PRIOR LAKE, MINN. — SkyView Advisors has brokered the sale of a 70,914-square-foot Select Space Storage facility in Prior Lake within metro Minneapolis. The 3.5-acre property is located at 4370 Fountain Hills Drive. Richard Riddle and Ryan Clark of SkyView represented the seller. Self-storage REIT CubeSmart purchased the property.
COVINGTON, GA. — JLL has closed the $12.6 million sale of Pactiv Distribution Center, a 300,000-square-foot, warehouse and distribution facility in Covington, approximately 40 miles east of Atlanta. A partnership between Great Point Properties and The RSP Cos. acquired the 16.4-acre asset, located at 1776 Liberty Drive. The recently renovated facility is adjacent to a rail-served concrete terminal and Interstate 20. The distribution center is fully leased to Pactiv LLC, a global manufacturer and distributor of food packaging and foodservice. The building features 24- to 26-foot clear heights, 170-foot truck court depth, 14 dock doors, one drive-in door and office space. Additionally, the property is less than one mile from Covington Airport and about 45 miles from Hartsfield-Jackson Atlanta International Airport. Britton Burdette, Pete Pittroff and Brent Bono of JLL, represented the seller, IAI Covington LP, in the transaction.
WINSTON-SALEM, N.C. — SRS Real Estate Partners’ National Net Lease Group has arranged the $5.8 million sale of Shops at Stratford in Winston-Salem on behalf of the seller and developer, Encore Real Estate. The buyer, a private investor based locally, purchased the 13,500-square-foot, multi-tenant retail center in a 1031 exchange. Built in 2018, the property is situated on 1.2 acres and is fully occupied by four tenants including First Watch and Mattress Warehouse. Patrick Nutt and Connor Barton of SRS represented Encore Real Estate, and Steen Spove of Deep River Partners represented the buyer in the transaction.
PORTLAND, MAINE — CBRE has brokered the $20.8 million sale of Bayside Village, a 101-unit apartment community in Portland, located approximately 60 miles south of Augusta. Located at 32 Marginal Way, Bayside Village comprises a five-story residential building with 3,300 square feet of ground-floor retail space. Amenities include bike storage, a resident lounge, business center with print station, laundry facility, outdoor space and a billiards room. The property previously served as a student housing community. The buyer, Port Properties, plans to upgrade the property to increase the overall unit count to 206 residences. Simon Butler and Biria St. John of CBRE, along with Dan Greenstein of The Boulos Company, represented the seller, Blue Vista. The CBRE team worked with Joe Porta of Porta & Co. to procure Port Properties as the buyer.
ST. LOUIS — A joint venture between GMH Capital Partners and AGC Equity Partners has acquired Everly on the Loop, a 428-bed student housing community serving students at Washington University in St. Louis. Built in 2017, the 192,390-square-foot community offers one-, two- and three-bedroom units that average 899 square feet. Shared amenities include a fitness center, yoga room, game room, swimming pool and indoor and outdoor entertainment spaces. The seller and terms of the transaction were undisclosed.
WAUKESHA, WIS. — Cushman & Wakefield has brokered the sale of Springdale Apartments in Waukesha for $18.7 million. The three-story, 199-unit multifamily property is located at 2415 Springdale Road. Developed in 1973, the community houses a mix of one-, two- and three-bedroom units averaging 920 square feet. The property was nearly fully leased at the time of sale. Brad Smith of Cushman & Wakefield represented the seller, Milwaukee-based Trike Property Management. Janesville-based Spaulding Group purchased the asset. Prior to the sale, Trike completed renovations to 20 of the units. Spaulding plans to continue upgrading both the units and common areas.
TOLEDO, OHIO — The Boulder Group has brokered the sale of a single-tenant property net leased to Taco Bell in Toledo for $1.8 million. The building is located at 2234 W. Alexis Road. There are 15 years remaining on Taco Bell’s lease, which is guaranteed by Charter Foods North LLC. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Midwest-based real estate investment company. A 1031 exchange buyer purchased the property.
NEWPORT BEACH, LAGUNA BEACH, YOUNTVILLE AND CORONA DEL MAR, CALIF. — JLL has arranged $110 million in acquisition financing for Boardwalk Investments Group. The funds will be used for the purchase of a 12-property retail portfolio in Southern California. John Chun, John Marshall, Sam Godfrey and Jake Fideler of JLL Capital Markets placed the three-year, floating-rate loan with two one-year extension options. Michael Mestel of H.I.G. Realty Partners ran the transaction on behalf of the lender’s retail estate credit fund. Key assets in the portfolio include a CVS/pharmacy-anchored shopping center located at 30814-30936 Pacific Coast Highway in Laguna Beach; a Pavilions-anchored retail center at 3100-3152 Newport Blvd. and a high-street retail asset located at 2902 West Coast Highway in Newport Beach; a fine-dining retail property located at 6725 Washington St. in Yountville; and multiple coastal assets in Newport Beach.
FULLERTON, CALIF. — Goodman Group has acquired a 65-acre manufacturing and distribution property in Fullerton and plans to redevelop the site into a modern logistics campus named Goodman Logistics Center Fullerton. The project will support construction of up to 1.5 million square feet of new space, offering tenants space ranging from 170,000 square feet to 1.5 million square feet across a four-building campus. Slated for delivery in late 2021, the campus will feature potential for cargo/commuter rail service, significant paved trailer parking and cross-dock functionality with multiple points of ingress/egress. Glenn Dyke, Darla Longo and Barbara Emmons of CBRE represented the undisclosed seller, while Sean Ward and Ben Seybold, also of CBRE, were instrumental in the sale of the former distribution center.
PHOENIX — Denver-based Highline Property Group has purchased Bloom 24, an apartment community in Phoenix. LWH Bloom Apartments 24 sold the property for $17.1 million, or $150,438 per unit. Constructed in 1973 and fully renovated in 2015, Bloom 24 features 114 apartments in a mix of floor plans with stainless steel appliances, designer cabinetry, laminate countertops and breakfast bars. The modernized, loft-style units average 1,100 square feet and feature oversized windows. Community amenities include a swimming pool with cabanas, a fitness center and patio picnic areas. Cliff David and Steve Gebing of Institutional Property Advisors, a division of Marcus & Milichap, represented the seller and procured the buyer in the deal.
