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Acquisitions

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AcquisitionsIndustrialSouth CarolinaSoutheast

Colliers Facilitates Sale of 102,141 SF Flex Property in Columbia, South Carolina

by Abby Cox

COLUMBIA, S.C. — Colliers has facilitated the sale of Stephenson Center, a 102,141-square-foot flex/office portfolio located at 714 Betsy Drive and 720 Gracern Road in Columbia. FirstLight Investments acquired the property for an undisclosed price. Nolan Ashton, Tommy Whitmore, Henry Roe and Allen Wilkerson of Colliers represented the seller, RealOp Investments, in the transaction. Roe and Wilkerson will lead leasing efforts for the property on behalf of the new ownership. Stephenson Center comprises three flex/office buildings with approximately a half-acre of secured industrial outdoor storage (IOS). The portfolio is currently 91 percent leased to a mix of multi-purpose tenants, medical users and government agencies.

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Signal-Hill-Retail-CA
AcquisitionsCaliforniaLoansRetailWestern

Marcus & Millichap Brokers $6.2M Sale for Retail Pad in Los Angeles County

by Amy Works

SIGNAL HILL, CALIF. — Marcus & Millichap has brokered the sale of a four-tenant retail pad in Signal Hill. Knouraki Corp. sold the asset to D’Oyen Trust for $6.2 million. Situated within Signal Hill Gateway, the property is occupied by Starbucks Coffee, Chipotle Mexican Grill, Bank of America and Milano Nail Lounge on triple-net leases. Sheila Alimadadian of Marcus & Millichap represented the seller, while Jonathan Weir and Stefan Ignjatovic of Marcus & Millichap procured the buyer in the deal. Danny Abergel of Marcus & Millichap Capital Corp. arranged acquisition financing for the transaction.

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AcquisitionsIllinoisIndustrialMidwest

Greenstone Partners Brokers $18M Sale of Flex Industrial Property in Skokie, Illinois

by Kristin Harlow

SKOKIE, ILL. — Greenstone Partners has brokered the $18 million sale of the WiFi Tech Center, a multi-tenant, flex industrial property totaling 183,000 square feet in Skokie. The historical occupancy for the asset has averaged 95 percent over the past 20 years. The tenant mix is comprised of national and local companies with the typical space ranging from 3,000 to 15,000 square feet. Danny Spitz of Greenstone represented both the seller, a local private investor, and the buyer, a California-based private investor.

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AcquisitionsNortheastRetailVermont

Chozick Realty Negotiates $9.8M Sale of Shopping Center in Morrisville, Vermont

by Taylor Williams

MORRISVILLE, VT. — Regional brokerage firm Chozick Realty has negotiated the $9.8 million sale of Morrisville Plaza, a 104,380-square-foot shopping center in upstate Vermont. Marshalls and Ocean State Job Lot anchor the center, which was built on 11 acres in the early 1990s and is also home to McDonald’s, Kinney Drugs, TD Bank and M&T Bank. Tom Boyle of Chozick Realty represented the buyer and seller, both of which requested anonymity, in the transaction.

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AcquisitionsMultifamilyTexas

Cortland Acquires 444-Unit Apartment Community in Northwest Houston

by Taylor Williams

HOUSTON — Atlanta-based multifamily investment firm Cortland has acquired Wynnewood at Wortham, a 444-unit apartment community in northwest Houston. According to Apartments.com, the property was built in 1998 and features one-, two- and three-bedroom floor plans that range in size from 719 to 1,254 square feet. Amenities include a clubhouse, leasing center, fitness and business center, two pools, two dog parks, a car wash station and multiple grills. The new ownership plans to implement a capital improvement program and to rebrand the property as Cortland Wortham. The seller and sales price were not disclosed.

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AcquisitionsLoansMultifamilyTexas

Newmark Brokers Sale of 200-Unit Nichols Park Apartments in Southwest Austin

by Taylor Williams

AUSTIN, TEXAS — Newmark has brokered the sale of Nichols Park, a 200-unit apartment complex in southwest Austin. Built in 1985, Nichols Park offers one- and two-bedroom units with an average size of 670 square feet. Amenities include a pool, basketball court, dog park, outdoor grilling stations and a community lounge and coffee bar. Jim Young, Patton Jones, Andrew Dickson and Matt Michelson of Newmark represented the seller, Austin-based Thrive FP, in the transaction. Mesa West Capital provided a $23.4 million acquisition loan to the buyer, Los Angeles-based investment firm DreamField Capital. Nichols Park was 96 percent occupied at closing.

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AcquisitionsDevelopmentGeorgiaRetailSoutheast

Gwinnett County to Acquire Former Sears at Gwinnett Place Mall in Metro Atlanta

by John Nelson

DULUTH, GA. — The Urban Redevelopment Agency of Gwinnett County has approved the purchase of a former Sears department store at Gwinnett Place Mall, a struggling shopping mall situated off Pleasant Hill Road near the I-85 exit in metro Atlanta. Northwood Ravin will sell the 11.5-acre site to the county for $11.5 million, the same price the Charlotte-based multifamily developer paid for the property in 2018. With the Sears acquisition, Gwinnett County now owns a combined 87.5 acres at Gwinnett Place Mall. Plans for the mall redevelopment include a mixed-use destination that is “green and walkable.” The county and the mall’s redevelopment consultant, CBRE, will release a nationwide request for proposal (RFP) to developers later this month. The mall redevelopment will include the Gwinnett Place Transit Center, which the county’s board of commissioners approved in March and is funded largely by the Federal Transit Administration. The project will expand transit connection throughout the county and is projected to be completed in 2032.

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AcquisitionsRestaurantRetailTexas

SRS Arranges $5.6M Sale of Restaurant Building Leased to First Watch in Addison, Texas

by Taylor Williams

ADDISON, TEXAS — SRS Real Estate Partners has arranged the $5.6 million sale of a 5,672-square-foot restaurant building in the northern Dallas metro of Addison. The tenant, Florida-based breakfast eatery First Watch, recently committed to a 12-year term at the property via a corporate-guaranteed lease. Matthew Mousavi and Patrick Luther of SRS represented the seller, Dallas-based real estate private equity firm 90Ten, in the transaction. The buyer, a New Mexico-based private investor, acquired the asset via a 1031 exchange. The sales price equates to a cap rate of 5.5 percent.

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AcquisitionsIndustrialLeasing ActivityMississippiSoutheast

Cushman & Wakefield | Commercial Advisors Arranges Sale-Leaseback of Industrial Portfolio in Jackson, Detroit

by John Nelson

JACKSON, MISS. AND DETROIT — Cushman & Wakefield | Commercial Advisors has arranged the sale-leaseback of a five-property light-manufacturing industrial portfolio totaling 169,043 square feet. Four of the five assets are located in metro Jackson and one facility is located in metro Detroit. Landon Williams and Katie Hargett of Cushman & Wakefield | Commercial, along with Pratt Rogers of Kerioth Corp., represented the seller, an entity doing business as Multicraft Real Estate LLC. The buyer, an entity doing business as Harrison Cayden Holdings LLC, purchased the portfolio and leased it back on a 15-year term to Multicraft, which specializes in manufacturing equipment for the automotive, power tool and HVAC industries. Other terms of the transaction were not disclosed.

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AcquisitionsCaliforniaOfficeWestern

Lincoln Property Co. Buys San Diego Office Campus from CIM Group for $92M

by Amy Works

SAN DIEGO — Lincoln Property Co. has purchased AMP&RSAND at 350 Camino De La Reina in San Diego from CIM Group for $92 million. Matt Carlson and Hunter Rowe of CBRE facilitated the sale, and Scott Peterson, Michael Kolcum and Colby Matzke of CBRE secured financing for the acquisition. Originally the home of the San Diego Union-Tribune for more than 40 years, the 13-acre site has been renovated into a Class A creative office campus. The property includes a five-story building and a three-story building totaling 343,202 square feet and connected by a 65-foot steel pedestrian bridge. The campus includes a fitness center, café, large outdoor patios and flexible conferencing spaces.

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