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Acquisitions

AcquisitionsKentuckyRetailSoutheast

Hendon, Harbert Complete $30.3M Disposition of Shopping Center in Louisville

by Alex Tostado

LOUISVILLE, KY. — A joint venture between Hendon Properties and Harbert United States Real Estate Fund VI LP (HUSREF VI) has sold Westport Village, a 169,515-square-foot shopping center in Louisville, for $30.3 million. Westport Village is situated at 1315 Herr Lane, 10 miles east of downtown Louisville. Since acquiring the site in May 2016, Hendon Properties has signed 13 new leases totaling 56,000 square feet and renewed 32 leases totaling 102,000 square feet. Birmingham, Ala.-based Wicker Park Capital Management LLC acquired the center.

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6946-6968-Warner-Ave-Huntington-Beach-CA
AcquisitionsCaliforniaRetailWestern

Hanley Investment Group Negotiates $4.1M Sale of Four-Tenant Asset in Huntington Beach

by Amy Works

HUNTINGTON BEACH, CALIF. — Hanley Investment Group Real Estate Advisors has facilitated the sale of a multi-tenant retail building, located at 6946-6968 Warner Ave. in Huntington Beach. A San Diego-based private investor acquired the property from a Newport Beach, Calif.-based private investor for $4.1 million. Eric Wohl of Hanley Investment Group represented the seller, while Randy Rivera of Capital Real Estate Ventures represented the buyer in the deal. At the time of sale, the four-tenant, 8,600-square-foot retail property was fully occupied by Trading Post Fan Co., Advanced Dental Huntington Beach, Surf City Nails and Alternative Mind Concepts. Built in 1973, the property is shadow-anchored by Sprouts Farmers Market.

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AcquisitionsMidwestMinnesotaOffice

NKF Brokers $12.8M Sale of Office Building in Edina, Minnesota

by Kristin Harlow

EDINA, MINN. — Newmark Knight Frank (NKF) has brokered the $12.8 million sale of Edina Business Plaza, an 84,380-square-foot office building in Edina. The three-story property is located at 7550 France Ave. South and was built in 1981. It is approximately 97 percent occupied. The anchor tenant is Coldwell Banker Burnet. Peter Tanis and John McCarthy of NKF represented the sellers, Edina Business Plaza LLC and SH Commercial Real Estate Services. Minneapolis-based Ackerberg Group purchased the asset.

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AcquisitionsMidwestOhioRetail

Marcus & Millichap Arranges $2M Sale of Property Net Leased to Rite Aid in Marion, Ohio

by Kristin Harlow

MARION, OHIO — Marcus & Millichap has arranged the $2 million sale of a 10,617-square-foot property net leased to Rite Aid in Marion, approximately 50 miles north of Columbus. The building is located at 1081 Mount Vernon Ave. Rite Aid has operated at the location for more than 21 years. Dan Yozwiak, Joe Sparano and Nathan Coe of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The buyer was not disclosed.

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181-Harbor-Drive-Stamford
AcquisitionsConnecticutNortheastOffice

Joint Venture Acquires 91,040 SF Office Building in Stamford, Connecticut for $33.5M

by Taylor Williams

STAMFORD, CONN. — A joint venture between The Melohn Group and Drake Street Partners has acquired 181 Harbor Drive, a 91,040-square-foot office building in Stamford, for $33.5 million. The newly renovated building houses the headquarters of apparel retailer Vineyard Vines and is part of the 17-acre Shippan Landing waterfront office campus. Amenities at the campus include a beer garden, fitness center and a cafeteria, as well as volleyball, basketball and bocce courts. The seller was a partnership between Rubenstein Partners LP and George Comfort & Sons. Jeffrey Dunne, Steven Bardsley and Travis Langer of CBRE represented the seller and procured the buyer in the transaction.

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AcquisitionsNew JerseyNortheastOffice

Colliers Brokers $3.5M Sale of New Jersey Office Building

by Taylor Williams

PARSIPPANY, N.J. — Colliers International has brokered the $3.5 million sale of a multi-tenant office building located at 140 Littleton Road in Parsippany, located west of Newark. Constructed in the mid-1980s, the building spans 30,459 square feet and is leased to companies in the finance, technology and medical sectors. Jacklene Chesler, Matthew Brown, Frank Summers of Colliers represented the buyer and the seller, both of which requested anonymity, in the transaction. The property was 95 percent occupied at the time of sale.

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AcquisitionsMaineNortheastRetail

Cardente Negotiates Sale of 24,150 SF Retail Center in Portland, Maine

by Taylor Williams

PORTLAND, MAINE — Cardente Real Estate has negotiated the sale of Brighton Avenue Plaza, a 24,150-square-foot retail center located at 1041 Brighton Ave. in Portland, for approximately $3 million. Greg Perry of Cardente represented the buyer, All-American Family LLC, in the transaction. Charles Day of Porta & Co. represented the seller, 1041 Brighton Ave. LLC. The property was built in 1988.

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AcquisitionsGeorgiaRetailSoutheast

Jamestown Acquires The Shops Buckhead Atlanta

by Alex Tostado

ATLANTA — Jamestown has acquired The Shops Buckhead Atlanta, a 355,646-square-foot retail and office property in Atlanta’s Buckhead district. Situated along Peachtree Road and bounded by Pharr Road and Buckhead Avenue, The Shops Buckhead Atlanta is home to international retail brands such as Hermès and Tom Ford, as well as restaurants, entertainment and fitness tenants. The office space is fully leased to two tenants, Spanx’s global headquarters and No18, the first U.S. coworking location. Additionally, the property includes two prime development sites totaling 2.7 acres. OliverMcMillan developed the upscale, six-block property in 2014. In 2018, Brookfield Residential purchased OliverMcMillan and certain assets in its portfolio, which did not include Shops Buckhead Atlanta. Richard Reid, Trey Morsbach, Barry Brown, Jim Hamilton and Mike Allison of JLL represented the seller, an institutional joint venture, in the transaction. Atlanta-based Jamestown, which developed Ponce City Market and Manhattan’s Chelsea Market, will host a series of town hall meetings in the coming weeks that will be open to the community.

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AcquisitionsNorth CarolinaOfficeSoutheast

Joint Venture Completes Value-Add Strategy for Charlotte Office Campus, Sells for $63M

by Alex Tostado

CHARLOTTE, N.C. — A joint venture between Atlantic Creek Real Estate Partners, Origin Investments and Stream Realty has sold Cambridge Corporate Center, a 349,815-square-foot office campus in Charlotte, for $63 million. Lakestar Properties acquired the 50-acre campus for $180 per square foot. The joint venture acquired the property in 2014 for $44 million with a value-add strategy in place. Upgrades included adding 33,000 square feet of rentable office space; a two-story, 452-space parking deck; and a new security camera system. The joint venture purchased the property when it was 81 percent leased. Since then, Red Ventures signed a 10-year, 97,66-square-foot lease that brought occupancy up to 96 percent, where it stood at the time of the sale. Duke Energy and General Motors also signed lease renewals totaling 126,000 square feet with rate increases. Rob Cochran, Jared Londry, Nolan Ashton, David Meline and Samir Idris of Cushman & Wakefield, along with Mark DeLillo and Craig Callaway of BlueGate Partners, represented the seller in the transaction.

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AcquisitionsFloridaRetailSoutheast

Cushman & Wakefield Arranges $49M Sale of Whole Foods-Anchored Shopping Center in Southwest Florida

by Alex Tostado

FORT MYERS, FLA. — Cushman & Wakefield has arranged the $49 million sale of Daniels Marketplace, a 106,739-square-foot shopping center in Fort Myers. The site, situated at 6891 Daniels Parkway, was fully leased at the time of the sale to tenants including Whole Foods Market, a salon, dentist, Pilates gym, dry cleaner, pet hospital and several fast-casual restaurants such as Mellow Mushroom and Panera Bread. There are also future development opportunities at the property. Fain Hicks, Mark Gilbert, Lane Breedlove, Adam Feinstein and Mitchell Halpern of Cushman & Wakefield represented the seller, S.J. Collins Enterprises, in the transaction. The Cushman & Wakefield team of Mike Ryan, Brian Linnihan and Richard Henry arranged acquisition financing on behalf of the buyer, AEW Capital Management.

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