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Acquisitions

2200-Faraday-Ave-Carlsbad-CA
AcquisitionsCaliforniaIndustrialWestern

Hill Cos. Sells 233,194 SF Industrial Building in Carlsbad, California for $49.5M

by Amy Works

CARLSBAD, CALIF. — Greenwood Village, Colo.-based Hill Cos. has completed the disposition of Studio 2200, a Class A, freestanding industrial flex building in Carlsbad. IDEC Corp. acquired the asset for $49.5 million. IDEC, a manufacturer of industrial automation and control products, is relocating its existing operation from Silicon Valley to occupy a majority of the two-story 233,194-square-foot building, which is located at 2200 Faraday Ave. Situated on nearly 14 acres, Studio 2200 features private balconies and outdoor amenity spaces, prominent signage, ample dock- and grade-loading positions, a freight elevator, clear heights ranging from 15.5 to 17 feet and heavy power. Aric Starck and Drew Dodds of Cushman & Wakefield represented the seller, while Peter Curry of Cushman & Wakefield and CBRE’s Dennis Visser and Weston Yahn represented the buyer in the deal.

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3750-Nome-St-Denver-CO
AcquisitionsColoradoIndustrialWestern

IOV Acquires 10th Industrial Outdoor Storage Facility in Denver Market

by Amy Works

DENVER — Industrial Outdoor Ventures (IOV) has acquired its 10th property in the Denver area with the purchase of 3750 Nome Street, a 4.9-acre industrial outdoor storage site in Denver’s Airport Central submarket. Terms of the transaction were not released. The property includes a 24,000-square-foot warehouse with a clear height of 22 feet, two drive-in doors and four dock-high positions, as well as a 7,000-square-foot standalone office with additional storage and a private garage. At the time of acquisition, the property was vacant and on the market for lease. Sam Dragan and Mike Camp of CBRE represented the buyer and undisclosed seller in the deal.

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AcquisitionsColoradoRetailWestern

Boulder Group Brokers $1.9M Sale of Star Buds Dispensary Property in Fort Collins, Colorado

by Amy Works

FORT COLLINS, COLO. — The Boulder Group has brokered the sale of a single-tenant retail property located at 5740 S. College Ave. in Fort Collins. A Midwest-based real estate development and investment company sold the asset to a local Colorado-based investor for $1.9 million. Star Buds, a cannabis dispensary, occupies the 4,861-square-foot property on a long-term, triple-net lease with rental increases every five years. The lease is guaranteed by Medicine Man Technologies, a publicly traded company that does business as Schwazze. The company is a vertically integrated cannabis company with approximately 35 dispensaries, six grow facilities and two manufacturing plants. Zach Wright and Brandon Wright of The Boulder Group represented the seller in the transaction.

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AcquisitionsRetailTexas

Marcus & Millichap Brokers Sale of 22,443 SF Retail Strip Center in Metro Austin

by Taylor Williams

CEDAR PARK, TEXAS — Marcus & Millichap has brokered the sale of Shops at Lakeline, a 22,443-square-foot retail strip center in the northern Austin suburb of Cedar Park. The property comprises three buildings that were constructed on a 1.9-acre site in 2015. Tenants include Domino’s Pizza, VCA Animal Hospital and Cedar Park Dental. Coleman Solomon, Philip Levy and Wes Peacock of Marcus & Millichap represented the seller, Kalantari Group, in the transaction The buyer was CenterSquare Investment Management.

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AcquisitionsMississippiSelf-StorageSoutheastTennessee

Gelt Ventures Sells 3,999-Unit Self-Storage Portfolio in Tennessee and Mississippi

by John Nelson

LOS ANGELES — Gelt Ventures LLC has sold an eight-property self-storage portfolio in Tennessee and Mississippi totaling 3,999 units. The facilities are mostly situated in the metro Memphis market, with five assets in Memphis, two in Olive Branch, Miss., and one in Nesbit, Miss. Canadian-based investor Minimal Storage Properties purchased the 487,000-square-foot portfolio for an undisclosed price. Gelt Ventures originally acquired the portfolio in June 2020 for $41 million. The single-story properties were built between 1972 and 2006 and feature commercial office space, manager’s apartments and a mix of drive-up, indoor and climate-controlled units averaging 141 square feet in size. During its ownership period, Los Angeles-based Gelt Ventures carried out capital improvements on the self-storage assets, improved the tenant mix and implemented a revenue management strategy.

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AcquisitionsGeorgiaHospitalityMississippiSoutheast

JLL Negotiates Sale of Three Hotels in Metro Memphis, Atlanta Totaling $36M

by John Nelson

SOUTHAVEN, MISS. AND BUFORD, GA. — JLL has negotiated the $25 million sale of a hotel portfolio in the Memphis suburb of Southaven, as well as the $11 million sale of a hotel in Buford. The properties included the Courtyard Memphis Southaven (85 rooms), the Residence Inn Southaven (78 rooms) and the Fairfield Inn & Suites Buford (94 rooms). C.J. Kelly and Bobby Norwood of JLL represented the buyer, Woodvale Opportunity Fund I, in the transaction. The seller was Chartwell Hospitality.

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AcquisitionsFloridaRetailSoutheast

IPA Brokers $17M Sale of Seven Hills Plaza Shopping Center in Metro Tampa

by John Nelson

SPRING HILL, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $17 million sale of Seven Hills Plaza, an 87,286-square-foot retail center located roughly 50 miles north of Tampa in Spring Hill. Planet Fitness and Walgreens anchor the center, which was fully occupied at the time of sale. Additional tenants include Altitude Trampoline Park, AFC Urgent Care, Rehability, Okinawa Ramen Restaurant, GNC and Nails So Happy. Kirk Olson and Drew Kristol of IPA represented the seller, Baltimore-based Continental Realty Corp. (CRC), and procured the buyer, Bezrat H. Corp., in the transaction. 

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AcquisitionsIndustrialSelf-StorageTexas

Marcus & Millichap Brokers Sale of 260-Unit Self-Storage Facility in Hughes Springs, Texas

by Taylor Williams

HUGHES SPRINGS, TEXAS — Marcus & Millichap has brokered the sale of a 260-unit self-storage facility in Hughes Springs, about 140 miles east of Dallas. The facility was built in 2019 and totals 54,100 net rentable square feet, including 20 RV/boat storage spaces. Brandon Karr and Danny Cunningham of Marcus & Millichap represented the seller, a local developer, in the transaction and procured the buyer, a Dallas-based investment company.  Both parties requested anonymity.

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AcquisitionsIndustrialTexas

Harbor Capital Buys 51,710 SF Industrial Building in McKinney, Texas

by Taylor Williams

MCKINNEY, TEXAS — Austin-based investment firm Harbor Capital has purchased a 51,710-square-foot industrial building in McKinney, a northern suburb of Dallas. The three-tenant facility at 190 Industrial Blvd. features 24-foot clear heights, grade-level doors, multiple 20-ton bridge cranes and heavy power capabilities. Harbor Capital is partnering with TIG Real Estate Services Inc. to manage the property. The seller and sales price were not disclosed.

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2607-Solana-Way-Laguna-Beach-CA
AcquisitionsCaliforniaMultifamilyWestern

CBRE Negotiates $7.4M Sale of Apartment Community in Laguna Beach, California

by Amy Works

LAGUNA BEACH, CALIF. — CBRE has negotiated the sale of Sterling Plaza Apartments, a multifamily property in Laguna Beach. Located at 2607 Solana Way, Sterling Plaza features 12 one- and two-bedroom apartments, including a two-bedroom penthouse. The three-story, 9,823-square-foot property was built in 1962 and 1963. The property offers 14 parking spaces (11 carports plus three open spaces), an onsite laundry facility and the units are individually metered for electricity. Dan Blackwell and Mike O’Neill of CBRE represented the San Francisco Bay Area-based seller and the Los Angeles County-based buyer in the deal.

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