ATLANTA AND SAN FRANCISCO — Atlanta-based Trimont has signed a definitive agreement to acquire Wells Fargo’s non-agency third-party commercial mortgage servicing business. The acquisition does not include the San Francisco-based company’s Fannie Mae or Freddie Mac business lines, which Wells Fargo will continue to service, along with the loans remaining on its balance sheet. Värde Partners, a global alternative investment firm, acquired and has owned Trimont through certain funds since 2015. Värde will provide funding for the acquisition, which will enable Trimont to offer servicing across all non-bank commercial real estate lending structures. Following the close of the acquisition, which is expected to occur in early 2025, Trimont will manage more than $715 billion in U.S. and international commercial real estate loans, making the firm the largest commercial real estate loan servicer in the United States. Trimont’s consultants in the transaction include J.P. Morgan Securities LLC (financial advisor), Goldman Sachs & Co. LLC (general advisory services) and Kirkland & Ellis LLP, Cadwalader, Wickersham & Taft LLP, and Trilegal (legal). Wells Fargo Securities LLC served as exclusive financial advisor to Wells Fargo, and Wachtell, Lipton, Rosen and Katz served as the company’s legal advisor.
Acquisitions
CTO Realty Growth Purchases Shopping Center Portfolio in Florida, North Carolina for $137.5M
by John Nelson
WINTER PARK, FLA. — CTO Realty Growth Inc. has purchased a portfolio of three Southeast shopping centers: Carolina Pavilion in Charlotte, Millenia Crossing in Orlando and Lake Brandon Village in Brandon, Fla. The undisclosed seller(s) sold the portfolio, which totals approximately 893,000 square feet, to CTO for $137.5 million. Carolina Pavilion is an approximately 691,000-square-foot regional retail center located on 72 acres in Southern Charlotte on South Boulevard. The center was 93 percent leased at the time of sale to tenants including AMC Theatres, Floor & Décor, Nordstrom Rack, Ross Dress for Less and Burlington. Millenia Crossing is a 100,385-square-foot shopping center located adjacent to the Mall at Millenia in Orlando. The center was 96 percent leased at the time of sale to tenants including Nordstrom Rack, Party City, Modani Furniture, Milan Laser Hair Removal, Destination XL, The Vitamin Shoppe and Relax the Back. Jim Michalak and Jeff Berkezchuk of Plaza Advisors represented the undisclosed seller in the Millennia Crossing transaction. Situated east of I-75 near Tampa, Lake Brandon Village spans approximately 102,000 square feet and was fully leased at the time of sale to tenants including Sprouts Farmers Market, PetSmart, DSW and Scandinavian Design Furniture. Additionally, CTO announced the …
HAZLETON AND CENTER VALLEY, PA. — Northmarq has brokered the sale of two manufactured housing properties totaling 163 sites in the Lehigh Valley region. Birch Knoll is a 92-site property in Hazleton that was built in 1989. Saucon Valley Crossing in Center Valley totals 71 lots in both single and double formats and was originally constructed in 1947. Anthony Pino and Ari Azarbarzin of Northmarq represented the seller, Pennsylvania-based ME Management, in the transaction. The buyer(s) and sales price(s) were not disclosed.
Matthews Real Estate Brokers $17.7M Sale of Mary’s Vineyard Shopping Center in Visalia, California
by Amy Works
VISALIA, CALIF. — Matthews Real Estate Investment Services has arranged the sale of Mary’s Vineyard, a retail center located at 1305-1699 E. Noble Ave. in Visalia, a city in the San Joaquin Valley between Los Angeles and the Bay Area. Argonaut Investments, a privately held investment firm, acquired the asset from an undisclosed seller for $17.7 million. Situated on 16.5 acres, Mary’s Vineyard features 151,615 square feet and 28 tenants, including restaurants, grocery stores and drug stores. The retail center was developed in 1989. Carter Hamilton and Matt LoPiccolo of Matthews Real Estate Investments represented the seller and buyer in the deal.
MESA, ARIZ. — Austin, Texas-based KoMiCo Phoenix LLC, a company that offers semiconductor cleaning and coating services, has purchased a manufacturing facility at 7300 E. Hampton Ave. in Mesa. Tempe-based 7300 East Hampton LLC sold the property for $17.5 million. KoMiCo will redevelop the 125,000-square-foot facility into an advanced semiconductor equipment parts cleaning, coating and repair facility in the Superstition Springs area of the Southeast Valley. The facility, which is situated on 12.5 acres, is slated to be operational by 2026. Representing a more than $50 million in capital investments, the building will be KoMiCo’s third location in the United States and eighth globally. Rick Foss, Isy Sonabend and Drew Eisen of NAI Horizon represented the buyer, while Lee & Associates represented the seller in the transaction.
ROCKAWAY, N.J. — California-based brokerage firm Graystone Capital Advisors has arranged the sale of a 34,177-square-foot shopping center in the Northern New Jersey community of Rockaway. Tractor Supply Co. anchors the center, which according to LoopNet Inc. was originally built in 1980. A developer based in the Southeast sold the property to a local institutional investor for $7.2 million, with both parties requesting anonymity. Julius Swolsky and Shannon Bona of Graystone brokered the deal.
IRVINE, CALIF. — RGP has completed the disposition of 17101 Armstrong, an office building in the Orange County city of Irvine. A municipal owner-user purchased the asset for $13 million. The two-story, low-rise building features 57,301 square feet of office space and 167 parking stalls. The property was built in 1982 on 2.4 acres. Anthony DeLorenzo, Sammy Cemo, Bryan Johnson and Carter Haslam of CBRE represented the seller in the deal.
RPG, Steel Peak Purchase San Diego Office Property for $12.1M, Plan Industrial Outdoor Storage Conversion
by Amy Works
SAN DIEGO — A joint venture between RPG and Steel Peak has acquired 9606 Aero Drive, a 38,704-square-foot flex office property in San Diego. Total consideration for the acquisition was $12.1 million, which the joint venture’s institutional equity partner supported. The undisclosed seller will continue to occupy the asset as its headquarters through 2025 as part of a leaseback agreement. Situated on 4.2 acres, the asset includes existing office space and a vacated data center that will be converted into warehouse space with multiple grade-level loading doors, creating a Class A industrial outdoor storage facility. Additional improvements to the property will include fencing, lighting and paving. Kurtis Blanchard and Evan McDonald of Colliers represented the buyers in the deal.
OGDEN, UTAH — The LeClaire-Schlosser Group of Marcus & Millichap has negotiated the sale of Vault Storage, a storage facility in Ogden, approximately 35 miles north of Salt Lake City. Mountain West Self-Storage acquired the asset from the original developer for an undisclosed price. Jordan Farrer and Adam Schlosser of The LeClaire-Schlosser Group represented the seller in the deal. Located at 1506 Gibson Ave., Vault Storage consists of eight one-story buildings offering a total of 371 climate-controlled and non-climate-controlled units. The facility has all metal buildings, metal interior walls, standing seam metal roofs, roll-up doors and asphalt driveways.
MOUNT PROSPECT, ILL. — Marcus & Millichap has brokered the $12.4 million sale of a three-building retail portfolio in Mount Prospect, about 20 miles northwest of downtown Chicago. The assets serve as outparcels to Randhurst Village, a Costco-anchored shopping mall. The first property at 102 E. Kensington Road is home to Chipotle, Five Guys, Jersey Mike’s, Sports Clips and T-Mobile. The second, at 1065 Emhurst Road, features GNC, Panera Bread and Nothing Bundt Cakes. The third property, located at 1027 Randhurst Village, is home to Hangry Joe’s, MOD Pizza and Poke Bros. Built in 2012, the buildings occupy a combined 3.6 acres. Jeff Rowlett and Matthew Gordon of Marcus & Millichap procured the buyer, Lula Holdings, a Wisconsin-based limited liability partnership. Maggie Holmes of Northmarq represented the seller, RREF III-P Randhurst Village, a Delaware-based limited liability company. Steven Weinstock, broker of record in Illinois, assisted in closing the transaction. Michael Hughes of Marcus & Millichap Capital Corp. arranged $6.4 million in acquisition financing through US Bank.