Acquisitions

CIGNA Investment Management, The Muller Co. Buy Century Plaza in San Jose for $63.4M

by Amy Works February 7, 2019

SAN JOSE, CALIF. — A joint venture between CIGNA Investment Management and The Muller Co. has acquired Century Plaza, a six-story office building located at 550 S. Winchester Blvd. near Santana Row in San Jose. New York Life Real Estate Investors sold the property for $63.4 million. The new ownership plans to rebrand the 103,622-square-foot property and invest approximately $4.1 million to upgrade the façade, landscaping, lobby, restrooms and corridors. At the time of sale, the property was 82 percent leased. Eric Fox and Nick Lazzarina of Cushman & Wakefield’s San Jose office, along with Steven Hermann, Seth Siegel and Adam Lasoff of Cushman & Wakefield’s San Francisco office, represented the buyer and seller in the deal.

February 7, 2019

Acquisitions Midwest Office Wisconsin

TPG Real Estate, Crestlight Capital Purchase Schlitz Park Office Campus in Milwaukee

by Kristin Harlow February 7, 2019

MILWAUKEE — TPG Real Estate and Crestlight Capital have purchased the Schlitz Park office campus in Milwaukee for an undisclosed price. The joint venture acquired the 32-acre office property from The Brewery Works Inc., the development and ownership group led by the Grunau and Sampson families. After a $30 million, multi-year renovation, Schlitz Park reached full occupancy in mid-2018. Tenants include US Bank, UMB Fund Services, HSA Bank, Aurora Health Care and the Milwaukee Bucks. The property originally served as the brewery for Joseph Schlitz Brewing Co.

February 7, 2019

Acquisitions North Carolina Retail Southeast

WRS Acquires 207,542 SF Mayberry Mall in Mount Airy, North Carolina

by Alex Tostado February 7, 2019

MOUNT AIRY, N.C. — WRS Inc. Real Estate Investments has purchased Mayberry Mall, a 207,542-square-foot regional mall located at 338 Frederick St. in Mount Airy. Completed in 1968, Mayberry Mall is the only enclosed regional mall within a 30-mile radius and is anchored by Belk. The seller is longtime owner Kohan Retail Investment Group. WRS plans to redevelop the mall and bring in new uses and retailers. The Mt. Pleasant, S.C.-based owner and developer says it will begin construction and leasing initiatives immediately. Situated five miles south of the Virginia border, the city of Mount Airy is the home of comedian and TV star Andy Griffith and served as the inspiration for the fictional town of Mayberry, the setting of the “Andy Griffith Show.”

February 7, 2019

Acquisitions Illinois Midwest Retail

Joint Venture Acquires Retail Center in Burr Ridge, Illinois for $15M, Plans Renovation

by Kristin Harlow February 7, 2019

BURR RIDGE, ILL. — Edwards Realty Co. and Core Acquisitions have acquired Burr Ridge Village Center in suburban Chicago for $15 million. The joint venture plans to renovate the 200,000-square-foot retail center. Originally constructed in 2007, the property is home to more than 30 national and local retail tenants. Renovation plans call for more entertainment and food options, according to Ramzi Hassan, president of Edwards Realty Co.

February 7, 2019

Acquisitions Arizona Retail Western

Cushman & Wakefield Arranges Sale of Coyote Station Retail Center in Sedona for $7.7M

by Amy Works February 7, 2019

SEDONA, ARIZ. — Cushman & Wakefield has brokered the sale of Coyote Station, located at northeast corner of State Route 179 and Cortez Drive in Sedona. Cupertino, Calif.-based Brochway LLC acquired the property from Sedona-based Crescent Properties for $7.7 million. Chris Hollenbeck and Shane Carter of Cushman & Wakefield’s Phoenix office represented the seller. Coyote Station is a 10,028-square-foot, multi-tenant retail center. At the time of sale, a variety of tenants fully occupied the center, including Marathon Petroleum, Subway, Wendy’s and Diamond Resorts.

February 7, 2019

Acquisitions Industrial Midwest Nebraska Self-Storage

Marcus & Millichap Brokers Sale of 587-Unit Self-Storage Property in Omaha

by Kristin Harlow February 7, 2019

OMAHA, NEB. — Marcus & Millichap has brokered the sale of I-80 Self Storage, a 587-unit self-storage property in Omaha. The 98,957-square-foot facility is located at 1930 Fletcher Ave. Built in 2013, the five-building property is situated on 5.2 acres. Brett Hatcher and Gabriel Coe of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The team also secured the buyer, a limited liability company.

February 7, 2019

Acquisitions Michigan Midwest Retail

NAI Wisinski Negotiates Sale of 91,225 SF Shopping Center in Grand Rapids

by Kristin Harlow February 7, 2019

GRAND RAPIDS, MICH. — NAI Wisinski of West Michigan has negotiated the sale of Grand Central Plaza in Grand Rapids for an undisclosed price. The 91,225-square-foot shopping center is home to Buffalo Wild Wings, Bluff Banquet, Rent-A-Center and Capital Cities Hobbies. Russ Bono, Todd Leinberger and Cameron Timmer of NAI Wisinski represented the buyer, a Michigan-based investor, and the seller, California-based SDLT Investments VII LLC.

February 7, 2019

Acquisitions Midwest Minnesota Office

Sumitomo Corp. Acquires SPS Office Tower in Minneapolis for $144M

by Taylor Williams February 7, 2019

MINNEAPOLIS — Sumitomo Corp. of Americas, a New York City-based subsidiary of Japanese general trading firm Sumitomo Corp., has acquired SPS Tower, a 31-story office building located in Minneapolis’ central business district. The seller was not disclosed, but The Minneapolis Star Tribune reports that the sales price was $144 million. The building, which totals 655,070 square feet of rentable office space, was 84 percent occupied at the time of sale. SPS Commerce, a provider of cloud-based supply chain management software, and Accenture LLP, a global management and consulting firm, serve as the anchor tenants. Amenities at SPS Tower include a fitness center and conference facilities, as well as banking, dry cleaning and concierge services. The property is connected to three adjacent buildings via a pedestrian skyway and sits atop a 630-space underground parking garage. “This is our first real estate investment in Minneapolis,” says Yurika Sugimoto, real estate manager at Sumitomo Corp. of Americas. “We believe the expertise we’ve cultivated throughout our several years within the U.S. real estate market will allow us to bring insights and improvements related to building management and tenant relationships.” — Taylor Williams

February 7, 2019

Acquisitions Florida Multifamily Southeast

CBRE Arranges $64M Sale of Island Club Multifamily Community in Orlando

by Alex Tostado February 6, 2019

ORLANDO, FLA. — CBRE has arranged the $64 million sale of Island Club, a 472-unit multifamily community in Orlando. The asset is situated at 1401 Kirkman Road, about six miles west of downtown Orlando. Built in 1990, Island Club offers one-, two- and three-bedroom floor plans. Amenities include a car care center, tennis court, volleyball court, two lake-side swimming pools, playground, game room and fitness center. Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented the undisclosed seller in the transaction. Brian Eisendrath of CBRE originated a 10-year Freddie Mac loan on behalf of the buyer, TruAmerica Multifamily. The acquisition loan features five years of interest-only payments.

February 6, 2019

Acquisitions Arkansas Industrial Southeast

Apex Tool Group Sells 242,000 SF Manufacturing Facility in Arkansas

by Alex Tostado February 6, 2019

SPRINGDALE, ARK. — Apex Tool Group LLC has sold its 242,000-square-foot manufacturing facility in Springdale to Trickling Creek Properties LLC. The buyer plans to look for new tenants for the building. The facility sits on 52.8 acres less than a mile from the Springdale Municipal Airport, and about 10 miles north of downtown Fayetteville. The building includes eight- to 10-inch reinforced concrete floors, seven-inch concrete block walls, ceiling heights ranging from 20 feet to 32 feet, approximately 24,000 square feet of air-conditioned office space, four eight-by-10-foot and two eight-by-eight-foot dock-high loading doors, and paved and lighted parking for approximately 430 vehicles. Holmes Davis of Binswanger represented the seller in the transaction. Marshall Saviers of Sage Partners represented the buyer. The price was not disclosed.

February 6, 2019

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