Acquisitions

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

Acquisitions California Retail Western

Pacific Castle Management Sells Strawberry Creek Shopping Center in Sacramento for $20.9M

by Amy Works November 13, 2019

SACRAMENTO, CALIF. — Irvine, Calif.-based Pacific Castle Management has completed the sale of Strawberry Creek, a shopping center in Sacramento. A local private investment group acquired the property for $20.9 million. Constructed in 2007 on 7.4 acres, the four-building property features 57,373 square feet of retail space. Edward Nelson and Nicholas Scelsa of Marcus & Millichap represented the seller and procured the buyer in the deal.

November 13, 2019

Acquisitions Hospitality Oregon Western

Crystal Investment Property Arranges Sale of 47-Room Marigold Hotel in Pendleton, Oregon

by Amy Works November 13, 2019

PENDLETON, ORE. — Crystal Investment Property has brokered the sale of The Marigold Hotel in Pendleton. The two-story property sold for an undisclosed price. Completely updated in 2018, the 47-key hotel features more than $560,000 in capital improvements and a mix of guestrooms. The Marigold Hotel also features close proximity to downtown restaurants and highway access, a designated parking garage, owner’s quarters and an on-site commercial kitchen. Joseph Kennedy of Crystal Investment Property represented the undisclosed seller and buyer in the deal.

November 13, 2019

Acquisitions Arizona Retail Western

Cushman & Wakefield Brokers $14.1M Sale of Mountain Vista Plaza Near Phoenix

by Amy Works November 13, 2019

SURPRISE, ARIZ. — Cushman & Wakefield has arranged the sale of Mountain Vista Plaza, a retail center located in Surprise. An entity formed by Boarder Capital sold the asset to Canada-based MIRAJH LLP for $14.1 million. Located at the southwest corner of Bell and Reems roads in Surprise, Mountain Vista Plaza features 64,071 square feet of retail space. Built in 2006, the fully redeveloped property is 93.5 percent occupied. Planet Fitness is the anchor tenant. Ryan Schubert and Michael Hackett of Cushman & Wakefield handled the transaction.

November 13, 2019

Acquisitions Arizona Industrial Western

Dixxon Flannel Acquires 48,000 SF Warehouse Facility in Tempe, Arizona

by Amy Works November 13, 2019

TEMPE, ARIZ. — Dixxon Flannel Co. has purchased a 48,000-square-foot industrial and retail warehouse located at 7200 S. Priest Drive in Tempe. A furniture store sold the asset for $4.5 million. Situated on 2.6 acres, the two-story property features a 13,000-square-foot showroom and office space. The first floor includes four office spaces, a showroom, kitchen, shower and two bathrooms, while the second floor features six office spaces, a storage area and conference room. Additionally, the building features 24-foot clear heights, four dock-high loading doors and a full sprinkler system. Ryan Reisman, Chris Rogers, Trevor McKendry and Steve McKendry of DAUM Commercial Real Estate Services represented the seller in the deal.

November 13, 2019

Acquisitions Healthcare Midwest Missouri

NKF Arranges $56.1M Sale-Leaseback of Missouri Medical Office Portfolio

by Kristin Harlow November 13, 2019

JEFFERSON CITY, MO. — Newmark Knight Frank (NKF) has arranged the $56.1 million sale-leaseback of the Jefferson City Medical Group (JCMG) portfolio. The two medical office assets total 184,181 square feet and are located at 1241 and 1225 W. Stadium Blvd. in central Missouri. JCMG is one of Missouri’s largest multi-specialty groups and has been serving the Jefferson City area for more than 25 years. The portfolio included JCMG’s medical building and its adjacent orthopedic center. Todd Perman, Dana Hamric and Richard Gerakitis of NKF, along with Kevin McLaughlin of NGZ, represented the sellers, four different ownership entities. MB Real Estate Advisors was the buyer.

November 13, 2019

Acquisitions Midwest Missouri Restaurant Retail

Hanley Investment Group Negotiates $5M Sale of Restaurant Property in St. Louis

by Kristin Harlow November 13, 2019

ST. LOUIS — Hanley Investment Group Real Estate Advisors has negotiated the sale of a single-tenant property occupied by Raising Cane’s Chicken Fingers in St. Louis for $5 million. The 2,913-square-foot restaurant, located at 805 S. Vandeventer Ave., opened in August. Jeff Lefko and Bill Asher of Hanley, along with John Shuff of Pace Properties, represented the seller, Creve Coeur-based Noles Properties. A Newport Beach, Calif.-based private investor purchased the asset. The property sold at a cap rate of 5.97 percent.

November 13, 2019

Acquisitions Industrial Midwest Ohio

Reichle Klein Group Brokers $1.5M Sale of Warehouse in Toledo, Ohio

by Kristin Harlow November 13, 2019

TOLEDO, OHIO — Reichle Klein Group has brokered the sale of a 25,270-square-foot office and warehouse building in Toledo for $1.5 million. The property is located at 2940 Centennial Road. Ron Jurgenson of Reichle Klein represented the buyer, Toledo-based Tolson Investment LLC. Megan Malczeski of Signature Associates represented the seller, Toledo-based WaterStone Ltd.

November 13, 2019

Acquisitions District of Columbia Office Southeast

NKF Arranges $209.1M Sale of McPherson Building in Downtown D.C.

by Alex Tostado November 12, 2019

WASHINGTON, D.C. — Newmark Knight Frank (NKF) has arranged the $209.1 million sale of the McPherson Building, a 12-story, 255,968-square-foot office building in downtown Washington, D.C. The property is located at 901 15th St. NW, one block from The White House and The Treasury Building. McPherson Building was 97 percent leased at the time of sale to tenants including Booz Allen Hamilton, New York Life Insurance Co. and law firm Davis Polk & Wardwell LLP. Forrester Construction recently completed a $30 million renovation to the building’s lobby, fitness center, elevators, common areas and restrooms. James Cassidy and Jud Ryan of NKF represented the undisclosed seller in the transaction. Northwestern Mutual acquired the building.

November 12, 2019

Acquisitions Retail Southeast Tennessee

SunTrust, BB&T Agree to Sell 30 Bank Branches in Three States to First Horizon

by Alex Tostado November 12, 2019

MEMPHIS, TENN. — SunTrust Bank and BB&T have agreed to sell 30 SunTrust branches in Georgia, Virginia and North Carolina to First Horizon National Corp. As part of the agreement, Memphis-based First Horizon will assume approximately $2.4 billion in deposits and will purchase approximately $410 million in loans. SunTrust and BB&T are selling the banking locations to satisfy regulatory requirements in connection with the previously announced “merger of equals” between SunTrust and BB&T. The transaction is expected to close in early 2020. There are nine branch locations in the Winston-Salem area; 11 in the Raleigh-Durham area; two near Roanoke, Va.; three near Martinsville, Va.; two near Eastern Shore, Va.; one in South Boston, Va.; and two in north Georgia. All 30 branches will operate under the First Horizon flag. First Horizon operates about 270 bank locations across the Southeast. The acquisition also includes all the employee teams at the locations.

November 12, 2019

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