Acquisitions

Dove-Valley-Business-Center-Englewood-CO

Westcore Acquires Dove Valley Business Center in Colorado for $23M

by Amy Works February 4, 2020

ENGLEWOOD, COLO. — Westcore has purchased Dove Valley Business Center, a warehouse facility located at 14101 E. Otero Ave. in Englewood. Chicago-based Brennan Investment Group sold the property for $23 million. The newly constructed asset features 149,652 square feet of Class A warehouse space. At the time of sale, the facility was 50 percent leased. Westcore plans to add approximately 1,000 square feet of speculative office space to the building. Westcore was self-represented, while Bo Mills of JLL, along with Tyler Reed and Dominic DiOrio of Stream Realty Partners, represented the seller in the deal.

February 4, 2020

Acquisitions California Colorado Retail Western

Faris Lee Brokers Sales of Two Retail Assets in Southern California, Colorado Springs

by Amy Works February 4, 2020

ORANGE COUNTY, CALIF., AND COLORADO SPRINGS, COLO. — Faris Lee Investments has arranged the sales of two retail properties located in Southern California and Colorado Springs. In the first deal, an undisclosed seller divested of Brea Center, a grocery-anchored shopping center in Orange County. An undisclosed buyer acquired the asset for $17.6 million. Current tenants include Vons, Bank of America, Pet Wants, Aulestics and Painted Nest. Don MacLellan, Rick Chichester and Jeremy Warren of Faris Lee Investments represented the seller in the transaction. In the second deal, Sabal Capital Group completed the sale of Carefree Shopping Center, a grocery-anchored neighborhood center in Colorado Springs. An undisclosed buyer acquired the property for $8.5 million. At the time of sale, the property was 62 percent occupied by a variety of tenants, including Save-a-Lot, Family Dollar, Carefree Chiropractic, Appliance Outlet, Pizza Hut and a laundry lounge. MacLellan, Chichester, Warren and Phil Ramming of Faris Lee represented the seller in the transaction.

February 4, 2020

Acquisitions California Restaurant Retail Western

Location Matters Negotiates Sale of Retail Property in San Diego for $13.3M

by Amy Works February 4, 2020

SAN DIEGO — Location Matters has arranged the sale of a retail asset located at 3930-3940 and 3946-3964 Fifth Ave. in San Diego’s Hillcrest neighborhood. Paragon Real Estate Investments acquired the property for $13.3 million. Situated on four parcels, the 28,528-square-foot building is located on a 32,839-square-foot lot. At the time of sale, three restaurant tenants fully occupied the retail portion of the property: Snooze American Eatery, Lemonade and India Palace. The building also offers seven residential units on the second level, all of which were occupied at the time of sale. Mike Spilky of Location Matters represented the undisclosed seller and buyer in the deal.

February 4, 2020

Acquisitions Industrial Self-Storage Western Wyoming

Marcus & Millichap Arranges $8M Sale of AAA Self Storage in Cheyenne, Wyoming

by Amy Works February 4, 2020

CHEYENNE, WYO. — Marcus & Millichap has arranged the sale of AAA Self Storage, a self-storage property in Cheyenne. A local investor sold the asset to an undisclosed buyer for $8 million. Located at 200 S. College Drive, the 74,750-square-foot AAA Self Storage features 517 drive-up units and 103 rentable outdoor parking spaces. Marcus & Millichap’s Adam Schlosser, Charles LeClaire and Neville Rustomjee, as Wyoming broker of record, represented the seller in the deal.

February 4, 2020

Acquisitions Northeast Rhode Island

WS Development Acquires 530,000 Garden City Center Retail Property in Cranston, Rhode Island

by Alex Patton February 4, 2020

CRANSTON, R.I. — WS Development has acquired Garden City Center, a 530,000-square-foot retail property in Cranston, a southern suburb of Providence. Whole Foods Market anchors the retail center, along with Starbucks, Crate & Barrel, Pottery Barn and other tenants. Robert Griffin, Geoffrey Millerd and Justin Smith led a Newmark Knight Frank team that represented the seller, a public pension fund advised by TA Realty LLC.

February 4, 2020

Acquisitions Industrial New Jersey Northeast

Colliers Brokers Sale of 37,856 SF Industrial Property in Pennsauken, New Jersey

by Alex Patton February 4, 2020

PENNSAUKEN, N.J. — Colliers International has brokered the sale of a 37,856-square-foot industrial property in Pennsauken, an eastern suburb of Philadelphia. Situated at 2301 Haddonfield Road, the property features 16-foot clear heights and convenient access to the Cherry Hill Commuter Rail. Maple Direct Printing was the anchor tenant of the building at the time of sale. Ian Richman and Marc Isdaner of Colliers represented the seller, The Bloom Organization. Velocity Ventures was the buyer.

February 4, 2020

Acquisitions Georgia Industrial Southeast

Plymouth Industrial REIT Purchases Portfolio in Atlanta, Savannah for $34.7M

by Alex Tostado February 3, 2020

ATLANTA AND SAVANNAH, GA. — Plymouth Industrial REIT Inc. has purchased a five-property, 924,036-square-foot industrial portfolio in Atlanta and Savannah for $34.7 million. Fully leased to four tenants with weighted average lease terms of approximately seven years, the portfolio comprises two buildings in the Northwest and I-20 East industrial submarkets of Atlanta and three buildings in Savannah. The acquisition also includes 39 acres of developable land in Atlanta. The seller(s) was not disclosed.

February 3, 2020

Acquisitions Multifamily Southeast Tennessee

Hamilton Zanze Acquires 270-Unit Multifamily Community Near Nashville

by Alex Tostado February 3, 2020

MURFREESBORO, TENN. — Hamilton Zanze has acquired Springfield Apartments, a 270-unit multifamily community in Murfreesboro. The property comprises 16 buildings with one-, two- and three-bedroom floor plans. Units average 1,013 square feet. Communal amenities include a dog park, gaming area, saltwater pool, hammock garden and an entertainment pub. Springfield Apartments is located at 3726 Manson Pike, 30 miles southeast of downtown Nashville. The property was delivered in 2018 and was 97 percent occupied at the time of sale. Denver-based Mission Rock Capital will manage the property. Further details of the sale were not disclosed.

February 3, 2020

Acquisitions Arizona Industrial Office Retail Self-Storage Western

Occidental Capital Holdings Buys Office, Retail, Self-Storage Asset in Arizona for $8.2M

by Amy Works February 3, 2020

VAIL, ARIZ. — Occidental Capital Holdings has acquired Old Vail Station Office and Retail Center and Vail Self Storage, a mixed-use commercial property located in Vail, a suburb of Tucson. Old Vail Station LLC sold the asset for $8.2 million. The transaction includes the 26,563-square-foot Old Vail Station, which was developed in 2006, and the 46,005-square-foot Vail Self Storage, which was developed in 2016. At the time of sale, the office and retail center was 94 percent occupied and the self-storage facility was 90 percent occupied. Craig Finfrock of Commercial Retail Advisors represented the seller, while the buyer was self-represented in the deal.

February 3, 2020

Acquisitions California Industrial Western

CBRE Arranges Sale of 90,060 SF Production, Distribution, Repair Building in San Francisco

by Amy Works February 3, 2020

SAN FRANCISCO — CBRE has arranged the sale of 200 Kansas Street, a production, distribution and repair facility located in San Francisco. An entity sponsored by Ascent Real Estate Advisors sold the property to a joint venture between Presidio Bay Ventures and Kinship Capital for an undisclosed price. The two-story, 90,060-square-foot building was fully leased to four tenants at the time of sale. Mike Taquino, Kyle Kovac, Russell Ingrum, Mandy Lee and Giancarlo Sangiacomo of CBRE represented the seller in the deal. Additionally, Mike Walker, Brad Zampa, Megan Woodring and Taylor Shepard of CBRE Capital Markets’ Debt & Structured Finance group arranged a five-year, non-recourse loan with full-term interest-only payments for the buyer. A Los Angeles-based asset management company provided the financing.

February 3, 2020

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