Acquisitions

Marcus & Millichap Arranges $23.5M Sale of Shopping Center in High Point, North Carolina

by Alex Tostado January 4, 2021

HIGH POINT, N.C. — Marcus & Millichap has arranged the $23.5 million sale of High Point Harris Teeter Center, a 192,548-square-foot shopping center in High Point. The asset was fully leased at the time of sale to tenants including Harris Teeter, T.J. Maxx, Ross Dress for Less and Staples. The property was originally developed in 1975, and the undisclosed seller owned it for more than 20 years. Lori Schneider of Marcus & Millichap represented the seller in the transaction. Ben Yelm of Marcus & Millichap was the broker of record. First National Realty Partners acquired the property, which is located in North Carolina’s Triad region.

January 4, 2021

Acquisitions Industrial Maryland Office Southeast

Edge Brokers $15.7M Sale of Flex Building in Metro D.C.

by Alex Tostado January 4, 2021

LAUREL, MD. — Edge has brokered the $15.7 million sale of a 106,000-square-foot flex warehouse and office building in Laurel. The building was constructed in 1984 as the headquarters for Ritz Camera, which filed for bankruptcy in 2012. Earlier this year, Edge brokered a 37,000-square-foot lease at the property for Advanced Collision, an auto body repair shop. Other tenants at the time of sale included Rolling Green Landscaping and Sans Institute. Edge handled leasing activities on behalf of the seller, an affiliate of Bethesda, Md.-based Bristol Capital Corp., since 2016. The building is located 17 miles northeast of downtown Washington, D.C. Joe Friedman, Kenneth Fellows and Rob Pugh of Edge represented the seller in the transaction. The team also procured the buyer, an undisclosed 1031 exchange investor that Mid-Pacific Advisors represented in the sale.

January 4, 2021

Acquisitions North Carolina Retail Southeast

Palomar Group Arranges $12.3M Sale of Grocery-Anchored Center in Walkertown, North Carolina

by Alex Tostado December 23, 2020

WALKERTOWN, N.C. — Palomar Group has arranged the $12.3 million sale of Walkertown Commons, an 81,432-sqaure-foot shopping center in Walkertown. Lowes Foods anchors the fully leased property, which was originally built in 2004. Walkertown Commons is located at 5180 Reidsville Road, eight miles northeast of downtown Winston-Salem. Ryan McArdle, Steve Collins, David Rivers, Jefferson Knox and Lee Malchow of Palomar Group represented the seller, an undisclosed regional investor, in the transaction. An undisclosed buyer based in South Carolina acquired the asset in a 1031 tax exchange.

December 23, 2020

Acquisitions Multifamily Student Housing Texas

Newmark Brokers Sale of 1,842-Bed Northpoint Crossing Student Housing Community in College Station

by Taylor Williams December 23, 2020

COLLEGE STATION, TEXAS — Newmark has brokered the sale of Northpoint Crossing, a 1,842-bed student housing community serving Texas A&M University in College Station. The 627-unit property was developed in 2014 and 2015 and is located across the street from the north corner of campus. Units feature studio, one-, two-, three- and four-bed floor plans. Amenities include two fitness centers, two computer labs, a 24-hour clubhouse, game rooms, outdoor grilling stations, sauna and steam rooms and a rooftop terrace. Ryan Lang, Jack Brett and Ben Harkrider of Newmark represented the sellers, Woodridge Capital and funds managed by Oaktree Capital Management LP, in the transaction. Both entities are based in Los Angeles. A joint venture between affiliates of global investment manager Ares Management Corp. and New York-based private equity firm Timberline Real Estate Ventures purchased the asset for an undisclosed price.

December 23, 2020

Acquisitions Multifamily Texas

Passco Acquires 338-Unit Lenox Overlook Apartments in San Antonio

by Taylor Williams December 23, 2020

SAN ANTONIO — California-based investment firm Passco Cos. has acquired Lenox Overlook, a 338-unit apartment community in north-central San Antonio. Built in 2019, the property features one-, two- and three-bedroom residences averaging 861 square feet. Units are furnished with stainless steel appliances, quartz countertops, individual washers and dryers and private balconies/patios. Communal amenities include a pool with a sundeck and swim-up bar, indoor and outdoor fitness centers, a dog park with a wash station, clubhouse with billiards and TVs and a business center. Patton Jones of Newmark represented Passco in the transaction. The seller and developer was Austin-based Oden Hughes. Caleb Marten of KeyBank Real Estate Capital arranged acquisition financing on behalf of Passco, which has also rebranded the community as TruNorth at Bulverde.

December 23, 2020

Acquisitions Multifamily Texas

TruAmerica Buys 408-Unit Arbors of Las Colinas Apartments in Irving

by Taylor Williams December 23, 2020

IRVING, TEXAS — Los Angeles-based investment firm TruAmerica Multifamily has purchased Arbors of Las Colinas, a 408-unit apartment community in Irving. Built in 1985, the Class B property offers one-, two- and three-bedroom units across 19 buildings. Amenities include two pools with spas and cabanas, a pet park, fitness center and courtyard with grilling stations. Eric Calub, Greg Smith, Thad Wetterau and Paul Harris of The Moran Co. represented the buyer and the undisclosed seller in the transaction, which marks TruAmerica’s first acquisition in Texas. Jaime Zadra, Robert Younkin, Garrett Meyers and Nikki Mooney of PGIM Real Estate Finance provided $45.9 million in acquisition financing for the deal.

December 23, 2020

Acquisitions California Industrial Western

LDK Ventures, PCCP Divest of 843,248 SF NorthBay Logistics Center in Vacaville, California

by Amy Works December 23, 2020

VACAVILLE, CALIF. — LDK Ventures and PCCP have completed the disposition of NorthBay Logistics Center in Vacaville. DRA Advisors acquired the asset for an undisclosed price. Situated on 68.8 acres at 700 Crocker Drive, the newly renovated distribution building features 843,248 square feet of cross-dock distribution space, including large concrete truck yards, 32- to 37-foot clear heights, enhanced office areas and gated, secure access. Serena & Lilly occupies 433,950 square feet of the property, while Wineshipping occupies the remaining 404,950 square feet. A large e-commerce company leases a portion of the excess land for trailer storage. Andrew Briner, Bret Hardy, Jim Linn, Kevin Shannon, Steven Golubchik of Newmark represented the sellers. Ramsey Daya, also of Newmark, procured financing for the buyer.

December 23, 2020

Acquisitions Midwest Minnesota Office Retail

KW Commercial Arranges $5.1M Sale of Office, Retail Portfolio Near Minneapolis

by Kristin Harlow December 23, 2020

ST. CLOUD, MINN. — KW Commercial | AMK Properties has arranged the sale of a three-property office and retail portfolio in St. Cloud near Minneapolis for $5.1 million. Named the Heritage Centre Portfolio, the assets include Heritage Market I, Heritage Business Centre and Heritage Professional Building. They range in size from 8,600 square feet to 25,300 square feet. Matthew Klein and Anthony Passanante of KW represented the buyer, Heritage Retail Partners LLC. Amy Senn, Bob Pounds, Tim Prinsen, Pete Tanis and Lori Pounds of Newmark represented the undisclosed seller.

December 23, 2020

Acquisitions Indiana Midwest Multifamily

Marcus & Millichap Brokers $4.1M Sale of Manufactured Housing Community in Gary, Indiana

by Kristin Harlow December 23, 2020

GARY, IND. — Marcus & Millichap has brokered the $4.1 million sale of Melody Lane Mobile Home Park in Gary, about 25 miles southeast of Chicago. Located at 3625 Calhoun St., the property consists of 154 home sites, 54 of which are park-owned homes. There is also an onsite office. Andrean Angelov, Ryan Engle and Brad Kreppel of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The team also secured and represented the buyer, an out-of-state limited liability company.

December 23, 2020

Acquisitions California Multifamily Seniors Housing Western

Kisco Buys 139-Unit Seniors Housing Community in Irvine, California

by Amy Works December 23, 2020

IRVINE, CALIF. — Kisco Senior Living has acquired Atria Park of Woodbridge, a 139-unit seniors housing community in Irvine, approximately 40 miles southeast of downtown Los Angeles. Healthpeak sold the 103,000-square-foot property for an undisclosed price. The seller recently completed a $9 million renovation at the community that converted some assisted living units into a memory care neighborhood. In addition to taking over management duties from Atria Senior Living, Kisco plans to rename the community Woodbridge Terrace of Irvine as part of the results of a resident poll. The executive director will remain in place at the community, and Kisco Senior Living plans to hire two new sales directors to help increase occupancy. “We have a large presence throughout California, and we saw this as an opportunity to expand our footprint in Southern California,” says Andy Kohlberg, CEO of Kisco Senior Living. “We are committed to retaining staff at the community and working with Healthpeak and Atria Senior Living to make this transition as seamless as possible.” Kisco Senior Living owns and operates 20 additional communities in California, North Carolina, Florida, Virginia and Utah.

December 23, 2020

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