Acquisitions

AVE Aviation & Commerce Center Sells Industrial Portion of Mixed-Use Development in Metro Miami for $126M

by Alex Tostado October 23, 2019

HIALEAH, FLA. — AVE Aviation & Commerce Center Inc. has sold the industrial portion of AVE Aviation & Commerce Center, a 2.6 million-square-foot master-planned development in Hialeah. Bridge Development Partners and BentallGreenOak acquired the assets in a joint venture for $126 million. The sold portion comprises 948,000 square feet of industrial space that is fully leased to the United States Post Office, which occupies 478,000 square feet; and three multi-tenant buildings totaling 470,000 square feet. Also included in the sale is Off Lease Only, a wholesaler of cars that spans 15 acres. In addition, the buyers acquired 1 million square feet of industrial and aviation-related development rights situated on 47 acres. AVE Aviation and Commerce Center Inc. will retain ownership of 41 acres, which is planned for the 13-acre development of a Fairfield Inn & Suites under the Marriott flag, and 28 acres of aeronautical space that is set to be the future home of Banyan Air Services. CPF Investment Group is the master-developer of AVE Aviation & Commerce Center. which is fully leased to more than 30 tenants including Turbopower, Boars Head, Johnson Controls, Rolls Royce and Herbalife. The property is situated at 14350 NW 56th Court, 17 miles …

October 23, 2019

Acquisitions Georgia Multifamily Southeast

Cushman & Wakefield Negotiates $41M Sale of Multifamily Community in Augusta

by Alex Tostado October 23, 2019

AUGUSTA, GA. — Cushman & Wakefield has negotiated the $41 million sale of Estates at Perimeter, a 240-unit multifamily community in Augusta. The property offers one- through three-bedroom floor plans. Communal amenities include a bark park, clubhouse, media center, car care center, fitness center, playground and a swimming pool. Estates at Perimeter was built in 2007 in west Augusta where Interstates 20 and 520 meet. Taylor Bird, Robert Stickel and Nelson Abels of Cushman & Wakefield represented the sellers, Coastal Ridge Real Estate and H. Katz Capital, in the transaction. Young Homes acquired the property.

October 23, 2019

Acquisitions North Carolina Retail Southeast

First Washington Realty Acquires Shopping Center in Raleigh for $21M

by Alex Tostado October 23, 2019

RALEIGH, N.C. — First Washington Realty has acquired Harvest Plaza, a 99,479-square-foot retail center in Raleigh. The seller and sales price were not disclosed, although Triangle Business Journal reports Capital Partners and York Properties sold the property for $21 million. Walgreens and Planet Fitness anchor the retail center, which is located at 9650 Strickland Road, 10 miles north of downtown Raleigh.

October 23, 2019

Acquisitions Midwest Office Ohio

JLL Arranges $41.4M Sale of Two-Building Office Property in Easton, Ohio

by Kristin Harlow October 23, 2019

EASTON, OHIO — JLL has arranged the sale of One & Two Easton Oval, a two-building office property in Easton, for $41.4 million. The Class A asset spans 252,461 square feet and is situated approximately 10 miles northeast of Columbus’ central business district. Completed in the late 1990s, the property is 91.4 percent leased. Jim Postweiler, Peter Harwood, Derek Fohl and Patrick Shields of JLL represented the seller, Garrison Investment Group. Steve Buss and Marc Nanne of JLL represented the buyer, Minneapolis-based Founders Properties. Local JLL brokers Collin Wheeler and Aaron Duncan supported the sales effort. Keith Largay and Patrik Modig of JLL secured $27.8 million in acquisition financing. TCF Bank provided the seven-year, floating-rate loan.

October 23, 2019

Acquisitions Illinois Midwest Multifamily

Interra Realty Brokers $10.6M Sale of Apartment Property in Chicago’s Lincoln Park

by Kristin Harlow October 23, 2019

CHICAGO — Interra Realty has brokered the sale of 1540 Fullerton in Chicago’s Lincoln Park neighborhood for $10.6 million. The four-story, 25-unit apartment property is located at 1540 W. Fullerton Ave. Completed in 2015, the fully leased asset includes 12 two-bedroom units, 12 three-bedroom units and one commercial space. Joe Smazal of Interra represented the private seller while Jeremy Morton and Ted Stratman of Interra represented the undisclosed buyer. At $425,400 per unit, the sale was the largest multifamily sale in Lincoln Park so far this year, according to CoStar data.

October 23, 2019

Acquisitions Midwest Retail Wisconsin

Next Realty Acquires 17,000 SF Retail Center in Metro Milwaukee

by Kristin Harlow October 23, 2019

DELAFIELD, WIS. — An affiliate of Next Realty LLC has acquired Hillside Terrace Shopping Center in Delafield, about 25 miles west of Milwaukee. The purchase price was not disclosed. The 17,000-square-foot retail center is located on Hillside Drive. The property is fully leased to tenants such as Jimmy John’s, Pizza Hut, Stone Creek Coffee and Chris & Co. Salon. This is the seventh acquisition for Next Realty Fund IX LP.

October 23, 2019

Acquisitions Midwest Missouri Office

Kadean Construction Purchases 5,250 SF Building for Kansas City Office

by Kristin Harlow October 23, 2019

KANSAS CITY, MO. — Kadean Construction has purchased the 5,250-square-foot building at 1821 McGee St. in Kansas City that the company has been leasing since January 2018. The purchase price was not disclosed. Kadean plans to immediately commence renovations to finish out approximately 2,700 square feet of existing shell space into new office space. The construction firm expects to fully occupy the space beginning in January. Headquartered in St. Louis, Kadean has been active in the Kansas City market since 2015.

October 23, 2019

Acquisitions Multifamily Texas

Passco Acquires 313-Unit Lakeview Villas Apartments Near San Antonio

by Taylor Williams October 23, 2019

NEW BRAUNFELS, TEXAS — California-based investment and development firm Passco Cos. has acquired Lakeview Villas, a 313-unit apartment community in New Braunfels, a northeastern suburb of San Antonio. The community’s one and two-bedroom units feature stainless steel appliances, hardwood-style ﬂooring, granite countertops, brushed nickel hardware, gooseneck faucets in the kitchen and private detached garages. Amenities include a resort-style pool with tanning ledge and outdoor kitchen, poolside lounge and ﬁre pit, as well as a ﬁtness center, a resident clubhouse and a walking trail surrounding a lake on the grounds. Will Balthrope, Jordan Featherston and Drew Garza of Institutional Property Advisors, a division of Marcus & Millichap, brokered the sale on behalf of the seller.

October 23, 2019

Acquisitions Office Texas

Songy Highroads Acquires 151,722 SF Office Building in Metro Houston

by Taylor Williams October 23, 2019

SUGAR LAND, TEXAS — Songy Highroads LLC, an Atlanta-based investment and development firm, has acquired Sugar Creek Place I, a 151,722-square-foot office building located in the southwestern Houston suburb of Sugar Land. The six-story, Class A building was 86 percent leased at the time of sale. Sugar Creek Place I recently received more than $1.7 million in capital improvements, including the addition of a new conference facility, tenant lounge and common area, as well as an upgraded lobby and corridors. Marty Hogan and Dan Miller of JLL represented the seller, HighBrook Investors, in the transaction, while Ed Coco, Matt Casey and Michael Johnson of JLL arranged acquisition financing on behalf of Songy Highroads. Transwestern Commercial Services handles leasing of the property, which was 86 percent occupied at the time of sale.

October 23, 2019

Acquisitions Multifamily Texas

JLL Negotiates Sale of 53-Unit Dakota Lofts Apartments in Houston’s Warehouse District

by Taylor Williams October 23, 2019

HOUSTON — JLL has negotiated the sale of the historic Dakota Lofts apartment building, a 53-unit property in Houston’s Warehouse District. The property was originally built in 1911 and housed the Bute Paint Factory. The Randall Davis Co. renovated the building in 1993, when the facility was converted to multifamily housing featuring vintage loft-style units. Chip Nash and Bob Heard of JLL, along with Jim Hurd and Bishale Patel of Houston Income Properties, represented Randall Davis in the sale. Dakota Lofts was more than 90 percent occupied at the time of sale.

October 23, 2019

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