SALT LAKE CITY — MCA Realty has purchased three multi-tenant industrial buildings in Salt Lake City from a private investor for an undisclosed price in an off-market transaction. Totaling 77,944 square feet, the properties are located at 515, 537 and 539 Pickett Circle. Built between 1998 and 2005, 515 Pickett Circle (24,356 square feet), 537 Pickett Circle (43,544 square feet) and 539 Pickett Circle (10,044 square feet) offer 20-foot clear heights and a combined 24 grade-level doors. MCA Realty plans to implement a capital improvement program, including refreshed paint, upgraded landscaping, enhanced parking areas and modernized signage. Travis Healey and Tom Freeman of Colliers represented MCA Realty and the seller in the transaction.
Acquisitions
ROANOKE, TEXAS — Marcus & Millichap has brokered the sale of an 11,320-square-foot retail strip center in Roanoke, located in North Texas’ Denton County. Roanoke Shopping Center was fully leased at the time of sale to Oak and Main Craft Food + Spirits, Inzo Italian Kitchen and Baja Cantina. Philip Levy of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
ATLANTA — Alterra IOS has acquired five industrial outdoor storage (IOS) properties totaling 146,700 square feet across 32 acres in metro Atlanta. Each site is located within industrial submarkets with access to major highways and transportation networks. The properties include: The industrial sites are occupied by a mix of tenants, including a national wholesale food distributor, a national truck rental and transportation services company and a regional equipment rental dealer. ONE Commercial Real Estate, Lee & Associates, King Industrial Realty Inc. and Cone Commercial Real Estate were the brokerages involved in these transactions. The sellers and sales price were not disclosed.
WEST ORANGE, N.J. — Cushman & Wakefield has arranged the $131 million sale of Edison Lofts, a 334-unit apartment building in West Orange, located in Northern New Jersey’s Essex County. Edison Lofts comprises two buildings: a 300-unit conversion of the historic Thomas Edison Battery Building and a 34-unit ground-up building known as The Mews at Edison Lofts. The property, which was 95 percent occupied at the time of sale, offers amenities such as a fitness center, indoor pool, resident lounges and outdoor gathering spaces, as well as 19,000 square feet of retail space. Niko Nicolaou, Ryan Dowd, J.P. Hohl, Michael Guerra, Kelly Kellett and Alexandria Russo Ebers of Cushman & Wakefield represented the seller, a partnership led by Prism Partners, in the transaction and procured the buyer, Sym Investments. John Alascio, Brad Domenico and Chuck Kohaut, also with Cushman & Wakefield, arranged a $91.7 million acquisition loan through New York Life in conjunction with the sale.
Marcus & Millichap Brokers Sale of Restaurant in New Smyrna Beach, Florida Leased to Wendy’s
by Abby Cox
NEW SMYRNA BEACH, FLA. — Marcus & Millichap’s Taylor McMinn Retail Group has brokered the sale of a freestanding restaurant in New Smyrna Beach, about 14 miles south of Daytona Beach. Built in 2022, the building is occupied by Wendy’s, which has 16 years left on a triple-net lease that features 7.5 percent rental increases every five years in the initial term. Don McMinn and Andrew Koriwchak of Taylor McMinn Retail Group brokered the transaction. The buyer and seller requested anonymity. The sales price was also not released. “We were able to generate multiple offers and ultimately close with an out-of-state, all-cash buyer in under 30 days,” says McMinn. “The combination of a 16-year corporate triple-net lease, scheduled rent increases and a strong Daytona Beach-area location created significant investor demand for the property.”
WARWICK, R.I. — Regional brokerage firm Atlantic Capital Partners has negotiated the $20.5 million sale of Midland Commons, a 160,448-square-foot shopping center located just south of Providence in Warwick. Tenants at the 23.2-acre center include Dick’s Sporting Goods, Burlington and Planet Fitness. Justin Smith, Chris Peterson, Sam Koonce, Danielle Turpin, Stephen Joseph, Stephen Hassenflu and Matt Ericson of Atlantic Capital Partners represented the seller and the buyer in the transaction. Both parties requested anonymity.
CHALFONT, PA. — An affiliate of local owner-operator Equus Capital Partners has sold a 52,622-square-foot surgical center in Chalfont, about 30 miles north of Philadelphia, for $12 million. The facility is located within New Britain Corporate Center and was fully leased at the time of sale to four tenants with a weighted average remaining lease term of 8.7 years. Doug Rodio, Jerome Kranzel and Bruer Kershner of CBRE represented the seller in the transaction. The buyer was Pruthi Properties.
Realterm, Starwood Provide $672M in Financing for 78-Property Industrial Outdoor Storage Portfolio
by Abby Cox
GREENWICH, CONN. AND ANNAPOLIS, MD. — Realterm and Starwood Property Trust (NYSE: STWD) have provided a $672 million loan for an industrial outdoor storage (IOS) portfolio spanning 33 markets. The 78-property portfolio, which is owned by affiliates of Atlanta-based Stonemont and New York City-based Cerberus Capital Management, stretches 830 acres. Stonemont and Cerberus will continue to own and operate the properties. The proceeds will refinance an existing $486 million mortgage, return a portion of the money to primary investors and fund closing costs. Eastdil Secured Savills arranged the transaction. Additional details of the deal, including the portfolio’s tenant information, were not disclosed. Top markets in the portfolio include: The IOS sites support fleet parking, equipment storage and other logistics activities. According to the press release, the loan is recognized as the largest financing deal of its kind in the IOS sector. “This financing marks a significant milestone for our credit platform and underscores our ability to execute sophisticated solutions that drive industry-making deals,” says Paul Sisson, head of credit at Realterm. “Borrowers are continuing to seek lenders with a deep understanding of the industrial real estate and logistics sectors.” Realterm acquires, develops, finances and manages differentiated real estate and infrastructure assets …
DECATUR, TEXAS — Marcus & Millichap has brokered the sale of a 689-unit self-storage facility in Decatur, about 40 miles northwest of Fort Worth. Decatur Self Storage was built on a 19.8-acre site in 1980 (expanded in 2018) and comprises 14 single-story buildings that offer a mix of climate-controlled spaces, drive-up storage units, covered parking and specialty storage options for a total of 121,650 net rentable square feet. Danny Cunningham and Brandon Karr of Marcus & Millichap represented the seller, an undisclosed, family-owned self-storage operator, in the transaction. The duo also procured the buyer, SW Group, a Houston-based private investment firm that owns and operates 17 self-storage facilities throughout Texas. Decatur Self Storage was roughly 94 percent occupied at the time of sale.
FORT WORTH, TEXAS — The industrial investment arm of Dallas-based S2 Capital has purchased a 589,022-square-foot park located at 5721 E. Rosedale St. in Fort Worth’s Historic Southside district. The development, which S2 plans to rebrand as Panther City Industrial Park, comprises 31 buildings. The new ownership also plans to invest in capital improvements to suite interiors, as previous ownership already completed upgrades to common areas and building façades. The seller and sales price were not disclosed.