Acquisitions

Avison Young Brokers $3.6M Sale of Industrial Warehouse in Los Angeles

by Amy Works January 11, 2019

LOS ANGELES — Avison Young has arranged the sale of an industrial warehouse facility, located at 7727 and 7729 Burnet Ave. in the Los Angeles neighborhood of Van Nuys. Los Angeles-based Burnet Investments sold the property to JP Burnet for $3.6 million. California Contractors Supplies has occupied the 16,230-square-foot warehouse since the late 1970s. The single-story building features an office space build-out, 32 parking stalls, a gated lot, 16-foot clear heights and two ground-level roll-up doors. Andrew Berk and Mark Evanoff of Avison Young represented the seller, while Berk also represented the buyer in the deal.

January 11, 2019

Acquisitions North Carolina Retail Southeast

Madison Marquette Sells Chapel Hill Shopping Center for $51.5M

by John Nelson January 11, 2019

CHAPEL HILL, N.C. — Madison Marquette has sold University Place, a 372,190-square-foot shopping center in Chapel Hill, for $51.5 million. Harris Teeter, SilverSpot Cinema, Planet Fitness and Southern Season anchor the 39.5-acre property. Other tenants include Burlington Shoes, City Kitchen, Chick-fil-A, Bath & Body Works, AT&T, Stoney River Steakhouse and Grill and Bartaco. University Place was originally built in 1973 and most recently renovated in 2013. Daniel Finkle, Richard Reid, John Owendoff, Jordan Lex, Tom Kolarczyk and Kim Flores of HFF represented the seller in the transaction. Ram Realty Advisors purchased the asset.

January 11, 2019

Acquisitions North Carolina Retail Southeast

Hendricks Commercial Sells Kohl’s-Anchored Shopping Center in North Carolina for $29M

by John Nelson January 11, 2019

SOUTHERN PINES, N.C. — Hendricks Commercial Properties has sold Southern Pines Village, a 179,276-square-foot shopping center in Southern Pines, for $29 million. Kohl’s, Hobby Lobby, Ulta Beauty, Dollar Tree and LongHorn Steakhouse anchor the shopping center. Julia Evinger, Nathan Whalen, Jeremie Johnson and Damien Yoder of Marcus & Millichap represented the seller in the transaction. Ashish Vakhariya and Seth Haron, also of Marcus & Millichap, procured the buyer, a Midwest-based private investor.

January 11, 2019

Acquisitions Arkansas Loans Multifamily Southeast

Hunt Real Estate Capital Provides $6M Acquisition Loan for Multifamily Property in Little Rock

by John Nelson January 11, 2019

LITTLE ROCK, ARK. — Hunt Real Estate Capital has provided a $6 million Fannie Mae loan to an undisclosed borrower for the purchase of Northwest Hills Apartments in Little Rock. The loan has a 10-year term with a fixed interest rate of 5.52 percent, amortizing over 30 years after two years of interest-only payments. The apartment community comprises 42 one-bedroom units and 84 two-bedroom units across 13 two-story buildings. The asset was originally built in 1984. Amenities include a swimming pool with a sun deck and hot tub, wooden entertaining deck and a clubhouse.

January 11, 2019

Acquisitions Indiana Midwest Office

Colliers Brokers Sale of Seven-Building Office Portfolio in Indianapolis

by Kristin Harlow January 11, 2019

INDIANAPOLIS — Colliers International has brokered the sale of Commerce Park, a seven-building office portfolio in Indianapolis. The sales price was not disclosed. The portfolio totals 133,749 square feet and is located off 86th Street. The buildings are home to a variety of healthcare, construction and professional services tenants. Alex Cantu and Alex Davenport of Colliers represented the seller, Orton Development Inc. Ziff Properties Inc. purchased the portfolio.

January 11, 2019

Acquisitions Midwest Missouri Multifamily

Marcus & Millichap Brokers Sale of 309-Unit Multifamily Community in Kansas City

by Kristin Harlow January 11, 2019

KANSAS CITY, MO. — Marcus & Millichap has brokered the sale of View High Lake, a 309-unit multifamily community in Kansas City. The sales price was not disclosed. Built in 1973, the property is situated near I-470 and Highway 350. Nick Fluellen, Bard Hoover and Max Helgeson of Marcus & Millichap brokered the transaction. In addition to the apartment complex, the sale includes a 31-acre parcel to the south and an 18-acre parcel to the north that will enable the new owner to construct common area amenities, additional apartment buildings or single-family homes, according to Fluellen.

January 11, 2019

Acquisitions Industrial Southeast Top Stories Virginia

Avison Young Arranges $142M Sale of Industrial Park in Northern Virginia

by Kristin Harlow January 11, 2019

LORTON, VA. — Avison Young has arranged the $142 million sale of Gunston Commerce Center, an industrial/flex business park in Lorton, about 20 miles south of Washington, D.C. NGP, formerly National Government Properties, purchased the property from I-95 Business Parks Management, according to the Washington Business Journal. The park spans nine buildings and 600,000 square feet of rentable space. It is situated between the Pentagon and the Marine Corps Base Quantico. The property is leased to a roster of tenants anchored by federal government contractors and the General Services Administration, which is the real estate management entity of the federal government that leases space on behalf of agencies such as the Department of Defense. The buildings are flexible in design, with uses ranging from office and warehouse to R&D and retail. John Kevill, Jim Kornick, Chip Ryan, Michael Murrillo and Georgiana Condoiu of Avison Young marketed the property on behalf of the seller. — Kristin Hiller and Alex Tostado

January 11, 2019

Acquisitions Multifamily North Carolina Southeast Top Stories

Waterton Purchases Multifamily Portfolio in North Carolina for $169M

by Alex Tostado January 10, 2019

RALEIGH, CHARLOTTE AND CARY, N.C — In a move that furthers its value-add strategy, Waterton has acquired a four-property, 1,148-unit apartment portfolio in North Carolina. The sales price was undisclosed, but the Triangle Business Journal reports that the portfolio traded for $169 million. The seller was an investment group led by the Bainbridge Cos. The properties are located in Raleigh, Charlotte and Cary. The complexes were built between 1987 and 1995, and the acquisition nearly doubles Chicago-based Waterton’s portfolio in North Carolina. The properties, which feature a mix of garden-style buildings and townhomes, include: Ashford Green, a 300-unit community consisting of 22 three-story, garden-style buildings and five townhome buildings on 20 acres in Charlotte; Atria at Crabtree Valley, a 268-unit complex across 18 two- and three-story, garden-style buildings on 28 acres in Raleigh; Audubon Parc, 180-units with 10 three-story, garden-style buildings on 18 acres about 11 miles southwest of downtown Raleigh in Cary; and The Retreat at McAlpine Creek, a 400-unit property with 30 three-story, garden-style buildings and four townhome buildings on 40 acres in Charlotte. Waterton plans to renovate unit interiors and exteriors, upgrade amenities, including clubhouses, leasing centers, pools, fitness centers and playgrounds at all four locations, and …

January 10, 2019

Acquisitions Multifamily North Carolina Southeast

Novare Group Sells Multifamily High-Rise in Uptown Charlotte to CBRE Global for $190M

by Alex Tostado January 10, 2019

CHARLOTTE, N.C. — Novare Group has sold SkyHouse Uptown, a 672-unit multifamily complex in Uptown Charlotte’s Fourth Ward neighborhood, to CBRE Strategic Partners U.S. Value 8 fund, a subsidiary of Los Angeles-based CBRE Global Investors. The sales price was undisclosed, but Charlotte Business Journal reports the high-rise project sold for $190 million. The asset consists of two 24-story buildings, which were completed in 2015 and 2017. The property includes 14,000 square feet of retail space and an eight-story parking structure. Each tower features a rooftop pool, covered poolside lounges with billiards, fire pits and large flat screen TVs. David Gutting, Andrea Howard, Jim Sewell and John Currin of JLL represented the Atlanta-based seller in the transaction.

January 10, 2019

Acquisitions Maryland Retail Southeast

Klein Enterprises Sells 154,229 SF Shopping Center in Metro Baltimore

by Alex Tostado January 10, 2019

HALETHORPE, MD. — Klein Enterprises has sold Patapsco Village, a 154,229-square-foot shopping center in Halethorpe. MegaMart, an owner and operator of nine Latin American-focused grocery stores in the Mid-Atlantic, purchased the property for an undisclosed price. MegaMart will open a location in the former King Food space. Other tenants include Roses Discount Store, M&T Bank, Rainbow and Shoe City. Klein Enterprises has owned Patapsco Village since developing the center in 1983. The shopping center is situated about four miles south of downtown Baltimore.

January 10, 2019

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