Acquisitions

WINSTON-SALEM, N.C. — Eller Capital Partners has purchased Ashton Oaks, a 288-unit apartment community in Winston-Salem, for $16.4 million. The seller was not disclosed. Built in 1988, the property offers one- and two-bedroom layouts and is situated within one mile of Wake Forest University’s campus. Chapel Hill, N.C.-based Eller Capital plans to renovate Ashton Oak’s exteriors, build new amenities and upgrade the interior finishes. Affiliate firm Eller Residential Living will manage the property and oversee the construction project.

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SAN FRANCISCO — A joint venture led by Sansome Pacific, a real estate investment firm based in San Francisco, has acquired 11 locations of outdoor sports retailer Cabela’s for $324.3 million. The transaction was structured as a sale-leaseback with the seller, Bass Pro Shops, which owns the Cabela’s brand. Much like Bass Pro Shops, Cabela’s is known for its sprawling retail campuses. The 11-property portfolio spans 1.6 million square feet on 227 acres of land. Bass Pro Shops is based in Springfield, Missouri, while Cabela’s is based in Sidney, Nebraska. The specific locations of the 11 stores were not disclosed. B+E brokered the deal, claiming it as the largest transaction ever brokered by a digital sales platform. Co-founders Camille Renshaw and Scott Scurich are longtime real estate brokers that founded the company in 2017 after a stint with Ten-X, another digital real estate sales platform. The program “uses artificial intelligence to track the most active buyers in the real-time, net-lease market, much as stock and bond software tracks institutional investors,” according to the company. “The algorithm evaluates a buyer’s past purchases, as well as current acquisition criteria and dollars raised that must be allocated within a given year.” Bass Pro …

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NEW ORLEANS — Easterly Government Properties Inc. has acquired a 137,679-square-foot Federal Bureau of Investigation (FBI) Field Office in New Orleans. The seller and sales price were not disclosed. FBI-New Orleans is a four-story, single-tenant facility located on a 6.6-acre site. The FBI’s New Orleans Division oversees federal operations in all of Louisiana, including six satellite offices in Baton Rouge, Alexandria, Lafayette, Lake Charles, Monroe and Shreveport. This build-to-suit construction was originally completed in 1999 and renovated in 2006. The project is now 100 percent occupied by the FBI until August 2029 under a non-cancelable remaining lease term. Additionally, the FBI has an option to renew the lease for an additional 10-year term, expiring in 2039. The building has numerous security features such as a security crash traffic barrier, 24/7 security, visitor screening center and bullet-resistant interior walls, doors and a roof. Easterly Government Properties now owns nine of the nation’s 56 FBI field offices and is the single-largest private owner of FBI field offices in the country.

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COLTON, CALIF. — Marcus & Millichap has arranged the sale of Cooley Ranch Professional Center, an office property located in Colton. An individual/personal trust sold the property to an undisclosed buyer for $1.2 million. Located at 1325 E. Cooley Dr., the two-story building features 16,554 square feet of office space. Drew Wetherhold and Kevin Struve of Marcus & Millichap’s Ontario, Calif., office represented the seller in the deal.

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PLYMOUTH, WIS. — SRS Real Estate Partners has arranged the $5 million sale of a single-tenant property occupied by Walgreens in Plymouth near Sheboygan. The 14,490-square-foot freestanding building is located at 2455 Eastern Ave. Built in 2004, the property is situated on 1.5 acres. Walgreens has 11 years remaining on its lease term. Dan Elliot and Sean Lutz of SRS represented the seller, Torrington Development Inc. MEI Realty purchased the building.

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PLOVER, WIS. — KW Commercial has negotiated the $3.5 million sale of Village Park at Plover, a 44,911-square-foot retail center in Plover near Stevens Point in the center of the state. The property, located at 3012 Village Park Drive, is home to a variety of retail, restaurant and office tenants. Matthew Klein of KW represented the buyer, Amsden LLC. Jeff Rowlett of Marcus & Millichap represented the undisclosed seller.

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LENEXA, KAN. — Colliers International has brokered the sale of a 26,800-square-foot industrial building in Lenexa for an undisclosed price. The property is located at 9641 Lackman Road. Tom Haverty of Colliers represented the seller, Compass Properties LLC. John Stafford of Colliers represented the buyer, RMS Real Estate LLC.

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HACKENSACK, N.J. — The Stro Companies (STRO), which specializes in industrial investment throughout Northern New Jersey, has acquired two industrial buildings totaling 83,000 square feet in Hackensack. One property is a 65,000-square-foot divisible building and the other is an 18,000-square-foot freestanding structure. The properties offer convenient access to I-80 and the New Jersey Turnpike. SB One Bank provided acquisition financing for the deal. Zach La Motta of STRO oversaw the acquisition in conjunction with Scott Perkins, Justin Allessio, and Andrew Somple of NAI James E. Hanson. The seller and sales price were not disclosed. With this transaction, STRO has now acquired 11 industrial properties within the last 18 months.

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SUGAR LAND, TEXAS — Equus Capital Partners Ltd., a Philadelphia-based private equity firm with five other offices around the country, has sold One Sugar Creek Center, a 193,998-square-foot office building located in the southwestern Houston suburb of Sugar Land. The asset was sold to Glazer Properties, an investment firm headed by Tampa Bay Buccaneers co-owner Kevin Glazer. The 11-story, Class A property was built in 1983 on 4.5 acres and was renovated in 2017 to feature a new lobby, added security systems, elevator cab upgrades, a new conference center and refreshed landscaping. Additional amenities include a deli, bank branch and an outdoor patio and cornhole court. The property was 90 percent leased at the time of sale to tenants such as Comerica Bank, Wholesome Sweeteners and Amerex Brokers Natural Gas. Christopher Locatell, Mark Ledger and Greg Chapin of Equus handled the transaction for their firm along with Dan Miller, Marty Hogan and Johnny Kight of HFF.

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MCKINNEY, TEXAS — Metro Dallas-based Bright Realty has brokered the sale of a 2,144-square-foot office condominium located at 501 Medical Center in McKinney, a northern suburb of Dallas. The property offers access to both U.S. Highway 75 and the Sam Rayburn Tollway. Britton Lankford and Nick Miller of Bright Realty represented the seller in the transaction. The buyer and sales price were not disclosed.

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