Wednesday, April 24, 2024
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Acquisitions

AcquisitionsOfficeSoutheastVirginia

Newmark Arranges $33.5M Sale of Office Campus in Richmond

by John Nelson

RICHMOND, VA. — Newmark has arranged the $33.5 million sale of Atlee Station Corporate Campus, an office headquarters campus located along the I-295 beltway in Richmond. Andrew Sandquist, Adam Faulk, J.C. Asensio, Adam Petrillo, Briggs Goldberg, Will Bradley and Mark Williford of Newmark represented the undisclosed seller in the transaction. Constructed in 2006, the property comprises a 165,000-square-foot building and an additional 50-acre land parcel. The property recently underwent extensive renovations that included delivery of fully renovated restrooms and common areas, an onsite cafeteria, outdoor patio seating and a fitness center.

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AcquisitionsDevelopmentFloridaSelf-StorageSoutheast

CBRE Brokers $4.5M Sale of Self-Storage Development Site in Southwest Florida

by John Nelson

LEHIGH ACRES, FLA. — CBRE has brokered the $4.5 million sale of a self-storage development site located in Lehigh Acres, a city in Southwest Florida’s Lee County. A private investor acquired the 87,813-square-foot property, which is situated at 511 Lee Blvd. Upon completion, the development will feature 971 climate-controlled self-storage units. CBRE’s Self Storage Advisory Group represented the seller, a private investor, in the transaction.

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AcquisitionsIndustrialTexas

Younger Partners Arranges Sale of 10-Acre Industrial Development Site Near DFW Airport

by Taylor Williams

EULESS, TEXAS — Dallas-based brokerage firm Younger Partners has arranged the sale of a 10-acre industrial development site located near Dallas-Fort Worth International Airport in Euless. An entity doing business as Clubwise Finance LP sold the property at 3300 FM 157 to locally based firm Windhaven Investments LLC for an undisclosed price. John St. Clair and Luke Nolan of Younger Partners brokered the deal.

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AcquisitionsHospitalityNortheastVermont

CBRE Brokers $19M Sale of Two Hotels in White River Junction, Vermont

by Taylor Williams

WHITE RIVER JUNCTION, VT. — CBRE has brokered the $19 million sale of two adjacent hotels in White River Junction, located along the Vermont-New Hampshire border. The 77-room Holiday Inn Express & Suites and the 110-room White River Inn & Suites are both located at the intersection of Interstates 89 and 91. The Larkin Family Partnership sold the properties to Giri Hotel Management LLC. Dave McElroy, Scott Hutchinson and Tyler Black of CBRE brokered the deal on behalf of both parties.

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AcquisitionsIndustrialIowaMidwestSelf-Storage

Marcus & Millichap Brokers Sale of 54,095 SF Self-Storage Facility Near Des Moines

by Kristin Harlow

URBANDALE, IOWA — Marcus & Millichap has brokered the sale of an Urban Heights Storage facility in Urbandale near Des Moines for an undisclosed price. The 54,095-square-foot self-storage property, built in 2020, features 257 climate-controlled units, 95 drive-up units, 51 indoor units and 28 parking spaces. George Kondracke, Brian Kelly, Brett Hatcher, Gabriel Coe and Nathan Coe of Marcus & Millichap, in partnership with Brad Vander Linden of The Linden Co., represented the seller, a limited liability company. Buyer information was not provided.

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AcquisitionsIllinoisIndustrialMidwest

Venture One Acquires 38,409 SF Industrial Building in Romeoville, Illinois

by Kristin Harlow

ROMEOVILLE, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial VI LP, has acquired a 38,409-square-foot industrial building in the Chicago suburb of Romeoville. Located at 1280 Lakeview Drive, the property is fully leased to one tenant. Constructed in 1995 and situated on three acres, the building features a clear height of 24 feet, two exterior docks, one drive-in door and parking for 52 cars. Terri Alexander and Michael Kraft of Transwestern represented the undisclosed seller. VK Industrial VI is co-sponsored by Venture One and Kovitz Investment Group.

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AcquisitionsMidwestOhioRestaurantRetail

Cooper Group Arranges $2M Sale of Starbucks-Occupied Property in Mentor, Ohio

by Kristin Harlow

MENTOR, OHIO — The Cooper Commercial Investment Group has arranged the $2 million sale of a single-tenant property occupied by Starbucks in Mentor, a northeast suburb of Cleveland. Constructed in 2022, the building features a drive-thru. Dan Cooper of Cooper Group represented the seller, a private investment group based in Ohio. The 1031 exchange buyer purchased the asset at a cap rate of 5.74 percent. There are approximately eight years remaining on the 10-year lease.

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410-Townsend-St-San-Francisco-CA
AcquisitionsCaliforniaOfficeWestern

NYLREI, Bridgeton Buy 78,000 SF Office Building in San Francisco for $22M

by Amy Works

SAN FRANCISCO — New York Life Real Estate Investors (NYLREI) and Bridgeton have acquired 410 Townsend Street, a four-story office building in San Francisco’s South of Market (SoMa) submarket. An undisclosed seller sold the 78,000-square-foot asset for $22 million. Mike Taquino and Kyle Kovac of CBRE represented the buyers in the deal. This transaction represents the first partnership between NYLREI and Bridgeton.

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9150-9198-Olympic-Blvd-Beverly-Hills-CA
AcquisitionsCaliforniaRetailWestern

Kennedy Wilson Negotiates $12.5M Sale of Beverly Palm Plaza in Beverly Hills, California

by Amy Works

BEVERLY HILLS, CALIF. — Kennedy Wilson Brokerage has arranged the sale of Beverly Palm Plaza, a retail center at 9150-9198 Olympic Blvd. in Beverly Hills. DSC America Inc. sold the property to a local investor for $12.5 million. Supercuts, Domino’s Pizza, Sushi Sasabune, Bodhi Thai, Crazy Fish, Traveling Tikes and Zeglio Custom Clothier are tenants at the fully occupied, 11,484-square-foot property. Ed Sachse, Kyle Fishburn and Jack Nathan of Kennedy Wilson Brokerage represented the seller in the transaction.

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29105-29229-S-Western-Ave-Rancho-Palos-Verdes-CA
AcquisitionsCaliforniaLoansRetailWestern

Calmwater Capital Provides $12.3M Acquisition Loan for Western Plaza Shopping Center in Rancho Palos Verdes, California

by Amy Works

RANCHO PALOS VERDES, CALIF. — Calmwater Capital has provided Irvine-based West Hive Capital with $12.3 million in short-term first mortgage debt. The loan will fund the off-market acquisition and renovation of a neighborhood retail property in Rancho Palos Verdes, a coastal city south of Los Angeles. The three-year, interest-only, nonrecourse financing was secured by Western Plaza, a 44,000-square-foot shopping center at 29105-29229 S. Western Ave. A portion of the loan proceeds will be used to fund an extensive renovation of the property, which the seller owned for the past 60 years. West Hive plans to demolish one of three existing buildings and create a 3,000-square-foot outdoor patio. Additional improvements will include modernized storefronts and architectural façades, contemporary signage, new landscaping and a resurfaced, 119-space parking lot. Michael Guterman of BWE arranged the financing. Jason Ehrenpreis of CBM1 represented both parties in the acquisition and is the leasing broker for West Hive.

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