Acquisitions

Industrial Outdoor Ventures Buys Facilities in Georgia, Florida for Combined $8.9M

by Alex Tostado April 10, 2019

NEWNAN, GA. AND ORLANDO, FLA. — Industrial Outdoor Ventures (IOV) has acquired two industrial facilities, one located in Newnan and the other in Orlando. IOV purchased the metro Atlanta property from Spancrete for $5.5 million. The vacant former concrete facility sits on 41.3 acres and will be fully redeveloped into a transportation and heavy equipment storage facility. The site is located at 95 Newnan South Industrial Drive, three miles from Interstate 85 and 42 miles southwest of downtown Atlanta. The Orlando asset was bought for $3.4 million from a private seller. Sitting on 6.5 acres at 3732 Bryn Mawr St., the property offers 63 dock-high doors and three drive-thru bays. The facility is fully leased to ABF Freight System Inc.

April 10, 2019

Acquisitions Retail South Carolina Southeast

Marcus & Millichap Arranges $7.1M Sale of Shopping Center Near Augusta

by Alex Tostado April 10, 2019

AIKEN, S.C. — Marcus & Millichap has arranged the $7.1 million sale of Aiken Exchange, a 101,488-square-foot shopping center in Aiken that is shadow-anchored by Target. Built in 2002 about 20 miles northeast of downtown Augusta, the property is anchored by PetSmart and Planet Fitness. Zach Taylor and Taylor McMinn of Marcus & Millichap’s Taylor McMinn Retail Group represented the seller, Lamar Cos., in the transaction. Marc Strauss, also of Marcus & Millichap, represented the buyer, Aiken Exchange Plaza LLC. The buyer purchased the shopping center in a 1031 exchange.

April 10, 2019

Acquisitions New York Northeast Retail

Cushman & Wakefield Negotiates $1.6M Sale of Retail Building in Queens

by Kristin Harlow April 10, 2019

NEW YORK CITY — Cushman & Wakefield has arranged the $1.6 million sale of a retail building in Ridgewood, Queens. Located at 57-45 Myrtle Ave., the three-story property is currently operating as a pet store but the tenant is expected to vacate the space. Stephen Preuss and Andreas Efthymiou of Cushman & Wakefield represented the seller, Robert F. Gentile, in the transaction. The buyer was investor Isaac Azizian.

April 10, 2019

Acquisitions California Office Western

Madison Partners Directs $31M Sale of 55,000 SF Office Building Near Los Angeles

by Amy Works April 10, 2019

EL SEGUNDO, CALIF. — Madison Partners has arranged the off-market sale of an office building, located at 2221 Park Place in El Segundo. Powerscourt Partners purchased the property from 2221 PPA LLC for $31 million, or $564 per square foot. Bob Safai, Matt Case and Brad Schlaak of Madison Partners represented the seller, while Geoff Ludwig of Colliers International represented the buyer in the deal. The 55,000-square-foot office building was vacant at the time of sale.

April 10, 2019

Acquisitions California Lee & Associates Multifamily Seniors Housing Western

Lee & Associates Arranges Sale of 132-Unit Seniors Housing Project in Southern California for $8.7M

by Amy Works April 10, 2019

LANCASTER, CALIF. — Lee & Associates-LA North/Ventura has negotiated the sale of Aurora Village Apartments, a low-income seniors housing project in Lancaster. The property is located in what city planners hope will be a “Medical Main Street” district for the city, which is north of Los Angeles in the western Mojave Desert area. It features 132 units on a 3.4-acre site within the city’s Amargosa Creek Master Plan, which envisions a mixed-use, pedestrian-friendly district with retail and medical amenities. The seller, Aurora Village LP, was the original developer and used federal Low Income Housing Tax Credit funding to finance the project. Afton Properties acquired the community for $8.7 million. Matt Benwitt of Lee & Associates-LA North/Ventura represented the seller in the transaction. Edward Mulflur of Re/Max Commercial represented the buyer. “With the expiration of the 15-year initial operation period, the new buyer is able to sell new tax credits,” says Benwitt. “The buyer will also benefit from the property’s location in an Opportunity Zone. Recent installation of solar electric and water heating systems by the seller presented an attractive package to the buyer.”

April 10, 2019

Acquisitions Midwest Ohio Retail

VICI Properties to Acquire Jack Cincinnati Casino for $745M, Lease to Hard Rock

by Kristin Harlow April 10, 2019

CINCINNATI — VICI Properties Inc. (NYSE: VICI), together with a subsidiary of Hard Rock International, has entered into a definitive agreement to acquire the Jack Cincinnati Casino in downtown Cincinnati for approximately $745 million. VICI Properties will acquire 100 percent of the membership interests of a subsidiary of Jack Cincinnati that owns the land and real estate assets of the casino for $558 million. Hard Rock will acquire the operating assets of Jack Cincinnati for $187 million. Simultaneous with the transaction, VICI will enter into a triple-net-lease agreement with Hard Rock. Jack Cincinnati opened in 2013 and features 100,000 square feet of gaming space with approximately 1,800 gaming machines and 100 table games. The property also contains 33,000 square feet of meeting space, six restaurants and two bars. The transaction is expected to close late this year. Goldman Sachs & Co. LLC is serving as financial advisor and Kramer Levin Naftalis & Frankel LLP is serving as legal advisor to VICI.

April 10, 2019

Acquisitions Midwest Missouri Multifamily

Hamilton Zanze Acquires 420-Unit Apartment Property in Metro Kansas City

by Kristin Harlow April 10, 2019

INDEPENDENCE, MO. — Hamilton Zanze has acquired Cornerstone Apartments in Independence near Kansas City for an undisclosed price. Built in 2004, the 420-unit apartment property features 14 buildings. Community amenities include a fitness center, indoor-outdoor pool and spa. Hamilton Zanze plans to upgrade the business center and clubhouse as well as add a dog park and package storage system. Mission Rock Residential will manage the property. The seller was not disclosed.

April 10, 2019

Acquisitions Illinois Midwest Retail

Marcus & Millichap Brokers $1.9M Sale of Bank Ground Lease in Des Plaines, Illinois

by Kristin Harlow April 10, 2019

DES PLAINES, ILL. — Marcus & Millichap has brokered the $1.9 million sale of a Fifth Third Bank ground lease in Des Plaines. The 4,224-square-foot building is located at 510 Metropolitan Way. Austin Weisenbeck and Sean Sharko marketed the property on behalf of the seller. An outside broker represented the out-of-state, 1031 exchange buyer.

April 10, 2019

Brooks-Corner-Shopping-Center-San-Antonio

Acquisitions Retail Texas

REATA, Stonefield Acquire 173,041 SF Shopping Center in San Antonio

by Taylor Williams April 10, 2019

SAN ANTONIO — A joint venture between REATA Real Estate Services and Stonefield Investment Advisors has acquired Brooks Corner Shopping Center, a 173,041-square-foot retail power center located at the northwest quadrant of SE Military Drive and Interstate 37 in San Antonio. The property was built in 2005 and was 96 percent leased at the time of sale to an array of national tenants, including Ross Dress for Less, Petco, Conn’s HomePlus and Dollar Tree. Brooks Corner is also shadow-anchored by H-E-B, Home Depot and Target. The seller was InvenTrust Properties, an Illinois-based retail REIT. The sales price was not disclosed. The new ownership will also assume leasing and management of the center.

April 10, 2019

Acquisitions Retail Texas

HFF Negotiates Sale of 136,553 SF Retail Center in Metro San Antonio

by Taylor Williams April 10, 2019

LIVE OAK, TEXAS — HFF has negotiated the sale of Gateway Plaza, a 136,553-square-foot retail center located along Loop 1604 in the northeastern San Antonio suburb of Live Oak. Anchored by Burlington, the property was 98 percent leased at the time of sale to tenants such as Goodwill, Laser Legend, Furniture Now and Great Clips. John Taylor, Drew Fuller, Josh Villarreal and Kyle Shaffer of HFF marketed the property on behalf of the seller, Los Angeles-based private investment firm Tryperion Partners, in the transaction. The buyer was San Antonio-based Nooner Holdings.

April 10, 2019

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