ATLANTA — Legacy Shamrock Community has sold Shamrock Gardens, a 344-unit affordable housing community in Atlanta, for $23.5 million. Built in 1967, Shamrock Gardens is an all-brick property offering one-, two- and three-bedroom floor plans. Communal amenities include a community center, computer room, two playgrounds, onsite laundry facilities, community garden and an orchard. The property also offers a state-certified onsite daycare for children ages six weeks to 12 years old, which is open to both residents and non-residents. The daycare is a recipient of the Georgia Lottery Pre-K program, which is free and based on “Bright from the Start” requirements and standards. Located at 1988 Plaza Lane, the property has MARTA bus stops onsite and is near Camp Creek Market and Hartsfield-Jackson Atlanta International Airport. Barden Brown, Cory Caroline Sams, Taylor Brown, Chandler Brown and Bo Brown of Greystone Brown Real Estate Advisors represented the seller in the transaction and procured the buyer, Alcott Capital. Greystone also provided a 10-year, $19.3 million Fannie Mae acquisition loan to Alcott.
Acquisitions
ORLANDO, FLA. — JLL has arranged the $13.5 million sale of three newly constructed retail pads leased to Starbucks Coffee, LongHorn Steakhouse and Bahama Breeze in Orlando. The three buildings were delivered in 2018 and are located at 5460, 5540 and 5620 W. Oak Ridge Road, across the street from Orlando International Premium Outlets. Brad Peterson, Whitaker Leonhardt, Michael Brewster Marc Mandel and Steve Schrenk of JLL represented the seller, a partnership between North American Properties and JP Morgan Asset Management, in the transaction. Orion Real Estate Group purchased the assets.
WAUWATOSA, WIS. — Founders 3 Real Estate Services has brokered the sale of a 51,651-square-foot office building in Wauwatosa, about six miles west of Milwaukee, for $8.4 million. Built in 2002, the Class B property is located at 10400 Innovation Drive. Ned Purtell and Andy Hess of Founders 3 represented the seller, 10400 Innovation LLC. Rupesh Agrawal purchased the asset.
CORPUS CHRISTI, TEXAS — SWBC Real Estate has acquired Stoneleigh Apartments, a 348-unit multifamily community in Corpus Christi. Built in phases between 2005 and 2008, the garden-style community features one- and two-bedroom units and amenities such as three pools, a fitness center, communal kitchen and resident clubhouse. Stoneleigh was 95 percent occupied at the time of sale. SWBC will implement a $3.5 million value-add program targeting unit interiors, amenity spaces and building exteriors.
TEMPLE, TEXAS — Dallas-based Disney Investment Group (DIG) has brokered the sale of Bird Creek Crossing, a 129,941-square-foot retail power center located in the Central Texas city of Temple. Built in 2007 and shadow-anchored by Target and Home Depot, the property was 98 percent leased at the time of sale to tenants such as Best Buy, Michaels, PetSmart and SPEC’s Wine & Spirits. David Disney and Adam Crockett of DIG represented the undisclosed seller and procured the private 1031 exchange buyer.
Stanton Road Capital Acquires 211,916 SF Office Building in Orange County, Plans Upgrades
by Amy Works
ORANGE, CALIF. — Los Angeles-based Stanton Road Capital (SRC) has acquired TriCentre, a Class A office tower located in Orange, for an undisclosed price. The name of the seller was not released. Completed in 1986, the 10-story TriCentre features 211,916 square feet of office space. The property is situated within the “Platinum Triangle” at the convergence of Interstate 5, California State Route 57 and California State Route 55. At the time of sale, the building was 78 percent leased to a variety of high-profile tenants, including Farmers Insurance, Children’s Home Society of California, MegaMex Foods and Lockheed Martin. The buyer has plans to invest significant post-acquisition capital to improve the tenant experience, including a fully overhauled lobby and courtyard, as well as building upgrades. SRC has retained Cushman & Wakefield to handle leasing and property management of TriCentre.
PHILADELPHIA — CBRE has brokered the sale of a 283,500-square-foot industrial facility in Philadelphia. The buyer, a partnership between Wharton Industrial Partners and Walton Street Capital, plans to invest $10 million in an extensive repositioning of the site, which will be rebranded SoPhi Logistics Center. Improvements will include installation of a new roof and lights, as well as leveling the interior floors, expanding and upgrading the loading docks and repaving and repainting the entire site. Construction is expected to be complete in early 2020. CBRE’s Patrick Green and Michael Mullen represented the seller, an individual investor based in Switzerland who purchased the property in 2006. The sales price was undisclosed.
ESCONDIDO, CALIF. — Healthcare Trust Inc., a New York-based public, non-traded REIT, has acquired Felicita Vida, a seniors housing community located in Escondido, for an undisclosed price. The seller was Torrey Pines Development Group. Built in 2015 on 4.3 acres, Felicita Vida features 91 units, totaling 117 beds, in a mix of 53 assisted living units and 38 memory care units. Rick Swartz, Jay Wagner, Aaron Rosenzweig, Dan Baker, Tim Hosmer and Bailey Nygard of Cushman & Wakefield represented the seller in the transaction.
SUMMIT, N.J. — A joint venture of Saxum Real Estate and The Becker Organization has purchased a 42,000-square-foot office building in Summit, a western suburb of New York City. The property was built in 2001 and was fully leased to three tenants at the time of sale. Cushman & Wakefield’s Gary Gabriel, Frank DiTommaso, David Bernhaut, Andy Merin and Brian Whitmer represented the seller, The Silverman Group, in the transaction. The Cushman & Wakefield team also procured the buyer.
GARDEN GROVE, CALIF. — Valore Ventures has completed the disposition of an Oggi’s Pizza & Brewery location at 12362 Chapman Ave. in Garden City. The restaurant’s franchisee, a local private investor, acquired the property for an undisclosed sum. The 6,500-square-foot restaurant is part of a four-property, fee-simple restaurant portfolio that Valore Ventures acquired in January. Built between 2001 and 2008, the restaurants are part of a larger development that includes three high-rise hotels and a 2.8-acre parking lot owned by the hotels, but reserved exclusively for restaurant use. Matthew Mousavi and Patrick Luther of SRS Real Estate Partners’ National Net Lease Group represented the seller in the deal.