Acquisitions

Stockbridge Acquires 8.7 MSF Industrial Portfolio Across Seven States

by Taylor Williams November 14, 2019

SAN FRANCISCO — Stockbridge Real Estate, a California-based investment firm with additional offices in Chicago and Atlanta, has acquired a portfolio of 17 industrial properties totaling 8.7 million square feet in seven states. Stockbridge purchased the portfolio from Hillwood, an industrial development and investment firm based in Fort Worth, Texas, according to IPE Real Assets, which tracks institutional property investments across the world. The analytics firm also reported that the transaction fetched a sales price of approximately $800 million. All of the properties are fully stabilized and have an average construction delivery date in 2018. The assets are located across the following markets: Dallas-Fort Worth, Austin, Columbus, Cincinnati, Nashville, Chicago, Las Vegas, Jacksonville and Eastern Pennsylvania. “This portfolio stands out for its high-quality, modern construction and well-connected, population-rich locations where major e-commerce industry tenants have chosen to expand their footprints,” says Nicole Stagnaro, managing director at Stockbridge. “In combination, these factors support the kind of cash flow visibility we expect from a long-term core portfolio.” The transaction comes on the heels of Stockbridge’s acquisition of a portfolio of 26 logistics and e-commerce facilities from San Diego-based Westcore Properties. PGIM Real Estate Finance served as the primary lender in both portfolio …

November 14, 2019

Acquisitions Multifamily Southeast Virginia

Blackfin Real Estate Purchases The Myrtles at Olde Towne Apartment Complex in Hampton Roads for $43.4M

by Alex Tostado November 13, 2019

PORTSMOUTH, VA. — Blackfin Real Estate Investors has purchased The Myrtles at Olde Towne, a two-property, 394-unit apartment complex in Portsmouth, for $43.4 million. The Hampton Roads property comprises Olde Towne I and Olde Towne II, totaling eight buildings spanning 14 acres. Olde Towne I, which was built in 2006, features six three-story garden-style buildings offering 246 units. Olde Towne II was built in 1972 and renovated in 2006. The complex has two eight-story buildings with 148 units. Communal amenities across both complexes include pools, grilling/picnic areas, a clubhouse, fitness facility, cyber café, game rooms, bike storage, a dog park and detached garages. The properties are located across the street from each other at 850 Crawford Parkway and 303 Effingham St., seven miles north of downtown Chesapeake. The seller was not disclosed.

November 13, 2019

Acquisitions Florida Retail Southeast

IPA Arranges $23.6M Sale of Kohl’s-Anchored Retail Center in West Palm Beach

by Alex Tostado November 13, 2019

WEST PALM BEACH, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the $23.6 million sale of The Shoppes at Southern Palms, a 200,888-square-foot retail center in West Palm Beach. The center was fully leased at the time of sale to 11 tenants including anchors Kohl’s and Dick’s Sporting Goods, as well as Dollar Tree, Hard Exercise Works, GNC, Phenix Salon Suites, Experimax, Principled Chiropractic, Garden Nails and Medwear Uniforms. The Shoppes at Southern Palms was built in 2009 and spans 22 acres at the intersection of Southern Boulevard and Sansburys Way, 10 miles west of downtown West Palm Beach. Craig Fuller, Kirk Olson, Erin Patton, Scott Wiles and Drew Kristol of IPA represented the seller, an undisclosed private fund based in New York City, in the transaction. The IPA team also procured the buyer, a South American investment group founded by Claudio Mekler of Miami Managers LLC.

November 13, 2019

Acquisitions Florida Retail Southeast

CBRE Negotiates Sale of 115,000 SF Shopping Center in Jacksonville

by Alex Tostado November 13, 2019

JACKSONVILLE, FLA. — CBRE has negotiated the sale of Promenade Shopping Center, a 115,000-square-foot shopping center in Jacksonville. The property was 94 percent leased at the time of sale to tenants including anchor Rowe’s IGA Supermarket, Planet Fitness and the Armed Forces Career Center. The buyer, Jacksonville-based Hakimian Holdings, plans to rebrand the center as Gates of The Promenade Shopping Center. The asset is located at 8595 Beach Blvd., seven miles southeast of downtown Jacksonville. Scott Rogers and Ryan Hixon of CBRE represented the seller, Phillips Edison & Co., in the transaction.

November 13, 2019

Acquisitions Retail Texas

JLL Negotiates Sale of 173,344 SF Kroger-Anchored Shopping Center in Metro Houston

by Taylor Williams November 13, 2019

CYPRESS, TEXAS — JLL has negotiated the sale of Cypress Pointe, a 173,344-square-foot, Kroger-anchored shopping center in the Houston metro of Cypress. The center was 99 percent leased at the time of sale. George Cushing, Wendy Vandeventer and Meaghan Gallacher of JLL represented the seller, Weingarten Realty Investors, which recently acquired a Kroger-anchored center in Houston, in the transaction. In addition, Cortney Cole and James Brolan of JLL placed a 10-year, fixed-rate acquisition loan through Morgan Stanley on behalf of the Houston-based buyer, Tarantino Properties.

November 13, 2019

Acquisitions Industrial New York Northeast

JLL Brokers Sale of 152,000 SF Bunzl Distribution Center in Buffalo

by Alex Patton November 13, 2019

BUFFALO, N.Y. — JLL has brokered the $8.3 million sale of Bunzl Distribution Center, a 152,000-square-foot industrial property in Buffalo. The facility features 25-foot clear heights, 27 front-loading dock doors and office space. At the time of sale, the property was 100 percent leased to packaged food distributor Bunzl Midatlantic LLC. Jose Cruz and Tyler Peck of JLL represented the seller, Foxfield Industrial, in the transaction. Michael Pagniucci of JLL secured a long-term, fixed-rate acquisition loan through an undisclosed life insurance company for the buyer, which was also undisclosed.

November 13, 2019

Acquisitions New Jersey Northeast Retail

Marcus & Millichap Negotiates $4.4M Sale of Retail Property in Hazlet, New Jersey

by Alex Patton November 13, 2019

HAZLET, N.J. — Marcus & Millichap has negotiated the $4.4 million sale of a 14,112-square-foot retail property in Hazlet, located approximately 25 miles south of New York City. At the time of sale, CVS occupied the property’s anchor space on a 20-year lease.Alan Cafiero, Ben Sgambati and David McLaughlin of Marcus & Millichap represented the seller, a limited liability company. Other terms of sale were not disclosed.

November 13, 2019

Acquisitions Multifamily Texas

Venterra Realty Sells 186-Unit Champions Woods Apartments in Northwest Houston

by Taylor Williams November 13, 2019

HOUSTON — Venterra Realty has sold Champions Woods Apartments, a 186-unit multifamily community in northwest Houston. The property features one- and two-bedroom units in various configurations that are equipped with garden tubs, built-in shelving, large walk-in closets and private balconies. Amenities include a swimming pool with waterfall, hot tub, outdoor entertainment pavilion with a grilling area, renovated fitness center and a cybercafé. Bob Heard, Chip Nash and Greg Austin of JLL handled the transaction on behalf of Venterra. James Brolan of JLL arranged a 10-year, floating-rate acquisition loan through Freddie Mac on behalf of the buyer, Haven Realty Capital.

November 13, 2019

Acquisitions Office Texas

Southwest Transplant Alliance Sells 33,561 SF Office Building in Dallas

by Taylor Williams November 13, 2019

DALLAS — Southwest Transplant Alliance, a non-profit organ recovery organization, has sold a 33,561-square-foot office building in Dallas that served as its headquarters for 10 years. Mike Gosslee of Cushman & Wakefield represented Southwest Transplant Alliance, which will relocate to a 77,000-square-foot building that is currently under construction, in the transaction. Fears | Nachawati, a Dallas-based plaintiffs law practice, acquired the asset for an undisclosed price.

November 13, 2019

Acquisitions Nevada Retail Western

Canon Commercial Buys 214,127 SF Westland Fair Retail Asset in Las Vegas

by Amy Works November 13, 2019

LAS VEGAS — Houston-based Weingarten Realty Investors has completed the sale of Westland Fair, a shopping center in west Las Vegas. Southern California-based Cannon Commercial acquired the asset for an undisclosed price. The transaction included seven parcels totaling 214,127 square feet of retail space. Rob Ippolito and Michael Zobrist of Newmark Knight Frank represented the seller in the deal. Located at 1251 S. Decatur Blvd., Westland Fair is anchored by regional and national tenants, including Smart & Final Extra!, Michaels and PetSmart. Additional tenants include Raising Cane’s Chicken Fingers, Freddy’s Frozen Custard, Applebee’s, Panda Express, Jamba Juice and Office Depot.

November 13, 2019

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