Acquisitions

Davlyn Investments Acquires Terraces at Highland Reserve Apartment Complex Near Sacramento for $95M

by Amy Works December 21, 2020

ROSEVILLE, CALIF. — San Diego-based Davlyn Investments has purchased The Terraces at Highland Reserve, an apartment property located in Roseville, a northeastern suburb of Sacramento, for $95 million. Davlyn plans to rebrand the 273-unit property as Ascent at the Galleria. Constructed in 2002, the community features 273 apartments with nine-foot ceilings, in-unit washers and dryers, built-in fireplaces, modern architecture, barrel-tiled roofs, more than 250 detached garages and an extensive amenity package. The property is Davlyn’s fourth acquisition in Northern California and its first in the greater Sacramento market. Mark Leary and Nate Oleson of Newmark represented the undisclosed seller in the deal.

December 21, 2020

Acquisitions California Industrial Western

Orbis Real Estate Partners Divests of Two Industrial Projects in Inland Empire for $140M

by Amy Works December 21, 2020

EASTVALE AND RIVERSIDE COUNTY, CALIF. — Orbis Real Estate Partners has completed the sales of two industrial projects totaling 88.5 acres and approximately $140 million in the Inland Empire. Reno, Nev.-based Dermody Properties acquired The Homestead, a 47-acre logistics park in Eastvale. Orbis redeveloped an existing dairy into a six-building, Class A logistics campus. The buildings range from 48,315 square feet to 501,649 square feet and offer concrete tilt-up construction; 40-foot minimum clearance heights in the larger buildings; large, secured truck courts; ample parking with excess approved trailer stalls; and dock-high and grade-level loading for each building. Additionally, Orbis sold Riverside Logistics Center in Riverside County to Denver-based Black Creek Group. Situated on 41.5 acres, the logistics center features 938,685 square feet of industrial space. Bill Heim of Lee & Associates, along with Barbara Perrier, Eric Cox and Darla Longo of CBRE, represented Orbis Real Estate Partners in the transactions.

December 21, 2020

Castlerock-Apts-Pacific-Village-Wenatchee-WA

Acquisitions Multifamily Washington Western

Quality Pacific Sells Two Multifamily Properties in Eastern Washington for $28.3M

by Amy Works December 21, 2020

WENATCHEE, WASH. — Quality Pacific Inc. has completed the sales of two apartment communities located in the Eastern Washington city of Wenatchee. The two assets sold for a total of $28.3 million. Castlerock Wenatchee 139 LLC acquired the 14-building, 139-unit Castlerock Apartments for $20.1 million, or $144,604 per unit. Pacific Village-Wenatchee LLC purchased the six-building, 64-unit Pacific Village for $8.2 million, or $128,516 per unit. Zach Howe of Marcus & Millichap’s Seattle office represented the seller and procured the buyers in the deals. Ray Allen and Seth Heikkila of Marcus & Millichap Capital Corp. arranged $5.3 million in fixed-rate financing for the acquisition of Pacific Village.

December 21, 2020

Acquisitions California Retail Western

Hanley Investment Group Negotiates $3.4M Sale of Two 7-Eleven Properties in California

by Amy Works December 21, 2020

SANTA MARIA AND FRESNO, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the sales of two retail assets located in Santa Maria and Fresno. The total price for the two transactions was $3.4 million. Located at 1104 S. Blosser Road in Santa Maria, 7-Eleven fully occupies the 2,413-square-foot property. The building was built in 1974. Hermosa Beach-based Equitas Investments sold the asset to a private investor from Fowler for $1.6 million. Jeremy McChesney of Hanley Investment represented the seller, while Luc Hawkshaw of Apex Partners represented the buyer in the deal. A Fresno-based private partnership sold the two-tenant retail property, located at 2414-2418 N. Fruit Ave. in Fresno, to a Los Angeles-based private investor for $1.8 million. The 4,640-square-foot building consists of a 3,120-square-foot 7-Eleven and a 1,520-square-foot coin laundromat. McChesney represented the seller, while Sandra Miller of Engel & Volkers represented the buyer in the transaction.

December 21, 2020

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 454-Unit Self-Storage Portfolio in Houston

by Taylor Williams December 21, 2020

HOUSTON — Marcus & Millichap has brokered the sale of a 454-unit self-storage portfolio in Houston. The portfolio, which is operated under the Bargain Storage brand, consists of two properties totaling 69,757 net rentable square feet of non-climate-controlled space. The portfolio also includes 68 portable units that were delivered in 2019. Dave Knobler and Charles LeClaire of Marcus & Millichap represented the seller, an Oregon-based limited liability company, in the transaction. New York-based Merit Hill Capital purchased the portfolio for an undisclosed price.

December 21, 2020

Acquisitions Industrial Midwest Ohio

Monmouth Real Estate Acquires Columbus-Area Industrial Facility for $73.3M

by Kristin Harlow December 21, 2020

PLAIN CITY, OHIO — Monmouth Real Estate Investment Corp. has acquired a 487,900-square-foot industrial facility located at 8341 Industrial Parkway in Plain City, located about 25 miles northwest of Columbus. The purchase price was $73.3 million. FedEx Ground Packaging System Inc. occupies the building on a 15-year net lease. The 100-acre property is situated near I-270. The seller was undisclosed.

December 21, 2020

Acquisitions Industrial NAI Texas

NAI Partners Arranges Sale of 105,664 SF Industrial, Manufacturing Campus in Metro Houston

by Taylor Williams December 21, 2020

PEARLAND, TEXAS — NAI Partners has arranged the sale of a 105,664-square-foot industrial and manufacturing campus located in the southern Houston suburb of Pearland. The property spans three buildings on 32.7 acres. Clay Pritchett and Zane Carman of NAI Partners represented the seller, 14800 Jersey Shore Drive LLC, in the transaction. Matt Rogers of Oxford Partners represented the buyer, BHVA Real Estate Holdings LLC.

December 21, 2020

Acquisitions Multifamily North Carolina South Carolina Southeast

Capstone Negotiates Sales of Two Apartment Communities in the Carolinas Totaling $44.5M

by John Nelson December 21, 2020

BOILING SPRINGS, S.C. AND GASTONIA, N.C. — Capstone has negotiated the sales of Village at Mills Gap in Boiling Springs and Destination at Union in Gastonia. Alex McDermott, Austin Green and Caleb Troop of Capstone represented the seller, Read Property Group, in both transactions. In the first transaction, Read sold Village at Mills Gap, a 208-unit apartment community in Upstate South Carolina, to Southwood Realty for $25 million. The property offers one-, two- and three-bedroom floor plans that were 90 percent occupied at the time of sale. Communal amenities include a pool, fitness center, game room, dog park, grilling area, playground and a car care center. The asset is situated at 97 Mills Gap Road, six miles northwest of downtown Spartanburg. The buyer acquired the community as part of a 1031 tax exchange. In the second deal, URS Capital Partners purchased Destination at Union from Read for $19.5 million. Built in 1998, the property offers one-, two- and three-bedroom floor plans that were 93 percent occupied at the time of sale. The buyer plans to upgrade the communal amenities, which include a pool, fitness center and a dog park. The asset is situated at 1272 Union Road, 21 miles west …

December 21, 2020

Acquisitions Georgia Multifamily Southeast

Venterra Realty Acquires 505-Unit Multifamily Community in Metro Atlanta

by John Nelson December 21, 2020

SANDY SPRINGS, GA. — Houston-based Venterra Realty has acquired The Harrison, a 505-unit multifamily community in Sandy Springs. The seller is Covenant Capital Group, a private equity investor based in Nashville. The property spans 40 acres and offers one-, two- and three-bedroom floor plans ranging from 900 to 1,649 square feet. Rents range from $1,104 to $1,554 per month. Communal amenities include two playgrounds, a sand volleyball court, bocce ball court, pool, grilling area and a dog park. The Harrison was built in 1975 and is situated at 5675 Roswell Road, 12 miles north of downtown Atlanta. The sales price was not disclosed.

December 21, 2020

Acquisitions Florida Retail Southeast

SRS Brokers $4.2M Sale of Orlando Gas Station Leased to Wawa

by John Nelson December 21, 2020

ORLANDO, FLA. — SRS Real Estate Partners has arranged the $4.2 million ground-lease sale of a 1.9-acre parcel leased to Wawa in Orlando. The property comprises eight gas pumps and a 5,615-square-foot convenience store. Wawa occupies the space on a triple-net lease with 12 years remaining on the corporate-guaranteed lease. The property is situated at 4700 S. Goldenrod Road, nine miles southeast of downtown Orlando. Patrick Nutt and Connor Barton of SRS represented the buyer, a New York-based private investor. Mark Thompson and Eric Parrs of STNL, a brokerage affiliate of NNN Capital LLC, represented the undisclosed seller.

December 21, 2020

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