Acquisitions

CBRE Brokers $13.7M Sale of Two Apartment Buildings in Fall River, Massachusetts

by Alex Patton February 20, 2020

FALL RIVER, MASS. — CBRE has brokered the $13.7 million sale of two apartment buildings in Fall River, located approximately 20 miles southeast of Providence. Border City Mills, a former mill building located at 2 Weaver St., was completed in 1873 and converted to a residential use in 1988. The property comprises 107 units and offers a fitness center and pool. River Grove Apartments, located at 4516 North Main St., was built in 1987, comprises 48 units and sits adjacent to Fall River Country Club. Simon Butler and Biria St. John of CBRE represented the seller, First Merchants Group. The team also procured the buyer, Fren Management Co. Inc.

February 20, 2020

Acquisitions New Jersey Northeast Retail

NAI James Hanson Brokers Sale of 3,401 SF Retail Building in Jersey City

by Alex Patton February 20, 2020

JERSEY CITY, N.J. — NAI James Hanson has brokered the sale of a 3,401-square-foot retail building in Jersey City. The two-story property is located at 356 Central Ave. in the Central Avenue neighborhood. Joan Cenicola and John Schilp represented the seller, Wells Fargo, in the transaction. The buyer and sales price were undisclosed.

February 20, 2020

Acquisitions California Industrial Western

Ledra Brands Buys Industrial Building in Southern California for $16.6M

by Amy Works February 20, 2020

IRVINE, CALIF. — Ledra Brands, a local lighting manufacturer, has purchased an industrial property located at 88 Maxwell in Irvine. University Medical sold the asset for $16.6 million. Ross Fippinger and Ross Bourne of CBRE represented the buyer, while Gregg Haly and Dave Desper, also of CBRE, represented the seller in the deal. Situated on 3.7 acres within the Irvine Spectrum submarket of Orange County, Calif., the 55,285-square-foot building features 14,684 square feet of office space, four dock-high loading doors, 30-foot clear heights and 125 parking spaces.

February 20, 2020

Acquisitions California Multifamily Western

Marcus & Millichap Arranges $12.3M Sale of Multifamily Community in Los Angeles

by Amy Works February 20, 2020

LOS ANGELES — Marcus & Millichap has arranged the sale of an apartment property located at 4325 Berryman Ave. in the Mar Vista neighborhood of Los Angeles. A member of the original builder’s family sold the asset to an undisclosed buyer for $12.3 million. Built in 1972, the community features 41 one-bedroom floor plans in a two-story building situated on 33,890 square feet of land. Paul Darrow and Kevin Green of THG Multifamily of Marcus & Millichap represented the seller in the transaction.

February 20, 2020

Acquisitions Multifamily Seniors Housing Utah Western

CareTrust REIT Acquires 62-Unit Barton Creek Senior Living in Utah

by Amy Works February 20, 2020

BOUNTIFUL, UTAH — CareTrust REIT Inc. (NASDAQ:CTRE) has acquired Barton Creek Senior Living, a 62-unit assisted living facility located on the campus of Lake View Hospital in Bountiful, a suburb of Salt Lake City. The acquisition price of the off-market transaction was not disclosed. The Barton Creek facility has been added to CareTrust’s existing master lease with seniors housing operator Bayshire LLC. For the seller, the nonprofit South Davis Community Hospital Campus, the sale was part of a strategic decision to focus on its adjacent higher-acuity operations. The property will be Bayshire’s first in Utah. Annual cash rent under the Bayshire master lease will increase by approximately $600,000. The remaining lease term is just under 15 years, plus two five-year renewal options, and carries annual CPI-based rent escalators. The acquisition was funded using a combination of cash on hand and CareTrust’s $600 million unsecured revolving credit facility.

February 20, 2020

Acquisitions Arizona Industrial Western

Cushman & Wakefield Brokers $5.6M Acquisition of Industrial Building in Phoenix

by Amy Works February 20, 2020

PHOENIX — Cushman & Wakefield has arranged the purchase of a vacant industrial building located in Southwest Phoenix. KKR, a New York-based global investment firm, acquired the property from LMI Solutions for $5.6 million. The 82,288-square-foot property features 28-foot clear heights, 16 dock-high loading doors and an evaporative cooled warehouse area. The freestanding, fully-fenced building is situated on 5.2 acres at 46 N. 49th Ave. Phil Haenel of Cushman & Wakefield represented the buyer in the deal. Additionally, Haenel, Andy Markham and Mike Haenel, also of Cushman & Wakefield, will handle leasing for the property.

February 20, 2020

Acquisitions Industrial North Carolina Southeast

Beacon Partners Acquires 95,736 SF Industrial Building in Charlotte’s Echo Hills

by Alex Tostado February 19, 2020

CHARLOTTE, N.C. — Beacon Partners has acquired a 95,736-square-foot industrial building in Charlotte. The property offers multiple signage opportunities, parking, outside storage and is set up for a showroom or last-mile distributor. Beacon Partners plans to upgrade the exterior of the building, which can be subdivided for multiple tenants. The building is situated at 3412 Monroe Road, three miles southeast of downtown Charlotte in the Echo Hills neighborhood. Rob Speir and Lawrence Shaw of Colliers International represented Beacon Partners in the sale. Justin Smith of Colliers represented the undisclosed seller. Tim Robertson of Beacon Partner is handling leasing.

February 19, 2020

Acquisitions Florida Office Southeast

Woodside Capital Purchases Office, Industrial Building in Jacksonville for $8M

by Alex Tostado February 19, 2020

JACKSONVILLE, FLA. — Woodside Capital Partners has purchased Cypress Business Center, a 120,682-square-foot office and industrial building in Jacksonville, for $8 million. The building was 54 percent leased at the time of sale to tenants including Claims Questions LLC. The property is situated at 8301 Cypress Plaza Drive, nine miles south of downtown Jacksonville. Daniel Burkhardt and Keith Goldfaden of NAI Hallmark and David Ellis and Alex Waddey of NAI Global represented the undisclosed seller in the transaction.

February 19, 2020

Acquisitions Georgia Office Southeast

Bull Realty Negotiates $4.6M Sale of Office Building Along Atlanta BeltLine’s Future Northside Trail

by Alex Tostado February 19, 2020

ATLANTA — Bull Realty has negotiated the $4.6 million sale of a 23,000-square-foot office building situated along the future site of Atlanta BeltLine’s Northside Trail. The building is located at 644 Antone St. NW in the city’s Berkeley Park neighborhood, five miles north of downtown Atlanta. During the marketing period, the anchor tenant terminated its lease. Atlanta-based Bull Realty procured an undisclosed tenant to occupy the space at a 20 percent higher rate. Andy Lundsberg and Michael Wess of Bull Realty represented the seller, 644 Investment LLC, in the transaction. The buyer was Desert Bloom Investments LLC.

February 19, 2020

Acquisitions Georgia Retail Southeast

SRS Arranges $2.6M Sale of Retail Outparcel in Metro Atlanta

by Alex Tostado February 19, 2020

LAWRENCEVILLE, GA. — SRS Investment Properties Group has arranged the sale of a 5,452-square-foot outparcel at Village Shoppes at Creekside in Lawrenceville. Lamar Cos. sold the asset to Forten LLC for $2.6 million. The three-tenant strip center was built in 2006 and is leased to Chipotle Mexican Grill, Tropical Smoothie Café and AccuQuest Hearing Centers. The property is situated at 860 Duluth Highway, 30 miles northeast of downtown Atlanta in Gwinnett County. Pierce Mayson and Boris Shilkrot of SRS represented the seller in the transaction. Juanita Leibu of Keller Williams Real Estate represented the buyer in the transaction.

February 19, 2020

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