Acquisitions

JLL Arranges JV Equity for $95M Acquisition of Plant Shopping Center in San Jose

by Amy Works September 11, 2024

SAN JOSE, CALIF. — JLL Capital Markets has arranged joint venture equity for the $95 million acquisition of The Plant, a regional power center located at 1 Curtner Ave. in San Jose. Geoff Tranchina, Gleb Lvovich, Eric Katherin, Daniel Tyner and Conor Quinn of JLL’s Investment and Sales Advisory team worked on behalf of the operator, Milan Capital Management, to arrange the equity investment through Arc Capital Partners. Spanning 35.5 acres in Silicon Valley, the 367,869-square-foot shopping center was built in 2008. At the time of sale, the property was 64 percent occupied. Current tenants include Best Buy, Ross Dress for Less, PetSmart, Ulta Beauty, Off Broadway, Starbucks Coffee, IHOP, McDonald’s, Panda Express, El Pollo Loco, Chase Bank and Five Guys.

September 11, 2024

Acquisitions California Multifamily Western

USA Properties Fund Sells Multifamily Community in Simi Valley, California for $95M

by Amy Works September 11, 2024

SIMI VALLEY, CALIF. — USA Properties Funds has completed the disposition of The Landing at Arroyo, a multifamily property in the Los Angeles suburb of Simi Valley. A private multifamily investor purchased the 212-unit community for $95 million, or $448,113 per unit. Kevin Green, Joseph Grabiec and Gregory Harris of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the deal. Built in 2022 on 10 acres, The Landing at Arroyo offers apartments spread across seven buildings, a swimming pool, spa, game room, fitness center, coworking space and central package lockers for deliveries. Apartments feature washers/dryers, stainless steel appliances, quartz countertops and designer plumbing and lighting fixtures.

September 11, 2024

Acquisitions Multifamily Washington Western

CBRE Facilitates Sale of 202-Unit Heronfield Apartments in Kirkland, Washington

by Amy Works September 11, 2024

KIRKLAND, WASH. — CBRE has brokered the sale of Heronfield, a multifamily community located at 11105 N.E. 123rd Lane in Kirkland. Terms of the transaction were not released. Eli Hanacek, Mark Washington and Kyle Yamamoto of CBRE represented the undisclosed seller in the transaction. Situated about 16 miles northeast of Seattle, Heronfield offers 202 one-, two- and three-bedroom apartment, averaging 939 square feet in size. The units feature spacious floor plans with large windows, and many of the units have been renovated with new plank flooring, wood burning fireplaces and updated kitchens with quartz countertops. Community amenities include an indoor/outdoor pool, a clubhouse, 24-hour fitness center and playground. Additionally, the asset is adjacent to 28 acres of preserved natural land.

September 11, 2024

Acquisitions Colorado Healthcare Office Western

Marcus & Millichap Brokers Sale of 11,589 SF Office Building in Centennial, Colorado

by Amy Works September 11, 2024

CENTENNIAL, COLO. — Marcus & Millichap has brokered the sale of Offices of Southglenn, an office property located at 6590 S. Vine St. in Centennial. A limited liability company sold the asset to a local veterinarian for $1.8 million. At the time of sale, the 11,589-square-foot building was 40 percent occupied. The buyer plans to renovate the property and establish a surgical veterinary center. Brandon Kramer and Chadd Nelson of Marcus & Millichap represented the seller in the deal.

September 11, 2024

Acquisitions Arkansas Industrial Southeast

Stoic Equity Acquires 65,000 SF Flex Industrial Property in Little Rock

by John Nelson September 10, 2024

LITTLE ROCK, ARK. — Stoic Equity Partners has acquired Parkwood Center, a 65,000-square-foot, multi-tenant flex industrial property located at 6801 W. 12th St. in Little Rock. This increases the Daphne, Ala.-based investor’s holdings in Little Rock to three properties spanning more than 150,000 square feet. The seller and sales price were not disclosed. Parkwood Center features suites ranging in size from 975 to 6,298 square feet and offers proximity to I-630 and I-430.

September 10, 2024

Acquisitions Alabama Retail Southeast

Marcus & Millichap Brokers Sale of Alabama’s First Wawa Gas Station and Convenience Store

by John Nelson September 10, 2024

FAIRHOPE, ALA. — Don McMinn and Andrew Koriwchak of Marcus & Millichap’s Taylor McMinn Retail Group brokered the sale of the first completed Wawa in Alabama, a 6,119-square-foot gas station and convenience store located at 18968 Greeno Road in Fairhope. Situated 20 miles southeast of Mobile, the property features a new 20-year corporate ground lease in place with scheduled rent increases and renewal options. The seller, a preferred Wawa developer, delivered the property earlier this year. An undisclosed, locally based 1031 buyer purchased the Fairhope store for an undisclosed price. “In the current net lease market with a surplus of inventory and a constrained buyer pool, accessing local investors continues to be an essential ingredient to deal execution,” says McMinn. Atlanta-based Taylor McMinn Retail Group is currently marketing a new Wawa in Robertsdale, which is the second Wawa station in Alabama. The Pennsylvania-based gas station giant plans to open 10 stores in surrounding Mobile markets. Wawa has 1,058 locations in eight states with plans to reach 1,800 stores by 2030.

September 10, 2024

Acquisitions Retail Texas

Headwall Investments Buys 29,114 SF Fairmont Crossing Retail Center in Metro Houston

by Taylor Williams September 10, 2024

PASADENA, TEXAS — San Antonio-based Headwall Investments has purchased the 29,114-square-foot Fairmont Crossing Retail Center in Pasadena, an eastern suburb of Houston. The unanchored strip center was built in phases on a 3.3-acre site between 2008 and 2012. The tenant roster includes Red Wing Shoes, Thriveworks, Just Love Coffee, Kirkwood Medical Associates and Fidelity National Title. The seller and sales price were not disclosed.

September 10, 2024

Acquisitions Hospitality Midwest Ohio

NewcrestImage Purchases 194-Room DoubleTree Suites Hotel in Downtown Columbus

by Kristin Harlow September 10, 2024

COLUMBUS, OHIO — NewcrestImage has acquired the DoubleTree Suites by Hilton Hotel Columbus Downtown in Ohio for an undisclosed price. The 15-floor hotel features 194 rooms, all of which are suites. The property is convenient to the Ohio State Capital complex and the Greater Columbus Convention Center as well as two miles from the Ohio State University. Amenities include nearly 7,000 square feet of conference space, concierge services, a business center, fitness center, lounge and full-service restaurant, The Presidents Dining room. Tim Osborne and Spencer Davidson of Hunter Hotel Advisors represented the institutional seller in the transaction.

September 10, 2024

Acquisitions Healthcare Illinois Midwest

MCB Science + Health Acquires 72,000 SF Medical Office Building in Suburban Chicago for $28M

by Kristin Harlow September 10, 2024

NAPERVILLE, ILL. — MCB Science + Health has acquired a more than 72,000-square-foot medical office building in the Chicago suburb of Naperville for $28 million. Located at 1331 W. 75th St. and known as iMed Naperville Medical Office, the four-story asset was 96 percent leased at the time of sale and anchored by Endeavor Health, formerly known as Edward-Elmhurst Health. Additional tenants include ABC Pediatrics, Basko Dermatology, DuPage Children’s ENT & Allergy and Naper Grove Vision Care. The property was completed in 2015. MCB Science + Health, a division of Baltimore-based MCB Real Estate, acquires and develops projects serving the life sciences, medical office and seniors housing sectors. Jason St. John of Greenstone Partners represented the seller, DynaCom Management Inc.

September 10, 2024

Acquisitions California Industrial Western

CBRE Brokers $61.5M Sale of Industrial Redevelopment Site in Vernon, California

by Amy Works September 10, 2024

VERNON, CALIF. — CBRE has arranged the sale of a 7-acre industrial redevelopment site located at 1925 and 1936 E. Vernon Ave. in Vernon. A confidential buyer acquired the asset from The Alavern Co. for $61.5 million. The property currently houses a five-story, 368,500-square-foot building. Barbara Perrier, Eric Cox, Jeff Stephens, Jack Mergenthaler and John Hillman of CBRE represented the seller, while Jack Cline, Evan Jurgensen and Andy Gage of Lee & Associates represented the buyer in transaction.

September 10, 2024

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