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Acquisitions

Oak-Grove-Market-Milwaukie-OR
AcquisitionsOregonRetailWestern

Weingarten Realty Sells 97,147 SF Oak Grove Market Shopping Center in Oregon

by Amy Works

MILWAUKIE, ORE. — Weingarten Realty has completed the disposition of Oak Grove Market, a four-building shopping center located at 15003-15121 SE McLoughlin Blvd. in Milwaukie. Clackamas Federal Credit Union acquired the 97,147-square-foot asset for an undisclosed price. The buyer plans to occupy the 53,000-square-foot former Safeway space at the property, which was built in 1991 by Gramor Development. Additional tenants include Five Guys, Baxter’s Auto Supply, Bank of America, Panda Express, Credit Concepts and Gentle Dental. Todd VanDomelen and Timothy Pfeiffer of Norris & Stevens represented the buyer, while Connelly Woody and Gary Surgeon of Commercial Realty Advisors Northwest represented the seller in the transaction.

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AcquisitionsColoradoRetailWestern

Marcus & Millichap Brokers $5.1M Sale of Central Park Plaza Retail Asset in Denver

by Amy Works

DENVER — Marcus & Millichap has brokered the sale of Central Park Plaza, a shopping center located in Denver’s Stapleton neighborhood. A private investor acquired the property for $5.1 million. Located at 5096 Central Park Blvd., Central Park Plaza features 17,844 square feet of retail space. Ryan Bowlby and Drew Isaac of Marcus & Millichap’s Denver office represented the buyer and seller, a private investor, in the deal.

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AcquisitionsFloridaMultifamilySoutheast

Lynd, Topaz Capital Acquire Apartment Complex in Jacksonville for $35.2M

by Alex Tostado

JACKSONVILLE, FLA. — A joint venture between Lynd Opportunity Partners and Topaz Capital has acquired Mission Springs, a 444-unit, value-add apartment complex in Jacksonville, for $35.2 million. The joint venture plans to invest $5 million to upgrade the property and will rebrand it as Topaz Villas JAX. Upgrades will include updating all interiors and common areas, including pools and recreational areas. A fenced-in dog park and a playground will also be added. Mission Springs was built in the 1970s and is located at 5327 Timuquana Road, 11 miles southwest of downtown Jacksonville. The seller was not disclosed.

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AcquisitionsDevelopmentFloridaRetailSoutheast

Ferber to Purchase Vacant Building in Downtown Jacksonville, Announces Initial Tenant Lineup

by Alex Tostado

JACKSONVILLE, FLA. — The Ferber Co. has entered into a contract to acquire Brooklyn Place, a vacant building that sits on 1.5 acres in downtown Jacksonville. The investor has announced that Panera Bread and Bento Asian Kitchen + Sushi are coming to the 11,500-square-foot site, where there is a 1,520-square-foot space available. Ferber expects the land acquisition to close this summer and will begin construction immediately after. Completion is scheduled for summer 2020. A sales price and seller for the land acquisition were not disclosed.

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AcquisitionsOfficeTexas

GlenStar, Singerman Buy 1.1 MSF Office Campus in Metro Fort Worth

by Taylor Williams

WESTLAKE, TEXAS — A partnership between two Chicago-based investment firms, GlenStar and Singerman Real Estate, has acquired The Terraces at Solana, a 1.1 million-square-foot office campus located in Westlake, a northern suburb of Fort Worth. The sale includes a 20-acre parcel for additional office development, as well as the Solana Fitness Club. The new ownership will either add or upgrade various amenities at the eight-building property, including the conference center, café, a tenant-only fitness center, outdoor lounge and patio and a flexible entertainment space. JLL will handle leasing of the campus, and GlenStar will handle management. The seller and sales price were not disclosed.

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Main-Street-Lofts-Mansfield-Texas
AcquisitionsMultifamilyTexas

IPA Arranges Sale of Two New Multifamily Assets Totaling 588 Units in Mansfield, Texas

by Taylor Williams

MANSFIELD, TEXAS — Institutional Property Advisors, a division of Marcus & Millichap, has arranged the sale of two multifamily communities totaling 588 units in the Fort Worth suburb of Mansfield. Villaggio was completed in 2016 and totals 274 units, and Main Street Lofts was built in 2018 and comprises 314 units. Steadfast Cos. purchased Villaggio from Carleton Residential Properties and M.R. Development Corp., and Virginia-based Weinstein Properties acquired Main Street Lofts from The NRP Group. Both communities feature standard Class A amenities such as pools and fitness centers. Will Balthrope, Drew Kile, Joey Tumminello and Grant Raymond of IPA represented the sellers and procured the buyers in both transactions.

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The-Shops-at-Abilene-Village
AcquisitionsRetailTexas

Pillar Capital Sells Retail Power Center in Abilene for $20.1M

by Taylor Williams

ABILENE, TEXAS — Arizona-based private investment firm Pillar Capital Group has sold The Shops at Abilene Village, a 145,000-square-foot retail power center in West Texas, for $20.1 million. Anchored by Academy Sports + Outdoors, the center also houses tenants such as Burlington, Petco, Party City and Five Below. Brandon Duff and Tom Fritz of Oklahoma-based net-lease brokerage firm Stan Johnson Co. represented the seller in the transaction. Texas-based Nooner Holdings Ltd. acquired the Abilene asset, which has a traffic count of more than 104,000 vehicles per day, via a 1031 exchange.

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4940-S-Gilbert-Rd-Chandler-AZ
AcquisitionsArizonaRetailWestern

Boardman Enterprises Sells 124,822 SF Chandler Heights Marketplace in Arizona for $30.8M

by Amy Works

CHANDLER, ARIZ. — Boardman Enterprises has completed the disposition of Chandler Heights Marketplace, a grocery-anchored neighborhood shopping center in Chandler. Sita Enterprises acquired the 124,822-square-foot asset for $30.8 million. Situated on 18 acres at 4940 S. Gilbert Road, the property was more than 69 percent occupied at the time of sale. Current tenants include Bashas’, Ace Hardware, Leslie’s Pool Supplies, Starbucks Coffee, Orangetheory Fitness, Pizza Hut, H&R Block and Edward Jones. Shane Jimenez of Lee & Associates of Idaho, along with Jan Fincham and Andrew Lundahl of Lee & Associates Arizona, represented the seller, while Nathan Cardon of Cardon Commercial represented the buyer in the deal.

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AcquisitionsIndustrialMichiganMidwestOhio

ICP Acquires Two Industrial Properties Totaling 470,000 SF in Michigan, Ohio

by Kristin Harlow

HOLLAND, MICH. AND BRYAN, OHIO — Industrial Commercial Properties LLC (ICP) has acquired two industrial properties totaling 470,000 square feet in Holland, Mich. and Bryan, Ohio. ICP purchased the buildings from Adient, an automotive seat manufacturer. Both properties are fully leased to Yanfeng Automotive Interiors, a global supplier of interior equipment for the automotive industry headquartered in Shanghai, China. The Holland facility is 148,000 square feet while the Bryan facility is 320,500 square feet.

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AcquisitionsIllinoisMidwestRetail

Quantum Brokers $2.9M Sale of Retail Building in Chicago

by Kristin Harlow

CHICAGO — Quantum Real Estate Advisors Inc. has brokered the sale of a multi-tenant retail building in Chicago for $2.9 million. The 19,289-square-foot property is located at 5101-5149 S. Cicero Ave. The asset is fully leased. Some of the tenants include Dollar Tree, Boost Mobile and Cricket Wireless. Chad Firsel of Quantum brokered the transaction. A Charlotte, N.C.-based private investor purchased the property from a Chicago-based acquisition and development company.

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