Acquisitions

San Diego Rescue Mission Divests of 38,610 SF Industrial Property in San Diego

by Amy Works March 19, 2020

SAN DIEGO — San Diego Rescue Mission has completed the sale of an industrial facility located at 5150 University Ave. in San Diego. University Storage acquired the asset for $7.7 million. The 2.2-acre lot features a 38,610-square-foot industrial building. The buyer plans to redevelop the property into a self-storage facility. George Hicker and Michael McFarland of Cardinal Industrial, along with Matt Weaver and Al Apuzzo of Lee & Associates – North County San Diego, represented the seller and buyer in the deal.

March 19, 2020

Acquisitions Healthcare Texas

Howard Hughes Sells Metro Houston Healthcare Building Leased to MD Anderson for $115M

by Taylor Williams March 18, 2020

THE WOODLANDS, TEXAS — The Howard Hughes Corp. has sold a 208,000-square-foot healthcare building leased to cancer treatment and research group MD Anderson in The Woodlands, a northern suburb of Houston. The sales price was $115 million. Howard Hughes began development of the build-to-suit property, which is located at 100 Fellowship Drive, in 2017. MD Anderson, which operates seven facilities throughout the Houston area and collaborates with other hospitals and healthcare providers nationwide, will remain in place as building ownership transitions. The buyer was not disclosed.

March 18, 2020

Acquisitions Industrial Texas

Marcus & Millichap Brokers Sale of Three Industrial Assets Totaling 53,254 SF in Metro Dallas

by Taylor Williams March 18, 2020

GARLAND, TEXAS — Marcus & Millichap has brokered the sale of a trio of industrial assets totaling 53,254 square feet in Garland, a northeastern suburb of Dallas. The buildings are situated on a combined 2.7 acres and were built between 1969 and 1991. Adam Abushagur and Sam Martin of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction.

March 18, 2020

Acquisitions Industrial Maryland Southeast

Atapco Properties, Chesapeake Real Estate Sell Logistics Center in Baltimore County for $71.2M

by Alex Tostado March 18, 2020

WHITE MARSH, MD. — A joint venture between Atapco Properties and Chesapeake Real Estate Group LLC (CREG) has sold Nottingham Ridge, a two-building, 750,000-square-foot industrial complex in White Marsh, for $71.2 million. The Baltimore County property spans 52 acres at 5301 and 5300 Nottingham Drive, 14 miles northeast of downtown Baltimore and Port of Baltimore. The joint venture acquired the land from Paragon Outlets in 2018. The development took 18 months to complete. The building at 5301 Nottingham spans 165,000 square feet and was 67 percent leased at the time of sale. The asset at 5300 Nottingham was unoccupied at the time of sale. The buyer was not disclosed.

March 18, 2020

Acquisitions Alabama Multifamily Southeast

PEM Real Estate Sells Multifamily Community in Mobile for $28M

by Alex Tostado March 18, 2020

MOBILE, ALA. — PEM Real Estate Group has sold Arlington Park, a 252-unit multifamily community in Mobile, for $28 million. The property was built in 2001 and offers one-, two- and three-bedroom floor plans. Communal amenities include a saltwater pool, outdoor kitchen, game room, car care center, fitness center and a dog park. Arlington Park is situated at 7070 Grelot Road, 15 miles west of downtown Mobile. Craig Hey and Andrew Brown of Cushman & Wakefield represented the Scottsdale, Ariz.-based seller in the transaction. Dallas-based Saxony Capital Management acquired the property.

March 18, 2020

Acquisitions Retail Southeast Virginia

Cushman & Wakefield | Thalhimer Arranges $8M Sale of Food Lion-Anchored Center Near Roanoke

by Alex Tostado March 18, 2020

DALEVILLE, VA. — Cushman & Wakefield | Thalhimer has arranged the $8 million sale of Orchard Marketplace, a 46,552-square-foot, grocery-anchored shopping center in Daleville. Located at 50-110 Marketplace Center Way, about 12 miles north of downtown Roanoke, the property was fully leased at the time of sale to tenants including Food Lion and Carilion Health Systems. Eric Robison, Catharine Spangler and Jessica Johnson of Cushman & Wakefield | Thalhimer represented the sellers, Orchard Anchor LLC and New Orchard Marketplace LLC, in the transaction. Club Forest Guardian LLC acquired the property.

March 18, 2020

Acquisitions Industrial Northeast Pennsylvania

Rock Commercial Brokers Sale of 46,640 SF Industrial Property in York, Pennsylvania

by Alex Patton March 18, 2020

YORK, PA. — Rock Commercial Real Estate has brokered the sale of a 46,640-square-foot industrial property in York, approximately 25 miles south of Harrisburg. Located at 560 Maryland Ave., the property offers convenient access to Harrisburg International Airport, the Port of Baltimore and the Emons Logistics Services railroad. Greg Finkelstein and Jason Turnbull of Rock Commercial represented the buyer, Frasier-Campbell Properties LLC, in the transaction. The team also procured the buyer, 4300 NESC LLC.

March 18, 2020

Acquisitions Northeast Pennsylvania Retail

The Boulder Group Negotiates $1.6M Sale of Retail Property in Reading, Pennsylvania

by Alex Patton March 18, 2020

READING, PA. — The Boulder Group has negotiated the $1.6 million sale of a single-tenant retail property net-leased to Dunkin in Reading, located approximately 60 miles northwest of Philadelphia. The property is located at 1350 Carbon St. in close proximity to the 910,000-square-foot Berkshire Mall, as well as a Walmart Supercenter, Home Depot and Best Buy. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the Pennsylvania-based seller in the transaction. The buyer was a private investor. Both parties requested anonymity.

March 18, 2020

Acquisitions Michigan Midwest Multifamily

Greystone Bel Brokers Sale of 117-Unit Multifamily Portfolio in Marquette, Michigan

by Kristin Harlow March 18, 2020

MARQUETTE, MICH. — Greystone Bel Real Estate Advisors has brokered the sale of a two-property multifamily portfolio totaling 117 units in Marquette, which is located in the state’s Upper Peninsula. The portfolio includes Northwoods and Ridgeview Apartments. Austin Hull of Greystone Bel brokered the transaction. The sales price was undisclosed. An out-of-state buyer purchased the properties from an undisclosed seller. Built between 2004 and 2011, Northwoods consists of three buildings totaling 48 units on 3.5 acres. Ridgeview is a 69-unit property built in 2002. It includes 10 buildings on four acres.

March 18, 2020

Acquisitions Midwest Minnesota Retail

Boulder Group Arranges $3.3M Sale of Retail Property Net Leased to AT&T in Minnesota

by Kristin Harlow March 18, 2020

MAPLEWOOD, MINN. — The Boulder Group has arranged the $3.3 million sale of a newly constructed retail property net leased to AT&T in Maplewood, just east of St. Paul. The 4,305-square-foot building is located at 3070 White Bear Ave. across from Maplewood Mall. Jimmy Goodman and Randy Blankstein of Boulder represented the seller, a Midwest-based developer. An individual investor purchased the asset. The tenant, New Cingular Wireless PCS, is a wholly owned subsidiary of AT&T Corp. New Cingular Wireless is the primary corporate entity for AT&T’s retail stores with over 2,200 locations worldwide.

March 18, 2020

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