Acquisitions

Terra, Terranova Sell Former PepsiCo Bottling Plant in South Florida for $55M

by John Nelson February 11, 2021

DORAL, FLA. — Terra and Terranova Corp. have sold a 23.7-acre site in Doral for $55 million, or $2.3 million per acre. The land houses PepsiCo’s former bottling plant, which spans 232,000 square feet. Terra and Terranova, two South Florida investment firms led by David Martin and Stephen Bittel, respectively, initially acquired the site for $40 million in January 2018 and subsequently leased the property back to PepsiCo through July 2020. The unnamed buyer shares a Santa Monica address with GLP Capital Partners (GCP), an investment firm that specializes in logistics properties. The former PepsiCo bottling plant is located at 7777 Northwest 41st St. and is situated less than two miles from Miami International Airport. The property is zoned for industrial development and can accommodate up to 500,000 square feet of commercial space. Terra is a Miami-based real estate development and investment company. Terranova Corp. is a South Florida commercial real estate investment firm.

February 11, 2021

Acquisitions Georgia Retail Southeast

Marcus & Millichap Brokers $9.5M Sale of Promenade Shopping Center in Metro Atlanta

by John Nelson February 11, 2021

SMYRNA, GA. — Marcus & Millichap has brokered the $9.5 million sale of the 71,273-square-foot Promenade Shopping Center in Atlanta. Tim Giambrone of Marcus & Millichap’s The Giambrone Group represented both the buyer and the seller in the transaction. The undisclosed buyer was a private investor located in Central Florida, and the seller was Charles Lotz, a Tennessee-based developer who originally built the center in 1983. Promenade Shopping Center is located at 930 Cobb Parkway S., just north of the Interstate-285 and Interstate-75 exchange. Best Buy is a shadow anchor for the center. Promenade’s tenants include Scalini’s Italian Restaurant, West Marine, Juicy Crab, Chow King and T-Mobile, as well as a Bruster’s outparcel. The Giambrone Group of Marcus & Millichap is a real estate investment brokerage based in Atlanta.

February 11, 2021

Acquisitions Multifamily Texas

Berkadia Arranges Sale of 414-Unit Stewart Creek Apartments in Frisco

by Taylor Williams February 11, 2021

FRISCO, TEXAS — Berkadia has arranged the sale of Stewart Creek Apartments, a 414-unit multifamily community in Frisco. Built in 1999, the property features one-, two- and three-bedroom units with quartz countertops, walk-in closets and private balconies/patios. Amenities include a business center, clubhouse, package lockers, picnic area and a bark park. Jay Gunn, Tom Burns and Will Jarnagin of Berkadia represented the seller, Plano-based Univesco Inc., in the transaction. In addition, Jason Rice and Chris Pollard of Berkadia arranged floating-rate acquisition financing through Varde Mortgage Capital on behalf of the sponsor, Lubbock-based Madera Residential.

February 11, 2021

Acquisitions Industrial Texas

Stan Johnson Brokers $28M Sale-Leaseback of Industrial Portfolio in Texas, Southeast

by Taylor Williams February 11, 2021

TULSA, OKLA. — Tulsa-based Stan Johnson Co. has brokered the $28 million sale-leaseback of a portfolio of eight industrial properties located throughout Texas and the Southeast. Brad Pepin and Jeff Tracy of Stan Johnson Co., along with Tom Gates and David Maynard of Mirador Real Estate Advisors, represented the undisclosed seller, which executed long-term, absolute triple-net leases at closing. The buyer was a New York-based institutional investor. The portfolio totals more than 200,000 square feet across 70.5 acres, including one newly built property that features a combination of industrial and office space and serves as the tenant’s headquarters.

February 11, 2021

Acquisitions Midwest Retail Wisconsin

Colliers Arranges $23.5M Sale of Whole Foods-Occupied Property in Milwaukee

by Kristin Harlow February 11, 2021

MILWAUKEE — The Wisconsin investment services team of Colliers International has arranged the sale of a Whole Foods Market-occupied property in Milwaukee for $23.5 million. The sales price represents a cap rate of 5.5 percent. Located at 2305 N. Prospect Ave., the 53,875-square-foot store is part of the commercial space at Prospect Medical Commons. Adam Connor of Colliers represented the seller, a Seattle-based private investor. California-based ExchangeRight Real Estate LLC purchased the asset as part of a 1031 exchange. This is the second time in the last five years that the asset has traded hands.

February 11, 2021

Acquisitions Midwest Minnesota Multifamily

JLL Brokers $8.7M Sale of Apartment Community in Metro Minneapolis

by Kristin Harlow February 11, 2021

WOODBURY, MINN. — JLL Capital Markets has brokered the $8.7 million sale of Regency Hill Apartments in Woodbury within metro Minneapolis. The 38-unit multifamily community is 97 percent occupied. Built in 2006, the townhome-style rental property includes barbecue picnic areas, a courtyard and heated underground parking. Mox Gunderson, Josh Talberg, Dan Linnell and Adam Haydon of JLL represented the sellers, Bigos and Williams-Regency Hill LLC. Premier Storage purchased the asset while completing a 1031 exchange.

February 11, 2021

Acquisitions Illinois Industrial Midwest

Greenstone Partners Negotiates $8.2M Sale of Industrial Building in Champaign, Illinois

by Kristin Harlow February 11, 2021

CHAMPAIGN, ILL. — Greenstone Partners has negotiated the sale of a 182,084-square-foot industrial building in Champaign for $8.2 million. The property is fully leased to Rockwell Automation, which plans to vacate upon the expiration of its short-term lease. The East Coast-based buyer plans to lease up the property within the next 12 to 18 months. The Class A building features a clear height of 32 feet and is located at 2802 Bloomington Road. Greenstone Partners represented the seller, a Chicago-based family office.

February 11, 2021

Acquisitions Kansas Midwest Multifamily

Newmark Zimmer Arranges Sale of 97-Unit Apartment Property in Topeka, Kansas

by Kristin Harlow February 11, 2021

TOPEKA, KAN. — Newmark Zimmer has arranged the sale of Westgate Village in Topeka for an undisclosed price. The 97-unit apartment property underwent extensive interior and exterior renovations over the last two years, including the full renovation of a building that was damaged by a fire. Michael VanBuskirk, Chris Robertson and TJ Wahl of Newmark Zimmer brokered the transaction. A private partnership sold the asset to Chicago-based ALK Properties, which is expanding its existing presence in the Topeka market.

February 11, 2021

Acquisitions Colorado Office Western

MetLife Sells 304,059 SF Office Building in Southeast Denver to Miller Global, Principal Real Estate Investors

by Amy Works February 11, 2021

DENVER — MetLife Investment Management has completed the disposition of 4600 S. Syracuse, an office building located in Denver’s southeast market. A joint venture between Miller Global Properties and Principal Real Estate Investors acquired the 304,059-square-foot asset for an undisclosed price. Completed in 1999 and renovated in 2013, 4600 S. Syracuse features floor-to-ceiling windows, efficient 25,000-square-foot floorplates and recently updated conferencing and fitness facilities. Additionally, the 13-story building features a 727-space parking garage, as well as the development upside through excess land that could potentially host an office tower or multifamily development. At the time of sale, the property was 90 percent leased to 19 tenants across eight industries. Mark Katz and Peter Merrion of JLL Capital Markets represented the seller, while Eric Tupler and Josh Simon, also of JLL Capital Markets, arranged acquisition financing for the buyer.

February 11, 2021

Acquisitions Arizona Multifamily Western

Colliers Arizona Brokers $54.2M Sale of Crosswinds Multifamily Community in Chandler

by Amy Works February 11, 2021

CHANDLER, ARIZ. — Colliers International has arranged the sale of Crosswinds, a multifamily property located at 868 S. Arizona Ave. in Chandler. Los Angeles-based Tides Equities acquired the 147,556-square-foot asset from Toronto-based Emma Capital for $54.2 million. Built in 1986 on 10.9 acres, Crosswinds features 374 apartments spread across 17 residential buildings. The unit mix includes studio, one- and two-bedroom layouts, many of which have been renovated to include vaulted ceilings, faux-wood flooring, walk-in closets, private patios and energy-efficient appliances. Community amenities include a pool and spa; barbecue and picnic area; basketball, sports and volleyball courts; children’s playground; resident clubhouse; fitness center; and laundry facilities. Brad Cooke, Cindy Cooke, Matt Roach and Chris Roach of Colliers Arizona handled the transaction.

February 11, 2021

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