Acquisitions

Norris & Stevens Negotiates $5.3M Sale of Industrial, Office Building in Southeast Portland

by Amy Works March 13, 2020

PORTLAND, ORE. — Norris & Stevens has negotiated the sale of an industrial and office property located at 1700 S.E. 11th Ave. in Portland. An undisclosed buyer acquired the asset from Paul R. Pierce and Joanne Fuller for $5.3 million. The asset features a two-story, 19,667-square-foot building and a 10,000-square-foot surface parking lot providing 30 spaces. At the time of sale, the property was 100 percent occupied by three tenants, including Portland-based Cinco Design and Woodinville, Wash.-based Sierra Construction. As a condition of the sale, the seller leased back the remainder of the property as the third tenant. Raymond Duchek and Thomas McDowell of Portland-based Norris & Stevens represented the seller and buyer in the deal.

March 13, 2020

Acquisitions California Industrial Western

Marcus & Millichap Brokers $20.5M Sale Silicon Valley Industrial Warehouse

by Amy Works March 13, 2020

SAN JOSE, CALIF. — Marcus & Millichap has negotiated the sale of 1800 Dobbin Drive, an industrial warehouse located in San Jose. San Diego-based Westcore Properties acquired the asset from an undisclosed seller for $20.5 million, or $252 per square foot. Built in 1967 on 3.5 acres, the 81,475-square-foot property features 29-foot clear heights. The building is partitioned into a 25,000-square-foot unit and a 56,475-square-foot unit. Additionally, the facility is in close proximity to the Berryessa/North San Jose Bay Area Rapid Transit station. Jeffrey Ida, Cole Ferrari and Brendan Gallagher of Marcus & Millichap’s San Francisco office represented the seller in the deal.

March 13, 2020

Acquisitions Arizona Industrial Western

Doubletree Partners Divests of Doubletree Centre Industrial Building in Scottsdale, Arizona

by Amy Works March 13, 2020

SCOTTSDALE, ARIZ. — Doubletree Partners has completed the sale of Doubletree Centre, a multi-tenant industrial property located in Scottsdale. Quesnell International acquired the asset for an undisclosed price in a 1031 exchange. Located at 9525 E. Doubletree Ranch Road, the property features 22,303 square feet of industrial space. Doubletree Partners acquired the property in 2014 with only one tenant and invested into the building to facilitate owner/use requirements to bring the property to 100 percent occupancy. Michelle Gardner of Kidder Mathews represented the seller in the transaction.

March 13, 2020

Acquisitions Office Texas

Entrada Partners Buys 151,736 SF Travis Park Plaza Office Building in San Antonio

by Taylor Williams March 13, 2020

SAN ANTONIO — Los Angeles-based investment firm Entrada Partners has purchased Travis Park Plaza, 151,736-square-foot office building located at 711 Navarro St. in San Antonio’s central business district. Built in 1970 and renovated in 2001 and 2009, the seven-story building was 82 percent leased at the time of sale to tenant such as Conviva Care Solutions, Kairoi Residential and Tetra Tech. Todd Mills, Carrie Caesar and Hunter Mills of Cushman & Wakefield represented the undisclosed seller in the transaction. De’On Collins of JLL arranged acquisition financing for Entrada Partners, which will implement a multimillion-dollar capital improvement program. Transwestern has been tapped to lease and manage the property.

March 13, 2020

Acquisitions Multifamily Texas

Marcus & Millichap Brokers Sale of 176-Unit Casa Bella Apartments in Dallas

by Taylor Williams March 13, 2020

DALLAS — Marcus & Millichap has brokered the sale of Casa Bella, a 176-unit apartment community in Dallas. According to apartments.com, the property was built in 1974, features one-, two-, three- and four-bedroom units and offers amenities such as a pool, playground and outdoor grilling area. Nick Fluellen and Bard Hoover of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The duo also procured the buyer, a private investor. Both parties requested anonymity.

March 13, 2020

Acquisitions Industrial Texas

CanTex Capital Acquires 92,000 SF Industrial Property in Dallas

by Taylor Williams March 13, 2020

DALLAS — Dallas-based investment firm CanTex Capital has acquired a 92,000-square-foot industrial complex in Dallas. The property is situated on two contiguous lots and is located within two miles of Dallas Love Field Airport. CanTex will implement a capital improvement program at both buildings on the property, which will be rebranded as Stemmons Design Center. Stream Realty Partners will handle leasing of the upgraded space.

March 13, 2020

Acquisitions Florida Industrial Southeast

Cushman & Wakefield Arranges Sale of CVS-Leased Distribution Center in Orlando

by Alex Tostado March 12, 2020

ORLANDO, FLA. — Cushman & Wakefield has arranged the sale of a 713,585-square-foot distribution center fully leased to CVS/pharmacy in Orlando. CVS services 500 stores in Florida and Puerto Rico from the facility. The property is situated at 8201 Chancellor Drive, eight miles south of downtown Orlando and nine miles west of Orlando International Airport. The building was originally developed in 1975 and offers 24- to 35-foot clear heights, 97 dock positions, approximately 500 car parking spaces and 429 trailer parking spaces. The seller was a closed-ended fund owned by a Spanish family office and managed by Exan Capital, an independent real estate fund manager. The buyer was PBV Logistics Center LLC, an affiliate of Phoenix-based logistics investor and developer Tratt Properties. Mike Davis, Wayne Ramoski, Rick Brugge, Rick Colon, Jared Bonshire and David Perez of Cushman & Wakefield represented the seller in the transaction.

March 12, 2020

Acquisitions Arkansas Industrial Self-Storage Southeast

AKA Partners Acquires Self-Storage Facility in Metro Memphis for $8.9M

by Alex Tostado March 12, 2020

WEST MEMPHIS, ARK. — AKA Partners LLC has acquired Storage Depot, a climate-controlled self-storage facility in West Memphis, for $8.9 million. The Murray, Utah-based buyer plans to expand the property on the adjacent three acres. Storage Depot is situated at 701 Ark. Highway 77, nine miles west of downtown Memphis. AKA Partners has hired Argus Management to manage the property. Barclays provided acquisition financing. The seller was West Memphis-based DSB, a partnership between David Reagler, Scott Ferguson and LaRand Thomas. Larry Goldman of RE/Max represented the seller in the transaction.

March 12, 2020

Acquisitions California Industrial Western

CenterPoint Acquires 1.6 MSF Industrial Property in California’s Inland Empire

by Amy Works March 12, 2020

ONTARIO, CALIF. — CenterPoint Properties has purchased an industrial property located 5600 E. Airport Drive in Ontario. Situated on 94.2 acres, the asset features 1.6 million square feet of industrial space. The acquisition includes a short-term leaseback with the existing tenant. However, CenterPoint plans to market the property for lease in the future. The company intends to leverage the existing improvements and capitalize on a parking ratio five times greater than the market average. The site can accommodate multiple tenants, including a combination of standalone yards. Thad Mallory, Bret Hardy and Jim Linn of Newmark Knight Frank represented CenterPoint in the off-market transaction. Terms of the deal, including seller and acquisition price, were not released.

March 12, 2020

Acquisitions Arizona Industrial Western

Industrial Outdoor Ventures Buys Heavy Industrial Facility in Glendale, Arizona

by Amy Works March 12, 2020

GLENDALE, ARIZ. — Industrial Outdoor Ventures has purchased a heavy industrial facility with storage yard, located at 4800 W. Pasadena Ave. in Glendale. WHAL Properties sold the asset for an undisclosed price. Situated on 4.6 acres, the property includes a 29,625-square-foot industrial service facility with 3,300 square feet of office space and a paved storage yard. The site is fully secured and zoned for a wide range of heavy industrial uses and features heavy three-phase power and 16-foot to 24-foor clear ceiling heights. Additionally, the property is situated near Interstates 10 and 17, less than a mile from the BNSF Intermodal Facility and 12 miles from Phoenix Sky Harbor Airport. Currently, MasTec, a multi-national infrastructure engineering and construction company, occupies the entire property. Kerri Scott and Bob Broyles of Colliers International represented the seller in the deal.

March 12, 2020

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