Acquisitions

Del Rey Avocado Co. Acquires 41,944 SF Industrial Property in San Diego County for $7.8M

by Amy Works February 5, 2019

VISTA, CALIF. — Del Rey Avocado Co. has purchased an industrial property located at 1390 Engineer St. in Vista. Vista Carlsbad LLC sold the asset for $7.8 million. Situated in the North County Industrial Park, the 41,944-square-foot property features 24-foot to 28-foot clear heights, nine grade doors, four dock doors and a high-quality truck loading/circulation area. Based in Fallbrook, Calif., the family-run business has packed California avocados from San Diego to San Luis Obispo since 1969. Roger Carlson, Adam Molnar and Greg Lewis of CBRE represented the seller, while Robert Gunness, also of CBRE, represented the buyer in the deal.

February 5, 2019

Acquisitions Michigan Midwest Retail

Marcus & Millichap Brokers $1.6M Sale of Net-Leased Childcare Property in Davison, Michigan

by Kristin Harlow February 5, 2019

DAVISON, MICH. — Marcus & Millichap has brokered the $1.6 million sale of a net-leased childcare property in Davison, about 10 miles east of Flint. The 12,324-square-foot building is located at 9203 Lapeer Road. Rainbow Child Care has operated at the facility for 12 years and recently signed a lease renewal. Dominic Sulo and Eric Luhrsen of Marcus & Millichap marketed the property and represented the out-of-state buyer who was completing a 1031 tax-deferred exchange.

February 5, 2019

Acquisitions California Multifamily Top Stories Western

Integral, Wanxiang Sell High-Rise Apartment Building in Denver for $110.5M

by Amy Works February 5, 2019

DENVER — A partnership between Atlanta-based The Integral Group and Chicago-based Wanxiang America Real Estate Group has sold EVIVA on Cherokee, a high-rise apartment building located at 1250 Cherokee St. in Denver’s Golden Triangle neighborhood. The partnership developed the 18-story property in 2017. The buyer and sales price were undisclosed, but multiple media outlets report that an affiliate of Chicago-based Equity Residential purchased the asset for $110.5 million. EVIVA on Cherokee features apartments averaging 820 square feet with industrial-inspired finishes, including exposed concrete, high-gloss custom cabinetry, quartz countertops, stainless steel appliances, sliding barn doors and floor-to-ceiling windows. Community amenities include a resort-style saltwater pool with private cabanas, outdoor grilling area, bocce ball court, fitness center, movie room with billiards, demonstration kitchen, private indoor/outdoor conference room, rotating art gallery throughout the common areas, dog wash and 24-hour concierge services. Jordan Robbins, Anna Stevens, Mack Nelson and Chris White of HFF represented the seller in the transaction. “The limited availability of concrete, high-rise apartment communities in Denver created significant interest in the asset,” says HFF’s Robbins. Founded in 2010, Wanxiang America Real Estate Group LLC has invested more than $1 billion of equity into nearly 100 commercial real estate investments of all product …

February 5, 2019

Acquisitions Georgia Industrial Southeast

Americold Acquires PortFresh for $35M, Including Land in Savannah for New Cold Storage Warehouse

by Alex Tostado February 4, 2019

SAVANNAH, GA. — Americold, a global owner and operator of temperature-controlled warehouses, has acquired PortFresh Holdings for $35 million. PortFresh is a privately owned operator servicing produce mainly out of the Port of Savannah. Americold’s acquisition includes 163 acres of land adjacent to PortFresh’s Savannah site, on which, Americold plans to build an approximately 60,000-square-foot warehouse. The planned building is expected to feature 37,000 pallet positions, advanced blast freezing capabilities and space and infrastructure to support refrigerated-containerized trade. Atlanta-based Americold plans to open the facility in early 2020 and expects it to cost between $55 million and $65 million to develop.

February 4, 2019

Acquisitions North Carolina Retail Southeast

InvenTrust Properties Purchases Grocery-Anchored Retail Center in Durham for $23.3M

by Alex Tostado February 4, 2019

DURHAM, N.C. — InvenTrust Properties Corp. has acquired Commons at University Place, a 92,100-square-foot retail center in Durham, for $23.3 million. The center is anchored by Harris Teeter and CVS/pharmacy. The asset is situated about four miles south of Duke University and about five miles southwest of downtown Durham. The seller was not disclosed.

February 4, 2019

Acquisitions Kentucky Multifamily Southeast

Middleburg Buys Apartment Complex in Louisville, Plans $16M Renovation

by Alex Tostado February 4, 2019

LOUISVILLE, KY. — Middleburg has acquired Arcadia Park, a 418-unit apartment complex in Louisville that is mostly abandoned. The sales price was not disclosed, though Middleburg is planning a $16 million renovation for the asset, which will be rebranded as Vesta Derby Oaks. The property currently offers two-bedroom floor plans. Middleburg plans to renovate all 418 units to offer a mix of one-, two- and three-bedroom floor plans. Further renovations include new siding, windows, roofs, interiors, plumbing, HVAC and electrical systems, new Energy Star-rated appliances, LED lighting and improved sidewalks and landscaping. The name Vesta Derby Oaks is a tribute to Churchill Downs, which is situated less than one mile from the apartment complex.

February 4, 2019

Acquisitions Mixed-Use New York Northeast

Benchmark Real Estate Acquires Mixed-Use Building in Manhattan for $21M

by David Cohen February 4, 2019

NEW YORK CITY — Benchmark Real Estate Group has acquired a six-story, mixed-use building in Manhattan for $21 million. Located at 35 Bedford St., the property consists of 33 apartments and three retail units. The building was constructed in 1900 and is part of the Greenwich Village Historic District Extension. Aaron Jungreis of Rosewood Realty Group represented both Benchmark and the seller, Renaissance Properties, in the transaction. Benchmark plans to fully renovate the property.

February 4, 2019

Acquisitions Connecticut Multifamily Northeast

Pearce Commercial Negotiates $1.9M Sale of Apartment Property in Connecticut

by David Cohen February 4, 2019

WEST HAVEN, CONN. — Pearce Commercial has negotiated the $1.9 million sale of an 18,728-square-foot apartment building in West Haven. Located at 405 Main St., the three-story property contains 16 units. The building was recently renovated with new kitchens and appliances as well as hardwood floors throughout. Jamie Cuzzocreo of the Pearce North Haven Commercial office represented the buyer, Cocolorus Properties, in the transaction. The seller was Vesta Greenview Apartments LLC.

February 4, 2019

Acquisitions Office Texas

Albany Road Acquires 285,000 SF Office Portfolio in Arlington

by John Nelson February 4, 2019

ARLINGTON, TEXAS — Albany Road Real Estate Partners, a Boston-based investment firm, has acquired Centerpoint I, II and III, a portfolio of three office properties totaling 285,000 square feet in Arlington. The property was 94 percent leased at the time of sale, with the North Central Texas Council of Governments accounting for more than half the occupancy. Creighton Stark and Chris Boyd of Colliers International represented the seller, a German investment firm, in the transaction. Other terms of sale were not disclosed.

February 4, 2019

Acquisitions Civic Texas

Crow Family Gifts Art Museum in Downtown Dallas to UT Dallas, Donates $23M for Second Museum

by John Nelson February 4, 2019

DALLAS — The Trammell and Margaret Crow family has donated the entire collection of the Trammell and Margaret Crow Museum of Asian Art to The University of Texas at Dallas (UTD). The museum, which recently underwent a 5,000-square-foot expansion, is located at 2010 Flora St. within the Trammell Crow Center in the city’s Arts District. Following decades of collecting art from Asian countries, the Crow family established the Asian arts museum in 1998. The museum has a long-term lease at the building with landlord JP Morgan Chase, and UTD plans to continue operating the museum at its current location. In addition to the downtown location, the Crow family also donated $23 million of support funding for the university to establish a second museum on UTD’s Richardson campus. Together, the two museums will be known as the Trammell and Margaret Crow Museum of Asian Art of The University of Texas at Dallas. The museum features more than 1,000 ancient and contemporary works from Cambodia, China, India, Indonesia, Japan, Korea, Myanmar, Nepal, Pakistan, Thailand, Tibet and Vietnam. The collection also includes a library of over 12,000 books, catalogs and journals. The museum is free of admission.

February 4, 2019

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