Acquisitions

Ardent Buys Office Building in Atlanta’s Buckhead District for $58M

by Alex Tostado February 7, 2019

ATLANTA — The Ardent Cos. has purchased Piedmont Center 14, a 300,454-square-foot office building located at 3535 Piedmont Road in Atlanta’s Buckhead district, for $58 million. The building is situated within Piedmont Center, a 2.1 million-square-foot office park in Buckhead located on 52 acres near Ga. Highway 400 and Piedmont Road. According to the Atlanta Business Chronicle, Ardent now owns nearly 1.7 million square feet within Piedmont Center and has the third largest office footprint among Buckhead owners, trailing only Cousins Properties and Highwoods Properties Inc. Built in 1988, Piedmont Center 14 was 79 percent leased at the time of sale to tenants including MagMutual, Change Healthcare, Kenzie Lane and NCC Media. Richard Reid, Ryan Clutter, Ralph Smalley and Huston Green of HFF represented the undisclosed seller and procured the buyer in the transaction.

February 7, 2019

Acquisitions Florida Multifamily Southeast

Berkadia Brokers $50.1M Sale of Apartment Community near Tampa Bay

by Alex Tostado February 7, 2019

CLEARWATER, FLA. — Berkadia has brokered the $50.1 million sale of Estates at Countryside, a 320-unit apartment community located at 2652 N. McMullen Booth Road in Clearwater. The buyer, an affiliate of Insula Cos., plans to improve the property’s energy and water usage. Mitch Sinberg and Matt Robbins of Berkadia’s South Florida office arranged a $37.2 million, 10-year, floating-rate loan through Freddie Mac’s Green Up program on behalf of Insula Cos. Built in 1990, the property is situated about 21 miles from downtown Tampa on the other side of Old Tampa Bay. Estates at Countryside comprises one-, two- and three-bedroom apartments with vaulted ceilings, sunrooms, walk-in closets and washer/dryer units. Community amenities include a fitness center, spa, pool and a playground. Jason Stanton and Cole Whitaker of Berkadia represented the buyer in the transaction. The seller was not disclosed.

February 7, 2019

Acquisitions Multifamily South Carolina Southeast

JLL Arranges $49M Sale of New Multifamily Property in Metro Charlotte

by Alex Tostado February 7, 2019

FORT MILL, S.C. — JLL has arranged the $49 million sale of Beckett Farms, a 280-unit apartment community located at 1111 Gennett Circle in Fort Mill, a suburb of Charlotte in South Carolina. PRG Real Estate purchased the asset from the developer, Miller-Valentine Group. Built along Interstate 77 in 2018, Beckett Farms features a clubhouse, fire pits, pocket parks and play lawns, fitness center and a saltwater/mineral pool with sun shelves and private cabanas. Units average 1,026 square feet and include wood-style flooring, patios and balconies, large closets, granite countertops and stainless steel appliances.

February 7, 2019

Acquisitions California Office Western

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

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