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Acquisitions

Modern-on-Gilbert-Mesa-AZ
AcquisitionsArizonaMultifamilyWestern

IPA Directs $30M Sale of 265-Unit Multifamily Community in Arizona’s Southeast Valley

by Amy Works

MESA, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Modern on Gilbert, a multifamily community located at 1800 E. Covina St. in Mesa. S2 Capital acquired the property from a joint venture between Modern Residential Co. and Henley USA for $30 million, or $113,208 per unit. Developed in 1980, Modern on Gilbert is situated on more than 19 acres and features 265 apartments, a new clubhouse, fitness center, business center and package delivery center. Cliff David and Steve Gebing of IPA represented the seller and procured the buyer in the transaction.

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15240-15250-Nelson-Ave-City-of-Industry-CA
AcquisitionsCaliforniaIndustrialWestern

DAUM Commercial Negotiates Sale of 64,000 SF Industrial Property in Los Angeles County for $11.5M

by Amy Works

CITY OF INDUSTRY, CALIF. — DAUM Commercial Real Estate Services has brokered the sale of an industrial warehouse facility located at 15240-15250 Nelson Ave. in City of Industry. South El Monte, Calif.-based Art Weiss Industrial Properties sold the property to Max Sales Group for $11.5 million. The buyer is a wholesale manufacturer of products, including consumer electronics and home, auto, kitchen and pet accessories. The seller built the 64,000-square-foot asset in 1979. The warehouse features 24-foot interior clearance, nine loading docks, two ground-level doors, 4,000 square feet of office space and the option for a two-tenant layout. Charles Johnson II of DAUM handled the transaction.

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Orion-Retail-Center-Scottsdale-AZ
AcquisitionsArizonaRetailWestern

ORION Investment Real Estate Brokers $6.1M Sale of Retail Development in Scottsdale

by Amy Works

SCOTTSDALE, ARIZ. — ORION Investment Real Estate has arranged the sale of a newly developed retail center in North Scottsdale. A partnership between Jeff Kitchen and Tiny Cap LLC, Jim Mullin’s wholly owned investment firm, sold the asset for $6.1 million. Mullin360 developed the 14,280-square-foot retail center. At the time of sale, four tenants occupied the property: Bashas’ supermarket, The Whining Pig, Banfield Pet Hospital, and 9Round Fitness and Rehab Plus. There was one vacant storefront. Jennifer Eggert and Michael Achtman of ORION handled the property’s lease-up and assisted Ari Spiro and Sean Stutzman, also of ORION, with the off-market sale transaction. Eric Termansen and McKenna Boyle Wesley of Western Retail Advisors represented the buyer in the deal.

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AcquisitionsCaliforniaIndustrialWestern

Partners Capital Acquires Value-Add Industrial Asset in Southern California

by Amy Works

BELL GARDENS, CALIF. — Partners Capital has purchased an industrial asset, located at 6855 Suva St. in Bell Gardens, for an undisclosed price. Situated on 2 acres, the property features two buildings totaling approximately 36,000 square feet. Remy Moses of Lee & Associates represented the buyer in the deal. Additional terms of the deal were not disclosed.

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AcquisitionsConnecticutDevelopmentNortheast

Lyman Real Estate Negotiates Sale of 23-Acre Land Parcel in Oakdale, Connecticut

by David Cohen

OAKDALE, CONN. — Lyman Real Estate has negotiated the sale of a 23-acre vacant land parcel in the Montville village of Oakdale. Located at 105 Cottage Road, the property has frontage on Gardener Lake. Ron Lyman of Lyman Real Estate represented both the undisclosed buyer and the seller, Saint Thomas More School Endowment & Development, in the transaction.

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AcquisitionsIndustrialMassachusettsNortheast

Marcus & Millichap Orchestrates Sale of 83,271 SF Self-Storage Facility in Massachusetts

by David Cohen

NORWOOD, MASS — Marcus & Millichap has arranged the sale of Extra Space Storage, an 83,271-square-foot self-storage facility in Norwood. The sales price was undisclosed. Located at 1450 Boston Providence Turnpike, the facility opened in 2016 and is currently 85 percent occupied. The property consists of 1,011 climate-controlled units. Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller, a limited liability company. The buyer was also a limited liability company.  

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The-Pointe-at-Ramsgate-San-Antonio
AcquisitionsMultifamilyTexas

Westmount Realty Capital Acquires 300-Unit Apartment Community in San Antonio

by Taylor Williams

SAN ANTONIO — Dallas-based Westmount Realty Capital has acquired The Pointe at Ramsgate, a 300-unit apartment community in San Antonio. Built in 1975, the property offers one- and two-bedroom units averaging 682 square feet. Amenities include two pools, a fitness center, outdoor grilling area, resident clubhouse with a full kitchen and a dog park. Westmount will renovate the property’s unit interiors by upgrading the flooring, lighting, cabinetry and plumbing fixtures. Amenity spaces, as well as the signage, paint job and parking lot, will also be refreshed. The property will be rebranded Joule Apartment Homes.

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AcquisitionsRetailTexas

STRIVE Brokers Sale of 30,255 SF Shopping Center in Arlington

by Taylor Williams

ARLINGTON, TEXAS — Dallas-based STRIVE has brokered the sale of Arkansas Square, a 30,255-square-foot shopping center in Arlington. Surrouding national retailers include Walmart Neighborhood Market, Walgreens, Subway and Dollar General. Sam House of STRIVE represented the seller, a California-based investor, and procured the buyer, a locally based investor. Both parties requested anonymity.

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AcquisitionsIndustrialTexas

REV Recreation Group Sells 58,736 SF Service Center in Alvarado, Texas

by Taylor Williams

ALVARADO, TEXAS — REV Recreation Group (NYSE: REGV), a Milwaukee-based manufacturer of emergency and recreational vehicles, has sold a 58,736-square-foot service center in Alvarado, about 30 miles south of Fort Worth. The property, which includes 10,156 square feet of office space, was built in 2008 and expanded in 2017. The sale also includes 12 acres of land. Dan Spika of Henry S. Miller Brokerage represented REV Recreation Group in the sale. Mark Wussow of Commercial Real Estate Services LLC represented the buyer, Illinois-based National Retail Properties LP.

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Spectrum-Corporate-Plaza-San-Diego-CA
AcquisitionsCaliforniaOfficeWestern

Washington Capital Management Buys Spectrum Corporate Plaza Office Campus in San Diego for $39.8M

by Amy Works

SAN DIEGO — Seattle-based Washington Capital Management, on behalf of its client, has acquired Spectrum Corporate Plaza, an office asset located in the Kearny Mesa submarket of San Diego. An undisclosed seller sold the property for $39.8 million. Located at 9242 and 9246 Lightwave Ave., the 129,146-square-foot office campus consists of two freestanding buildings. At the time of sale, the property was 95 percent leased. Major tenants include Epsilon Systems, Henkels and McCoy, the State of California and San Diego Workforce Partnership. Situated on 6.4 acres, the asset also features 514 parking spaces. Louay Alsadek and Hunter Rower of CBRE represented the seller, while Washington Capital Management represented the buyer, its client, in the deal.

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