Acquisitions

Chicago Pacific Founders Acquires 118-Unit Seniors Housing Community in Southwest Florida

by Alex Tostado October 8, 2020

ENGLEWOOD, FLA. — Chicago Pacific Founders (CPF) and its subsidiaries, CPF Living Communities and Grace Management Inc., have acquired Heritage Oaks of Englewood, a 118-unit assisted living and memory care community in Englewood. Located along the state’s Gulf Coast between Tampa and Fort Myers, Heritage Oaks of Englewood is located near the Grove City shopping area, medical facilities and indoor and outdoor recreation. The acquisition includes approximately 50 acres adjacent to the community, which may be utilized for future development. Additional terms of the deal were not disclosed. Grace Management will take over operations at the community. Lisa Widmier of CBRE National Senior Housing represented the seller in the transaction. Aron Will, Austin Sacco and Tim Root of CBRE National Senior Housing arranged $20.8 million in acquisition financing for CPF. The 10-year, fixed-rate loan features 60 months of interest-only payments.

October 8, 2020

Acquisitions Multifamily Nevada Western

Colliers Negotiates $64M Sale of Silver Ridge Apartments in Reno

by Amy Works October 8, 2020

RENO, NEV. — Colliers International has arranged the sale of Silver Ridge Apartments, located at 1555 Sky Valley Road in west Reno. A private seller sold the asset to a partnership between Ideal Capital Group and Tilden Properties for $64 million. Kalah Espinoza with Colliers’ San Francisco-based Multifamily Investments Team and Melissa Molyneaux with Colliers’ Reno office represented the seller and procured the buyer in the transaction. Constructed in 1990, Silver Ridge offers 300 units in a mix of one-, two- and three-bedroom townhouse units averaging 1,000 square feet. Situated on 20 acres, the 295,840-square-foot property also has entitlements in place to allow for an additional 70 units to be developed within the existing site plan.

October 8, 2020

Acquisitions Arizona Industrial Western

Mack Real Estate Group Acquires 793,862 SF Hub at Goodyear Industrial Facility in Arizona

by Amy Works October 8, 2020

GOODYEAR, ARIZ. — An affiliate of Mack Real Estate Group (MREG) has purchased The Hub at Goodyear, a new industrial facility located at 305 S. Bullard Ave. in Goodyear. Terms of the transaction were not released. The 793,862-square-foot property features a cross-dock configuration, 40-foot clear heights, 144 dock-high doors, four grade-level doors and 190-foot full concrete truck doors. Additionally, the site provides parking for 192 trailers and 420 cars, and egress and ingress with access via Bullard and 143rd avenues. Pat Feeney, Dan Calihan, Rusty Kennedy and James Cohn of CBRE’s Phoenix office represented the buyer in the transaction. MREG has also retained the CBRE team to handle leasing of the property. Bruce Francis of CBRE Capital Markets Debt & Structured Finance arranged acquisition financing for the buyer.

October 8, 2020

Acquisitions California Retail Western

Faris Lee Brokers $4.3M Sale of Property Leased to Starbucks in Metro Los Angeles

by Amy Works October 8, 2020

SANTA ANA, CALIF. — Faris Lee Investments has brokered the $4.3 million sale of a retail property leased to Starbucks Coffee in Santa Ana. Starbucks recently signed a 10-year, corporate-guaranteed lease at the freestanding building, which is located at 2701 N. Grand Ave., 30 miles southeast of downtown Los Angeles. Shaun Riley and Nick Miller of Faris Lee represented the buyer, an Orange County, Calif.-based private family investor, in the transaction. The sale closed five days before the buyer’s deadline for completing a 1031 exchange. Patrick Wade and Alex Kozakov of CBRE represented the undisclosed seller.

October 8, 2020

Acquisitions Multifamily Texas

Marcus & Millichap Brokers Sale of 200-Unit Aero Apartments in Fort Worth

by Taylor Williams October 8, 2020

FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Aero, a 200-unit apartment community located at 8300 Calmont Ave. on the west side of Fort Worth. The property features one- and two-bedroom units and amenities such as a pool, coffee bar, resident clubhouse and a playground. Al Silva of Marcus & Millichap represented the seller, a California-based investment firm, in the transaction. Silva also procured the buyer, an out-of-state family office that will implement a value-add program.

October 8, 2020

Acquisitions Multifamily Texas

CBRE Negotiates Sale of 158-Unit Bella Vista Park Apartment Community in Dallas

by Taylor Williams October 8, 2020

DALLAS — CBRE has negotiated the sale of Bella Vista Park, a 158-unit apartment community located at 2700 N. Buckner Blvd. in northeast Dallas. The property offers one-, two- and three-bedroom floor plans and amenities such as a pool, playground, an outdoor picnic area and onsite laundry facilities. Chris Deuillet and William Hubbard of CBRE represented the seller, Dallas-based AmeriCan Multifamily Alliance Group, in the transaction. Private investor Justin Li acquired the asset for an undisclosed price.

October 8, 2020

Acquisitions Industrial Texas

Spicy World of USA Sells 32,554 SF Industrial Facility in Houston

by Taylor Williams October 8, 2020

HOUSTON — Spicy World of USA Inc., a family-owned distributor of ethnic foods, has sold its 32,554-square-foot industrial facility located at 10421 SW Plaza Drive in Houston. According to LoopNet Inc., the property was built in 2004 and features 26-foot clear heights. Sam Chang of Henry S. Miller Brokerage represented Spicy World, which will relocate to a 68,000-square-foot distribution center in Stafford, in the deal. Bryan Tran with BHW Capital represented the buyer, Red Sea Properties LLC.

October 8, 2020

Acquisitions Midwest Restaurant Retail Wisconsin

SRS Arranges $2.8M Sale of Chick-fil-A Ground Lease in Delafield, Wisconsin

by Kristin Harlow October 8, 2020

DELAFIELD, WIS. — SRS Real Estate Partners has arranged the $2.8 million sale of a Chick-fil-A ground lease in Delafield, about 30 miles west of Milwaukee. The 5,012-square-foot, single-tenant building sits at 2980 Golf Court and opened in February of this year. Sheree Strome and Michael Berk of SRS represented the buyer, a Virginia-based private investor who completed a 1031 exchange. Jon Thoresen of Founders 3 Real Estate Services represented the seller, a Georgia-based developer. The cap rate was 3.96 percent.

October 8, 2020

Acquisitions Kentucky Retail Southeast

PRG Commercial Arranges $9.3M Sale of Stonybrook South Shopping Center in Louisville

by Alex Tostado October 7, 2020

LOUISVILLE, KY. — PRG Commercial Property Advisors has arranged the $9.3 million sale of Stonybrook South Shopping Center, a 149,000-square-foot retail property in Louisville. At the time of sale, the 14.5-acre center was leased to Dick’s Sporting Goods, Planet Fitness, PetSmart, Rack Room Shoes and Burkes Outlet, which opened Sept. 21. Stonybrook South is situated at 3500 S. Hurstbourne Parkway, 13 miles east of downtown Louisville. Fred Sutterlin of PRG Commercial was the court-appointed receiver for the property, which was in foreclosure from February 2018 to Sept. 21, 2020. During that time, Taylor Thompson, Reed Weinberg and Parker Page, who are also with PRG, were engaged to lease, manage, market and sell the asset. Midland Loan Services serviced the foreclosed conduit loan and chose Sutterlin as receiver and PRG as the brokerage firm through a competitive process. A locally based private investor that was completing a 1031 exchange closed on the purchase of Stonybrook South on Oct. 2. According to Sutterlin, the previous ownership was a tenancy in common (TIC) group of investors operating under the name TIC Stonybrook LLC.

October 7, 2020

Acquisitions Georgia Retail Southeast

Colliers Negotiates $3.8M Sale of Grocery-Anchored Retail Property in Metro Atlanta

by Alex Tostado October 7, 2020

STONE MOUNTAIN, GA. — Colliers International has negotiated the $3.8 million sale of Indian Creek Crossing, a 63,650-square-foot, grocery-anchored shopping center in Stone Mountain. Food Depot anchors the center, which was 88 percent leased at the time of sale to tenants including Family Dollar and local retailers. Indian Creek Crossing is situated at 4100 Redan Road, 11 miles east of downtown Atlanta. Joe Montgomery and Tony D’Ambrosio of Colliers represented the seller, Tarrytown, N.Y.-based DLC Management. Locally based private investor Vishal I LLC acquired the asset, which was originally built in 1994.

October 7, 2020

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