Acquisitions

EverWest Acquires Two-Building Industrial Portfolio in Aurora, Colorado for $66.4M

by Amy Works February 25, 2021

AURORA, COLO. — EverWest Real Estate Investors has purchased Tower Business Center, a 422,961-square-foot industrial portfolio in Aurora, from a joint venture between United Properties and Artis REIT for $66.4 million. Delivered in 2019, Tower Business Center features a 289,113-square-foot building and a 133,848-square-foot building located at 18701 and 18901 E. 38th Ave. The facilities offer 32-foot clear heights, a combined 73 dock-high and five drive-in doors, 130-foot truck courts with secured yards, LED lighting and ESFR sprinkler systems. In total, the campus offers parking for 417 cars and 73 trailers. The 18701 cross-dock building is fully leased to Tempur Sealy, and the 18901 building, with cooler, dry storage and riping capabilities, is fully occupied by Sprouts Farmers Market. Jim Bolt, Jeremy Ballenger, Tyler Carner and Jessica Ostermick of CBRE’s Denver office represented the seller in the transaction.

February 25, 2021

Acquisitions Arizona Healthcare Western

Nutex Health Buys Gilbert Emergency Hospital in Arizona for $10.5M

by Amy Works February 25, 2021

GILBERT, ARIZ. — Houston-based Nutex Health, a service provider and management firm in the micro-hospital and freestanding emergency room industry, has acquired Gilbert Emergency Hospital, a medical facility located at 5656 S. Power Road in Gilbert. MPT Operating Partnership LP DBA MPT of Gilbert LLC sold the asset for $10.5 million. Built in 2005, the 31,452-square-foot medical office serves as a privately run emergency facility with 42 acute-care beds. The property is Nutex’s third facility in Arizona and 23rd facility in the United States. Philip Wurth and Alexandra Loye of Colliers represented the seller, while Christian Giles of Arizona Healthcare Realty represented the buyer in the deal.

February 25, 2021

Acquisitions Multifamily Nevada Western

Northcap Commercial Brokers Sale of 111-Unit MCR Apartments in Las Vegas

by Amy Works February 25, 2021

LAS VEGAS — Northcap Commercial has arranged the sale of MCR Apartments, a multifamily property located in Las Vegas. Michelas LLC sold the asset to an undisclosed buyer for $6.8 million, or $61,261 per unit. Located at 226 W. St. Louis Ave., the property features 111 apartments. The community was built in 1955. Devin Lee, Jason Dittenber, Jerad Roberts and Robin Willett of Northcap Commercial represented the seller in the deal.

February 25, 2021

Acquisitions Midwest Minnesota Multifamily

Marcus & Millichap Negotiates $12.6M Sale of Two Multifamily Assets in Suburban Minneapolis

by Kristin Harlow February 25, 2021

BROOKLYN CENTER AND BROOKLYN PARK, MINN. — Marcus & Millichap has negotiated the sale of two multifamily properties in suburban Minneapolis for $12.6 million. Built in the late 1960s, West Broadway Apartments in Brooklyn Park includes 59 units. Monthly rents range from $850 to $1,673. Sterling Square Apartments in Brooklyn Center features 54 units across four buildings. Units average 820 square feet and monthly rents range from $860 to $1,665. Abe Roberts of Marcus & Millichap marketed the properties on behalf of the seller and procured the buyer, a national investor.

February 25, 2021

Acquisitions Multifamily Texas

Embrey Partners Sells 353-Unit Kelley at Samuels Avenue Apartments in Fort Worth

by Taylor Williams February 25, 2021

FORT WORTH, TEXAS — San Antonio-based developer Embrey Partners has sold Kelley at Samuels Avenue, an apartment community that overlooks the Trinity River in Fort Worth. According to Apartments.com, Kelley at Samuels Avenue was built in 2018 and totals 353 units. The property features one-, two- and three-bedroom units with stainless steel appliances, quartz countertops and individual washers and dryers. Amenities include a pool, fitness center, game room, beer garden, outdoor kitchen and a pet spa. The buyer was not disclosed.

February 25, 2021

Echelon-at-Monterrey-Village-San-Antonio

Acquisitions Multifamily Texas

180 Multifamily Properties Buys 240-Unit Apartment Community in West San Antonio

by Taylor Williams February 25, 2021

SAN ANTONIO — 180 Multifamily Properties, an investment firm based in Arlington, Texas, has purchased Echelon at Monterrey Village, a 240-unit apartment community in west San Antonio. Built in 2018, the property features one-, two- and three-bedroom units with stainless steel appliances, tile backsplashes and oversized tubs. Amenities include a pool, fitness center, coffee bar, sand volleyball court, a resident lounge and business center and communal outdoor green space. Will Caruth, Mike Miller and Cody Courtney of Berkadia represented the seller, The Garrett Cos., an Indiana-based developer.

February 25, 2021

Acquisitions Industrial New Jersey Northeast Self-Storage

Tulfra Real Estate Sells 816-Unit Self-Storage Facility in Rochelle Park, New Jersey

by Taylor Williams February 25, 2021

ROCHELLE PARK, N.J. — Tulfra Real Estate, a locally based investment and development firm, has sold an 816-unit self-storage facility in the Northern New Jersey community of Rochelle Park. The four-story, 113,000-square-foot facility is located within the seven-acre Village Center of Rochelle Park mixed-use development. The buyer was Columbia Self Storage. Tulfra Real Estate acquired the property, a former AT&T data site, in late 2018.

February 25, 2021

Acquisitions Kentucky Southeast

Herschend Family Entertainment Purchases Kentucky Kingdom, Hurricane Bay in Louisville

by Julia Sanders February 24, 2021

LOUISVILLE, KY. — Herschend Enterprises has become the majority owner and main operator of Kentucky Kingdom and Hurricane Bay, an amusement and water park located at 937 Phillips Lane in Louisville. Georgia-based Herschend is a family-owned theme attractions and entertainment company whose operations include Dollywood, Silver Dollar City and Newport Aquarium. Craig Ross, Dollywood’s president for the past 10 years, will serve as Kentucky Kingdom’s interim general manager. The acquisition was a collaborative effort between Kentucky Kingdom LLLP, the Kentucky State Fair Board, the Tourism, Arts and Heritage Cabinet and the Finance & Administration Cabinet. The price of the transaction was not disclosed. Kentucky Kingdom and Hurricane Bay opened in 1987 and cover a 65-acre entertainment complex. According to the Louisville Business First, entrepreneur Ed Hart and an investor group with Ed Glasscock, Bruce Lunsford and the Al J. Schneider Cos. reached a deal with the State of Kentucky to acquire and reopen the park, which closed in 2009 following a decade operating as Six Flags Kentucky Kingdom. In 2014, Kentucky Kingdom reopened after a $44 million redevelopment effort that doubled the size of the Hurricane Bay water park. Future plans for the Louisville amusement and water park include hosting …

February 24, 2021

Acquisitions Florida Industrial Southeast

McCraney Acquires 40 Acres in Ocoee, Florida for Spec Industrial Park Development

by Julia Sanders February 24, 2021

OCOEE, FLA. — McCraney Property Co., a private industrial real estate development and investment firm, has acquired 40 acres in an off-market assemblage of three parcels just south of East Fullers Cross Road in Ocoee. The purchase price was not disclosed. The company plans to develop Progress Commerce Park, a six-building, Class A speculative industrial park totaling 480,560 square feet. Currently, the proposed site plan is under review with the City of Ocoee, as well as a zoning change request. If approved, Progress Commerce Park will be developed in three phases. The sellers are Lawrence Levin, Patricia Donahue, Thomas West and West & West LLC, according to Orlando Business Journal. Neither the seller’s nor McCraney Property had brokers in the acquisition.

February 24, 2021

Acquisitions Office Texas

JLL Arranges Sale of 20-Story Pier 1 Imports Tower to City of Fort Worth

by Taylor Williams February 24, 2021

FORT WORTH, TEXAS — JLL has arranged the sale of the 20-story, 409,997-square-foot Pier 1 Imports office tower to the City of Fort Worth. The city plans to occupy about 260,000 square feet of space by 2022 at the building, which is located at 100 Energy Way in the downtown area, including the relocation of Fort Worth City Hall. Amenities include a fitness center and a cafeteria. Todd Burnette, Pat McDowell, David Berzina and John Davidson of JLL brokered the deal. According to the Fort Worth Business Press, Pier 1 sold the building in 2008 to Chesapeake. Hines acquired the property in 2014 and sold it to Hertz Investment Group in 2018. Pier 1 Imports filed for Chapter 11 bankruptcy in February 2020 and subsequently announced a full liquidation plan in May.

February 24, 2021

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