Acquisitions

Current Capital Acquires Retail Property in South Florida for $12.6M

by Alex Tostado June 16, 2020

LAUDERHILL, FLA. — Promenade Plaza LLC, an affiliate of Current Capital Real Estate Group, has acquired Promenade at Inverrary, a 143,460-square-foot retail property in Lauderhill, for $12.6 million. The asset is located at 4402-4678 N. University Drive, 11 miles west of downtown Fort Lauderdale. Todd Nepola, president of Current Capital, says the company will implement remodeling plans at Promenade over the next 12 months. Current Capital will also handle management and leasing efforts at the shopping center, which was built in 1986. The seller was not disclosed. CenterState Bank provided the buyer with an $8.5 million acquisition loan.

June 16, 2020

Acquisitions Florida Industrial Self-Storage Southeast

Skyview Advisors Arranges Sale of 530-Unit Self-Storage Facility in Florida’s Space Coast

by Alex Tostado June 16, 2020

TITUSVILLE, FLA. — Skyview Advisors has arranged the sale of Prestige Self Storage, a 530-unit, 57,600-square-foot facility in Titusville. The self-storage property is situated on five acres at 4706 S. Washington Ave., four miles south of downtown Titusville and 37 miles east of downtown Orlando. Zack Urow and Ryan Clark of Skyview Advisors represented the undisclosed seller in the transaction. Further details of the sale were not disclosed.

June 16, 2020

Acquisitions Illinois Industrial Midwest

Kiefer Associates Sells 82,000 SF Industrial Building in Zion, Illinois, Leases Back Smaller Portion

by Kristin Harlow June 16, 2020

ZION, ILL. — Kiefer Associates has sold its 82,000-square-foot industrial building located at 1700 Kiefer Drive in Zion within northern Illinois. The sales price was undisclosed. As part of the transaction, Kiefer has agreed to an early termination of its lease and will lease back a smaller portion of the property on a short-term basis. The property sold to an investment group that includes the principals of American Eagle Packaging Co. (AEP), a full-service packaging company that will move into a portion of the facility. The remainder of the building will be subdivided into three additional spaces. Dan Benassi, Dan Jones and Sam Deihs of Entre Commercial Realty brokered the transaction. The team will manage and lease the property going forward.

June 16, 2020

Acquisitions Arizona Office Western

CBRE Negotiates Sale of 141,000 SF Wells Fargo Gainey Center Office Asset in Scottsdale

by Amy Works June 16, 2020

SCOTTSDALE, ARIZ. — CBRE has arranged the sale of Wells Fargo Gainey Center, a Class A office building located at 8601 N. Scottsdale Road in Scottsdale. AREA Exchange Asset III, an affiliate of New York City-based Ascent Real Estate Advisors, acquired the property from Des Moines-based Principal Real Estate Investors for an undisclosed price. Built in 1999, the 141,000-square-foot Wells Fargo Gainey Center features a two-story lobby, flexible floor plates, 20 exterior balconies, a parking ratio of four spaces per every 1,000 square feet and an on-site gym. At the time of sale, the property was 96 percent leased to nine tenants, including Wells Fargo and Kutak Rock, a national law firm. Barry Gabel, Chris Marchildon and Will Mast of CBRE’s Phoenix office represented the seller in the deal. Bruce Francis, Tim Bokinsky, Dana Summers, Bob Ybarra, Shaun Moothart and Doug Birrell of CBRE Debt & Structured Finance facilitated the acquisition loan with a national life insurance company for the buyer.

June 16, 2020

Acquisitions California Industrial Office Western

LPC West Sells Flex R&D Building in San Diego’s Sorrento Mesa for $17M

by Amy Works June 16, 2020

SAN DIEGO — LPC West, the West Coast operating division of Lincoln Property Co., has completed the sale of a two-story, flex R&D property located at 9877 Waples St. in San Diego’s Sorrento Mesa submarket. An affiliate of Alexandria Real Estate Equities acquired the building for $17 million in an off-market transaction. The 62,392-square-foot asset is mid-way through the seller’s biotech conversion process, which the buyer will complete. Andy Hugget, Bill Dolan and Sean Williams of CBRE represented LPC West, while Alexandria was self-represented in the transaction.

June 16, 2020

Acquisitions Industrial Texas

Stream Realty Negotiates Sale of 114,150 SF Industrial Building in Plano

by John Nelson June 15, 2020

PLANO, TEXAS — Stream Realty Partners has arranged the sale of a 114,150-square-foot industrial building located at 2801 Summit Ave. in Plano. OPEX Corp., doing business as Generation Y LLC, purchased the property for an undisclosed price and is currently the property’s sole tenant. According to LoopNet Inc., the facility was built in 1990 and features office space and 24-foot clear heights. Jason Moser and Ridley Culp of Stream Realty represented the buyer in the transaction. Kacy Jones and John Hendricks of CBRE represented the seller, AdvoCare. The weight loss and sports supplement producer recently built another facility in Plano where it has set up operations.

June 15, 2020

Acquisitions Retail Texas

Younger Partners Brokers Sale of 85,000 SF Retail Property Near Fort Worth

by John Nelson June 15, 2020

NORTH RICHLAND HILLS, TEXAS — Younger Partners has brokered the sale of Richland Commons, an 85,000-square-foot, freestanding retail property in North Richland Hills that was formerly leased to Haverty’s Furniture. Situated along Loop 820, the vacant property sits on 4.3 acres at 8251 Bedford Euless Road, about 10 miles northeast of Fort Worth. Michael Ytem and Robert Grunnah of Younger Partners represented the undisclosed seller in the transaction. Debbie Mullins of Ready Real Estate represented the buyer, an undisclosed local investor.

June 15, 2020

Acquisitions Florida Multifamily Southeast

CBRE Negotiates $10.6M Sale of Tampa Bay Multifamily Portfolio

by Alex Tostado June 15, 2020

ST. PETERSBURG, FLA. — CBRE has negotiated the $10.6 million sale of the Old Southeast Portfolio, a seven-property multifamily portfolio in St. Petersburg. The portfolio traded at $83,730 per unit, or a 5.3 percent cap rate. The buyer, Otto Investment Group, is planning both interior and exterior renovations across all seven properties. The seller, Second Half Properties, maintained 95 percent rent collection in April and May, according to CBRE. The properties include Old Southeast Apartments, Tropical Shores, The Palms Apartments, Bayside Apartments, Park View Apartments, Lakewood Apartments and Uptown St. Petersburg. The communities are roughly 25 miles southwest of downtown Tampa. Joseph Thavis and Cameron Barbas of CBRE represented both the buyer and seller in the transaction.

June 15, 2020

Acquisitions Retail Texas

Marcus & Millichap Arranges Sale of Post Oak Shopping Center in Euless, Texas

by John Nelson June 15, 2020

EULESS, TEXAS — Marcus & Millichap has arranged the sale of Post Oak Shopping Center, a 20,620-square-foot retail center located at 13912 Trinity Blvd. in Euless. The property was built in 1968 and sits on 2.3 acres. Philip Levy of Marcus & Millichap’s Dallas office represented the seller, a private investment firm, in the transaction and procured the undisclosed private buyer.

June 15, 2020

Acquisitions Indiana Midwest Retail

Black Gate Acquires 72,348 SF Shopping Center in Indianapolis

by Kristin Harlow June 15, 2020

INDIANAPOLIS — Black Gate Partners has acquired Geist Centre in Indianapolis for an undisclosed price. The 72,348-square-foot shopping center is located at 11625-11715 Fox Road. Anchor tenants include CVS Pharmacy and Dollar Tree. CBRE represented the seller, Phillips Edison & Co. Columbus, Ohio-based Black Gate focuses on retail leasing, investment sales and development.

June 15, 2020

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