Acquisitions

Lantower-Southwest-Building-Wichita-Falls

Marcus & Millichap Brokers Sale of 124,356 SF Office Building in Wichita Falls, Texas

by Taylor Williams March 18, 2021

WICHITA FALLS, TEXAS — Marcus & Millichap has brokered the sale of the Lantower Southwest Building, a 124,356-square-foot office property in Wichita Falls, located roughly midway between Dallas and Amarillo. The building is situated on 3.5 acres and was 81 percent leased at the time of sale to tenants such as Merrill Lynch, J.P. Morgan Chase, Wichita Home Health and Jacksboro National Bank. Joseph Jacques of Marcus & Millichap represented the seller, a partnership, and procured the buyer, a limited liability company. Both parties requested anonymity.

March 18, 2021

Acquisitions Industrial Midwest Ohio Retail

Industrial Commercial Properties Acquires Chapel Hill Mall in Akron, Plans Redevelopment

by Kristin Harlow March 18, 2021

AKRON, OHIO — Industrial Commercial Properties (ICP) has acquired the 635,000-square-foot Chapel Hill Mall in Akron for an undisclosed price. The mall is contiguous to the former Sears building and auto center, which ICP purchased last year. With the Sears property, the total acquisition amounts to 829,000 square feet on 60 acres. ICP is considering converting the mall into a multi-tenant campus or a series of industrial buildings, but detailed redevelopment plans have yet to be released. Chapel Hill Mall is ICP’s seventh acquisition in 2021, bringing the company’s portfolio to more than 150 properties in five states.

March 18, 2021

Acquisitions Industrial New Hampshire Northeast Self-Storage

Marcus & Millichap Brokers Sale of 391-Unit Self-Storage Facility in Brentwood, New Hampshire

by Taylor Williams March 18, 2021

BRENTWOOD, N.H. — Marcus & Millichap has brokered the sale of Creative Self Storage, a 391-unit facility in Brentwood, located in the southern part of the state. The property features 58,064 net rentable square feet across 357 non-climate-controlled units and 34 climate-controlled units. Nathan Coe, Brett Hatcher, Gabriel Coe and James Koury of Marcus & Millichap represented the seller in the transaction. Additional terms of sale were not disclosed.

March 18, 2021

Acquisitions Healthcare New Jersey Northeast

Avison Young Negotiates $3.7M Sale of Medical Office Building in Sewell, New Jersey

by Taylor Williams March 18, 2021

SEWELL, N.J. — Avison Young has negotiated the $3.7 million sale of Offices at Harbor Pavilions, a 15,000-square-foot medical office building in Sewell, located outside of Philadelphia in the southern part of the state. The property was built in 2007 and is leased to Rowan University School of Osteopathic Medicine and Reconstructive Orthopedics. Scott Martin of Avison Young represented the seller, a local investor, and the buyer, a local doctor, in the transaction.

March 18, 2021

Acquisitions California Mixed-Use Office Restaurant Retail Western

Turnbridge Equities, Waterford Property Co. Acquire City Place Long Beach Mixed-Use Property in Southern California

by Amy Works March 18, 2021

LONG BEACH, CALIF. — A partnership between Turnbridge Equities and Waterford Property Co., along with Monument Square Investment Group, has purchased City Place Long Beach, a 14-acre, large-scale, open-air, mixed-use development in downtown Long Beach. The partnership first acquired the loan on the asset at the end of 2020 and now reached an agreement to take over ownership of the property. Originally the site was Long Beach Plaza Mall, an enclosed shopping mall that was built in 1982 and demolished in 2002 to make way for City Place. The partnership is now reinventing the property as a mixed-use development with retail, office, restaurant and entertainment spaces, as well as working to immediately stabilize the asset.

March 18, 2021

Acquisitions Arizona Multifamily Western

Cushman & Wakefield Brokers $64.5M Sale of Aspen Place Multifamily Community in Flagstaff, Arizona

by Amy Works March 18, 2021

FLAGSTAFF, ARIZ. — Cushman & Wakefield has arranged the sale of Village at Aspen Place, an apartment property located at 601 E. Piccadilly Drive in Flagstaff. An entity formed by Orange County, Calif.-based NNC Apartment Ventures acquired the asset from an entity formed by Kansas City, Mo.-based VanTrust Real Estate for $64.5 million. David Fogler and Steven Nicoluzakis of Cushman & Wakefield’s Multifamily Advisory Group in Phoenix represented the seller in the deal. Completed in 2015, Village at Aspen Place feature 222 units in a mix of studio, one- and two-bedroom layouts. Community amenities include ground-floor retail space, an attached parking garage and elevator service to each floor.

March 18, 2021

Acquisitions California Net Lease Retail Western

Marcus & Millichap Negotiates $22.5M Sale of Smart & Final Grocery Store Location in Westlake Village, California

by Amy Works March 18, 2021

WESTLAKE VILLAGE, CALIF. — Marcus & Millichap has arranged the sale of an asset occupied by a Smart & Final grocery store in Westlake Village, a suburb of Los Angeles. The triple-net-leased asset sold for $22.5 million, or $448 per square foot. The property totals 50,242 square feet with Smart & Final as the main tenant. However, 12,500 square feet is subleased to Dollar Tree on a 10-year, triple-net lease, with Smart & Final responsible for all aspects of the lease. Lior Regenstreif of Marcus & Millichap represented the seller, Riverside Villas LLC, in the transaction.

March 18, 2021

Acquisitions California Retail Western

Forward One Buys CVS-Occupied Property in La Verne, California for $7.7M

by Amy Works March 18, 2021

LA VERNE, CALIF. — California-based Forward One has purchased a retail property located at 1479 Foothill Blvd. in La Verne, a suburb of Los Angeles. New Jersey-based Arctrust, a private REIT, sold the asset for $7.7 million in an off-market transaction. CVS/pharmacy anchors the 26,500-square-foot building, which is situated on 1.6 acres. Anton Qiu of Anchor Pacific Capital represented the buyer, while David Kern of The Mansour Group represented the seller in the deal.

March 18, 2021

Acquisitions California Net Lease Restaurant Retail Western

JLL Arranges $4.3 Million Sale of Retail Building in Long Beach, California

by Amy Works March 18, 2021

LONG BEACH, CALIF. — JLL Capital Markets has arranged the $4.5 million sale of a newly constructed, 1,839-square-foot retail building at 5865 E. Spring St. that is triple-net leased to The Coffee Bean & Tea Leaf in Long Beach. Adam Friedlander of JLL marketed the property on behalf of the seller, Pacific West Property Group Inc. An undisclosed private investor acquired the property in an all-cash transaction as part of a 1031 exchange. Alan Wong of DAAG Developments acted as the buyer’s consultant. Situated 20 miles south of downtown Los Angeles, The Coffee Bean & Tea Leaf was constructed in 2020 and features a drive-thru along with an outdoor patio that can accommodate up to 90 customers.

March 18, 2021

Acquisitions Industrial Texas

CanTex Capital, Imperium Acquire 135,000 SF Industrial Complex in Dallas

by Taylor Williams March 17, 2021

DALLAS — Locally based investment firm CanTex Capital, in partnership with New York City-based Imperium Capital, has acquired a 135,000-square-foot industrial complex in Dallas. The infill property is situated on 19.2 acres in the West Brookhollow submarket, adjacent to the Dallas Design District. Jarrod McCabe and Campbell Roach of JLL arranged an undisclosed amount of acquisition financing on behalf of the partnership for the deal. The seller was not disclosed.

March 17, 2021

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