Acquisitions

FCP Sells 170-Unit Apartment Community in Suburban Maryland for $24.5M

by Camren Skelton June 11, 2018

FORT WASHINGTON, MD. — Federal Capital Partners (FCP) has sold River Pointe, a 170-unit apartment community located at 8340 Indian Head Highway in Fort Washington, about 19 miles south of Washington, D.C. Aulder Capital purchased the property for $24.5 million. River Pointe includes a new playground, picnic area, central courtyard, pet walk and on-site maintenance and management. Robin Williams, Dean Sigmon and Justin Shay of Transwestern’s Mid-Atlantic Multifamily Group brokered the transaction on behalf of FCP.

June 11, 2018

Acquisitions Florida Industrial Southeast

HFF Negotiates $22.8M Sale of Leasehold Interest in Industrial Property Near Miami Airport

by Camren Skelton June 11, 2018

MIAMI — HFF has arranged the $22.8 million sale of the leasehold interest in a two-building, 211,852-square-foot industrial property located roughly one mile from Miami International Airport. Manuel de Zárraga, Tracey Goo and Luis Castillo of HFF arranged the transaction on behalf of the seller, iStar Inc., and procured the buyer, the Dayan family from Brazil. Safety, Income & Growth Inc., managed by iStar, will hold the fee-simple land position in its portfolio of ground leases. The property is triple-net-leased for 99 years to LSG Sky Chefs, a company owned by Deutsche Lufthansa AG that provides on-board airline catering services for many of the major airlines operating out of Miami International Airport. The two-story buildings feature refrigerated areas, commercial kitchens, freight elevators, 47 dock-high loading doors and executive offices. A land parcel used as a vehicle maintenance facility was also included in the sale.

June 11, 2018

Acquisitions Georgia Retail Southeast

B+E Arranges $11.4M Sale of Publix-Anchored Shopping Center in Perry, Georgia

by Camren Skelton June 11, 2018

PERRY, GA. — Brokers + Engineers (B+E), a newly formed triple-net-lease brokerage firm, has arranged the $11.4 million sale of a Publix-anchored shopping center located at 275 Perry Parkway in Perry. Boston-based Flag Wharf Inc. purchased the 72,200-square-foot shopping center from a private developer based in Florida. Publix Super Markets Inc. has 11 years remaining on its lease.

June 11, 2018

Acquisitions Georgia Industrial Southeast

Bull Realty Brokers $9M Sale of 163,000 SF Industrial Facility Near Atlanta

by Camren Skelton June 11, 2018

PEACHTREE CITY, GA. — Atlanta-based Bull Realty has brokered the $9 million sale of a 163,000-square-foot industrial facility located at 416 Dividend Drive in Peachtree City. A private trust purchased the property from Dividend West Partners LLC. Jason Callaway and Davis Finney of Bull Realty represented the buyer, and Mark Wright of Dividend Commercial Real Estate represented the seller. Situated on 20 acres in the Atlanta suburbs, the building is fully leased to Wencor Group, an aviation solutions company. Wencor uses the facility to house its manufacturing and distribution operations for commercial airlines, aerospace repair stations and original equipment manufacturers (OEMs) worldwide.

June 11, 2018

Acquisitions Office Washington Western

Swift Real Estate Partners Acquires 145,578 SF Office Property in Metro Seattle for $45.4M

by Amy Works June 11, 2018

BELLEVUE, WASH. — Swift Real Estate Partners has purchased Oakhurst Center, a two-building office property located at 14335 and 14475 NE 24th St. in Bellevue. Barings, on behalf of an institutional investor, sold the property for $45.4 million. At the time of sale, the 145,578-square-foot property was 79 percent occupied and leased. Kevin Shannon, Nick Kucha, Ken White, Tim O’Keefe, Mike Schreck, Michael Moll, James Childress and Bill DeLacy of NKF Capital Markets represented the seller, while the buyer was self-represented in the deal.

June 11, 2018

Acquisitions Office Washington Western

Norris & Stevens Negotiates $6.1M Purchase of Office Complex in Vancouver, Washington

by Amy Works June 11, 2018

VANCOUVER, WASH. — Norris & Stevens has arranged the acquisition of The Timbers, an office complex located at 9120 N.E. Vancouver Mall Loop in Vancouver. An undisclosed buyer purchased the property for $6.1 million in a 1031 exchange. Built in 1978 as a theatre complex, the 32,502-square-foot property was converted into a multi-tenant office complex in 2006. At the time of sale, the property was 98 percent occupied by 16 tenants, including DaVita-Total Renal Care, Mission International, Home Instead Senior Care and Columbia Commercial Properties. Thomas McDowell and Raymond Duchek of Norris & Stevens represented the buyer, while Steve Mack of MAJ Commercial Real Estate represented the undisclosed seller in the deal.

June 11, 2018

Acquisitions Hospitality Iowa Midwest

Condor Hospitality Trust Under Contract to Sell Super 8 Hotel in Creston, Iowa for $5.1M

by Kristin Harlow June 11, 2018

CRESTON, IOWA — Condor Hospitality Trust Inc. is under contract to sell its 121-room Super 8 hotel in Creston, about 70 miles southwest of Des Moines, for $5.1 million. The transaction is expected to close in the third quarter. Condor is a REIT based in Maryland that specializes in the investment and ownership of select-service, extended stay and limited-service hotels. The company currently owns 17 hotels in nine states.

June 11, 2018

Acquisitions Iowa Midwest Net Lease Retail

Boulder Group Arranges $4.7M Sale of Property Net Leased to Walgreens in Bettendorf, Iowa

by Kristin Harlow June 11, 2018

BETTENDORF, IOWA — The Boulder Group has arranged the $4.7 million sale of a single-tenant property net leased to Walgreens in Bettendorf near Davenport. The 14,490-square-foot property is located at 830 Middle Road near a Home Depot, Hobby Lobby and Hilton Garden Inn. Walgreens has more than five years remaining on its lease, which expires in December 2023. Randy Blankstein and John Feeney of The Boulder Group represented the buyer, a Midwest-based 1031 exchange investor. A Northeast-based real estate fund was the seller.

June 11, 2018

Acquisitions Midwest Minnesota Office

Marcus & Millichap Brokers $2.1M Sale of Office Building in Burnsville, Minnesota

by Kristin Harlow June 11, 2018

BURNSVILLE, MINN. — Marcus & Millichap has brokered the $2.1 million sale of River Ridge Circle in Burnsville, about 15 miles south of Minneapolis. The 23,138-square-foot office property is located at 190 S. River Ridge Circle. Constructed in 1994, the three-story building originally served as the Minnesota River School of Fine Arts. In 2009, the school closed and the property was transitioned into an office building. Marc Paylor and Claire Roberts of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The undisclosed buyer plans to occupy space at the property.

June 11, 2018

Acquisitions Industrial Michigan Midwest

NKF Negotiates Sale of 22,000 SF Industrial Warehouse in Troy, Michigan

by Kristin Harlow June 11, 2018

TROY, MICH. — Newmark Knight Frank (NKF) has negotiated the sale of a 22,000-square-foot industrial warehouse in Troy for an undisclosed price. The property is located at 1875 Stephenson Highway. Built in 1965, the warehouse is situated on two acres and features LED lighting, storage and office space. Geoff Hill and Paul Gyarmati represented the seller, National Print and Mail. SourceHub, an online distributor of warehousing and facility equipment, purchased the property and plans to take occupancy in July.

June 11, 2018

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