Acquisitions

IPA Negotiates Sale of 304,974 SF York Marketplace Power Center in Pennsylvania

by Taylor Williams November 12, 2020

YORK, PA. — Institutional Property Advisors, a division of Marcus & Millichap, has negotiated the sale of York Marketplace, a 304,974-square-foot retail power center in York. A 125,353-square-foot Lowe’s Home Improvement store anchors the property along with a 74,541-square-foot Giant Food grocery store and a 12,500-square-foot Premium Fine Wine & Good Spirits. Brad Nathanson of IPA represented the undisclosed seller and procured the buyer, Triple BAR Group, in the transaction. Michael Helpern and Chris Marks of IPA Capital Markets arranged acquisition financing on behalf of the buyer.

November 12, 2020

Acquisitions Massachusetts Multifamily Northeast

Avanath Acquires 207-Unit Morton Village Workforce Housing Community in Metro Boston

by Taylor Williams November 12, 2020

MATTAPAN, MASS. — Avanath Capital Management, an owner-operator of affordable and workforce housing properties, has acquired Morton Village, a 207-unit community located in the Boston suburb of Mattapan. The workforce housing property was built in 1965 and features an average unit size of 920 square feet. Simon Butler, Biria St. John and John McLaughlin of CBRE represented the seller, the Mirak family, which built and managed the property for 55 years. The deal marks Avanath’s entry into the Boston affordable housing market.

November 12, 2020

Acquisitions Arizona Multifamily Western

IPA Negotiates $55M Sale of Eagle Crest Apartment Community in Glendale, Arizona

by Amy Works November 12, 2020

GLENDALE, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Eagle Crest, a multifamily property located near the Arrowhead Ranch master-planned community in Glendale. A private family trust sold the asset to S2 Capital for $55 million, or $134,804 per unit. Constructed in 1987 on 16 acres, Eagle Crest features 408 apartments. Cliff David and Steve Gebing of IPA, along with Marty Cohan of Marcus & Millichap, represented the seller and procured the buyer in the deal. Ryan Sarbinoff served as Marcus & Millichap’s broker of record in Arizona.

November 12, 2020

Acquisitions California Retail Western

Beacon Realty Acquires Jefferson Square Retail Center in Southern California for Repositioning

by Amy Works November 12, 2020

LA QUINTA, CALIF. — San Diego-based Beacon Realty Advisors, in partnership with Charlotte-based Carolina Capital Real Estate Partners, has acquired Jefferson Square, a partially built, open-air retail center in La Quinta. Regency Centers, the original developer, sold the asset for an undisclosed price. Located at Fred Waring Drive and Jefferson Street, Jefferson Center is situated on approximately 10 acres. CVS/pharmacy currently anchors the property. Beacon plans to pursue a grocery, home improvement or medical tenant to occupy the existing vacant 14,000-square-foot box space. The Jefferson Center site features a fully constructed infrastructure with only half of the land fully developed.

November 12, 2020

Acquisitions California Industrial Western

Cohen Asset Management Buys 112,075 SF Industrial Facility Near Los Angeles

by Amy Works November 12, 2020

RANCHO DOMINGUEZ, CALIF. — Cohen Asset Management (CAM) has purchased a newly constructed logistics building located at 15100 S. San Pedro St. in Rancho Dominguez. Terms of the transaction were not released. A large credit tenant occupies the 112,075-square-foot building on a long-term lease. The building offers close proximity to the ports of Los Angeles and Long Beach in Los Angeles’ South Bay industrial submarket.

November 12, 2020

Acquisitions California Civic Retail Western

Progressive Real Estate Partners Brokers $1.5M Sale of Four-Building Asset in Riverside, California

by Amy Works November 12, 2020

RIVERSIDE, CALIF. — Progressive Real Estate Partners has arranged the sale of a former bank property located at 6876 Magnolia St. in Riverside. Dream Big Children’s Center acquired the asset for $1.5 million. The property consists of four one-story buildings totaling 8,633 square feet, a courtyard and dedicated parking. Dream Big offers early intervention services and therapy for children with autism using a focus on structured teaching and natural play. Slated to open in early 2021, the Riverside location will be the company’s fourth play center. Greg Bedell and Roxy Klein of Progressive Real Estate Partners represented the seller, Financial Partners Credit Union, in the deal.

November 12, 2020

Acquisitions Office Southeast Top Stories Virginia

Clarion Partners Sells Office Building in Northern Virginia for $90M

by Alex Tostado November 12, 2020

FALLS CHURCH, VA. — Clarion Partners LLC has sold 3150 Fairview Park Drive, a 257,489-square-foot office building in Falls Church, for $90 million. The buyer was a fund managed by Apollo Global Management. The eight-story building was fully leased at the time of sale and houses the global headquarters for General Dynamics Information Technology (GDIT), a subsidiary of General Dynamics. The seller recently renovated the asset, which was originally delivered in 2001. Upgrades included adding an atrium lobby, rebuilding common areas and enhancing building amenities. Bill Prutting, Jim Meisel and Matt Nicholson of JLL represented the seller in the transaction. The team also procured the buyer. The asset is situated within Fairview Park, a three-building office park 15 miles west of downtown Washington, D.C. In October of this year, Newmark arranged the sale of 3170 and 3180 Fairview Park Drive. “[The building located at] 3150 Fairview was highly sought-after due to its rare combination of a long-term leased global headquarters of a strong credit tenant, a fully renovated trophy asset and a submarket in Northern Virginia that has experienced one million square feet of leasing activity since 2017, with many tenants landing in Fairview Park,” says Prutting. The New York …

November 12, 2020

Acquisitions Loans Multifamily North Carolina Southeast

KeyBank Provides $145.2M Acquisition Financing for 12-Property Multifamily Portfolio in North Carolina

by Alex Tostado November 11, 2020

CLEVELAND — KeyBank Real Estate Capital has provided $145.2 million in Freddie Mac financing for the purchase of 12 multifamily communities in North Carolina. Brian Caudel and Andrew Nathenson of Cleveland-based KeyBank originated the loans, which offer 10-year terms with five years of interest-only payments and a 30-year amortization schedule, on behalf of the borrower and buyer, Peak Capital Partners. The portfolio comprises garden-style apartments totaling 1,859 units with lot sizes averaging 11 acres. The assets were built between 1985 and 2005. The seller(s) was not disclosed. The properties included in the sale are: 96-unit Arbor Glen in Eden, built in 2004; 128-unit Autumn Park in Oxford, built in 2005; 298-unit Brookwood in Archdale, built in 1987; 108-unit Crossroads Station in Charlotte, built in 2002; 226-unit Crestview in Concord, built in 1985; 156-unit Davidson in Concord, built in 1994; 144-unit Huntington in Concord, built in 1998; 88-unit Lexington Station in Lexington, built in 2002; 120-unit Crown Ridge in Shelby, built in 2003; 148-unit Marion Ridge in Shelby, built in 1999; 279-unit Mooresville Station (I & II) in Mooresville, built in 2000; and 68-unit Stonewood in Mooresville, built in 1987.

November 11, 2020

Acquisitions Georgia Industrial Southeast

JLL Arranges Sale of 1 MSF Industrial Facility Near Atlanta

by Alex Tostado November 11, 2020

NEWNAN, GA. — JLL has arranged the sale of Cubes at Bridgeport, a 1 million-square-foot industrial facility in Newnan. A joint venture between CRG, the investment arm of Chicago-based Clayco; U.S. Logistics Fund 1; and Pope & Land completed the shell of the asset on a speculative basis in 2019. The asset features 40-foot clear heights; a 620-foot, cross-loaded bay; and 60-foot speed bays. The property was fully preleased at the time of sale, though the tenant and move-in date were not disclosed. According to JLL, the tenant will bring 500 jobs to the area. The Cubes at Bridgeport is the first building to be delivered within a 500-acre site that will also feature up to 8.5 million square feet of industrial space. The property is situated at the Interstate 85 and Exit 41 interchange, 31 miles southwest of Hartsfield-Jackson Atlanta International Airport. John Huguenard, Britton Burdette, Matt Wirth and Dennis Mitchell of JLL represented the seller, CRG, in the transaction. Chris Tomasulo and Steve Grable of JLL led the leasing efforts for the project. KKR acquired the asset for an undisclosed price.

November 11, 2020

Acquisitions Alabama Retail Southeast

Chase Properties Acquires 183,000 SF Retail Center in Dothan, Alabama

by Alex Tostado November 11, 2020

DOTHAN, ALA. — Chase Properties has acquired Shops on the Circle, a 183,000-square-foot retail property in Dothan. TJ Maxx, Big Lots, PetSmart, Five Below and Old Navy anchor the center. The seller and sales price were not disclosed. Shops on the Circle is located at 3500 Ross Clark Circle, three miles northwest of downtown Dothan. Beachwood, Ohio-based Chase Properties says that despite COVID-19, the sale closed on schedule.

November 11, 2020

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