Acquisitions

Hillwood Purchases 1 MSF Distribution Center in Northeast Georgia for $44.9M

by Alex Tostado March 26, 2019

PENDERGRASS, GA. — Hillwood, a Dallas-based industrial owner and developer founded by Ross Perot Jr., has purchased Valentine 85 Logistics Center, a 1 million-square-foot distribution building in Pendergrass. Atlanta Business Chronicle reports the sales price was $44.9 million. The asset was recently delivered by a joint venture between San Antonio-based USAA Real Estate and Atlanta-based Seefried Industrial Partners. Valentine 85 features 40-foot clear heights, 50-foot-by-56-foot bays with 60-foot speed bays, 446 car parking spaces and 267 trailer parking spaces. The property is located at 117 Valentine Industrial Parkway near Interstate 85, about 28 miles north of Athens.

March 26, 2019

Acquisitions Florida Industrial Self-Storage Southeast

SkyView Advisors Arranges Sale of 65,224 SF Self-Storage Facility in Tampa

by Alex Tostado March 26, 2019

TAMPA, FLA. — SkyView Advisors has arranged the sale of Seminole & Heights Self Storage, a 65,224-square-foot facility in Tampa. Located on a 2.1-acre site at 1011 E. Dr. Martin Luther King Jr. Blvd., the property offers nine non-climate-controlled units and 625 climate-controlled units. The buyer and sales price were not disclosed. Ryan Clark of SkyView Advisors represented the undisclosed seller.

March 26, 2019

Acquisitions Georgia Healthcare Southeast

Anchor Health Properties Acquires Two Medical Office Buildings in Metro Atlanta Totaling 45,000 SF

by Alex Tostado March 26, 2019

NEWNAN AND LAWRENCEVILLE, GA. — Anchor Health Properties has acquired two fully leased medical office buildings (MOBs) in metro Atlanta on behalf of the Chestnut Healthcare Fund, a discretionary equity fund focused on the acquisition and development of medical office assets across the United States. The first property, 721 Wellness Way in Lawrenceville, is occupied by Northeast Endoscopy, which provides services including gastroenterology, imaging and family medicine. The asset is adjacent to Gwinnett Medical Center, which recently announced a merger to become Northside Hospital, and about 30 miles northeast of downtown Atlanta. The second property is situated at 7110 Newnan Crossing Bypass in Newnan, about 35 miles southwest of downtown Atlanta. The Newnan property is adjacent to Piedmont Newnan Hospital and is occupied by Avail Dermatology. Colliers International represented the seller, an affiliate of Pace Lynch Realty, in the transaction. Synovus Bank provided acquisition financing on behalf of the buyer. The sales prices were not disclosed.

March 26, 2019

Acquisitions Industrial Texas

Retail Solutions Brokers Sale of 28,000 SF Warehouse in Houston

by Taylor Williams March 26, 2019

HOUSTON — Austin-based Retail Solutions has brokered the sale of a 28,000-square-foot warehouse located at 2121 Gulf Central Drive on Houston’s southeastern side. According to LoopNet Inc., the property was built in 1999. Jeff Fralick and Jim Thompson of Retail Solutions represented the buyer in the sale, and Ed Frantz of CBRE represented the seller. Both parties requested anonymity.

March 26, 2019

Acquisitions Arizona Multifamily Western

FSC Realty Buys 225-Unit Alta Midtown Apartment Complex in Phoenix for $52M

by Amy Works March 26, 2019

PHOENIX — FSC Realty has purchased Alta Midtown, a multifamily community located in midtown Phoenix. Wood Partners sold the asset for $52 million, or $231,111 per unit. Developed in 2017, Alta Midtown features 225 apartments with contemporary interiors and nine-foot or taller ceilings. Community amenities include a resort-inspired pool and spa, rooftop lounge and on-site beer garden. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction.

March 26, 2019

Acquisitions California Industrial Office Western

RAF Pacifica Acquires Five Industrial, Office Assets in Southern California for $59.6M

by Amy Works March 26, 2019

CARLSBAD, CALIF. — RAF Pacifica Group (RPG) has purchased five properties totaling six buildings in the Carlsbad market. RPG acquired the assets for a total consideration of $59.6 million. RPG acquired a 67,528-square-foot, value-add industrial property, located at 6305 El Camino Real in Carlsbad, from an institutional owner for $10.5 million. The property features 20-foot clear heights, seven dock-high doors, 195 parking stalls, approximately 28,941 square feet of office space, 28,940 square feet of R&D space and 9,647 square feet of warehouse space. Aric Starck of Cushman & Wakefield represented both RPG and the seller in the deal. The company also purchased three properties within the Carlsbad Research Center in Carlsbad from A&M CapRE Aston LLC: 2320 Faraday Avenue, 2320 Faraday Avenue and 1905 Aston Avenue. The 23,375-square-foot asset at 2320 Faraday Ave. and the 17,451-square-foot facility at 2330 Faraday Ave. are fully occupied, creative-industrial properties that sold for $12.8 million. Each building offers 16-foot to 18-foot clear heights, two grade-level loading doors, 1,000 amps of 227-480 volts and a parking ratio of 3.5/1,000 square feet. RPG acquired the property, at 1905 Aston Ave., for $12.4 million. The asset features 48,818 square feet of creative industrial R&D and corporate headquarters …

March 26, 2019

Acquisitions California Multifamily Seniors Housing Western

Marcus & Millichap Brokers $16M Sale of Villas Raintree Apartments in El Monte, California

by Amy Works March 26, 2019

EL MONTE, CALIF. — Marcus & Millichap has arranged the sale of Villas Raintree Apartments, a seniors housing property located at 11905 Ferris Road in El Monte. A private investor sold the asset for $16 million. Built in 1978, the property features 70 one-bedroom/one-bath units totaling 553 square feet each with air conditioning, balconies and storage units. On-site amenities include gated security, laundry facilities, a community room, shuffle board and social areas. Alexander Garcia Jr. of Marcus & Millichap represented both the seller and buyer, also a private investor, in the deal.

March 26, 2019

Acquisitions Industrial New Jersey Northeast Self-Storage

Storage Acquisition Group Sells 386-Unit Self Storage Facility in New Jersey

by David Cohen March 26, 2019

FAIR LAWN, N.J. — The Storage Acquisition Group has sold A Space Station Self Storage in Fair Lawn. The sales price was undisclosed. Located at 16-01 McBride Ave., the 117,885-square-foot property offers climate-controlled units, electronic gate access and video surveillance. Bill Sitar Jr. and Thomas Palumbo of Sitar Realty Co. represented the Storage Acquisition Group in the transaction. The buyer was undisclosed.

March 26, 2019

Acquisitions Hospitality Michigan Midwest

L. Mason Capitani CORFAC International Brokers Sale of Historic Hotel Property in Detroit

by Kristin Harlow March 26, 2019

DETROIT — L. Mason Capitani CORFAC International has brokered the sale of The Royal Palm/Park Avenue Hotel located at 2305 Park Ave. in Detroit. The sales price was not disclosed, but the asking price was $15 million. The 13-story, 180-room hotel was designed by Detroit architect Louis Kamper in 1925 and has been operational ever since. Downtown Hospitality Detroit LLC, which is owned by Mario Kiezi and Mike Abdulnoor, purchased the property. The buyers plan to fully restore the hotel and add two restaurants on the first floor as well as a rooftop bar. Completion of the project is slated for late 2020. Al Lafrate of L. Mason Capitani represented the buyer and the seller, Catharina Harrington, who had operated the hotel with her late husband Wilbur Harrington since 1967.

March 26, 2019

Acquisitions Midwest Missouri Retail

QuikTrip Purchases Site for New Location in North Kansas City

by Kristin Harlow March 26, 2019

NORTH KANSAS CITY, MO. — QuikTrip Corp. has purchased 2.9 acres at the southwest corner of I-35 and Amour Road in North Kansas City. QuikTrip plans to build a new facility at 1401 Armour Road to replace its existing store at 1010 Armour Road. Construction on the new store will begin soon and is a redevelopment of an old office building. David Block and Jody Minder of Block & Co. Inc. Realtors brokered the transaction.

March 26, 2019

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