Acquisitions

Keith Corp. Acquires 82,161 SF Outlet Mall in North Carolina’s Outer Banks Region

by John Nelson February 5, 2025

NAGS HEAD, N.C. — The Keith Corp. has acquired Outlets Nags Head, an 82,161-square-foot outlet mall located in North Carolina’s Outer Banks Region. The Charlotte-based investment and development firm has tapped Ignite Retail Partners to lead marketing and leasing efforts for the property. Singerman Real Estate sold the outlet mall for an undisclosed price. Tenants at Outlets Nags Head include Aerie, Eddie Bauer, Michael Kors, Talbots and Vera Bradley, as well as a collection of local retailers like Salt Coast Outfitters, Outer Banks Olive Oil and BROS.

February 5, 2025

Acquisitions Alabama Southeast Student Housing

Cushman & Wakefield Arranges Sale of 368-Bed Student Housing Community Near Auburn University

by John Nelson February 5, 2025

AUBURN, ALA. — Cushman & Wakefield has arranged the sale of The HUB at Auburn, a 368-bed student housing community located at 626 Shug Jordan Parkway near the Auburn University campus in Alabama. Travis Prince, Shawn Lubic and Victoria Marks of Cushman & Wakefield’s student housing capital markets team represented the seller, FPA Multifamily, in the transaction. The property was acquired by Capstone Real Estate Investments for an undisclosed price. Developed in 1989, the community consists of six three-story buildings that were 96 percent occupied at the time of sale. The property offers 96 units in two- and four-bedroom configurations, including townhomes. Shared amenities include a fitness center, resort-style pool, shared study spaces and a complimentary coffee bar.

February 5, 2025

Acquisitions Development Industrial Nevada Western

EBS Realty Partners, Penwood to Develop 1.4 MSF Industrial Project in North Las Vegas

by Amy Works February 5, 2025

NORTH LAS VEGAS, NEV. — EBS Realty Partners and Hartford, Conn.-based Penwood Real Estate Investment Management, in a joint venture, have purchased a 91-acre industrial development site at 9150 N. Terryl B. Adams St. within Apex Industrial Park in North Las Vegas. EBS and Penwood acquired the site from Ball Metal Beverage Container Corp. for $31 million. The partnership plans to develop Apex Ridge, a two-building, 1.4 million-square-foot logistics campus on the site. Groundbreaking is slated for second- or third-quarter 2025. Gregg Haly and Garrett Toft of CBRE handled the land acquisition.

February 5, 2025

Acquisitions Arizona Hospitality Western

HSL Properties Purchases Two-Property Hotel Portfolio in Mesa, Arizona for $50.2M

by Amy Works February 5, 2025

MESA, ARIZ. — HSL Properties has acquired two hotels in Mesa for a combined $50.2 million from Power Hotel Group. Bill Murney and Mike Montoya of Cushman & Wakefield’s Western Hospitality Advisory Group represented the seller. The portfolio includes a 180-room Sheraton, a 129-room Courtyard by Marriott, 15,000 square feet of retail space, a commercial laundry facility, a full spa and 18,000 square feet of meeting space, including an 11,000-square-foot ballroom.

February 5, 2025

Acquisitions California Multifamily Western

Colliers Brokers $9M Sale of Mar Vista Lofts in Los Angeles

by Amy Works February 5, 2025

LOS ANGELES — Colliers has arranged the sale of Mar Vista Lofts, a multifamily property located at 3992 Inglewood Blvd. in Los Angeles’ Mar Vista neighborhood. Park Towers (1990) Corp. sold the asset to Mar Vista Lofts 4 LLC for $9 million, or $452,380 per unit. Kitty Wallace and Melanie Nutting of Colliers’ Wallace Team represented the seller and the buyer in the deal. Constructed in 2012, Mar Vista Lofts features 21 apartments on a 14,638-square-foot double lot.

February 5, 2025

Acquisitions Industrial Nevada Western

CapRock Partners Buys 117,000 SF Industrial Warehouse in Sparks, Nevada

by Amy Works February 5, 2025

SPARKS, NEV. — CapRock Partners has acquired 55 Vista Boulevard, a freestanding industrial building in Sparks, for an undisclosed price. The transaction marks CapRock’s third acquisition in Northern Nevada, increasing the firm’s total statewide investment and development pipeline to 5.4 million square feet of industrial space. Built in 1995, 55 Vista Boulevard is a single-tenant warehouse offering 117,000 square feet on 5 acres. The asset features a clear height of 24 feet, 26 dock-high doors, two grade-level doors and a 0.5-acre trailer parking yard. The property is fully leased to a national provider of commissary goods to prisons and jails. Joel Fountain and Nick Knecht of Dickson Commercial Group, as well as Jeff Huberman of Lee & Associates, facilitated the transaction. The name of the seller was not released.

February 5, 2025

Acquisitions Industrial Midwest Wisconsin

Phoenix Purchases 750,000 SF Industrial Campus in West Milwaukee

by Kristin Harlow February 5, 2025

WEST MILWAUKEE, WIS. — An affiliate of Phoenix Investors has purchased a 56-acre industrial campus totaling approximately 750,000 square feet in West Milwaukee. The property, located at 4701 W. Greenfield Ave., was previously owned by industrial giant Regal Rexnord. The campus, which is available for lease, features numerous dock doors, clear heights up to 47 feet, heavy power infrastructure and ample trailer and car parking. The nine buildings were constructed between 1920 and 1973. The site also has surplus land available for new residential and commercial development. Jeff Cartwright of First Financial Bank originated senior financing.

February 5, 2025

Acquisitions Midwest Missouri Multifamily

PPR Capital Management Acquires Kansas City Multifamily Property for $33.6M

by Kristin Harlow February 5, 2025

KANSAS CITY, MO. — PPR Capital Management (PPR) has acquired Infinity at Plaza West, a 224-unit multifamily property in Kansas City, for $33.6 million. The garden-style community is situated in close proximity to Country Club Plaza. The acquisition marks PPR’s second investment in metro Kansas City. The investment structure includes a total equity investment of $11.4 million, with PPR contributing $10.2 million as the primary equity partner. PPR worked alongside Aspen Funds as the general partner and Petra as co-general partner and onsite property manager. The financing includes a 3.9 percent loan assumption.

February 5, 2025

Acquisitions Industrial Self-Storage Texas

AVAD Capital Buys 5,180-Unit Self-Storage Portfolio in West Texas

by Taylor Williams February 4, 2025

MIDLAND AND ODESSA, TEXAS — Dallas-based investment firm AVAD Capital has purchased a portfolio of nine self-storage facilities totaling 5,180 units in the West Texas cities of Midland and Odessa. Utah-based REIT Extra Space Storage sold the portfolio, which totals 782,998 net rentable square feet. Steve Mellon, Brian Somoza, Adam Roossien and Matthew Wheeler of JLL represented Extra Space Storage in the transaction. The sales price was not disclosed. Avid Storage, the buyer’s wholly owned subsidiary and operating brand, will operate the portfolio. John Bauman, Kris Lowe, Luke Rogers and Scott Cole, also with JLL, arranged an undisclosed amount of fixed-rate acquisition financing for the deal through 3650 Capital and Goldman Sachs.

February 4, 2025

Acquisitions North Carolina Retail Southeast

Westwood Financial Acquires 130,156 SF Eastway Square Shopping Center in Charlotte

by John Nelson February 4, 2025

CHARLOTTE, N.C. — Westwood Financial has acquired Eastway Square, a 130,156-square-foot, grocery-anchored shopping center located at the intersection of Eastway Drive and Central Avenue in Charlotte. The Los Angeles-based investor purchased the center for an undisclosed price. The seller was also not disclosed. Berkeley Capital Advisors brokered the sale. The property’s tenant roster includes Food Lion, Ross Dress for Less, America’s Best, Papa Johns Pizza, Subway, Wingstop, Rainbow, Dental Works, Hibbett Sports and Showmars. Eastway Square joins Westwood Financial’s existing portfolio of grocery-anchored shopping centers in Charlotte including Prosperity Village Square, Steele Creek Crossing, Steelecroft Shopping Center and The Arbors at Mallard Creek.

February 4, 2025

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