Taylor Williams March 26, 2021

DENTON, TEXAS — Phillips Edison & Co., a Cincinnati-based retail owner and developer, has acquired Hickory Creek Plaza, a 28,134-square-foot shopping center in the North Texas city of Denton. Shadow-anchored by Kroger, the center is leased to tenants such as Papa Murphy’s Pizza, Great Clips, H&R Block, Mathnasium, ATI Physical Therapy, Envy Nail Spa, Good Morning Donuts and Pizza Hut. The seller was not disclosed.

March 26, 2021

Acquisitions Illinois Midwest

Slate Asset Management Acquires CRE Business of Annaly Capital Management for $2.3B

by Kristin Harlow March 26, 2021

CHICAGO — Slate Asset Management LP has entered into a definitive agreement to acquire the commercial real estate business of Annaly Capital Management Inc. (NYSE: NLY) for $2.3 billion. The transaction includes Annaly’s equity interests, loan assets and commercial mortgage-backed securities. Certain Annaly employees who primarily support the commercial real estate business are expected to join Slate upon completion of the sale, including Timothy Gallagher, head of commercial real estate, and Michael Quinn, head of commercial investments. “The commercial real estate business has been an important component of Annaly’s differentiated investment model since 2013,” says David Finkelstein, Annaly’s chief executive officer and chief investment officer. “This transaction delivers compelling execution for our shareholders and will provide additional capacity to further expand our leadership and operational capabilities across all aspects of the residential mortgage finance market, which has been the cornerstone of Annaly’s strategy since our founding.” Upon closing of the transaction, New York City-based Annaly intends to use proceeds from the sale to repay its financing facilities related to the commercial real estate assets being sold and to purchase targeted assets in accordance with its capital allocation policy, which may include investments in agency assets as well as residential and …

March 26, 2021

Acquisitions Indiana Midwest Multifamily

RADCO Cos. Sells 1,426-Unit Multifamily Portfolio in Indianapolis for $108.5M

by Kristin Harlow March 26, 2021

INDIANAPOLIS — The RADCO Cos. has sold a portfolio of three multifamily properties comprising 1,426 units in Indianapolis for $108.5 million. Aion Partners was the buyer. The portfolio includes the 220-unit Ashford Georgetown, the 728-unit Ashford Meridian Hills and the 478-unit Creekside at Meridian Hills. All three assets are situated in the northwest portion of the city and include newly renovated one-, two- and three-bedroom floor plans. George Tikijian, Hannah Ott and Cameron Benz of Cushman & Wakefield Indiana brokered the transaction.

March 26, 2021

Acquisitions Illinois Midwest Multifamily

Berkadia Brokers $43.2M Sale of Three Apartment Communities in Illinois

by Kristin Harlow March 26, 2021

ELGIN AND URBANA, ILL. — Berkadia has brokered the sale of three apartment communities in Illinois for $43.2 million. Ralph DePasquale of Berkadia’s Chicago office led the teams representing, the sellers. Wing Park Apartments is a 184-unit, garden-style property in Elgin, a northwest suburb of Chicago. A joint venture between New York-based Trevian Capital and Crown Properties Inc. sold the asset to Illinois-based Cunat Inc. The Urbana Two Portfolio is comprised of 304 units across two properties, Parkside and Stone Ridge Square. They are located within a quarter mile of each other in Urbana. Loop Investments acquired the asset from Illinois-based BWCU LLC.

March 26, 2021

Acquisitions Midwest Ohio Retail

Cooper Group Negotiates $1M Sale of Aldi-Anchored Shopping Center in Canton, Ohio

by Kristin Harlow March 26, 2021

CANTON, OHIO — The Cooper Commercial Investment Group has negotiated the $1 million sale of Pleasant View Commons in Canton, just south of Akron. The Aldi-anchored shopping center was 49 percent occupied at the time of sale. Dan Cooper and Bob Havasi of Cooper represented the seller, a private investment group based in Ohio. A private investor from Nevada purchased the asset.

March 26, 2021

Acquisitions California Healthcare Office Western

UBS Realty Investors Divests of Five-Story Medical Office Building in Beverly Hills for $74.4M

by Amy Works March 26, 2021

BEVERLY HILLS, CALIF. — UBS Realty Investors has completed the disposition of a five-story medical office building located at 9033 Wilshire in Beverly Hills. LaSalle Investment Management acquired the asset for $74.4 million. University of Southern California’s Keck Medical Center anchors the 49,721-square-foot property, which was extensively renovated in 2011. SIM & Associates designed the building, which features a surgery center, a full-service pharmacy offering drug compounding, unique art installations, valet parking with call-down service and a rooftop deck. Kevin Shannon, Rob Hannah, Ken White, Laura Stumm and Steven Salas of Newmark represented the seller in the transaction.

March 26, 2021

Acquisitions Multifamily Oregon Western

Virtu Investments Sells Courtyard at Cedar Hills Multifamily Property Near Portland to Hamilton Zanze for $32.1M

by Amy Works March 26, 2021

BEAVERTON, ORE. — Virtu Investments has completed the sale of Courtyard at Cedar Hills, a value-add multifamily property located in Beaverton, approximately seven miles from Portland. Comprising 14 garden-style residential buildings, the community features 145 units in a mix of one-, two- and three-bedroom units averaging 900 square feet. Community amenities include an indoor pool, fitness center, laundry facilities and a package locker room. The property underwent a $2 million renovation in 2016 that included updates to the common areas and select unit interiors. Located at 13643 SW Electric St., the transit-oriented community is within two blocks of the MAX light rail station, enabling connectivity across the Portland area. Ira Virden, Carrrie Kahn and Frank Solorzano of JLL Capital Markets represented the seller in the deal.

March 26, 2021

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