MESA, ARIZ. — Berkadia has arranged the sale of The Madison, a garden-style apartment community located in Mesa. Southern California-based Westgrove Partners sold the asset to an undisclosed buyer for $23 million. Located at 520 N. Mesa Drive, The Madison features 96 apartments in a mix of two-, three- and four-bedroom floor plans with oversized private patios or balconies and washers/dryers. Community amenities include a fully renovated clubhouse/leasing center, swimming pool, laundry facility, covered parking and an outdoor area with grilling stations. Dan Cheyne, Ric Holway and Mark Forrestor of Berkadia’s Phoenix office represented the seller in the deal.
KING CITY, ORE. — An affiliate of Livingston Street Capital has acquired King City Senior Village, an independent living community in the Portland suburb of King City. This is the first West Coast addition to the firm’s active adult and independent living portfolio. The property was recently renovated. The number of units and other details were not disclosed. “We’re focused on identifying core, core-plus and light value-add communities throughout the country that facilitate the lifestyles today’s 55+ residents desire, based on our expertise in the active adult and independent living sectors,” says Peter Scola, founder and co-CEO of Livingston Street Capital. “King City Senior Village is well aligned with this strategy, due to its appealing location and established emphasis on providing a range of wellness-minded activities and engaging social programs. “King City was originally established as an age-restricted community in the 1960s and maintained its reputation throughout the years as an ideal location for retirement. The property is situated in the picturesque Pacific Northwest, just 10 miles from downtown Portland, providing exceptional suburban living with easy access to the city.” Located near several convenient retail amenities and the communities of Tigard, Beaverton and Portland, King City Senior Village consists of …
MEMPHIS, TENN., AND ATLANTA — Developer Core5 Industrial Partners has sold a three-property distribution center portfolio in the Atlanta and Memphis metro areas for $166.7 million. The buyer is Preylock Holdings, a private equity investor and manager based in Los Angeles. Atlanta-based Core5 delivered all three properties in 2020. Totaling approximately 2.2 million square feet, the bulk distribution centers feature ESFR sprinklers, ample auto parking and trailer storage, clear heights ranging from 36 to 40 feet and abundance of dock-high doors with view windows. “The willingness of buyers to be aggressive in both price and transaction structure demonstrates the continued demand for core industrial product,” says Dennis Mitchell, a JLL Capital Markets team member who represented Core5 in the deal. The Atlanta-area asset in the portfolio sale is Crossroads Business Center, a 1 million-square-foot distribution center located at 5705 Campbellton Fairburn Road in the south Atlanta suburb of Union City. The metro Memphis assets are both situated within the DeSoto 55 Logistics Center, an industrial campus located in Horn Lake, Miss. The properties are the 328,355-square-foot DeSoto A2 and the 860,915-square-foot Desoto D, which are located at 1453 and 1615 Commerce Parkway, respectively. The buildings are all situated near the …
STOCKBRIDGE, GA. — Viking Capital has acquired Marbella Place, a 368-unit apartment community in the south Atlanta suburb of Stockbridge. The Tysons, Va.-based multifamily investment firm purchased the property from the undisclosed seller for $52.7 million. Marbella Place, built in 1999 and fully renovated in 2017, is a 351,640-square-foot complex. The property features a pool, two playgrounds, a newly redesigned clubhouse and detached garages. The apartment complex is situated at 3470 Mountain Zion Road, 13 miles south of Hartsfield-Jackson Atlanta International Airport. The property has one-, two- and three- bedroom apartment homes with oversized closets and kitchens with both a microwave and icemaker.
HIGH POINT, N.C. — Avison Young has brokered the sale of Eastchester Shopping Center, a 63,000-square-foot neighborhood retail center located at 274 Eastchester Drive in High Point. Grant Linderman and Gary Lyons of Avison Young’s investment sales team represented the seller, LSP Verris Eastchester LLC, in the transaction. Peters Development LLC purchased the shopping center for $9.5 million. Eastchester Shopping Center is situated on approximately 5.9 acres near NC Highway 68/Eastchester Drive. The property was fully leased at the time of sale to tenants including Office Depot, Dollar Tree, Hooters, Dunkin’, H&R Block and Plato’s Closet.
TOLEDO, OHIO — NAI Hiffman has brokered the sale of a single-tenant industrial building in Toledo for $12.9 million. Located at 1411 Campbell St., the building serves as a production and distribution facility for Brenntag Great Lakes LLC, a chemical and ingredients distributor. The 227,028-square-foot property was renovated last year. The building features a clear height of 22 feet, 14 docks, one drive-in door and 10 rail doors. An adjacent 13.5-acre lot was also part of the sale and is currently utilized as a trailer lot and tank farm. Patrick Sullivan and Ryan Chambers of NAI Hiffman teamed up with Terry Coyne of Newmark to represent the seller, Phoenix Toledo Industrial Investors LLC, which is an affiliate of Milwaukee-based Phoenix Investors. New Jersey-based Four Springs Capital Trust was the buyer.
DUPONT, WASH. — Duke Realty has completed the purchase of The Cubes at DuPont, a 1.6 million-square-foot industrial park in DuPont. CRG, the national real estate development and investment arm of Clayco, sold the asset for $221 million. The project was developed in 2018 as a joint venture partnership with U.S. Logistics Fund, the CRG’s national build-to-core industrial fund vehicle. The Cubes at DuPont features a 747,488-square-foot speculative warehouse that is fully leased to Kimberly-Clark, a redeveloped 340,000-square-foot building that underwent extensive capital improvements, and a 494,900-square-foot speculative warehouse available for immediate occupancy. The project is the redevelopment of the former Intel Campus at the DuPont Corporate Center. The transformation involved the demolition of 600,000 square feet of office space once Intel vacated the campus. The location offers immediate proximity to Interstate 5 and travel times of less than 20 minutes to the Port of Tacoma, Wash., one hour to Seattle and two hours to Portland, Ore, according to CRG. Brett Hartzell and Darla Long of CBRE National Partners brokered the sale. Wilma Warshak of Washington Real Estate Advisors was CRG’s listing agent on the site.
HOUSTON — JLL has arranged a property swap between Weingarten Realty Investors (NYSE: WRI) and Fidelis, two Houston-based retail owners and developers. The properties included the Village Plaza at Bunker Hill in Houston, which is owned by an existing joint venture between WRI and Fidelis, and Overton Park Plaza in Fort Worth. Fidelis sold its ownership interest in the 491,686-square-foot Village Plaza at Bunker Hill to WRI and simultaneously purchased WRI’s 354,600-square-foot Overton Park Plaza. Grocers H-E-B and Sprouts Farmers Market respectively anchor the two shopping centers. Ryan West, Chris Gerard, Katherine Miller and Adam Roossien of JLL brokered the deal. Colby Mueck and Clint Coe of JLL arranged acquisition financing on behalf of Fidelis.
COLORADO SPRINGS, COLO. — Alturas Real Estate Fund has purchased NorthCreek Office Complex, located at 5725, 5755 and 5775 Mark Dabling Blvd. in Colorado Springs. NorthCreek Complex LLC sold the asset for $46.6 million. James Brady, Patrick Devereaux and Campbell Davis of CBRE Capital Markets represented the seller in the deal, which closed on Jan. 29, 2021. Built between 1984 and 1989, NorthCreek offers a total of 325,208 rentable square feet spread across three buildings situated on 16.6 acres. Building amenities include atrium spaces with seating, a full-service café, abundant parking with covered spaces, a fitness center with locker rooms and showers, and a 58-person conference/training center. The sellers invested more than $3.6 million in capital improvements to the property, including major roof, lobby and common area renovations, parking lot and garage repairs, and HVAC upgrades. At the time of sale, the property was 98 percent leased to a mix of tenants, including CSAA Insurance, First Source Group and Pima Medical Institute.
DENVER — Evergreen Development has completed the disposition of Outlook Gateway, a newly built apartment property in Denver. Cortland acquired the asset for an undisclosed price. Situated on 16.6 acres at 5650 Argonne St., the 13-building Outlook Gateway features 324 apartments in a mix of one- and two-bedroom layouts, averaging 901 square feet. Each unit offer quartz countertops, wood-style flooring, glass showers, walk-in closets, in-unit washers/dryers and private balconies or patios. Community amenities include a clubhouse, pool, hot tub, fitness center, business center, coffee bar, bike and ski repair facility, bocce ball court, dog park, open green spaces and a package room with lockers. Evergreen Devco developed Outlook Gateway, while Nexus Builders, an Evergreen-affiliate company, served as general contractor. Denver-based Kephart Architects designed the project. Dan Woodward, David Potarf, Matt Barnett and Jake Young of CBRE Capital Markets in Denver represented the seller in the deal.