Acquisitions

Bellwether Arranges $115M in Acquisition Financing for 12 Affordable Housing Communities in the Southeast

by Alex Tostado June 6, 2019

CLEVELAND — Bellwether Enterprise has arranged a total of $115 million in acquisition financing for 12 affordable housing communities in South Carolina, North Carolina, Georgia, Florida and Virginia. The borrower, Atlantic Housing Foundation Inc., used the financing to purchase the 1,776-unit portfolio. The South Carolina communities include Shemwood Crossing Apartments in Greenville, Boulder Creek Apartments in Greenville, Crescent Hill Apartments in Spartanburg and Spring Grove in Taylors. The Virginia communities include James River Crossing in Lynchburg, Gretna Village Apartments in Gretna and Afton Gardens Apartments in Roanoke. The North Carolina properties are Timber Ridge Apartments in Charlotte, Cedar Moor Apartments in Raleigh and Brentwood Crossing in High Point. Brittany Woods & Park Chase Apartments in Valdosta, Ga.; and Temple Court in Miami were also included in the acquisition. Bellwether Enterprise arranged the financing in three transactions and arranged a $14.5 million bridge loan through Tilden Park Capital Management LP for the acquisition of Shemwood Crossing. The Cleveland-based mortgage broker also arranged the equity needed for the purchases of James River Crossing and Gretna Village Apartments, which Atlantic Housing Foundation used to assume existing loans from the Virginia Housing Development Authority. The remaining nine properties were financed through a $69.6 million, 10-year, fixed-rate Freddie Mac loan. Phil Melton of Bellwether Enterprise arranged the …

June 6, 2019

Acquisitions Florida Retail Southeast

CREC Capital Purchases Retail Center Near Miami for $62.3M

by Alex Tostado June 6, 2019

HOMESTEAD, FLA. — CREC Capital has purchased Homestead Pavilion, a 302,346-square-foot retail center in Homestead, for $62.3 million. The property is situated on 42.1 acres and includes a six-acre site for future development. CREC Capital plans to hold the undeveloped portion of the property for the long-term and develop the site in the future. The center is located near the Florida Turnpike and was fully leased at the time of sale to tenants including Ross Dress for Less, T.J. Maxx, Old Navy, Michaels, Petco, Five Below, Bed Bath & Beyond, Panera Bread, Planet Fitness and Olive Garden. Casey Rosen, Dennis Carson and Paul Ahmed of CBRE represented the seller, RVT Homestead Pavilion, in the transaction.

June 6, 2019

Acquisitions Florida Industrial Southeast

CBRE Arranges $14.8M Sale of Eight-Building Industrial Campus in Metro Orlando

by Alex Tostado June 6, 2019

ALTAMONTE SPRINGS, FLA. — CBRE has arranged the $14.8 million sale of Altamonte Commerce Center, an eight-building industrial property in Altamonte Springs. The property is located at 217-311 Altamonte Commerce Blvd. and 620-658 Douglas Ave., 10 miles north of downtown Orlando. SunCap Opportunity Fund acquired the 185,000-square-foot property from EastGroup Properties. Altamonte Commerce Center is situated near Interstate 4 between state roads 436 and 434. David Murphy and Monica Wonus of CBRE represented the seller in the transaction.

June 6, 2019

Acquisitions Illinois Midwest Office

Entrepreneur John Paul DeJoria Acquires Former McDonald’s Headquarters Campus in Oak Brook, Illinois

by Kristin Harlow June 6, 2019

OAK BROOK, ILL. — Entrepreneur John Paul DeJoria has purchased the former McDonald’s global headquarters campus in Oak Brook for an undisclosed price. The co-founder of the Paul Mitchell line of hair products will assume ownership of the 80-acre site, which includes the McDonald’s former office building, Hamburger University training facility and the Hyatt-branded and managed hotel, The Hyatt Lodge. McDonald’s relocated its global headquarters to downtown Chicago last summer. McDonald’s had been the sole occupant of the campus since its completion in 1988. Designed by architect Dirk Lohan, the campus is situated in a wooded setting with two lakes. The property includes a 331,630-square-foot office building and a 130,484-square-foot training facility, which is connected by a covered passageway to The Hyatt Lodge. The 218-room hotel will remain open. Scott Miller and Lindsey Fahey of JLL represented McDonald’s in the sale. Perry Higa of NAI Hiffman represented the buyer. Future plans for the site have not been disclosed.

June 6, 2019

Acquisitions Industrial Michigan Midwest

Tiberina Acquires 10-Acre Site, Plans Manufacturing Facility in Detroit

by Kristin Harlow June 6, 2019

DETROIT — Tiberina Group, an Italian automotive supplier, has purchased 10 acres of land at the former American Axle manufacturing site in Detroit with plans to build a manufacturing facility. The sellers, Industrial Commercial Properties LLC and Industrial Realty Group LLC, originally acquired the property in 2014 from American Axle, which leased back the buildings on a long-term basis. W. Emery Matthews of Real Estate Interests LLC represented Tiberina in the sale. The size of the plant or production plans have not been disclosed.

June 6, 2019

Acquisitions Industrial Texas

JLL Income Property Trust Acquires 145,000 SF Distribution Center in Metro Dallas

by Taylor Williams June 6, 2019

GRAND PRAIRIE, TEXAS — JLL Income Property Trust has acquired a 145,000-square-foot distribution center located five miles south of Dallas-Fort Worth (DFW) International Airport in Grand Prairie. At the time of sale, the Class A property was fully leased to Fruit of the Earth, a producer of skin care products. The company’s lease runs through January 2027. This acquisition brings the trust’s total industrial allocation to about $670 million across 6.3 million square feet of space. The seller was not disclosed.

June 6, 2019

Acquisitions Retail Texas

HSM Negotiates Sale of 62,000 SF Retail Property in Metro Dallas

by Taylor Williams June 6, 2019

ALLEN, TEXAS — Henry S. Miller Brokerage (HSM) has negotiated the sale of a 62,000-square-foot retail property in the northeastern Dallas suburb of Allen. The sale included a 4.5-acre parking lot. Frank Bullock and Martin Gaines of HSM represented the seller, Denver-based Jumpstreet Trampoline Parks, in the transaction. Home décor retailer LoneStar Mercantile will occupy the remaining 22,000 square feet. Moon Kim of Lifestyles Realty represented the buyer, a Houston-based investment firm.

June 6, 2019

Acquisitions Retail Texas

Marcus & Millichap Brokers Sale of 14,823 SF Retail Center in Sherman, Texas

by Taylor Williams June 6, 2019

SHERMAN, TEXAS — Marcus & Millichap has brokered the sale of Texoma Square, a 14,823-square-foot retail center located in the North Texas city of Sherman. Vincent Knipp and Anthony Pucciarello of Marcus & Millichap represented the seller in the transaction. The buyer was a Texas-based investor that acquired the property via a 1031 exchange. Additional terms of sale were not disclosed.

June 6, 2019

Acquisitions Healthcare Massachusetts Northeast

MLL Capital Acquires Two Medical Office Buildings Totaling 112,228 SF Near Boston

by Taylor Williams June 6, 2019

WOBURN, MASS. — MLL Capital has acquired two medical office buildings totaling 112,228 square feet in Woburn, a northern suburb of Boston. The seller and sales price were not disclosed. The property was 78 percent leased at the time of sale to tenants such as Beth Israel Lahey Health, Tufts Medical Center and Woburn Pediatrics. Boston-based MLL Capital plans to make approximately $4 million in capital improvements to the buildings. The program will include the remodeling of entrances, a renovation of common areas and a replacement of major building systems.

June 6, 2019

Acquisitions Northeast Pennsylvania Retail

Marcus & Millichap Brokers Sale of 62,506 SF Shopping Center in Peckville, Pennsylvania

by Taylor Williams June 6, 2019

PECKVILLE, PA. — Marcus & Millichap has brokered the sale of Peckville Shopping Center, a 62,506-square-foot retail property, located just outside of Scranton in the northern part of the state. The sales price was $5.1 million. A 20,045-square-foot Planet Fitness anchors the center, which was built in 1953 and renovated in 2004. Total occupancy at the property at the time of sale was 76 percent. Christopher Burnham, Dean Zang, David Crotts and Steven Siegel of Marcus & Millichap represented the seller, a New York City-based investment bank, in the transaction. The group also procured the undisclosed buyer.

June 6, 2019

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