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Acquisitions

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AcquisitionsCaliforniaNet LeaseRetailWestern

SRS Arranges $5.3M Sale of Grocery Outlet Bargain Market in Riverside, California

by Amy Works

RIVERSIDE, CALIF. — SRS Real Estate Partners’ National Net Lease Group is arranged the sale of a freestanding, single-tenant property located on 1.9 acres at 3490 Madison St. in Riverside. A Newport Beach, Calif.-based private developer sold the property to a Newport Beach-based physician for $5.3 million. Grocery Outlet Bargain Market occupies the 17,889-square-foot retail property on a 15-year triple-net lease. Patrick Luther and Matthew Mousavi of SRS Real Estate Partners represented the seller, while Marcus & Millichap represented the buyer. Additionally, Garrett Colburn and Townsend Cropsey of SRS secured the long-term lease with Grocery Outlet on behalf of the ownership.

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AcquisitionsNevadaRetailWestern

Marcus & Millichap Negotiates $5.2M Sale of 10,500 SF Retail Building in Las Vegas

by Amy Works

LAS VEGAS — Marcus & Millichap has arranged the sale of Mountain’s Edge Pad E, a retail property in Las Vegas. An undisclosed seller sold the property for $5.2 million. Located at 8085 Blue Diamond Road, the property features 10,500 square feet of retail space. Dustin Alvino and Jake Wasserkrug of Marcus & Millichap represented the seller and undisclosed buyer in the deal.

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Preston-Park-Financial-Center-Plano
AcquisitionsOfficeTexas

TerraCap Management Buys 367,543 SF Office Property in Plano

by Taylor Williams

PLANO, TEXAS — Florida-based TerraCap Management LLC has purchased Preston Park Financial Center, a 367,543-square-foot office property located in the northeastern Dallas suburb of Plano. The Class A complex offers amenities such as a fitness center, deli, conference center and tenant lounge. Gary Carr and Robert Hill of CBRE represented the seller, a joint venture between Griffin Partners and San Francisco-based Stockbridge Capital Group, in the transaction. Dallas-based Lincoln Property Co. has been hired to lease and manage the property. IberiaBank provided debt for the acquisition on behalf of TerraCap.

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Arbors-on-Saratoga-Corpus-Christi
AcquisitionsMultifamilyTexas

ClearWorth Capital Acquires 252-Unit Apartment Community in Corpus Christi

by Taylor Williams

CORPUS CHRISTI, TEXAS — Multifamily investment firm ClearWorth Capital LLC has acquired Arbors on Saratoga, a 252-unit apartment community in Corpus Christi. Built in 1998, the Class B property offers amenities such as a clubhouse with a conference room and business center, fitness center, pool, outdoor kitchen, pet park and a sports court. The new ownership will upgrade the unit interiors, including the flooring, cabinetry, countertops and appliances, as well as the amenity spaces and landscaping. The seller was not disclosed.

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AcquisitionsDistrict of ColumbiaOfficeSoutheast

Office Properties Income Trust Sells Office Building in Downtown D.C. for $70M

by Alex Tostado

WASHINGTON, D.C. — Office Properties Income Trust (OPI), a REIT, has sold a 129,035-square-foot office building located at 500 First St. NW in downtown Washington, D.C. The Bureau of Prisons is expected to leave the office by the end of April, leaving the property vacant. According to OPI CEO David Blackman, OPI planned to renovate the asset, “but at a sales price of more than $540 per square foot for a to-be vacant building, we decided to be opportunistic and focus our capital elsewhere.” Proceeds from the sale will go toward repaying a portion of OPI’s unsecured term loans. The buyer was not disclosed, although Washington Business Journal reports Georgetown University bought the property. The university plans to relocate many Georgetown Law centers and institutes and some McCourt School of Public Policy centers and institutes into the building, according to the report.

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AcquisitionsFloridaOfficeSoutheast

Grover Corlew Purchases Office Center in South Florida for $32.5M

by Alex Tostado

DEERFIELD BEACH, FLA. — Grover Corlew, a real estate investment management group, has purchased Hillsboro Center, a five-building, 216,101-square-foot office park in Deerfield Beach for $32.5 million. Hillsboro Center includes a six-story, 116,250-square-foot office building and four two-story office buildings totaling 99,851 square feet. The asset is situated at 600 and 700 Hillsboro Blvd. in South Florida’s Broward County. Hillsboro Center was 90 percent leased at the time of the sale to tenants such as Dart Container Corp., Humana and Old Republic National Title Co. Amenities include onsite management and security teams, landscaped walkways, courtyard sitting areas, a tranquil pond, waterfalls and an on-site café. Cushman & Wakefield represented the undisclosed seller in the transaction.

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AcquisitionsIndustrialSoutheastTennessee

Fortress, Sansone Group Acquire Industrial Facility in Metro Nashville for $23.6M

by Alex Tostado

MT. JULIET, TENN. — Fortress Investment Group LLC and Sansone Group have acquired a 709,651-square-foot industrial building in Mt. Juliet for $23.6 million. The property is located along Interstate 840 at 245 Couchville Industrial Blvd., about 32 miles east of downtown Nashville. The buyers also finalized a five-year, more than 237,000-square-foot lease with Superior 3rd Party Logistics Inc. The asset underwent a multimillion-dollar capital improvement project completed in 2018. Terry Smith and Max Smith of Colliers International will handle leasing efforts for the new ownership.

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AcquisitionsIndustrialMassachusettsNortheastSelf-Storage

Burgess Properties Arranges $25M Sale of Self-Storage Facility in Suburban Boston

by David Cohen

MEDFORD, MASS. — Burgess Properties has arranged the $25 million sale of a 287,570-square-foot industrial facility in Medford. Located at 970 Fellsway, the seven-acre property was the former longtime home of Medford Self Storage. Steve Nohrden of Burgess Properties represented both the buyer, The Davis Cos., and the seller, Fellsway Realty, in the transaction. The Davis Cos. plans to invest capital into the multi-tenanted facility, which dates back to the early 1900s.  

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AcquisitionsNew JerseyNortheastRetail

Marcus & Millichap Brokers $11.7M Sale of Shopping Center in Manalapan

by David Cohen

MANALAPAN, N.J. — Marcus & Millichap has brokered the $11.7 million sale of Tennent 9 Shopping Center in Manalapan. Located at 700 Tennent Road, the 60,000-square-foot center is anchored by NetCost Supermarkets, a European specialty supermarket. The remaining 10 units are leased to a mix of local and regional business, along with a Rite-Aid pharmacy. Alan Cafiero and Ben Sgambati of Marcus & Millichap’s New Jersey office represented the seller, a private investor, in the transaction. The buyer was also a private investor.

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AcquisitionsMultifamilyNew HampshireNortheastSeniors Housing

Blueprint Negotiates Sale of Assisted Living Community in New Hampshire

by David Cohen

DOVER, N.H. — Blueprint Healthcare Real Estate Advisors has negotiated the sale of Wadleigh House, an assisted living community in Dover, near the Maine border. The buyer was a local operator and developer seeking to refurbish and expand the property. The price was not disclosed. The community offers a bed-and-breakfast atmosphere in a converted historic colonial home. The deal was negotiated as a sale-leaseback, offering a path to retirement for the husband-and-wife seller. The seller will remain as operator under a lease until the development project is completed, at which time operations will transfer to the new real estate owner. The transaction team consisted of Steve Thomes with special assistance from Adam Sherman of Live Oak Bank, a former Blueprint team member.

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