Acquisitions

Next Realty Acquires 67,000 SF Retail Center in Cincinnati

by Kristin Harlow July 23, 2021

CINCINNATI — An affiliate of Next Realty LLC has acquired the Kings Automall Shopping Center, a 67,000-square-foot retail center in Cincinnati. The property is home to tenants such as Planet Fitness, Mirage Restaurant, Play it Again Sports, Salon Concepts, Penn Station, LensCrafters, Samarkand Food Market, Kings Ford, Queens Nails and Your CBD Store. There is currently one 1,400-square-foot vacancy. The acquisition marks Next’s first purchase in Cincinnati. The seller and sales price were undisclosed.

July 23, 2021

Acquisitions Multifamily Texas

Tishman Speyer Buys Second Building at 240,000 SF Foundry Office Complex in Austin

by Taylor Williams July 23, 2021

AUSTIN, TEXAS — New York City-based investment and development firm Tishman Speyer has purchased Building II at The Foundry, a 240,000-square-foot office complex in Austin. The two-building complex was 96 percent leased at the time of sale and offers amenities such as multiple fitness centers, bike storage spaces and outdoor terraces. Earlier this year, Tishman Speyer closed on the Foundry I building, which opened in 2019. At the time, the company announced that the follow-up acquisition of Foundry II would be executed once construction was completed. Cushman & Wakefield represented the seller, Cielo Property Group, in the sale of The Foundry. CBRE leases the property.

July 23, 2021

Acquisitions Multifamily Texas

Greysteel Brokers Sale of 200-Unit Multifamily Property in Killeen, Texas

by Taylor Williams July 23, 2021

KILLEEN, TEXAS — Greysteel has brokered the sale of Summerlyn Apartments, a 200-unit multifamily property located in the Central Texas city of Killeen. Built in 1974, the property offers one- and two-bedroom units and amenities such as a pool, fitness center, basketball and volleyball courts and outdoor picnic areas. Andrew Hanson, Doug Banerjee and Chris Castillo of Greysteel represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

July 23, 2021

Acquisitions Multifamily Texas

TMG Negotiates Sale of 151-Unit Crossings Apartments in Metro Dallas

by Taylor Williams July 23, 2021

GARLAND, TEXAS — The Multifamily Group (TMG), a Dallas-based brokerage firm, has negotiated the sale of Crossings Apartments, a 151-unit complex located in the northeastern Dallas suburb of Garland. The property was built in 1969 and features an average unit size of 806 square feet. Amenities include a pool, grilling areas and onsite laundry facilities, according to Apartments.com. Jon Krebbs of TMG represented the seller, a family office based in Fort Worth, in the transaction, and procured the undisclosed buyer. Old Capital Lending provided a Freddie Mac floating-rate acquisition loan to the new ownership.

July 23, 2021

Greenwood-Corporate-Plaza-Greenwood-Village-CO

Acquisitions Colorado Office Western

Viking Partners, Bancroft Capital Acquire 412,869 SF Greenwood Corporate Plaza Near Denver

by Amy Works July 23, 2021

GREENWOOD VILLAGE, COLO. — Viking Partners Management, on behalf of its fourth value-add fund, and Bancroft Capital have purchased Greenwood Corporate Plaza, a suburban office campus located at 5990 Greenwood Plaza in Greenwood Village. An undisclosed seller sold the asset for $38.4 million. Built in 1981 and renovated in 2015, Greenwood Corporate Plaza features four identical, three-story, Class B office buildings totaling 412,869 square feet on 36 acres. At the time of sale, the property was 57 percent occupied. The buyers plan to implement a capital improvement plan that will include replacing the roofs and HVAC systems; modernizing building entrances and exterior lighting; reforming the outdoor hardscape; and refreshing the elevators, bathrooms, lobbies and hallways.

July 23, 2021

Acquisitions California Industrial Western

Rockefeller Group Sells 135,623 SF Distribution Center in San Diego

by Amy Works July 23, 2021

SAN DIEGO — Rockefeller Group has completed the disposition of Airway Industrial Park, a distribution center located in San Diego’s Otay Mesa submarket. The buyer was a fund managed by Black Creek Group, which Ares Management acquired on July 1. The price was not disclosed. Situated on 7.8 acres at 8150 Airway Road, the property offers 135,623 square feet of industrial space. Airway Industrial Park features 32-foot clear heights, a 185-foot truck yard, truck trailer parking and an efficient office design, as well as 137 auto parking spaces. The project team included Ware Malcomb, Kimley-Horn & Associates and Dempsey Construction.

July 23, 2021

Acquisitions California Industrial Western

Sentre Buys Temecula Heights Industrial Facility in California for $40.7M

by Amy Works July 23, 2021

TEMECULA, CALIF. — Sentre has purchased Temecula Heights, an industrial property located at 42301 Zevo Drive in Temecula, for $40.7 million, or $178 per square foot. The name of the seller was not released. Constructed in 1998 on 11 acres, Temecula Heights features 229,000 square feet of industrial space, 26-foot clear heights, ESFR sprinklers and 27 dock doors. At the time of sale, the property was 84 percent leased to a Fortune 100 medical product company.

July 23, 2021

Acquisitions Arizona Net Lease Retail Western

Marcus & Millichap Arranges $4.8M Sale of Planet Fitness-Occupied Property in Tucson

by Amy Works July 23, 2021

TUCSON, ARIZ. — Marcus & Millichap has brokered the sale of a retail building located at 4755 S. Calle Santa Cruz within Tucson Spectrum in Tucson. A limited liability company acquired the property from another limited liability company for $4.8 million. Planet Fitness occupies the 25,000-square-foot property, which was built in 2018, under a net lease. Mark Ruble and Chris Lind of Marcus & Millichap’s Phoenix office represented the seller and procured the buyer in the transaction.

July 23, 2021

Acquisitions Industrial New Jersey Northeast

Wharton Industrial Acquires 153,400 SF Portfolio in Pennsauken, New Jersey

by Taylor Williams July 23, 2021

PENNSAUKEN, N.J. — Wharton Industrial, a division of New York City-based development and investment firm Wharton Equity Partners, has acquired a 153,400-square-foot portfolio in the Southern New Jersey community of Pennsauken. The portfolio consists of three buildings that are located within the 1.1 million-square-foot Twinbridge Industrial Park and that were 100 percent leased at the time of sale. Tom Palumbo and Bill Sitar of Sitar Realty brokered the deal.

July 23, 2021

Acquisitions Massachusetts Northeast Retail

Horvath & Tremblay Negotiates $11M Sale of Metro Boston Retail Property Leased to Walgreens

by Taylor Williams July 23, 2021

WOBURN, MASS. — Horvath & Tremblay, a national brokerage firm based in metro Boston, has negotiated the $11 million sale of a 10,646-square-foot, newly built retail property in the northern Boston suburb of Woburn. Walgreens occupies the property and has 14 years remaining on its lease. Peter Butler and Brendan Conway of Horvath & Tremblay represented the seller and procured the buyer, both of which requested anonymity, in the transaction. The deal traded at a cap rate of 5.37 percent.

July 23, 2021

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