BLOOMINGTON, MINN. AND MILFORD, OHIO — Four Springs Capital Trust (FSCT) has acquired two automotive service centers for an undisclosed price. One of the properties is a collision repair center leased to ABRA Auto Body & Glass in Bloomington, Minn. The other is a tire and service center occupied by AAA in Milford, Ohio. Sellers of the properties were not disclosed. New Jersey-based FSCT is an internally managed, private real estate investment trust focused on acquiring a portfolio of net leased retail, industrial and healthcare properties.
CLAYTON, MO. — Pinnacle Real Estate Advisors LLC has arranged the sale of a 3,600-square-foot property occupied by Qdoba, a fast-casual Mexican restaurant, in Clayton for $1.8 million. The single-tenant building is located at 6701 Clayton Road across the street from a Schnuck’s grocery store. Qdoba has operated at the location since 2016. Zach Wright, Rob Edwards and Tom Ethington of Pinnacle represented the buyer, a Texas-based investor. A local real estate company was the seller.
DALLAS — Berkadia has brokered the sale of The Montage Apartments and The Hub Apartments, two multifamily assets totaling 624 units in Dallas. Both properties offer one-, two- and three-bedroom floorplans and swimming pools. Jeff Rowerdink, Joe Leon and Jay Gunn of Berkadia represented the seller, Texas-based Firestone MLP, in the transaction. Jackson Cloak, Ed Kim and Collin Downey of Berkadia secured two acquisition loans through Utah-based Bridge Investment Group for the buyer, California-based Greenlaw Partners. Each loan featured an adjustable 4.79 percent interest rate.
HOUSTON — Local investment firm Tarantino Properties has acquired Ascension on the Bayou, a 280-unit multifamily community in Houston. The property was completed in 2017 and features a mix of one- and two-bedroom units. Amenities include a pool, outdoor grilling area, fitness plaza with ping pong tables, indoor fitness center, entertainment lounge, business center and a dog park. Cortney Cole and Sterling Curry of HFF arranged a 10-year acquisition loan on behalf of Tarantino for the transaction. The seller was not disclosed.
NEW YORK CITY — Brookfield Properties has closed on the acquisition of two development sites along the Harlem River waterfront in the Bronx for $165 million. The two sites are located at 101 Lincoln Ave. and 2401 Third Ave. in the Mott Haven section of the Bronx. Brookfield plans to continue construction on a mixed-use project at the two sites that will include a total of 1,253 residential units and four retail stores. Doug Harmon and Adam Doneger of Cushman & Wakefield brokered the transaction on behalf of the buyer. Todd Soloway, Danielle Schechner, and Ari Tran of Pryor Cashman represented the seller, a joint venture comprised of affiliates of The Chetrit Group and Somerset Partners, in the transaction.
NASHVILLE, TENN. — CBRE has arranged the $54 million sale of Public Square Garage, a 12-story, 1,069-space parking garage located at 350 Deaderick St. in downtown Nashville. Douglass Johnson, Morgan Hillenmeyer and Nicole Filkins of CBRE arranged the transaction on behalf of the seller, a joint venture between RBN Equities and a fund managed by Jadian Capital. Nashville Garage LP, an affiliate of Stolz Real Estate Partners, acquired the property. In addition to parking, Public Square Garage features 37,000 square feet of retail and office space on the lower two floors.
ORLANDO, FLA. — Cushman & Wakefield has brokered the sale of Millenia Lakes I, II and III, a 414,472-square-foot office park in Orlando. The portfolio is part of a 450-acre master-planned development that includes office, apartments, a hotel and retail space. Mike Davis, Michael Lerner and Rick Brugge of Cushman & Wakefield arranged the transaction on behalf of the seller, Barings Real Estate, an affiliate of Barings LLC. An affiliate of Starwood Capital Group acquired the assets for an undisclosed price. The three buildings in the park were built in phases between 2001 and 2007. On-site amenities include a fitness center, café and a walking/jogging path surrounding a lake. The buildings are located adjacent to the Mall at Millenia, a regional shopping mall. The Millenia Lakes portfolio was 91.2 percent leased at the time of sale to tenants such as Prudential and AXA Equitable Life Insurance.
HOUMA, LA. — HFF has secured the $27.2 million sale of Houma Shopping Center, a 204,879-square-foot shopping center in the southern Louisiana community of Houma, approximately 57 miles southwest of New Orleans. Jim Hamilton, Barry Brown, Andrew Levy, Ryan Shore, Brad Buchanan, Michael Allison and Ryan Stoffer of HFF arranged the transaction on behalf of the seller, Viking Partners LLC. Gregg Shapiro of HFF arranged a five-year, $16.2 million acquisition loan through Goldman Sachs on behalf of the undisclosed buyer. Houma Shopping Center was fully leased at the time of sale to tenants such as Marshalls, HomeGoods, Planet Fitness, Office Depot, Petco, Pro Nails, Burger King, Outback Steakhouse and Chili’s Bar & Grill. Walmart Supercenter shadow-anchors the center.
FREDERICKSBURG, VA. — Calkain Cos. LLC has arranged the $15.6 million sale of a property net leased to Publix in Fredericksburg, a town in northern Virginia. The 49,098-square-foot store, located at 9601 Jefferson Davis Highway, opened in July. The store is located within Cosner’s Corner shopping center, which is home to tenants such as Super Target and Kohl’s. Jonathan Hipp of Calkain arranged the transaction on behalf of the seller, Silver Cos. Publix Super Markets acquired the asset, exercising its Right of First Refusal. The property is net-leased to Publix for 20 years and is the furthest north store for the Lakeland, Fla.-based grocer.
BEVERLY HILLS, CALIF. — StarPoint Properties has purchased an office building, located at 433 N. Camden Drive in Beverly Hills. The original owner sold the 12-story asset for $193 million. StarPoint plans to renovate the property, which was built in 1972 and is known as Wells Fargo Building due to the banking tenant’s rooftop signage. The 207,432-square-foot building has not been renovated in 15 years and falls 25 percent below the market’s average rent of $48.24 per square foot — creating an opportunity for StarPoint, which specializes in acquiring and repositioning undervalued properties. Renovation plans, although not finalized, include transforming a 6,500-square-foot deck on the fourth floor into an open-air lobby that emphasizes natural light and features sculpture gardens and an improved façade.