WAUKESHA, WIS. — The Barry Co. has brokered the sale of a 54,417-square-foot industrial building in Waukesha for an undisclosed price. The seller, Grace Elizabeth LLC, purchased the facility in 2016. The tenant, W.M. Sprinkman Corp., is a division of Krones AG and specializes in manufacturing food and beverage processing equipment. Pilot Court Industrial Property Group LLC purchased the building, which is located at 404 Pilot Court. David Barry of The Barry Co. brokered the sale.
NASHVILLE, TENN. — Miami-based Lindemann Multifamily Management LLC has acquired One Metrocenter, a 320-unit apartment community in Nashville, for $83.2 million (approximately $260,000 per unit). Tarek El Gammal of JLL’s Nashville office represented the sellers, MetroCenter Apartments X LLC and other partners, in the transaction. As part of the transaction, Lindemann obtained two fixed-rate loan tranches with New York Life Insurance Co. for $41.2 million and $4.6 million. David Zimmerman and K.O. Kennedy of CBRE’s Nashville office arranged the debt financing. Located at 45 Vantage Way, One Metrocenter’s apartments feature one- and two-bedroom layouts. The property opened in 2016, according to Apartments.com. Amenities include a Zen garden, saltwater pool, covered parking, outdoor fire pit and a dog park. The One Metrocenter acquisition is the fifth in the Nashville area for Lindemann, bringing its total units owned in the market to more than 2,300.
ATLANTA — A joint venture between Chevy Chase, Md.-based FCP and Atlanta-based developer Westbridge Partners has sold Stockyards Atlanta, a mixed-use project in Atlanta’s West Midtown district, to New York-based Clarion Partners for $69.7 million. Situated on three acres at the corner of 10th Street and Brady Avenue, Stockyards is an adaptive reuse of three historic warehouses into office and entertainment space. The space was initially built in the early 1900s as a stockyard and meatpacking plant. Designed by architectural firm ai3 and built by Gay Construction Co. in 2017, the 142,478-square-foot development houses tenants including Red Bull and Fitzgerald & Co., as well as the Italian restaurant Donetto and game parlor/restaurant Painted Duck. Stockyards Atlanta was fully leased within a year of delivery. Stewart Calhoun, David Meline, Mike McDonald, Samir Idris and Michael Moore of Cushman & Wakefield brokered the sale on behalf of the joint venture.
NEWNAN, GA. — Halpern Enterprises Inc. has acquired Newnan Crossing, a 92,412-square-foot shopping center in Newnan, about 35 miles southwest of downtown Atlanta. Ohio-based Retail Value Inc. sold the property to Smyrna, Ga.-based Halpern Enterprises for $11.6 million. A 66,412-square-foot Hobby Lobby anchors the center, which was fully leased at the time of sale. Other tenants include CATO, GNC, Edible Arrangements, Sally Beauty, American Deli, The Athlete’s Foot and T-Mobile. Walmart and Lowe’s Home Improvement shadow-anchor the center. Newnan Crossing was built in 1996 and is situated adjacent to Interstate 85 at 963 Bullsboro Drive.
MANSFIELD, TEXAS — Houston-based Hilltop Residential has acquired an undisclosed apartment community in the Dallas-Fort Worth metro of Mansfield. The number of units was also undisclosed, but the property was built in two phases between 2015 and 2017 and features a pool, fitness center, outdoor lounge and a dog park. Cortney Cole and Steve Heldenfels of JLL arranged a four-year, fixed-rate acquisition loan through a life insurance company on behalf of Hilltop Residential.
HOUSTON — Colliers International has arranged the sale of York Centre, a 114,474-square-foot office building situated on 5.3 acres at the corner of Hempstead Highway and West Little York Road in Houston. According to LoopNet Inc., the Class B property was built in 1982. David Carter of Colliers represented the undisclosed seller in the transaction. The buyer, Interra York Centre LLC, an affiliate of Houston-based Interra Capital Group, was self-represented.
WEBSTER, TEXAS — JLL has negotiated the sale of Bay Area Plaza, a 72,569-square-foot commercial property in Webster, located about 23 miles southeast of Houston. Bay Area Plaza comprises 45,269 square feet of retail space and 27,300 square feet of industrial flex space that combined was 98 percent leased at the time of sale. Retail tenants include Total Body Work, Pizza Hut, Dapper Doughnuts and Amy’s Nails. Ryan West, John Indelli and Ethan Goldberg of JLL represented the seller, Orr Commercial Inc., in the transaction. The buyer was undisclosed.
NORFOLK, VA. — Harbor Group International LLC (HGI), a privately owned real estate investment and management firm based in Norfolk, has acquired a 36-property multifamily portfolio for $1.85 billion. The portfolio comprises 13,243 units, most highly concentrated in the Dallas/Fort Worth and Denver markets. The remaining properties are located in Houston, San Antonio, Atlanta, Orlando, Phoenix, Salt Lake City, Albuquerque, St. Louis and Kansas City. The properties average 350 units each, primarily in two- and three-story buildings. The transaction was the largest multifamily sale since 2016 and the fifth largest ever recorded in the U.S., according to the seller, Los Angeles-based Aragon Holdings LLC. The deal is part of Aragon’s broader $2 billion sale of its entire apartment portfolio, which consists of 15,000 units located in 12 cities and eight states across the nation. “We decided to sell our portfolio because we recognized that, in the present market conditions, the properties would have the greatest value in the hands of a ‘value-add’ operator,” says Larison Clark, founder, chairman and CEO of Aragon Holdings. “Harbor Group targets value-add opportunities, making this an ideal transaction for both firms.” Dan Guy, Aragon’s president and chief operating officer, adds that Aragon initially focused on …
LAKEWOOD, COLO. — Los Angeles-based Gelt has purchased Kallisto at Bear Creek, an apartment property located at 2605 S. Miller Drive in the Bear Creek area of Lakewood. Holland Partner Group sold the asset for $145.5 million. Built in two phases in 1987 and 1996, Kallisto at Bear Creek is situated on 38 acres and comprises 51 two- and three-story buildings. The 472-unit property features mostly one- and two-bedroom layouts with a mix of traditional flats and townhome floor plans. Units feature private balconies or porches, wood and gas fireplaces, washers/dryers, walk-in closets and extra storage. On-site amenities include a community garden, tennis court, two swimming pools, a hot tub, 31 acres of landscaped open spaces, barbecue areas, a clubhouse, business center, dog park and fitness center. Gelt plans to invest $3.5 million in capital improvements over the next four years at the property. Projects will include the interior renovation of the remaining 75 percent of units by installing vinyl flooring, stainless steel appliances, quartz countertops, new cabinet faces and hardware, tile backsplashes and ceiling fans. Jordan Robbins, David Martin and Pamela Koster of JLL represented the seller and buyer in the deal. With this latest acquisition, Gelt now owns …
PERRYSBURG, OHIO — Reichle Klein Group has brokered the $2.7 million sale of a 45,630-square-foot industrial facility in Perrysburg, just south of Toledo. The four-building property sits on 32 acres at 26933 Eckel Road. Jerry Malek of Reichle Klein represented the seller, Welded Construction LP. Malek also assisted the buyer, Perrysburg LLC.
