Acquisitions

DAKA Properties Divests of Flex/Industrial Facility in Fort Collins for $4.7M

by Amy Works November 6, 2020

FORT COLLINS, COLO. — Fort Collins-based DAKA Properties has completed the sale of a flex/industrial property located at 825 SW Frontage Road in Fort Collins. Front825 acquired the asset for $4.7 million. Situated on 2.7 acres, the 30,012-square-foot property features large product showrooms, warehouse space and light manufacturing space. The property has been remodeled multiple times since originally developed, including 1989, 2004 and 2012. Jared Goodman of Cushman & Wakefield represented the seller, while Jason Ells of Cushman & Wakefield represented the buyer in the deal.

November 6, 2020

Acquisitions Multifamily Nevada Western

DCG Brokers $1.9M Sale of Multifamily Property in Midtown Reno

by Amy Works November 6, 2020

RENO, NEV. — Dickson Commercial Group (DCG) has negotiated the sale a multifamily property located at 941 S. Virginia St. in Reno’s midtown district. Leah Bader sold the property to JRK Investments LCC for $1.9 million. The 8,080-square-foot asset, Best Bet Motor Lodge, is a multifamily-converted motel asset on 0.33 acres. The number of units were not disclosed. Trevor Richardson and Chris Moton of DCG Multifamily represented the buyer and seller in the deal.

November 6, 2020

Acquisitions Industrial Texas

Marcus & Millichap Arranges Sale of 176,645 SF Industrial Portfolio in DFW

by Taylor Williams November 5, 2020

IRVING AND ALLEN, TEXAS — Marcus & Millichap has arranged the sale of the Royal Cornerstone Portfolio, which consists of two buildings in the DFW metroplex totaling 176,645 square feet. One of the properties is located in Irving, and the other is located in the northeastern suburb of Allen. The subject properties are situated on a combined 11.3 acres and were built in 1997 and 2000. Adam Abushagur and Sam Martin of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were private investors that requested anonymity.

November 5, 2020

Acquisitions Industrial Lee & Associates Texas

Lee & Associates Brokers $8.1M Sale of Fort Worth Industrial Building Leased to FedEx

by Taylor Williams November 5, 2020

FORT WORTH, TEXAS — Lee & Associates has brokered the $8.1 million sale of a 92,450-square-foot industrial building in Fort Worth that is leased to FedEx. The property was constructed on 10.4 acres in 1998 as a build-to-suit, and FedEx has occupied the entirety of the building since that time. Ryan Barr and Ryan Bennett of Lee & Associates represented the locally based seller in the transaction. Cushman & Wakefield represented the buyer, California-based MH Sherman Co., which acquired the asset via a 1031 exchange.

November 5, 2020

Acquisitions Retail Texas

RMM Properties Buys 39,038 SF Retail Center in Southeast Houston

by Taylor Williams November 5, 2020

HOUSTON — Locally based investment firm RMM Properties LLC has purchased Centre South, a 39,038-square-foot retail center located at 11030 Kingspoint Road in southeast Houston. Built in 1970 and renovated in 2018, the property was 79 percent leased at the time of sale to tenants such as Sherwin-Williams, Brown Sugar BBQ and Club Rumba. In addition, new leases have been signed in 2020 with Southside Driving School, Internet Café and event planning firm La Fleur of Houston. Kelley Workman, David Luther and Dakota Workman of NewQuest Properties represented the seller, Community Commercial Properties II LLC, in the transaction. Kelley Workman also sourced and represented the buyer.

November 5, 2020

Acquisitions Florida Industrial Southeast

Newmark Brokers $44M Sale of Industrial Building in Miami’s Sweetwater District

by John Nelson November 5, 2020

MIAMI — Newmark has brokered the $44 million sale of a 312,000-square-foot industrial facility located within Dolphin Commerce Park in Miami. Tech Data Corp. sold the property to Badia Spices, a local manufacturer and distributor of spices and herbs that will eventually move into the building. Built in 2002, the property at 2200 NW 112th Ave. is situated in Miami’s Sweetwater neighborhood near Dolphin Mall, the Florida Turnpike and Dolphin Expressway. Steve Medwin and Nick Wigoda of Newmark represented Badia Spices in the transaction.

November 5, 2020

Acquisitions New Jersey Northeast Office

JLL Negotiates $50M Sale of Office Building in Morristown, New Jersey

by Taylor Williams November 5, 2020

MORRISTOWN, N.J. — JLL has negotiated the $50 million sale of a 232,000-square-foot office building located at 44 Whippany Road in the Northern New Jersey city of Morristown. The property spans 20 acres and features a fitness center, café, outdoor patio and picnic area and access to walking trails. Jose Cruz, Kevin O’Hearn, Steve Simonelli and Michael Oliver of JLL represented the seller, an affiliate of Marcus Partners, in the transaction. The team also procured the buyer, Liberty Properties LLC. The three-story building also recently underwent an $18 million capital improvement program.

November 5, 2020

Acquisitions Illinois Midwest Retail

Colliers Brokers Sale of Walmart-Anchored Shopping Center in Chicago

by Kristin Harlow November 5, 2020

CHICAGO — Colliers International has brokered the sale of a Walmart Neighborhood Market-anchored shopping center located at 4720 S. Cottage Grove Ave. in Chicago. A private investor purchased the fully leased center for an undisclosed price. Other tenants include Burger King, Subway, Associated Bank and Snipes. Built in 2014, the 54,932-square-foot center is part of a larger development that includes a three-story, 72-unit apartment asset. Alex Perez, Chris Garavaglia and Chris Irwin of Colliers represented the seller, Skilken Gold Real Estate Development. The team also procured the buyer.

November 5, 2020

Acquisitions Midwest Missouri Multifamily

NorthMarq Arranges $21.2M Sale of Multifamily Portfolio in Suburban Kansas City

by Kristin Harlow November 5, 2020

INDEPENDENCE, MO. — NorthMarq has arranged the sale of a three-property, 426-unit multifamily portfolio in Independence, a suburb of Kansas City, for $21.2 million. The properties include Hudson, a 253-unit asset at 1401 S. Cunningham Ave.; Meadowbrook, a 113-unit property at 2141 S. Swope Drive; and Winner Place, a 60-unit community at 9528 Winner Road. Urban Southwest Capital sold the portfolio to FTW Investments. Jeff Lamott and Gabe Tovar of NorthMarq brokered the sale. Kyle Tucker and John Duvall of NorthMarq arranged acquisition financing through Freddie Mac for the Hudson property.

November 5, 2020

Acquisitions New York Northeast Retail

Marcus & Millichap Brokers Sale of 20,986 SF Retail Property in Middlesex, New Jersey

by Taylor Williams November 5, 2020

MIDDLESEX, N.J. — Marcus & Millichap has brokered the sale of a 20,986-square-foot retail property in Middlesex, about 40 miles southeast of New York City. Alan Cafiero, Brent Hyldahl and Ben Sgambati of Marcus & Millichap represented the seller, a limited liability company, and procured the buyer, an individual/personal trust. Both parties requested anonymity.

November 5, 2020

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