Acquisitions

Colliers Brokers Sale-Leaseback of 200,000 SF Industrial Building in Greenfield, Indiana

by Kristin Harlow December 20, 2019

GREENFIELD, IND. — Colliers International has brokered the sale-leaseback of Mount Comfort Building 115 in Greenfield, about 25 miles east of Indianapolis, for an undisclosed price. The 200,000-square-foot modern bulk facility will be expanded to 386,000 square feet. The building’s occupant, Brybelly Holdings Inc., will lease back the property after its expansion on a new 10-year lease. Originally developed in 2016, the building sits on 26 acres within Alliance Interstate Park. Alex Cantu, Brian Zurawski and Alex Davenport of Colliers represented Brybelly in the sale. Exeter Properties purchased the asset. Brybelly specializes in dropship services, which is a direct to consumer business model.

December 20, 2019

Acquisitions Affordable Housing Midwest Minnesota Office

Upland Negotiates Sale of Minneapolis Office Building for Affordable Housing Project

by Kristin Harlow December 20, 2019

MINNEAPOLIS — Upland Real Estate Group Inc. has negotiated the sale of the Rockler Fur building in downtown Minneapolis for an undisclosed price. The buyer, Beacon Interfaith Housing Collaborative, plans to convert the property into 48 units of affordable housing. The seven-story, 38,305-square-foot building was originally built as a Printer’s Exchange building in 1915 with a Gothic Revival style. Rockler Fur has occupied the property since the 1940s. Upland will also represent Rockler in its relocation process in spring 2020.

December 20, 2019

Acquisitions Industrial Texas

Hines Acquires 738,198 SF Inwood Trade Center Business Park in Dallas

by Taylor Williams December 20, 2019

DALLAS — Hines has acquired Inwood Trade Center, a 738,198-square-foot infill business park located in the North Trinity submarket of Dallas. The 14-building development is situated on 38 acres and located less than three miles from downtown and Uptown Dallas as well as Dallas Love Field Airport. The buildings were constructed between 1961 and 1978 and were 98 percent leased at the time of sale. Houston-based Hines will implement a value-add program to refresh the buildings’ façades, signage and landscaping. Omniplan is designing the repositioning, and Holt Lunsford Commercial will handle leasing of the upgraded spaces.

December 20, 2019

Acquisitions Industrial Office Texas

Mohr Capital Buys 404,800 SF Office, Industrial Portfolio in Austin for $100M

by Taylor Williams December 20, 2019

AUSTIN, TEXAS — Dallas-based investment firm Mohr Capital has purchased a 404,800-square-foot office and industrial portfolio in Austin for $100 million. The portfolio includes a 160,000-square-foot industrial building leased to Amazon and Uber and a four-building, 244,800-square-foot office facility leased to a mix of technology, government and healthcare tenants. JLL represented the seller, Zydeco Development, in the transaction. Boyd Messmann and Kyle Campbell represented Mohr Capital on an internal basis.

December 20, 2019

Acquisitions Multifamily Texas

CBRE Brokers Sale of 300-Unit Iron Rock Ranch Apartment Community in Austin

by Taylor Williams December 20, 2019

AUSTIN, TEXAS — CBRE has brokered the sale of Iron Rock Ranch, a 300-unit apartment community in south Austin. Built on 22 acres in 2002, the property consists of 216 apartments and 84 townhomes. Amenities include two pools, a fitness center, playground, pet park, basketball court and a volleyball court. Charles Cirar, Michael Wardlaw and Colin Cannata of CBRE represented the seller in the transaction. John Fenoglio of CBRE arranged acquisition financing on behalf of the buyer, Houston-based Domain Communities.

December 20, 2019

Acquisitions Texas

Marcus & Millichap Arranges Sale of 103-Site RV Park in Pecos, Texas

by Taylor Williams December 20, 2019

PECOS, TEXAS — Marcus & Millichap has arranged the sale of Highway 285 RV Park, a 103-site property located in the West Texas city of Pecos. The property was developed on a 20-acre site in 2018. Robert Denninger and Brad Dorsey of Marcus & Millichap represented the seller, a private investor, in the transaction. Denninger also secured the buyer, another private investor.

December 20, 2019

Acquisitions Florida Multifamily Southeast

Cushman & Wakefield Brokers $78M Sale of Newly Built Multifamily Community in Clearwater, Florida

by Alex Tostado December 19, 2019

CLEARWATER, FLA. — Cushman & Wakefield has negotiated the sale of The Vue at Belleair, a 339-unit multifamily community in Clearwater, 20 miles west of Tampa. Located at 1551 Flournoy Circle W., the property sold for $78 million, according to the Tampa Bay Times. Luis Elorza, Brad Capas, Robert Given and Michael Mulkern of Cushman & Wakefield’s Multifamily Advisory Group represented the seller and developer, Columbus, Ga.-based Flournoy Development Co., in the transaction. Suffern, N.Y.-based Castle Lanterra Properties acquired the community, which consists of 11 two- and four-story residential buildings. Built in 2019, Vue at Belleair offers one-, two- and three-bedroom apartments, as well as gated access, elevators, a rooftop terrace, clubhouse, coffee bar, two dog parks, car care center, saltwater pool, fitness center, fire pits and a business center with a conference room, video game room and a billiards table. The property was 93 percent occupied at the time of sale. The Vue at Belleair is located on the east side of U.S. Route 19.

December 19, 2019

Acquisitions Florida Office Southeast

Black Salmon Buys Office Tower in Downtown Orlando for $68M

by Alex Tostado December 19, 2019

ORLANDO FLA. — Miami-based investment firm Black Salmon has acquired a 245,201-square-foot office building located at 111 N. Orange Ave. in Orlando for $68 million. The 21-story building is 94 percent leased to tenants including Regions Bank, UBS, Geico and coworking space provider Regus. Located at the corner of North Orange Avenue and East Washington Street, 111 North Orange is near the LYNX Central and Church Street SunRail stations. The building’s amenities include access to the free LYMMO shuttle service, building security, a common conference center, Nature’s Table Cafe in the building and a fitness center. Ron Rogg of CBRE represented the undisclosed seller in the transaction.

December 19, 2019

Acquisitions Mississippi Multifamily Southeast

Berkadia Arranges Sale of 288-Unit The Met Apartments in Hattiesburg, Mississippi

by Alex Tostado December 19, 2019

HATTIESBURG, MISS. — Berkadia has arranged the sale of The Met Apartments, a 288-unit multifamily property in Hattiesburg, approximately 70 miles north of the Mississippi Gulf Coast. David Oakley, David Wilson, Jay Briley and Gregg Cordaro of Berkadia completed the sale on behalf of the seller, Texas-based NNI Development. Mississippi-based Heritage Properties Inc. bought the property for an undisclosed amount. Located at 27 Lake Forgetful, The Met Apartments was completed in 2018. The complex has convenient access to U.S. Route 98, Shadow Ridge Golf Club and Turtle Creek Mall. The property features one-, two- and three-bedroom floor plans with a fitness center, pool, pet park, entertainment lounge, office space and elevator access in each building.

December 19, 2019

Acquisitions Retail South Carolina Southeast

Marcus & Millichap Brokers $9.5M Sale of Emerald Place Shopping Center in Greenwood, South Carolina

by Alex Tostado December 19, 2019

GREENWOOD, S.C. — Marcus & Millichap has brokered the $9.5 million sale of the Emerald Place shopping center in Greenwood, approximately 25 miles from the Georgia-South Carolina state line. Kohl’s, Ross Dress for Less and Rack Room Shoes anchor Emerald Place, which is located at 259 Hospitality Blvd. Private investor George Snelling purchased the 107,616 –square-foot property from Cole MT Greenwood SC LLC. Marcus & Millichap’s Zach Taylor, Brian Munn and Don McMinn brokered the sale on behalf of both the seller and the buyer. The buyer, who typically invests in self-storage assets, purchased Emerald Place as it provided a more attractive yield than other self-storage options, according to Taylor.

December 19, 2019

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