Acquisitions

JLL Negotiates Sale of 150,000 SF Office Building in Houston’s Westchase Area

by Taylor Williams September 10, 2019

HOUSTON — JLL has negotiated the sale of Westchase Place, a 150,000-square-foot office building located at 11200 Richmond Ave. in Houston. The property, which includes a three-level parking garage, was built in 1999 and renovated in 2009 and 2013. Rudy Hubbard, Kevin McConn and Rick Goings of JLL represented the seller, CAPSTAR Real Estate Advisors, in the transaction. Fuller Westchase Place Ltd., an entity affiliated with locally based Fuller Realty Partners, purchased the property for an undisclosed price.

September 10, 2019

Acquisitions Nevada Retail Western

K Corp. Acquires Crossing at Meadowood Square Shopping Center in Reno for $4.4M

by Amy Works September 10, 2019

RENO, NEV. — K Corp. has purchased a portion of retail space at The Crossing at Meadowood Square, a shopping center in Reno. The company acquired the 31,400-square-foot portion for $4.4 million. This transaction completes its ownership of the 63,000-square-foot center, after purchasing 32,000 square feet of space in 2014. The 31,400-square-foot portion is an anchor site currently occupied by Goodwill, which will vacate the space in October. The new owner plans to redevelop the property. Additional tenants include FedEx Office, Subway, Nevada Home Fitness and Animal Emergency. The name of the seller was not released.

September 10, 2019

Acquisitions Arizona Net Lease Retail Western

Marcus & Millichap Arranges $3.6M Sale of Planet Fitness-Occupied Property in Buckeye, Arizona

by Amy Works September 10, 2019

BUCKEYE, ARIZ. — Marcus & Millichap has negotiated the sale of a retail property located at 1341 S. Watson Road in Buckeye. A limited liability company sold the property to an undisclosed buyer for $3.6 million. Planet Fitness occupies the 20,091-square-foot property, which was built this year, on a double-net-leased basis. The tenant just signed a 15-year lease for the property. Mark Ruble, Jamie Medress and Chris Lind of Marcus & Millichap’s Phoenix office represented the seller in the deal.

September 10, 2019

Acquisitions Industrial Massachusetts New Hampshire Northeast

Novaya Acquires 700,000 SF Industrial Portfolio in Massachusetts, New Hampshire

by Alex Patton September 10, 2019

MASS. and N.H. — Novaya Real Estate Ventures has acquired a nine-property industrial portfolio totaling 700,000 square feet, in Billerica and Wilmington, Massachusetts, as well as Londonderry, New Hampshire. The properties feature 18- to 20-foot clear heights and can accommodate warehouse, manufacturing and research uses. Torin Taylor, Matt Adams, Rory Walsh, Rich Ruggiero and Ross Gaudet of Newmark Knight Frank represented Novaya in the transaction. Wakefield Investments was the seller.

September 10, 2019

Acquisitions Northeast Pennsylvania Retail

JLL Brokers Sale of 70,378 SF Grocery-Anchored Retail Center in Bensalem, Pennsylvania

by Alex Patton September 10, 2019

BENSALEM, PA. — JLL has arranged the sale of Bensalem Square, a 70,378-square-foot retail center in Bensalem, a northeastern suburb of Philadelphia. Redner’s Markets grocery store anchors the property. The center also houses tenants in the restaurant, service and medical sectors. Chris Munley, James Galbally and Colin Behr of JLL represented the seller, Brixmor Property Group, in the transaction. LS Property Investment was the buyer.

September 10, 2019

Acquisitions Multifamily North Carolina Southeast

FCP Purchases Workforce Housing Complex in Charlotte for $18M

by Alex Tostado September 10, 2019

CHARLOTTE, N.C. — FCP has purchased Somerset Apartments, a 240-unit workforce housing complex in Charlotte, for $18 million. Somerset Apartments offers one- through three-bedroom floor plans and is situated near the LYNX Light Rail Blue Line. Communal amenities include a clubhouse, swimming pool, grilling area and a sports court. Brooks Colquitt of Cushman & Wakefield represented the undisclosed seller in the transaction. The garden-style community is located adjacent to FCP’s Hunters Pointe.

September 10, 2019

Acquisitions Florida Multifamily Southeast

Blue Magma Residential Acquires Multifamily Community in Pensacola for $17.8M

by Alex Tostado September 10, 2019

PENSACOLA, FLA. — Blue Magma Residential LLC has acquired Heritage Apartments, a 20-building, 194-unit multifamily community in Pensacola, for $17.8 million. The buyer will rebrand the property as The Park at Sterling Hills and will invest $2 million to renovate the exterior and interior units of the property. Heritage Apartments offers one-, two- and three-bedroom floor plans, and was 95 percent occupied at the time of sale. Communal amenities include a swimming pool, fitness center, clubhouse, dog park and grilling stations. David Etchison of Berkadia represented the buyer in the transaction. Regions Bank provided acquisition financing. The seller was not disclosed.

September 10, 2019

Acquisitions Florida Office Southeast

Cushman & Wakefield Arranges $11.8M Sale of Office Building in Fort Lauderdale

by Alex Tostado September 10, 2019

FORT LAUDERDALE, FLA. — Cushman & Wakefield has arranged the $11.8 million sale of The 2601 Building, a 59,942-square-foot office building located at 2601 E. Oakland Blvd. in Fort Lauderdale. The six-story building was 96 percent leased at the time of sale to tenants including The Africa Adventure Co., HL Law Group, Exit Ryan Scott Realty and Natural Transplants Hair Restoration Clinic. After suffering significant damage during Hurricane Wilma in 2005, the building was gutted and rebuilt in 2007 with new roofs, mechanical systems and modern interiors. The seller was 2601 M L Fund LLC, a Netz USA LLC holding company. The buyer was MHC Oakland Park Owner LLC. Scott O’Donnell, Dominic Montazemi, Greg Miller, Miguel Alcivar, Jason Hochman and Michael Ciadella of Cushman & Wakefield represented the seller in the transaction.

September 10, 2019

Acquisitions North Carolina Retail Southeast

Marcus & Millichap Negotiates $2.3M Sale of New Store Leased to Dollar General Near Wilmington

by Alex Tostado September 10, 2019

SOUTHPORT, N.C. — Marcus & Millichap has arranged the $2.3 million sale of a Dollar General-occupied building that was delivered in March of this year in Southport. The 9,026-square-foot building is located at 4421 Long Beach Road SE, about 30 miles south of downtown Wilmington. Par 5 Development Group LLC sold the asset, which Sedgemoor Properties LLC acquired. Don McMinn of Marcus & Millichap represented both the buyer and seller in the transaction.

September 10, 2019

Acquisitions Indiana Industrial Midwest

TEI Acquires Industrial Park in Indianapolis for $6.9M

by Kristin Harlow September 10, 2019

INDIANAPOLIS — Time Equities Inc. (TEI) has acquired Brookside Industrial Park in Indianapolis for $6.9 million. The Class B property spans 303,764 square feet and 10 buildings across 33.9 acres. The asset was 90 percent leased at the time of sale to tenants such as United Rentals, California Closets, Alloyd Supply Co. Inc., Purposeful Design, AH Furnico Inc., Health and Hospital Corp. of Marion County, Agile Engineering & Manufacturing and Siddique Enterprises. Julia Evinger and Damien Yoder of Marcus & Millichap brokered the transaction on behalf of the private seller. Brian Soto, Max Pastor and Raymond Cazis of TEI self-represented the comapny as acquisition and asset managers. TEI also acquired 1.9 acres of undeveloped land on the site, enabling the firm to further develop the complex.

September 10, 2019

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