Acquisitions

Stockdale Investment Acquires Whole Foods-Anchored Preston Forest Shopping Center in Dallas

by Taylor Williams February 3, 2020

DALLAS — Stockdale Investment Group, a locally based firm, has acquired Preston Forest Shopping Center, a 200,000-square-foot retail property located at the corner of Preston Road and Forest Lane in north Dallas. Anchored by Whole Foods Market, the property houses other tenants such as Staples, Walgreens, JOANN Fabric & Crafts, Corner Bakery, Velvet Taco and Wells Fargo. Preston Forest Shopping Center was built on 13 acres in 1961 and was 95 percent leased at the time of sale. The seller was Mixon Investment Co. Inc.

February 3, 2020

Acquisitions Illinois Midwest Multifamily

Cushman & Wakefield Arranges $9.6M Sale of Workforce Housing Asset in Gurnee, Illinois

by Kristin Harlow February 3, 2020

GURNEE, ILL. — Cushman & Wakefield’s Midwest Multifamily Advisory Group has arranged the $9.6 million sale of Carriage House Apartments in Gurnee, about 40 miles north of Chicago. Constructed in the 1970s, the 17-building, 136-unit workforce housing property is located at 4344 McClure Ave. Brad Smith, Jason Stevens and Todd Stofflet of Cushman & Wakefield represented the seller, California-based Steadfast Apartment REIT III Inc. Wisconsin-based GP Property Management purchased the asset. Steadfast had acquired the property in 2016 and completed unit upgrades. The new owners are planning additional improvements. At the time of sale, the property was 97 percent occupied. Workforce housing refers to housing that is affordable to households earning 60 to 120 percent of the area median income, according to the Urban Land Institute. It’s often utilized for public employees, such as teachers, police officers and firefighters.

February 3, 2020

Acquisitions Healthcare Iowa Midwest

Stan Johnson Co. Brokers $4.1M Sale of Fresenius Kidney Care-Occupied Property in West Des Moines

by Kristin Harlow February 3, 2020

WEST DES MOINES, IOWA — Stan Johnson Co. has brokered the sale of a 9,536-square-foot property occupied by Fresenius Kidney Care in West Des Moines for $4.1 million. The dialysis facility is located at 9080 University Ave. Built in 2019, the property sits on two acres near other medical centers. Blaise Bennett and BJ Feller of Stan Johnson represented the seller, Hurd Real Estate. Cedar Rapids-based Midwest Equity Investors purchased the asset.

February 3, 2020

Acquisitions Illinois Midwest Restaurant Retail

Marcus & Millichap Brokers $2.7M Sale of Property Net Leased to Jason’s Deli in Schaumburg, Illinois

by Kristin Harlow February 3, 2020

SCHAUMBURG, ILL. — Marcus & Millichap has brokered the sale of a 5,145-square-foot property net leased to Jason’s Deli in Schaumburg for $2.7 million. The building is located at 1530 McConnor Parkway. It was constructed as a build-to-suit for Jason’s Deli in 2011. There are three years remaining on the lease. Austin Weisenbeck, Sean Sharko and Brian Munn of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Joseph Sigal of Marcus & Millichap represented the buyer, a private investor.

February 3, 2020

Acquisitions Hospitality Texas

Marcus & Millichap Arranges Sale of 101-Room Homewood Suites Arlington Hotel

by Taylor Williams February 3, 2020

ARLINGTON, TEXAS — Marcus & Millichap has arranged the sale of the 101-room Homewood Suites Arlington hotel, located near the University of Texas at Arlington and the Arlington Entertainment District. Allan Miller and Chris Gomes of Marcus & Millichap represented the seller, Dallas-based DPG Partners, in the transaction. The duo also procured the buyer, Northwest Airport Management LP.

February 3, 2020

Acquisitions Industrial North Carolina Office Southeast Top Stories

Highwoods Sells Greensboro Industrial, Office Assets for $233.4M in Market Exit Initiative

by Alex Patton January 31, 2020

GREENSBORO, N.C. — Highwoods Properties Inc. (NYSE: HIW), a publicly traded REIT based in Raleigh, has sold its industrial and single-story flex portfolio in Greensboro, comprising 2.8 million square feet, for $193.4 million. The company also plans to close the $40 million sale of The Knollwood, a 250,000-square-foot office complex in Greensboro, by Feb. 15. The sale follows Highwoods’ recent announcement of its initiative to exit both the Greensboro and Memphis, Tennessee, markets. That plan led to the recent $76.4 million sale of the 248,000-square-foot International Paper IV office building in Memphis. “These sales are a significant step to completing the first phase of our plan to exit the Greensboro and Memphis markets and reinvest that capital in … high-growth markets such as Charlotte,” says Ted Klinck, president and CEO of Highwoods Properties. “With these dispositions, we will have completed approximately 75 percent of the first phase of sales, and we remain on track to complete the first phase by mid-2020.” Highwoods’ two-phased exit plan consists of selling a select portfolio of its Greensboro and Memphis assets and acquiring Bank of America Tower at Legacy Union in Charlotte in November for $436 million. The second phase consists of selling all remaining …

January 31, 2020

Acquisitions Retail Southeast Tennessee

JLL Arranges $45.3M Sale of Trader Joe’s-Anchored Shopping Center in Nashville

by Alex Tostado January 31, 2020

NASHVILLE, TENN. — JLL has arranged the $45.3 million sale of Lion’s Head Village, a Trader Joe’s-anchored shopping center in Nashville. The center is shadow-anchored by Target and was fully leased at the time of sale to tenants including Great Clips, Sport Seasons, Cosmos Nails, Plato’s Closet Nashville and Dalts American Grill. Lion’s Head Village is situated on 9.5 acres at 90 White Bridge Road, two miles from Vanderbilt University and four miles from downtown Nashville. Jim Hamilton of JLL represented the locally based seller, Boyle Investment Co., in the transaction. San Francisco-based Stockbridge acquired the shopping center.

January 31, 2020

Acquisitions Loans Multifamily North Carolina Southeast

Berkadia Provides $25.8M Acquisition Loan for Multifamily Complex in North Carolina’s Triad Region

by Alex Tostado January 31, 2020

GREENSBORO, N.C. — Berkadia has provided a $25.8 million Freddie Mac acquisition loan for Waterford Place, a 240-unit apartment complex in Greensboro. The property was built in 1997 at 101 Shore Lake Drive, a few blocks from Lake Jeanette and six miles north of downtown Greensboro. Waterford Place offers one-, two- and three-bedroom floor plans. Communal amenities include a fitness center, pool, playground, tennis court and maid service. Mitch Sinberg, Matthew Robbins and Abigail Beauchamp of Berkadia secured the loan on behalf of the buyers, a joint venture between New York City-based GMF Capital and Lakewood, N.J.-based Eminent Capital. The loan features a 10-year term with a fixed interest rate and five years of interest-only payments. The seller was McLean, Va.-based Kettler Management.

January 31, 2020

Acquisitions Georgia Retail Southeast

Marcus & Millichap Brokers $5.5M Sale of Retail Center in Gainesville, Georgia

by Alex Tostado January 31, 2020

GAINESVILLE, GA. — Marcus & Millichap has brokered the $5.5 million sale of Washington Street Commons, a 73,618-square-foot retail center in Gainesville. The shopping center was leased to 15 tenants at the time of sale, including Bargain Hunt, El Patron, SalonCentric and World Finance. Zach Taylor of Marcus & Millichap’s Taylor McMinn Retail Group represented both the buyer and seller in the transaction. Atlanta-based shopping center owner Mimms Enterprises sold Washington Street Commons. The buyer, Mark Nelkin of M.B.D. Properties, is a multifamily owner phasing out of apartment assets who was attracted to the yield that Washington Street Commons provides compared to apartments, according to Taylor.

January 31, 2020

Acquisitions Multifamily Texas

Castle Lanterra Sells 350-Unit Villas Tech Ridge Apartments in Austin

by Taylor Williams January 31, 2020

AUSTIN, TEXAS — New York-based investment firm Castle Lanterra Properties (CLP) has sold Villas Tech Ridge, a 350-unit apartment community in Austin. Built in 2008, the property is part of the 236-acre Tech Ridge master-planned community and features one-, two- and three-bedroom units. Amenities include a pool, fitness center and a resident clubhouse. CLP acquired the asset in 2016 and implemented a value-add program that upgraded unit interiors and amenity spaces. Villas Tech Ridge was 98 percent occupied at the time of sale.

January 31, 2020

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