Acquisitions

Morgan Properties Purchases $323M Multifamily Portfolio in Carolinas

by Alex Tostado October 6, 2020

KING OF PRUSSIA, PA. — Morgan Properties has purchased an 18-property multifamily portfolio in North and South Carolina for $323 million. The portfolio comprises 3,256 units, primarily located in metro Charlotte. King of Prussia-based Morgan Properties now owns nearly 5,000 units in the Carolinas. The 10 properties in and around Charlotte comprise 2,243 garden-style units. The properties include Village at Brierfield, Wexford and Sharon Pointe in Charlotte; Parkway Station, Trinity Station and Waters Edge in Concord; Kannon Station and McClain Heights in Kannapolis; Woodbrook in Monroe; Alexander Station, Ashton Woods and Lakewood in Salisbury; and Huntersville Apartment Homes in Huntersville. The other three North Carolina properties total 562 units and include Highland Ridge in High Point, Clemmons Station in Clemmons and Enclave at North Point in Winston-Salem. The three properties in South Carolina include Gable Oaks in Rock Hill, 1022 West in Gaffney and Station 153 in Anderson. The three communities comprise 583 units. Morgan Properties plans to implement a $20 million renovation program throughout the portfolio, which will include upgrading curb appeal; renovating kitchens and bathrooms; upgrading communal amenities to include dog parks, playgrounds, fitness centers, club rooms and package rooms with Amazon hub lockers; and installing washers and …

October 6, 2020

Acquisitions Industrial Southeast Tennessee

Phoenix Investors Acquires Industrial Portfolio in Tennessee Totaling 1.6 MSF

by Alex Tostado October 6, 2020

MILWAUKEE — Affiliates of Milwaukee-based Phoenix Investments have acquired a three-property industrial portfolio in Dresden, Church Hill and Kingsport, Tenn., spanning nearly 1.6 million square feet. Church Hill-based Frog Properties LLC sold the portfolio for an undisclosed price. The property located at 2073 Evergreen St. in Dresden features 30 truck doors, 20- to 35-foot clear heights and rail access with a 1,500-foot rail platform. Champion Homes anchors the 611,556-square-foot facility. The property in Church Hill spans 857,056 square feet. The asset is situated at 121 Kingsport Press Road and features a 300-foot rail spur with access to Norfolk Southern Rail. The Kingsport facility is located on six acres at 2497 Sherwood Road. The 130,751-square-foot property features 20-foot clear heights and 8- to 12-inch thick concrete flooring. Quebecor World, a Canadian-based publishing company, used to occupy the properties in Church Hill and Dresden. Michael Reid of Newmark Knight Frank represented both the buyer and seller, Frog Properties, in the transaction. The sales price was not disclosed.

October 6, 2020

Acquisitions Maryland Multifamily Southeast

JLL Negotiates Sale of 538-Unit Multifamily Community Near D.C.

by Alex Tostado October 6, 2020

GAITHERSBURG, MD. — JLL has arranged the sale of Cadence at Crown, a 538-unit multifamily community in Gaithersburg. JRK Property Holdings acquired the asset for an undisclosed price. The property offers studio to three-bedroom floor plans averaging 863 square feet. Communal amenities include a pool, sundeck, 24-hour fitness center, internet café, conference room, gaming lounge, pet spa and electric car charging stations. The community is situated at 113 Ellington Blvd., 21 miles north of downtown Washington, D.C. Walter Coker, Brian Crivella and Robert Jenkins of JLL represented the undisclosed seller in the transaction.

October 6, 2020

Acquisitions Georgia Industrial Southeast

Crow Holdings Sells 234,000 SF Industrial Property in Metro Atlanta

by Alex Tostado October 6, 2020

UNION CITY, GA. — Crow Holdings Industrial (CHI) has sold South Fulton Logistics Center, a 234,000-square-foot industrial facility in Union City. CHI delivered the asset in April 2019. The facility features 32-foot clear heights and was 68 percent leased at the time of sale to Greenball Corp., a manufacturer and wholesaler of tires. South Fulton Logistics Center is situated at the intersection of Hunter and Mason roads, six miles west of Hartsfield-Jackson Atlanta International Airport. TA Realty acquired the property for an undisclosed price.

October 6, 2020

Acquisitions Retail South Carolina Southeast

Marcus & Millichap Arranges $2.4M Sale of Retail Strip Center in Upstate South Carolina

by Alex Tostado October 6, 2020

GREER, S.C. — Marcus & Millichap has arranged the $2.4 million sale of Orangetheory Fitness Strip Center, an outparcel to Riverside Crossing Shopping Center, in Greer. The 6,500-square-foot outparcel is leased to Orangetheory Fitness, Greenfield’s Bagels & Deli and Stevenson Tax & Accounting. The sale is the final piece of the Riverside Crossing Shopping Center portfolio, which comprises a Lowe’s Foods grocery-anchored shopping center and two outparcels totaling 58,358 square feet. The asset is located at 870 E. Suber Road, 10 miles east of downtown Greenville. Zach Taylor and Don McMinn of Marcus & Millichap’s Taylor McMinn Group represented the seller, EA Riverside OP3 LLC, in the transaction. The buyer, VLH Hiawatha LLC, was completing a 1031 exchange. “When evaluating the sale, we concluded the best way to maximize proceeds was to sell the center as three separate offerings to three separate investors,” says Taylor. “By taking this parcelization approach, we achieved a blended cap rate that was 25 basis points lower and netted the seller an additional $600,000 in value.” The three parcels sold for a total of $17.4 million.

October 6, 2020

Acquisitions Arizona Multifamily Western

Rockwood Capital Sells MetroPointe Apartments Near Phoenix for $96.7M

by Amy Works October 6, 2020

TEMPE, ARIZ. — Rockwood Capital has completed the sale of MetroPointe Apartments, a multifamily property located in Tempe. Cortland acquired the asset for $96.7 million, or $233,133 per unit. Built in 2009, the property features 415 apartments in a mix of one-, two- and three-bedroom layouts, two swimming pools and a spa. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

October 6, 2020

Acquisitions California Retail Western

Progressive Real Estate Partners Negotiates $5.3M Sale of Foothill Village Shopping Center in Fontana, California

by Amy Works October 6, 2020

FONTANA, CALIF. — Progressive Real Estate Partners has arranged the sale of Foothill Village, a retail center located at 14755 Foothill Blvd. in Fontana. A Los Angeles-based private investor sold the property to a Los Angeles-based investor for $5.3 million in an all-cash transaction. Built in 2006, Foothill Village features 24,985 square feet of retail space. At the time of sale, the property was fully leased to 13 tenants. Greg Bedell and Albert Lopez of Progressive Real Estate Partners represented the seller, while Bedell also represented the buyer in the transaction.

October 6, 2020

Acquisitions Retail Texas

Coldwell Banker Arranges Sale of Former Sears Store at Valle Vista Mall in Rio Grande Valley

by Taylor Williams October 6, 2020

HARLINGEN, TEXAS — Coldwell Banker Commercial has arranged the sale of the former Sears department store at the Valle Vista Mall, a 739,000-square-foot retail property located in the Rio Grande Valley city of Harlingen. Sears, which had been one of the mall’s anchor tenants without owning the space since its construction in 1984, vacated the 90,000-square-foot space in 2018 as part of a larger series of store closures. New York-based Valle Vista Mall Holdings LLC sold the asset to ZE Valle Vista Realty LLC for an undisclosed price. The new ownership will redevelop the space but did not release specific plans.

October 6, 2020

Acquisitions Healthcare Texas

Ridgeline, Harrison Street Acquire 70,000 SF Medical Office Building in Irving

by Taylor Williams October 6, 2020

IRVING, TEXAS — A joint venture between Ridgeline Capital Partners and Harrison Street has acquired a 70,000-square-foot medical office building located at 6121 N. State Highway 161 in Irving. The property was built on 4.1 acres in 2019 and was 82 percent leased to five tenants at the time of sale. The undisclosed seller represented itself in the transaction.

October 6, 2020

Acquisitions Retail Texas

Marcus & Millichap Brokers Sale of 23,380 SF River Oaks Shopping Center Near Fort Worth

by Taylor Williams October 6, 2020

RIVER OAKS, TEXAS — Marcus & Millichap has brokered the sale of River Oaks Shopping Center, a 23,380-square-foot retail property located on the western outskirts of Fort Worth in River Oaks. Dollar Tree and grocer La Michoacana anchor the center, which was fully leased at the time of sale. Philip Levy and Chris Gainey of Marcus & Millichap represented the seller, a developer, in the transaction. The duo also procured the buyer, a private investor.

October 6, 2020

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