Acquisitions

CBRE Arranges $8.3M Sale of Nine Civic Properties in New Jersey

by Alex Patton September 16, 2019

NEW JERSEY — CBRE has arranged the $8.27 million sale of nine civic properties from the Youth Consultation Services (YCS) portfolio in New Jersey. The properties comprise a mix of youth centers and schools located in Montclair, Hackensack, Newark, Somerdale, Gloucester, Estell-Manor, Vineland and Blackwood. Three different buyers purchased the assets, one of whom bought seven buildings as part of a sale-leaseback with YCS. The two other buyers purchased buildings that had been recently vacated by YCS. CBRE’s Charles Berger and Elli Klapper, along with Randy Eigen and Donald Sperling of Brokerage Services, represented the seller in the transaction.

September 16, 2019

Acquisitions Indiana Midwest Multifamily Seniors Housing

Cushman & Wakefield Arranges $61M Sale of Continuing Care Retirement Community in Suburban Indianapolis

by Kristin Harlow September 16, 2019

CARMEL, IND. — Cushman & Wakefield has arranged the $61 million sale of The Barrington of Carmel, a 267-unit, entrance-fee continuing care retirement community in Carmel, a suburb of Indianapolis. The 372,000-square-foot campus includes 137 independent living units, 56 assisted living units, 26 memory care units and 48 skilled nursing beds. Amenities include a café, salon, fitness center, activity rooms, dining rooms and walking trails. Built in 2013, the property is situated on a nearly 20-acre site at 1335 S. Guilford Road. Allen McMurtry, David Kliewer and Paul Carr of Cushman & Wakefield represented the seller, Texas-based Senior Quality Lifestyles Corp. Prairie Landing Community Inc., an affiliate of Indianapolis-based BHI Senior Living, acquired the asset through a bankruptcy sale process.

September 16, 2019

Acquisitions Industrial Midwest Ohio

Colliers Brokers $35M Sale of Industrial Portfolio in Ohio

by Kristin Harlow September 16, 2019

CINCINNATI AND COLUMBUS, OHIO — Colliers International has brokered the $35 million sale of the Orange Point Portfolio, a six-property industrial portfolio within the Cincinnati and Columbus markets. The portfolio totals 591,695 square feet and has a combined occupancy level of 93.7 percent. The properties include: 2700-2758 Kemper Road and 2800-2888 Kemper Road in Sharonville; 6900-6918 Fairfield Business Drive in Fairfield; 4514-4548 Cornell Road in Blue Ash; and 7719 Graphics Way and 459 Orange Point Drive in Lewis Center. Boston-based Plymouth REIT purchased the portfolio from Orange Point SWS LLC. Steve Timmel, Jeff Johnston, Chris Prosser, Will Roberts, Matt Smyth and Jonathan Schuen of Colliers brokered the sale.

September 16, 2019

Acquisitions California Multifamily Western

Bascom, Artemis Buy 248-Unit Phoenix Townhomes Apartment Community in Fresno for $35M

by Amy Works September 16, 2019

FRESNO, CALIF. — The Bascom Group, in partnership with Artemis Real Estate Partners, has acquired Phoenix Townhomes, a condominium-style apartment complex located at 5355 N. Valentine Ave. in Fresno. An undisclosed seller sold the asset for $35 million, or $141,129 per unit. Constructed in 2004, Phoenix Townhomes features 248 apartments in a mix of two- and three-bedroom layouts. The property is located six miles northeast of downtown Fresno and within minutes of Fresno State University, as well as State Highways 99, 41 and 180. Mark Mimm of SVN/MJM & Associates brokered the transaction.

September 16, 2019

Acquisitions California Office Western

Voit Brokers $8.7M Sale of Southport Office Park in San Diego

by Amy Works September 16, 2019

SAN DIEGO — Voit Real Estate Services has arranged the sale of Southport Office Park, an eight-building office complex located in San Diego’s National City submarket. Dan Floit, a San Diego-based private investor, acquired the asset from San Diego-based H.G. Fenton Co. for $8.7 million. Totaling 33,894 square feet, the office park is located at 102, 132 and 202 Miles of Cars Way; 2403, 2435, 2425 and 2427 Hoover Ave.; and 2405 Transportation Ave. Michael Mossmer and Curt Perry of Voit Real Estate Services represented the seller, while Mark Caston and Spencer Kerrigan, also of Voit, represented the buyer in the deal.

September 16, 2019

Acquisitions Nevada Retail Western

BK National Solutions Sells 25,892 SF Gramercy Commons Retail Center in Las Vegas for $6.3M

by Amy Works September 16, 2019

LAS VEGAS — BK National Solutions LLC has completed the disposition of Gramercy Commons Retail Center, a multi-tenant retail building in Las Vegas. Manjinder Saini acquired the asset for $6.3 million. Located at 5752 S. Fort Apache Road, the property features 25,892 square feet of retail space. Roy Fritz, Cathy Jones, Paul Miachika, Taylor Vasquez and Dylan Heroy of Sun Commercial Real Estate represented the buyer, while Logic Commercial Real Estate represented the seller in the transaction.

September 16, 2019

Acquisitions Maryland Retail Southeast Texas Top Stories

InvenTrust Acquires Two Grocery-Anchored Shopping Centers in Texas, Maryland for $123M

by Taylor Williams September 16, 2019

FRISCO, TEXAS AND ROCKVILLE, MD. — InvenTrust Properties Corp., an Illinois-based shopping center REIT, has acquired two grocery-anchored properties in Texas and Maryland for $123 million. Eldorado Marketplace is a 186,068-square-foot property in Frisco, a northern suburb of Dallas, and Travilah Square is a 56,220-square-foot center in Rockville, a suburb of Washington D.C. The properties fetched sales prices of $71 million and $52 million, respectively. Market Street serves as the anchor tenant for Eldorado Marketplace, which also houses tenants such as AT&T, Jersey Mike’s, PetSmart and UPS. Trader Joe’s anchors Travilah Square, which houses tenants such as TITLE Boxing and Tropical Smoothie. InvenTrust officials cited Frisco’s emergence as a hub for corporate relocations, specifically the PGA and Keurig Dr. Pepper, as a key factor in the acquisition of Eldorado Marketplace. InvenTrust pointed to growing household income and steady population growth as the drivers behind the purchase of Travilah Square. The basic need to deploy capital before year’s end also played into the equation, says Christy David, executive vice president of InvenTrust. “InvenTrust has now acquired over $400 million of high-quality, grocery-anchored centers in key growth markets year-to-date. We remain on track to hit the company’s acquisition goals for 2019, and …

September 16, 2019

Acquisitions Florida Multifamily Southeast

Joint Venture Sells High-Rise Apartment Tower in Downtown Tampa to Northwestern Mutual for $103.5M

by Alex Tostado September 13, 2019

TAMPA, FLA. — A joint venture between Forge Capital Partners and Intown/Framework Group has sold 500 Harbour Island, a 235-unit, 21-story multifamily tower in downtown Tampa. The high-rise property offers one- and two-bedroom floor plans averaging 1,087 square feet. Communal amenities include a two-story lobby with a concierge, outdoor deck with dining and grilling areas, dog run, heated swimming pool, cabana area, conference room and a fitness center. Northwestern Mutual acquired 500 Harbour Island and brought in ZRS Management to oversee the building. Matt Mitchell, Zach Nolan and Brett Moss of JLL represented the seller in the transaction.

September 13, 2019

Acquisitions Florida Retail Southeast

JLL Negotiates $62.7M Sale of Shopping Center, Developable Land in Metro Tampa

by Alex Tostado September 13, 2019

WESLEY CHAPEL, FLA. — JLL has negotiated the $62.7 million sale of Grove at Wesley Chapel, a 471,279-square-foot shopping center that also includes 114 acres of developable land in Wesley Chapel. At the time of sale, tenants included Cost Plus World Market, Bed Bath & Beyond, Ulta Beauty, Dick’s Sporting Goods, T.J. Maxx, Ross Dress for Less, Old Navy, PetSmart, Best Buy, Dollar Tree, Michaels and Cobb Theatres. The property is located 23 miles north of downtown Tampa on 203.3 acres at the interchange of Interstate 75 and Wesley Chapel Road. Daniel Finkle, Luis Castillo and Eric Williams of JLL represented the seller, institutional clients managed by Barings, in the transaction. Mishorim-Gold Properties purchased the asset.

September 13, 2019

Acquisitions Maryland Retail Southeast

Finmarc Management Sells Trader Joe’s-Anchored Shopping Center in Rockville, Maryland for $52.3M

by Alex Tostado September 13, 2019

ROCKVILLE, MD. — Finmarc Management Inc. has sold Travilah Square, a 61,500-square-foot, Trader Joe’s-anchored shopping center in Rockville. Finmarc acquired the property in 2015 and renovated it to include new brick and steel exterior façades, as well as a new canopy, LED lighting and signage throughout the center. The company also demolished a former office building and freestanding Burger King and replaced it with a new structure that was subsequently leased by Trader Joe’s, which opened in September 2018. InvenTrust Properties Corp. acquired the property, which was originally built in 1988. Ryan Sciullo and Bill Kent of CBRE represented the seller in this transaction.

September 13, 2019

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