Acquisitions

Cabot Properties Acquires Industrial Building Near San Diego for $15.9M

by Amy Works January 27, 2020

EL CAJON, CALIF. — Boston-based Cabot Properties has purchased an industrial building, located at 2025 Gillespie Way in the San Diego suburb of El Cajon. A private local investor sold the property for $15.9 million. Built in 1999, the 150,159-square-foot warehouse and distribution facility features 27-foor clear heights, abundant car and trailer parking, three grade-level doors and 15 dock-high doors, which can be expanded to 26 doors. At the time of sale, the property was on a ground lease with the County of San Diego and 73 percent leased to two tenants. The asset is part of the 65-acre, master-planned Gillespie Field Business Park, also known as Cuyamaca West. The park consists of 27 buildings totaling more than 735,000 square feet. Louay Alsadek, Hunter Rowe, Darla Longo, Barbara Perrier and Rebecca Perlmutter of CBRE represented the seller in the deal. Sean Williams and Erik Parker, also of CBRE, handle leasing for the property.

January 27, 2020

Acquisitions Midwest Ohio Retail Top Stories

VICI Properties Completes Acquisition of JACK Cleveland Casino, Thistledown Racino for $843.3M

by Kristin Harlow January 27, 2020

CLEVELAND AND NORTH RANDALL, OHIO — VICI Properties Inc. (NYSE: VICI) has completed the acquisition of JACK Cleveland Casino and JACK Thistledown Racino for approximately $843.3 million. The company financed the transaction with cash on hand. JACK Cleveland Casino opened in May 2012 in the historic Higbee Building in downtown Cleveland. The property features approximately 96,000 square feet of gaming space, 1,300 gaming machines, 120 table games and eight food and beverage outlets. The casino is connected to both the 205-room Ritz-Carlton hotel and the 440-room Renaissance hotel. JACK Thistledown Racino is located in North Randall, about 10 miles southeast of Cleveland. The racino — a combination of a horse racing track and a casino — opened in April 2013. Situated on 129 acres, it features the race track, approximately 57,000 square feet of gaming space, 1,459 gaming machines and six food and beverage outlets. The venue hosts the Ohio Derby horse racing event every summer. The transaction increases VICI’s “exposure to the limited license state of Ohio, which continues to be one of the healthiest gaming markets across the country,” according to John Payne, president and COO of VICI. Simultaneous with the closing of the transaction, VICI entered into …

January 27, 2020

Acquisitions Development Industrial South Carolina Southeast

CRG Delivers, Sells 1.3 MSF Distribution Center in Upstate South Carolina

by Alex Tostado January 24, 2020

DUNCAN, S.C. — CRG, Clayco’s real estate division, has delivered and sold a 1.3 million-square-foot distribution center within The Cubes at Inland 85 in Duncan. Situated less than two miles from Inland Port Greer, the facility was originally designed as a 500,280-square-foot speculative building but was expanded to fit the needs of the new tenant, an undisclosed Fortune 500 company. An affiliate of Lexington Realty Trust acquired the asset for an undisclosed price. The building features a cross-dock configuration with 36-foot clear heights and an ESFR sprinkler system. Lamar Johnson Collaborative designed the property, and Clayco served as the general contractor. CRG is the main developer of The Cubes. This is the first building to be delivered within The Cubes.

January 24, 2020

Acquisitions Florida Retail Southeast

JLL Arranges $39.5M Sale of Shopping Center in South Florida

by Alex Tostado January 24, 2020

ROYAL PALM BEACH, FLA. — JLL has arranged the $39.5 million sale of Coral Sky Plaza, a 232,727-square-foot retail center in Royal Palm Beach. BJ’s Wholesale Club anchors the property, which was 96 percent leased at the time of sale to tenants including Ross Dress for Less, buybuy Baby, Bed Bath & Beyond, Five Below, IHOP and Famous Footwear. The property is located at 510-590 State Road 7, 11 miles west of downtown West Palm Beach. The seller was not disclosed, although multiple media outlets report Claion Partners sold the property. Danny Finkle, Luis Castillo and Eric Williams of JLL represented the seller in the transaction. Additionally, Chris Drew, Maxx Carney, Jesse Wright and Reid Carleton of JLL arranged a $26.1 million acquisition loan through Morgan Stanley Bank on behalf of the buyer, which was also not disclosed, but media outlets report it was Coral Sky Plaza LLC, managed by Kenneth R. Silverman in Key West.

January 24, 2020

Acquisitions Multifamily Texas

RADCO Sells 2,769-Unit Multifamily Portfolio in Texas, Oklahoma

by Taylor Williams January 24, 2020

HOUSTON, TULSA AND OKLAHOMA CITY— The RADCO Companies, a value-add multifamily investment firm based in Atlanta, has sold a portfolio of 10 apartment properties totaling 2,769 units in Texas and Oklahoma. The communities were built in the 1970s and 1980s and are located in Houston, Tulsa and Oklahoma City. Shea Campbell, Colleen Hendrix and Ashish Cholia of CBRE’s Southeast Multifamily team worked with CBRE’s Clint Duncan and Matt Phillips in Texas and Brian Donahue in Oklahoma to arrange the sale. The buyer was Wisconsin-based MLG Capital.

January 24, 2020

Acquisitions Multifamily Student Housing Texas

Harrison Street Acquires 515-Bed Lyndon Springtown Student Housing Community in San Marcos

by Taylor Williams January 24, 2020

SAN MARCOS, TEXAS — Chicago-based investment firm Harrison Street has acquired The Lyndon at Springtown, a 515-bed student housing community located near Texas State University in San Marcos. The 233-unit property features one-, two- and four-bedroom units and amenities such as an indoor and outdoor fitness center, pet park, pool and a recreation room. Kevin Larimer, Greg Gonzalez, Kelly Witherspoon, Justin Cole and Michael Gonzalez of Berkadia represented the seller, Austin-based Endeavor Real Estate Group, in the transaction.

January 24, 2020

Acquisitions Industrial Self-Storage Texas

SkyView Advisors Brokers Sale of 278-Unit Regal Self Storage Facility in Metro Houston

by Taylor Williams January 24, 2020

SPRING, TEXAS — Tampa-based SkyView Advisors has brokered the sale of Regal Self Storage, a 278-unit facility located in the northern Houston suburb of Spring. The property is situated on 1.8 acres and features 43,025 net rentable square feet. Zack Urow and Ryan Clark of SkyView Advisors represented the seller in the transaction. The buyer and other terms of sale were not disclosed.

January 24, 2020

Acquisitions Industrial Texas

Marcus & Millichap Negotiates Sale of 36,008 SF Industrial Building Near Fort Worth

by Taylor Williams January 24, 2020

HURST, TEXAS — Marcus & Millichap has negotiated the sale of a 36,008-square-foot industrial building leased to Delta Rigging & Tools in Hurst, a northeastern suburb of Fort Worth. Adam Abushagur and Cliff Zimmerman of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were private investors that requested anonymity.

January 24, 2020

Acquisitions Arizona Multifamily Western

IPA Brokers $78.5M Sale of Parc Midtown Apartment Complex in Phoenix

by Amy Works January 24, 2020

PHOENIX — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Parc Midtown, a multifamily property located in Phoenix. Evergreen sold the asset to FSC Realty for $78.5 million, or $256,536 per unit. Situated at the intersection of Central Avenue and Indian School Road, Parc Midtown features 306 apartments with proximity to Indian School/Central Avenue Valley Metro Rail station and Steele Indian School Park. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the deal.

January 24, 2020

Acquisitions Indiana Midwest Retail

Regency Properties Acquires 125,582 SF Shopping Center in Northern Indiana

by Kristin Harlow January 24, 2020

KOKOMO, IND. — Regency Properties has acquired Boulevard Crossing Shopping Center in Kokomo, about 60 miles north of Indianapolis. The purchase price and seller were undisclosed. The 125,582-square-foot shopping center is located at 2100 E. Boulevard Crossing St. Anchored by TJ Maxx, the property is also home to Petco, Shoe Carnival, Ulta, Kirkland’s and McAlister’s Deli. Regency currently owns 29 shopping centers in the state of Indiana.

January 24, 2020

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