Acquisitions

Kidder Mathews Brokers $4.6M Sale of Tempe Office Center in Arizona

by Amy Works October 7, 2020

TEMPE, ARIZ. — Kidder Mathews has arranged the sale of Tempe Office Center, an office park located at 950 W. Southern Ave. and 3225 S. Hardy Drive in Tempe. Investors from Northern California and the State of Washington acquired the asset from a Southern California-based investment group for $4.6 million. At the time of sale, the 24,381-square-foot office park was 77 percent occupied. Concentra Urgent Care occupies 41 percent of the property and recently extended its lease for an additional 13 years. The urgent care provider has occupied the property since the mid-1990s. Erik Marsh of Kidder Mathews represented the seller in the deal.

October 7, 2020

Acquisitions Hospitality Texas

Marcus & Millichap Brokers Sale of 65-Room Comfort Inn Hotel Near Fort Worth

by Taylor Williams October 7, 2020

WHITE SETTLEMENT, TEXAS — Marcus & Millichap has brokered the sale of the Comfort Inn & Suites Fort Worth West, a 65-room hotel located on the western outskirts of Fort Worth in White Settlement. The property was built in 2014. Chris Gomes, Joseph Jaques and Allan Miller of Marcus & Millichap represented the Dallas-based seller in the transaction. Gomes also procured the buyer. Both parties were limited liability companies that requested anonymity.

October 7, 2020

Acquisitions Industrial Northeast Pennsylvania

Binswanger Brokers Sale of Two Industrial Properties Near Philadelphia for $18M

by Taylor Williams October 7, 2020

PENNSAUKEN, N.J. — Binswanger Commercial Real Estate Services has brokered the sale of two industrial properties in the Philadelphia suburb of Pennsauken, New Jersey, for $18 million. The first property is a 189,498-square-foot facility located at 9130 Griffith Morgan Lane that includes 16,000 square feet of office space and sold for $7.4 million. The second property was built on 13.5 acres in 1997, totals 201,000 square feet and features 28- to 32-foot clear heights. That property sold for roughly $10.6 million. Simmons Pet Food formerly owned both assets. Kenover Marketing and KB Furniture respectively purchased the first and second properties. Chris Pennington of Binswanger brokered the deals.

October 7, 2020

Acquisitions Industrial New Jersey Northeast

Venture One, Kovitz Acquire 17,290 SF Industrial Building in Camden, New Jersey

by Taylor Williams October 7, 2020

CAMDEN, N.J. — A partnership between Chicago-based Venture One Real Estate and Kovitz Investment Group has acquired a 17,290-square-foot vacant industrial building in Camden, located outside of Philadelphia in New Jersey. The 9.4-acre property serves as a repair/maintenance facility, offers proximity to Interstate 295 and downtown Philadelphia and features 2,800 square feet of office space and parking for 236 trailers. Jim Scott of Colliers International represented the undisclosed seller in the transaction. Scott Mertz of NAI Mertz represented the buyer and will market the property for lease.

October 7, 2020

Acquisitions Massachusetts Northeast Retail

Bulfinch Buys 7,200 SF Retail Building in Boston’s Harvard Square Area

by Taylor Williams October 7, 2020

BOSTON — An affiliate of The Bulfinch Companies has purchased a 7,200-square-foot retail building in Boston’s Harvard Square neighborhood with plans to reposition the asset as a medical office or life sciences property complete with a rooftop deck. The building has two stories above grade and one below, with floor–to–ceiling windows on the street providing high visibility and ample daylighting. Kellie Coveney and Michael Restivo of JLL represented the seller, a private entity advised by Ella Properties LLC, in the transaction.This acquisition further strengthens Bulfinch’s portfolio in the Cambridge market. Earlier this year, Bulfinch completed a 280,000-square-foot lab building at Cambridge Discovery Park in the Alewife life sciences cluster. Bulfinch is also the manager of Osborn Triangle, a three-property life sciences and biotech development in Cambridge’s Kendall Square neighborhood,

October 7, 2020

Acquisitions Multifamily North Carolina South Carolina Southeast

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

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