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Acquisitions

Sunbelt-Logistics-Distribution-Portfolio
AcquisitionsFloridaGeorgiaIndustrialSoutheast

Northwood Investors Acquires $160M Industrial Portfolio in Sun Belt

by Hayden Spiess

BAYTOWN, TEXAS, BRASELTON, GA., AND MIAMI — Northwood Investors has acquired a $160 million industrial portfolio located in Georgia, Florida and Texas. Totaling 1.8 million square feet, the “Sunbelt Logistics Distribution Portfolio” was fully leased at the time of sale. The portfolio comprises three industrial buildings: Home Depot Cedar Port Distribution Center in Baytown, Texas; Havertys Distribution Center in Braselton, Ga.; and 10000 N.W. 15th Terrace in Miami. Britton Burdette, Trent Agnew and Luis Castillo of JLL represented the undisclosed seller in the sale. Bobby Norwood of JLL secured acquisition financing through affiliates of Apollo on behalf of Northwood Investors. 

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Portland-Shoals_Portland-Tenn
AcquisitionsIndustrialSoutheastTennessee

JLL Brokers Sale of 638,330 SF Industrial Development in Metro Nashville

by Hayden Spiess

PORTLAND, TENN. — JLL Capital Markets has brokered the sale of Portland Shoals Manufacturing Facility, a 638,330-square-foot industrial development located at 1500 Shoals Way in Portland, roughly 40 miles northeast of Nashville. Al. Neyer, which developed the property, was the seller. EQT Exeter Real Estate Income Trust (EQRT) acquired the development for an undisclosed price. Shoals Technologies Group fully occupies the property, which features 40-foot clear heights, 107 dock positions, four drive-in doors, 185-foot truck court depths and auto and trailer parking. JLL represented Al. Neyer in the transaction. 

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Tires-Plus_Davenport-Fla
AcquisitionsFloridaRetailSoutheast

Marcus & Millichap Negotiates Sale of Retail Property in Davenport, Florida Leased to Tires Plus

by Hayden Spiess

DAVENPORT, FLA. — Taylor McMinn Retail Group of Marcus & Millichap has negotiated the sale of a new construction, single-tenant retail property located in Davenport, roughly 30 miles southwest of Orlando. Tires Plus occupies the building, which totals 6,262 square feet, on a 15-year lease corporately guaranteed by Bridgestone. Don McMinn of the Taylor McMinn Retail Group arranged the transaction between the seller, a developer, and the buyer, a local 1031-exchange investor.  “This our 16th Firestone closing, and we are marketing four more in Florida, North Carolina, South Carolina and Virginia,” says McMinn. “Due to the strong credit, quality of the locations and limited inventory, we continue to see high demand and low cap rates for Bridgestones.”

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AcquisitionsHospitalityTexas

Marcus & Millichap Brokers Sale of 76-Room Hotel in Midland, Texas

by Taylor Williams

MIDLAND, TEXAS — Marcus & Millichap has brokered the sale of the Baymont Inn & Suites Midland Center, a 76-room hotel in West Texas. The three-story hotel was built in 2016 and offers amenities such as a hot breakfast bar, business center and a fitness center. Allan Miller of Marcus & Millichap represented the undisclosed seller in the transaction and procured an out-of-state private investor as the buyer. Chris Gomes of Marcus & Millichap assisted in closing the deal as the supporting broker.

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AcquisitionsMassachusettsNortheastRetail

CBRE Brokers $14.2M Sale of Shopping Center in New Bedford, Massachusetts

by Taylor Williams

NEW BEDFORD, MASS. — CBRE has brokered the $14.2 million sale of Kings Plaza, a 168,000-square-foot shopping center in New Bedford, located near the base of Cape Cod. The center is home to tenants such as Savers, Ocean State Job Lot, McDonald’s, FunZ Trampoline Park and EC Barton Home Outlet. Nat Heald and Jordana Roet of CBRE represented the seller, Virginia-based REIT Cedar Realty Trust, in the transaction. The buyer was a undisclosed private investor.

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AcquisitionsMultifamilyNew YorkNortheast

Ariel Property Advisors Arranges $3.6M Sale of Brooklyn Apartment Building

by Taylor Williams

NEW YORK CITY — Locally based brokerage firm Ariel Capital Advisors has arranged the $3.6 million sale of a six-unit apartment building located at 151 Smith St. in the Boerum Hill neighborhood of Brooklyn. The four-story building consists of five market-rate apartments and one rent-stabilized apartment, as well as two retail spaces. Sean Kelly, Nicole Daniggelis and Stephen Vorvolakos of Ariel represented the seller, Doreen DeLeon, in the transaction. The buyer was Faisal Kassim.

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3300-Waltham-Way-Sparks-NV
AcquisitionsIndustrialNevadaWestern

EQT Exeter Purchases 1.1 MSF USA Parkway Distribution Center in Sparks, Nevada

by Amy Works

SPARKS, NEVADA — EQT Exeter has acquired USA Parkway Distribution Center I and II, an industrial park totaling 1.1 million square feet within Tahoe-Reno Industrial Center in Sparks, from an institutional investor for an undisclosed price. Situated on 45.9 acres at 3300 Waltham Way and 201 Ireland Drive, USA Parkway Distribution Center I and II are cross-dock distribution buildings that offer a total of 135 dock-high doors, nine grade-level doors and 120- to 130-foot truck courts with four 60-foot concrete dock aprons. The asset was fully leased to five tenants at the time of sale, including Tesla and The Tire Rack, which occupy 70 percent of the property. Brett Hartzell, Rebecca Perlmutter and Paige Morgan of CBRE National Partners represented the seller in the deal. Erick Bennett, also with CBRE, served as the local market expert.

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5-Peters-Canyon-Rd-Irvine-CA
AcquisitionsCaliforniaOfficeWestern

TP-Link Systems Closes $40.6M Acquisition of 157,455 SF Office Building in Irvine

by Amy Works

IRVINE, CALIF. — TP-Link Systems, as an owner-user, has purchased 5 Peter Canyon Road in Irvine from a joint venture led by Pendulum Property Partners for $40.6 million, or $258 per square foot. Situated on 9.5 acres, the 157,455-square-foot office building offers an onsite café, outdoor patio, a renovated lobby and more than 700 parking spaces. At the time of sale, the three-story building was 87.9 percent leased to a variety of tenants. Anthony DeLorenzo, Sammy Cemo, Bryan Johnson, Matt Didier, Jennifer Whittington and David Dowd of CBRE represented the seller, while Eric Purmort, also with CBRE, represented the buyer in the transaction.

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Paradise-Hills-Shopping-Center-Phoenix-AZ
AcquisitionsArizonaRetailWestern

Westwood Financial Buys 83,787 SF Paradise Hills Shopping Center in Phoenix

by Amy Works

PHOENIX — Westwood Financial has acquired Paradise Hills Shopping Center, a retail property in Phoenix, from Abbington Emmerson Investments for an undisclosed price. Located on 7.5 acres at 10604-10622 N. 32nd St. and 3110-3116 E. Shea Blvd., Paradise Hills Shopping Center offers 83,787 square feet of retail space occupied by 16 tenants, including Ace Hardware, Pet Supplies Plus and Uptown Jungle, along with an artisan bread shop, memorabilia store, home entertainment studio, salons, barber shop and five restaurants and bars. Mindy Korth and J.K. Jackson of Colliers’ Phoenix office, along with El Warner and Caitlin Zirpolo of Colliers in Irvine, Calif., represented the seller in the deal.

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