Acquisitions

Industrial-Portfolio-Pennsauken-New-Jersey

Colliers Negotiates Sale of Two Industrial Parks Totaling 1.1 MSF in Pennsauken, New Jersey

by Taylor Williams August 3, 2020

PENNSAUKEN, N.J. — Colliers International has negotiated the sale of Twinbridge Industrial Park and Veterans Industrial Park, a pair of industrial developments totaling 32 buildings and approximately 1.1 million square feet in Pennsauken, located east of Philadelphia. The properties are situated immediately off State Highways Route 73 and 130 and were fully leased to 49 tenants at the time of sale. Ian Richman and Marc Isdaner of Colliers represented the seller, The Bloom Organization, in the transaction. The buyer was a joint venture between Wharton Industrial and Walton Street Capital.

August 3, 2020

Acquisitions New York Northeast Retail

Marcus & Millichap Brokers $2.1M Sale of Retail Asset Net-Leased to Wendy’s in Merrick, New York

by Taylor Williams August 3, 2020

MERRICK, N.Y. — Marcus & Millichap has brokered the $2.1 million sale of a 2,431-square-foot retail asset net leased to Wendy’s in the Long Island city of Merrick. Michael Tuccillo and Matthew Klang of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction. Wendy’s has 14 years remaining on its lease.

August 3, 2020

Acquisitions Florida Multifamily Southeast

Cortland Purchases Multifamily Community in South Florida for $73.9M

by Alex Tostado August 3, 2020

DELRAY BEACH, FLA. — Cortland has purchased Delray Station, a 284-unit multifamily community in Delray Beach. The seller and price were not disclosed, but a person familiar with the transaction said Wood Partners sold the asset to Cortland for $73.9 million. The property, which was delivered in 2017, offers one-, two- and three-bedroom floor plans averaging 1,104 square feet. Communal amenities include a pool, cabanas, sundeck, 24-hour fitness center, clubhouse, grilling areas, putting green and walking trails. Delray Station is located at 1720 Depot Ave., less than two miles north of the Delray Beach Tri-Rail station and nine miles north of downtown Boca Raton. Avery Klann, Hampton Beebe, Tyler Minix and Jonathan Senn of Newmark Knight Frank (NKF) represented the seller in the transaction.

August 3, 2020

Acquisitions Georgia Healthcare Office Southeast

Anchor Health Acquires New Medical Office Building in Metro Atlanta for $29.8M

by Alex Tostado August 3, 2020

BROOKHAVEN, GA. — Anchor Health Properties has acquired Brookhaven Medical Center II, a new 51,429-square-foot medical office building in Brookhaven. The developers, G.H. Anderson & Co. and The Gipson Co., sold the property for $29.8 million, or $581 per square foot. Piedmont Healthcare’s Piedmont Physicians of Brookhaven fully occupies the property, which was delivered in early June. At the location, Piedmont Physicians of Brookhaven provides ENT, dermatology, orthopedic, ophthalmology and pulmonary services. The asset is situated at 3929 Peachtree Road NE, five miles from Piedmont Atlanta Hospital and 10 miles northeast of downtown Atlanta. Steve Hall and Kevin Markwordt of Transwestern Real Estate Services represented the sellers in the transaction.

August 3, 2020

Acquisitions Retail Southeast Virginia

SRS Arranges $1.8M Sale of Property Triple-Net Leased to Chick-fil-A in Fredericksburg, Virginia

by Alex Tostado August 3, 2020

FREDERICKSBURG, VA. — SRS Real Estate Partners has arranged the $1.8 million sale of a property triple-net leased to Chick-fil-A in Fredericksburg. Chick-fil-A has occupied the 3,781-square-foot property for 20 years and recently extended its corporate-guaranteed lease for another five years. The asset is situated at 4220 Plank Road, five miles west of downtown Fredericksburg. Andrew Fallon and Rick Fernandez of SRS represented the undisclosed seller in the transaction. The buyer was also not disclosed.

August 3, 2020

Acquisitions Midwest Ohio Retail

Marathon Petroleum Agrees to Sell Speedway Gas Stations to Owners of 7-Eleven for $21B

by Kristin Harlow August 3, 2020

FINDLAY, OHIO — Marathon Petroleum Corp. (NYSE: MPC) has entered into a definitive agreement with 7-Eleven Inc. whereby 7-Eleven will acquire the convenience store chain Speedway for $21 billion in cash. The transaction is expected to close in the first quarter of 2021. Ohio-based Marathon expects the sale to result in after-tax cash proceeds of approximately $16.5 billion and to use the proceeds to both repay debt and return capital to shareholders. The arrangement includes a 15-year fuel supply agreement for approximately 7.7 billion gallons per year associated with the Speedway business. Speedway, a subsidiary of Marathon, owns and operates retail convenience stores nationwide. The deal includes about 3,900 convenience stores and would bring 7-Eleven’s retail footprint in the U.S. and Canada to roughly 14,000 locations, according to The Wall Street Journal. Tokyo-based Seven & i Holdings Co. Ltd. is the parent company of 7-Eleven.

August 3, 2020

Acquisitions Midwest Minnesota NAI Retail

NAI Legacy, Restoration Hardware Complete $25.5M Sale-Leaseback Transaction in Edina, Minnesota

by Kristin Harlow August 3, 2020

EDINA, MINN. — NAI Legacy has acquired the RH | Minneapolis – Gallery property in Edina for $25.5 million. In conjunction with the sale, Restoration Hardware leased back the property on a 20-year absolute net lease. Opened in September 2019, the store spans 58,000 square feet across three levels. A rooftop restaurant is housed on the third floor. A Delaware statutory trust controlled by NAI Legacy, and known as 6801 France DST, was used to acquire the asset. Edina-based Tradition Capital Bank provided mortgage financing. A Delaware statutory trust is an ownership model through a separate legal entity that allows co-investment among sponsors and investors.

August 3, 2020

Acquisitions Industrial Midwest Ohio

Reichle Klein Group Brokers $1.1M Sale of Industrial Building in Sylvania, Ohio

by Kristin Harlow August 3, 2020

SYLVANIA, OHIO — Reichle Klein Group has brokered the $1.1 million sale of an industrial building in Sylvania, which is located in northern Ohio near the Michigan border. The 3.8-acre property is situated at 3525 Silica Road. Lynette Reichle of Reichle Klein Group represented the buyer, Sylvania-based J-West LLC. The seller was undisclosed.

August 3, 2020

Acquisitions California Industrial Western

CenterPoint Properties Buys Last-Mile Distribution Facility in South Bay Area Near Los Angeles

by Amy Works August 3, 2020

GARDENA, CALIF. — CenterPoint Properties has purchased a distribution facility located at 230 W. Rosecrans Ave. in Gardena. Todd Kirshner of Punch Studio sold the asset for an undisclosed price. Situated on 3.22 acres in the South Bay region of Los Angeles County, the last-mile, 60,115-square-foot property features higher-than-market-average trailer parking, eight dock-high positions and immediate access to California’s freeway system, as well as excess yard space and port proximity.

August 3, 2020

Acquisitions Colorado Multifamily Western

Nexus Commercial Realty Negotiates $2.4M Sale of Multifamily Portfolio in Longmont, Colorado

by Amy Works August 3, 2020

LONGMONT, COLO. — Nexus Commercial Realty has arranged the sale of a two-building multifamily portfolio located in Longmont. An undisclosed buyer acquired the portfolio for $2.4 million. Located at 710 Emery St. and 1637 Kimbark St., the properties offer a total of 20 units in a mix of four two-bedroom units and 16 one-bedroom units. The buyer plans to install a new roof on the Kimbark property, as well as renovate and improve all units in both buildings. Brandon Kaufman and Nik MacCarter of Nexus represented the undisclosed seller, while Sean Holaman, also of Nexus, represented the buyer in the deal.

August 3, 2020

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