Acquisitions

Westcore Expands Arizona Portfolio with Acquisition of 164,486 SF Industrial Facility

by Amy Works June 26, 2020

CHANDLER, ARIZ. — Westcore has purchased an industrial warehouse situated on 16.5 acres at 2550 N. Nevada St. in Chandler. Greenlaw sold the property for $38 million. At the time of acquisition, the 164,486-square-foot, Class A facility was fully leased to a global e-commerce company. The secured warehouse distribution building, which was extensively renovated, features 30-foot clear heights, extensive power, ESFR sprinklers, ample loading and newly designed and constructed office space. Jeff Chiate, Will Strong and Mike Adey of Cushman & Wakefield, with support from Steve Larsen of JLL, represented the seller, while Westcore was self-represented in the deal.

June 26, 2020

Acquisitions Office Southeast Virginia

Divaris Arranges Sale of 310,745 SF Office Building Housing Norfolk Southern’s Headquarters

by Alex Tostado June 25, 2020

NORFOLK, VA. — Divaris Real Estate has arranged the sale of the Arnold B. McKinnon Norfolk Southern headquarters, a 310,745-square-foot office building in downtown Norfolk. The building has been home to Norfolk Southern Railroad’s headquarters since 1988. The company will finish out its lease, which has 18 months remaining, then move to Midtown Atlanta. A joint venture between TowneBank and Children’s Hospital of the King’s Daughter (CHKD) acquired the 22-story tower for an undisclosed price from Norfolk Southern. As part of the acquisition, the buyers also purchased the Commercial Place Garage, a 744-space parking garage connected to the tower via skybridge. The parking garage features retailers on the ground level. TowneBank and CHKD will each occupy 10 stories, with CHKD bringing over 475 employees and TowneBank relocating 400. TowneBank has hired WM Jordan as the general contractor to renovate the bank’s future home, on floors that Norfolk Southern is not currently occupying. Creative Development Partners will manage the renovations. Gerald Divaris, Michael Divaris and Jason Oliver of Divaris Real Estate represented the buyers in the transaction. Gayle Bartlett of Divaris Property Management Corp. will continue to manage the building, as well as the parking garage and retail on the first …

June 25, 2020

Acquisitions North Carolina Retail Southeast

TSCG Negotiates $7.1M Sale of Newly Built Retail Center in Metro Charlotte

by Alex Tostado June 25, 2020

CONCORD, N.C. — TSCG has negotiated the $7.1 million sale of The Shops at Christenbury, an 11,350-square-foot retail property in Concord. The asset was fully leased at the time of sale to tenants including Aspen Dental, First Watch, Atrium Health and Brownlee Jewelers. A Kohl’s store, McDonald’s outparcel and an Andy’s Frozen Custard outparcel sit on the property but were not part of the sale. The seller, Thompson Thrift Development, delivered the property in 2019. The Shops at Christenbury is located at 8825 Christenbury Parkway, 15 miles north of downtown Charlotte. Anthony Blanco of TSCG represented the Indianapolis-based seller in the transaction. Erin Patton of Marcus & Millichap represented the buyer, an affiliate of Ohio-based Deville Developments.

June 25, 2020

Acquisitions Multifamily New York Northeast

Kassin Sabbagh Arranges Sale of 72-Unit Multifamily Building in Brooklyn

by Alex Patton June 25, 2020

NEW YORK CITY — Kassin Sabbagh Realty LLC has arranged the $17.1 million sale of a 67-unit multifamily building in the Bay Ridge neighborhood of Brooklyn. Located at 515 Ovington Ave., the 72,000-square-foot building was constructed in 1956 and offers studio, one-, two-, three- and four-bedroom floor plans. Jeffrey Znaty of Kassin Sabbagh represented the seller, Lang Development Corp., in the transaction. Znaty also represented the buyer, a locally based developer.

June 25, 2020

Acquisitions Industrial Northeast Pennsylvania

Kislak Co. Brokers Sale of 32,132 SF Industrial Property in Allentown, Pennsylvania

by Alex Patton June 25, 2020

ALLENTOWN, PA. — The Kislak Company Inc. has brokered the sale of a 32,132-square-foot industrial property in Allentown. Located at 2330 26th St. SW, the single-story building was constructed in 1966 and features a clear height of 18.5 feet, four loading docks and one drive-in door. The property was fully leased at the time of sale. The property offers convenient access to Interstate 78, State Route 309 and the Pennsylvania Turnpike. Nearby airports include Lehigh Valley International Airport and the Trenton-Mercer Airport. Matt Weilheimer of Kislak Co. represented the undisclosed seller in the transaction. Davis Briones, also of Kislak Co., represented the buyer, Mitchell Partners Group LLC. The sales price was undisclosed.

June 25, 2020

Acquisitions Industrial Self-Storage Texas

Bellomy Brokers Sale of 169-Unit Self-Storage Facility in Rio Grande Valley

by Taylor Williams June 25, 2020

MISSION, TEXAS — Bellomy & Co. has brokered the sale of A+ Storage, a 169-unit self-storage facility located in the Rio Grande Valley city of Mission. The property spans 24,100 net rentable square feet. Bill Bellomy and Michael Johnson of Bellomy & Co. represented the Harlingen, Texas-based seller and procured the Nebraska-based buyer in the transaction.

June 25, 2020

Acquisitions Office Texas

Mansour Group Arranges Sale of 80,038 SF Office Building in Metro Dallas

by Taylor Williams June 25, 2020

LEWISVILLE, TEXAS — The Mansour Group, a division of Marcus & Millichap, has arranged the sale of an 80,038-square-foot office building in the northern Dallas suburb of Lewisville that serves as the headquarters of auto repair firm Caliber Collision. The property was built on 5.8 acres in 2006 and renovated in 2018. Alvin Mansour and Kevin Mansour of The Mansour Group represented the seller and buyer, both of which requested anonymity, in the transaction.

June 25, 2020

Acquisitions Multifamily Nevada Western

Northcap Commercial Brokers $5.4M Sale of Pair-A-Dice Mobile Home Community Near Las Vegas

by Amy Works June 25, 2020

NORTH LAS VEGAS, NEV. — Northcap Commercial has directed the sale of Pair-A-Dice Mobile Home Park, located at 2067 N. Las Vegas Blvd. in North Las Vegas. An undisclosed buyer acquired the community from Pair-A-Dice Mobile Estates LLC for $5.4 million, or $39,781 per unit. Situated in an opportunity zone, the community features 137 mobile home units. Devin Lee, Jerad Roberts, Robin Willett and Jason Dittenber of Northcap Commercial represented the seller in the deal.

June 25, 2020

Acquisitions California Retail Western

Hanley Investment Group Arranges $2.6M Ground Lease Sale of Quick Quack Car Wash in Fontana, California

by Amy Works June 25, 2020

FONTANA, CALIF. — Hanley Investment Group has arranged the ground lease sale of Quick Quack Express Car Wash, a recently constructed car wash property located at 16988 S. Highland Ave. in Fontana. A Korea-based private investor acquired the asset from an undisclosed seller for $2.6 million. The property is situated on 0.77 acres and includes a 3,590-square-foot building. Kevin Fryman, Bill Asher, and Jeff Lefko of Hanley Investment Group Real Estate Advisors represented the seller in the deal.

June 25, 2020

Acquisitions Industrial Iowa Midwest

National Asset Services Brokers Sale of 731,169 SF Warehouse Portfolio in Des Moines

by Kristin Harlow June 25, 2020

DES MOINES, IOWA — National Asset Services (NAS) has brokered the sale of a three-property warehouse portfolio totaling 731,169 square feet in Des Moines for an undisclosed price. The NAS team assumed asset management responsibilities for the properties in 2016 after ownership faced an impending 10-year loan maturity with no viable exit strategy. Paul Rubenstein, an attorney based in Los Angeles, represented the seller.

June 25, 2020

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