Acquisitions

NAI Legacy Acquires 152-Unit Apartment Asset in Robbinsdale, Minnesota

by Kristin Harlow April 3, 2020

ROBBINSDALE, MINN. — NAI Legacy has acquired Birdtown Flats as part of its Opportunity Zone investment strategy. Among the first completed ground-up developments in a Minnesota Opportunity Zone, Birdtown Flats opened for initial occupancy in February. It is located in Robbinsdale, just north of Minneapolis. The 152-unit community includes a rooftop deck, fitness center, business center, common area and dog walk. The Beard Group was the developer and Steven Scott Management is the property manager. CliftonLarsonAllen Wealth Advisors assisted in capital raising efforts. NAI Legacy’s Opportunity Zone program offers institutional-quality investments for investors, along with Opportunity Zone tax benefits. Since launching the program, the firm has completed four investments totaling approximately $50 million.

April 3, 2020

Acquisitions California Office Western

NKF Negotiates $21.6M Sale of Bank of America Office Campus in Southern California

by Amy Works April 3, 2020

THOUSAND OAKS, CALIF. — Newmark Knight Frank (NKF) has arranged the sale of an office campus located at 225 W. Hillcrest Drive in Thousand Oaks. TriStar Realty Group acquired the property from a joint venture between Colony Capital and SteelWave for $21.6 million. Bank of America occupies 74 percent of the property until December, at which time the 158,885-square-foot asset will be vacant. The buyer plans to reposition the building, which is situated on 14.7 acres, as a medical office campus. Built in 1983 and renovated in 2007, the five-story, Class A property was originally built for Exxon’s regional corporate headquarters. The asset features flexible floorplates ranging in size from 20,000 square feet to 48,000 square feet, a courtyard and ample parking. Kevin Shannon, Ken White, Rob Hannan and Laura Stumm of NKF’s U.S. Capital Markets group, along with Sean Fulp, Ryan Plummer and Mark Schuessler of NKF’s Private Capital group, represented the seller. John LaSpada of CBRE represented the buyer in the deal.

April 3, 2020

Acquisitions Midwest Office Ohio Retail

DiFranco Brokers Sale of 34,017 SF Office, Retail Complex in Westlake, Ohio

by Kristin Harlow April 3, 2020

WESTLAKE, OHIO — DiFranco Commercial Real Estate has brokered the sale of 2035 Crocker Road in Westlake, about 17 miles west of downtown Cleveland. The sales price was not disclosed. The 34,017-square-foot office and retail complex was 94 percent occupied at the time of listing. The building is situated directly across from the lifestyle center Crocker Park. Michael DiFranco of DiFranco brokered the sale. Buyer and seller information was not provided.

April 3, 2020

Acquisitions California Net Lease Restaurant Retail Western

SRS Real Estate Partners Brokers $4M Sale of McDonald’s Ground Lease in Orange County

by Amy Works April 3, 2020

FOUNTAIN VALLEY, CALIF. — SRS Real Estate Partners has brokered the ground lease sale of a freestanding restaurant building located at 11321 Talbert Ave. in Fountain Valley. A private investor acquired the property from a Southern California-based investor for $4 million. McDonald’s occupies the 3,500-square-foot, drive-thru building on a corporate-guaranteed, triple-net lease with 12 years remaining. Michael Walseth of SRS’ National Net Lease group represented the seller, while Chris Nikchevich of TNG Real Estate Services represented the all-cash, 1031-exchange buyer in the deal.

April 3, 2020

Acquisitions Colorado Multifamily Seniors Housing Western

ESI Negotiates Sale of Lakewood Memory Care in Colorado for $8.5M

by Amy Works April 2, 2020

LAKEWOOD, COLO. — Evans Senior Investments (ESI) has arranged the sale of Lakewood Memory Care, a 46-unit memory care facility, for $8.5 million, or $185,000 per unit. Located 10 miles south of downtown Denver in Lakewood, the facility totals 52 beds. The property was built in 2016 and is 100 percent private pay. It was 75 percent occupied at the time of sale. ESI represented the seller in the transaction, an independent investor group that had partnered with a national operator. This was the investor group’s only seniors housing asset. The buyer was a nonprofit owner-operator with a regionally focused seniors housing portfolio in Colorado.

April 2, 2020

Acquisitions California Net Lease Retail Western

SunCoast Properties Sells Ground Lease of Chase Bank-Occupied Asset in Anaheim for $5.1M

by Amy Works April 2, 2020

ANAHEIM, CALIF. — SunCoast Properties has completed the disposition of the ground lease of a newly constructed, freestanding retail building located at 545 N. Euclid St. in Anaheim. A Los Angeles-based private investor acquired the asset for $5.1 million. Chase Bank occupies the 3,988-square-foot, single-tenant property with a corporate-guaranteed, triple-net, 20-year lease. SunCoast developed the property, which opened earlier this year. Pat Kent, Patrick Luther, Matthew Mousavi and Parker Walter of SRS Real Estate Partners’ National Net Lease Group represented the seller, while Bill Asher and Jeff Lefko of Hanley Investment Group represented the buyer in the deal.

April 2, 2020

Acquisitions Multifamily Texas

FourPoint Arranges Sale of 278-Unit Windrush Apartments in Fort Worth

by Taylor Williams April 2, 2020

FORT WORTH, TEXAS — FourPoint Investment Sales Partners has arranged the sale of Windrush Apartments, a 278-unit multifamily community in Fort Worth. Built in 1984, the property features both apartment and townhomes with full-size appliances, vaulted ceilings, and fireplaces. Community amenities include two pools, a fitness center, basketball court and picnic areas. Kevin Dufour and Kyle Peco of FourPoint represented the seller, Shore to Shore Properties, in the off-market transaction. The California-based buyer will implement a value-add program.

April 2, 2020

Acquisitions Industrial Midwest Ohio

NAI Pleasant Valley Arranges Sale of 31,480 SF Industrial Building Near Cleveland

by Kristin Harlow April 2, 2020

TWINSBURG TOWNSHIP, OHIO — NAI Pleasant Valley has arranged the sale of 1550 Enterprise Parkway in Twinsburg Township, about 28 miles southeast of Cleveland. The sales price was not disclosed. The industrial building totals 31,480 square feet. Jeffrey Calig and David Hexter of NAI Pleasant Valley brokered the transaction. Innovation Food Service, a wholesale producer of contract meals for schools and senior programs, purchased the property from an undisclosed seller.

April 2, 2020

Acquisitions Indiana Midwest Restaurant Retail

Avison Young Arranges $1.4M Sale of Steak ’N Shake-Occupied Property in Plainfield, Indiana

by Kristin Harlow April 2, 2020

PLAINFIELD, IND. — Avison Young has arranged the sale of a 3,414-square-foot property occupied by Steak ’N Shake in Plainfield for $1.4 million. Built in 1996, the restaurant is located at 6208 Cambridge Way. There are approximately five years left on the corporate-guaranteed lease. Matthew Spear and Hayden Eaves of Avison Young represented the California-based buyer, which completed a 1031 exchange. An Indiana-based private investor was the seller.

April 2, 2020

Acquisitions Industrial Northeast Pennsylvania

Phoenix Investors Acquires 625,000 SF Industrial Facility in West Mifflin, Pennsylvania

by Alex Patton April 2, 2020

WEST MIFFLIN, PA. — An affiliate of Wisconsin-based developer Phoenix Investors has acquired a 625,000-square-foot industrial facility in West Mifflin, a southwestern suburb of Pittsburgh. The property is situated on 53 acres at 1200 Lebanon Road and includes approximately 15 acres of unused developable land. Originally built for Continental Can Co., the property features 24-foot clear heights and 57 loading doors. The property was approximately 70 percent leased by more than 20 tenants at the time of sale. John Jackson and Evan Cicirello of Grant Street Associates Inc., an affiliate of Cushman & Wakefield, represented the undisclosed seller in the transaction. The team also procured Phoenix Investors as the buyer. The sales price was undisclosed.

April 2, 2020

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