Acquisitions

Marcus & Millichap Brokers $2.8M Sale of Shopping Center Near Harrisburg, Pennsylvania

by David Cohen August 28, 2018

LEMOYNE, PA. — Marcus & Millichap has brokered the sale of 840 Market Street Shopping Center, a 32,379-square-foot retail center in Lemoyne. The property sold for $2.8 million, which equates to an 8.9 percent capitalization rate. Craig Dunkle of Marcus & Millichap represented the seller, a private investor based in Mechanicsburg, in the transaction. RSR Realtors represented the buyer, a regional investor. The tenant roster at the shopping center includes Dollar General, Little Caesars, Akita’s Sushi Restaurant, 717 Cross Fit, Burn 30, and Rem Staffing.

August 28, 2018

Acquisitions Industrial Northeast Pennsylvania

Markward Group Orchestrates Sale of 44,227 SF Flex Building Near Allentown

by David Cohen August 28, 2018

MACUNGIE, PA. — Markward Group has orchestrated the sale of a 44,227-square-foot flex building in Macungie. Located at 111 Lehigh St., the 2.6-acre property is approximately 11 miles south of Allentown. Markward Group represented both the seller, Narsu and Ramani Tatikoia, and the buyer, Luicana Unique Design, in the transaction. Luicana Unique Design is a Kitchen and Bathroom remodeling company and will occupy a portion of the building.

August 28, 2018

Acquisitions North Carolina Office Southeast

HFF Brokers $88.5M Sale of Newly Constructed Office Building in Uptown Charlotte

by Camren Skelton August 28, 2018

CHARLOTTE, N.C. — HFF has brokered the sale of 500 East Morehead, a 178,336-square-foot office building in Uptown Charlotte. Ryan Clutter, Scot Humphrey, Chris Lingerfelt and Zack Drozda of HFF arranged the transaction on behalf of the seller, Beacon Partners. HFF’s Roy Rosenbaum and Sean Bannon procured the buyer, a member company of Zurich North America, advised by Zurich Alternative Asset Management, its alternative investment adviser. The sales price was not disclosed, but the Charlotte Business Journal reports the asset sold for $88.5 million. Constructed in 2017, the seven-story property features a fitness center with locker rooms and showers, conference room, three outdoor terraces, a rooftop terrace and three restaurants on the ground floor. The building was fully leased at the time of sale to tenants such as Elliott Davis, CB&I, Lennar Multifamily Communities, Guggenheim Real Estate and Hood Hargett & Associates. The restaurants at 500 East Morehead include The Packhouse, Joe & Nosh and Capishe.

August 28, 2018

Acquisitions Georgia Retail Southeast

CBL Properties Sells Shopping Center in Southeast Georgia for $21.5M

by Camren Skelton August 28, 2018

STATESBORO, GA. — Chattanooga, Tenn.-based CBL Properties has sold Statesboro Crossing, a 155,185-square-foot retail center in the southeastern Georgia city of Statesboro, for $21.5 million. A group of investors led by Morrison Investment Group LLC acquired the asset. Zach Taylor and Don McMinn of Marcus & Millichap represented CBL Properties in the transaction. Located a little less than two miles from Georgia Southern University, Statesboro Crossing is situated on approximately 50 acres and is home to tenants including T.J. Maxx, Hobby Lobby, Books-A-Million, Petco, Hibbett Sports and Rack Room Shoes.

August 28, 2018

Acquisitions Alabama Multifamily Southeast

Cushman & Wakefield Secures $18.8M Sale of Multifamily Community in Birmingham

by Camren Skelton August 28, 2018

BIRMINGHAM, ALA. — Cushman & Wakefield has secured the $18.8 million sale of Village at Grants Mill, a 200-unit multifamily community in Birmingham. Jimmy Adams and Craig Hey of Cushman & Wakefield arranged the transaction on behalf of the seller, LMS Real Estate. An East Coast-based private capital buyer acquired the property. Village at Grants Mill was originally constructed in 1985 and fully renovated in 2017. Individual units feature granite countertops, private patios or balconies, stainless steel appliances, hardwood style flooring and walk-in closets. Community amenities include a resort-style pool, outdoor fire pit, fitness center, dog park, outdoor kitchen and a coffee bar.

August 28, 2018

Acquisitions North Carolina Retail Southeast

Avison Young Arranges $10.5M Sale of Retail Center in Chapel Hill, North Carolina

by Camren Skelton August 28, 2018

CHAPEL HILL, N.C. — Avison Young has arranged the $10.5 million sale of Glenwood Square, a 51,900-square-foot retail center located at 1200-1218 Raleigh Road in Chapel Hill. Blake Thomas and Grant Linderman of Avison Young arranged the transaction on behalf of the seller, Flagler Holdings. Fairway Investments acquired the asset. Constructed in 1987, Glenwood Square is home to tenants including The Fresh Market and Rite Aid. The center was fully leased at the time of sale. The property is located less than two miles from the University of North Carolina at Chapel Hill.

August 28, 2018

Acquisitions Georgia Midwest Minnesota Retail Southeast Texas Top Stories

CBRE, Brookfield Property Partners Buy Three Super-Regional Malls from GGP for More Than $1B

by Camren Skelton August 28, 2018

LOS ANGELES AND NEW YORK — CBRE Global Investors (NYSE: CBRE) has formed a joint venture with Brookfield Property Partners (NASDAQ: BPY) to purchase three super-regional malls totaling 3.7 million square feet from General Growth Properties (NYSE: GGP). As part of the transaction, CBRE is purchasing a 49 percent stake in the three malls from BPY. The sales price for the portfolio was not disclosed, but The Wall Street Journal reports the deal is valued at more than $1 billion. The assets include Cumberland Mall, a 1 million-square-foot mall in northwest Atlanta; Ridgedale Center, a 1.2 million-square-foot mall in the western Minneapolis suburb of Minnetonka; and The Parks Mall at Arlington, a 1.5 million-square-foot mall in the Dallas/Fort Worth metroplex. The three malls were 98 percent leased at the time of sale to tenants including Amazon Pop-Up, AMC Theatres, Apple Store, Barnes & Noble, The Cheesecake Factory, Chick-fil-A, Costco, Dick’s Sporting Goods, Dillard’s, Disney Store, DSW, H&M, JC Penney, Macy’s, Nordstrom, Nordstrom Rack, Old Navy, Pottery Barn, Sears, Starbucks Coffee, Williams-Sonoma and Victoria’s Secret. “We believe that Class A, super-regional malls remain one of the most attractive investments available today,” says David Morrison, chief investment officer of the Americas at CBRE Global …

August 28, 2018

Acquisitions Multifamily Northeast Pennsylvania

Marcus & Millichap Arranges $13M Sale of Apartment Community in Philadelphia

by David Cohen August 27, 2018

PHILADELPHIA — Marcus & Millichap has arranged the sale of AQ Overbrook Flats, a 128-unit apartment community in the Overbrook Farms neighborhood of Philadelphia. The property sold for $13 million, or approximately $101,770 per unit. Clarke Talone, Andrew Townsend and Ridge MacLaren of Marcus & Millishap represented the seller, a limited liability company, in the transaction. The buyer is an affiliate of Aquinas Realty Partners. The property is located at 6358 Lancaster Ave. and 6312 Sherwood Road.

August 27, 2018

Acquisitions Industrial Texas

HFF Arranges $148M Sale of Industrial Portfolio in Texas, North Carolina

by Taylor Williams August 27, 2018

DALLAS, HOUSTON AND CHARLOTTE — HFF has arranged the $148 million sale of an industrial portfolio totaling 1.25 million square feet in Texas and North Carolina. The 20-building portfolio includes Cardinal Park in Dallas, as well as Bammel Business Park, Business Center at Park 10 and Legacy Park in Houston. Adam Herrin, Stephen Bailey, Rusty Tamlyn, Chris Norvell, Trent Agnew and Patrick Nally of HFF represented the seller, Adler Real Estate Partners, in the transaction. The buyer was Pennsylvania-based Exeter Property Group.

August 27, 2018

Acquisitions Northeast Pennsylvania Retail

CBRE Negotiates $10M Sale of Liberty Plaza Shopping Center in Philadelphia

by David Cohen August 27, 2018

PHILADELPHIA — CBRE has negotiated the $10 million sale of Liberty Plaza, a 372,130-square-foot shopping center located at 4501 Woodhaven Road in Philadelphia. The shopping center, which was constructed in 1989, sits on 33 acres. Peter Stevens and Kevin McClernon of CBRE represented the seller, U.S. Bank National Association, in the transaction. The buyer was 4501 Woodhaven Holding LLC. The property is currently 45 percent occupied with a tenant roster that includes Dick’s Sporting Goods, Raymour & Flanigan, Burger King, Grand China Buffet and Liberty Nail Salon.

August 27, 2018

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