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Acquisitions

AcquisitionsDevelopmentHealthcareNorth CarolinaOfficeSoutheastUncategorized

Flagship Acquires Former Verizon Office Building in Wilmington, Plans Conversion to Healthcare Campus

by John Nelson

WILMINGTON, N.C. — Flagship Healthcare Properties has purchased a 153,526-square-foot office building located at 3601 Converse Road in Wilmington. The Charlotte-based company acquired the property through Flagship Healthcare Trust for an undisclosed price. The seller was also not disclosed. The three-story office building was built as a single-tenant property and was formerly home to Verizon Wireless. Flagship is underway on the conversion of the office building into an outpatient healthcare campus dubbed Flagship Medical Plaza. Novant Health has signed a lease to occupy two floors at the project beginning in 2025. The tenant’s planned services at the clinic will include specialized physicians, lab services, imaging and infusion therapy, according to Ernie Bovio, president of Novant’s coastal region. Novant operates the Novant Health New Hanover Regional Medical Center hospital, which is located two miles from Flagship Medical Plaza.

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AcquisitionsLoansMultifamilySoutheastTennessee

Colliers Mortgage Provides $9.5M Agency Acquisition Loan for East Memphis Apartment Community

by John Nelson

MEMPHIS, TENN. — Colliers Mortgage has provided a $9.5 million Fannie Mae loan for the acquisition of Oak Grove Flats, a 163-unit apartment community located at 595 Cadraca Drive in east Memphis. The garden-style property features one-, two- and three-bedroom apartments and features onsite laundry facilities and property management, according to Apartments.com. Randy Engel of Colliers Mortgage’s Memphis office originated the agency loan on behalf of the borrower, an undisclosed sponsor that is a repeat client of Colliers Mortgage.

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AcquisitionsIndustrialKentuckySoutheast

NAI Isaac Arranges Sale of 100,000 SF Industrial Facility in Cynthiana, Kentucky

by John Nelson

CYNTHIANA, KY. — NAI Isaac has arranged the sale of a 100,000-square-foot industrial facility located at 736 US Highway 27 in Cynthiana, roughly 30 miles northeast of Lexington. Grand Rapids, Mich.-based Herdegen Commercial Equipment LLC, a liquidator of corporate equipment and other fixed assets, purchased the facility for an undisclosed price. Bruce Isaac of NAI Isaac represented the undisclosed seller in the transaction. According to LoopNet Inc., the facility is a single-tenant building that was delivered on a 7.5-acre site in 1964. The property features 19-foot clear heights, two dock doors and four drive-in doors. The acquisition also includes a separate 7,000-square-foot facility at the site.

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AcquisitionsNortheastRetailRhode Island

JLL Brokers Sale of 158,709 SF Shopping Center in East Greenwich, Rhode Island

by Taylor Williams

EAST GREENWICH, R.I. — JLL has brokered the sale of East Greenwich Plaza, a 158,709-square-foot shopping center in East Greenwich, located south of Providence. Situated on 20.5 acres and anchored by Dave’s Fresh Marketplace, the center was 97 percent leased at the time of sale. Other tenants include Le’s Isle Rose, Healthtrax, Bank Newport and McDonald’s. Chris Angelone, Bill Moylan, Zach Nitsche, Jessica Dowd and Sam Wiesman of JLL represented the undisclosed seller in the transaction and procured the buyer, a joint venture between Brand Street Properties and Regency Centers.

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AcquisitionsConnecticutNortheastRetail

Zelco Properties, Haverford Retail Partners Acquire 123,000 SF Retail Center in Guilford, Connecticut

by Taylor Williams

GUILFORD, CONN. — Zelco Properties, the development and acquisition arm of Charter Realty, and Haverford Retail Partners have acquired Guilford Commons, a 123,000-square-foot retail center in southern coastal Connecticut. Tenants at the property, which originally opened in 2015, include The Fresh Market, Michaels, DSW, Ulta Beauty, Panera Bread, MOOYAH, Spavia, Pure Barre and Ivy Rehab. T.J. Maxx and Old Navy also recently signed leases at the center. Charter Realty will handle leasing of the property.

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AcquisitionsIndustrialNortheastPennsylvania

NAI Summit Arranges $3M Sale of Former Crayola Warehouse, Distribution Center in Lehigh Valley

by Taylor Williams

EASTON, PA. — NAI Summit has arranged the $3 million sale of the historic former Crayola warehouse and distribution center in the Lehigh Valley community of Easton. Originally built in the 1890s as a manufacturing facility by Crayola predecessor Binney & Smith, the property consists of four buildings totaling 94,000 square feet on an 8.9-acre site. Matt Sprung of NAI Summit represented the seller, an out-of-state investor, in the deal. A local developer purchased the property with plans to implement a residential conversion.

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AcquisitionsMidwestOhioRetail

SRS Brokers $8.6M Sale of Lowe’s-Occupied Retail Property in Columbus, Ohio

by Kristin Harlow

COLUMBUS, OHIO — SRS Real Estate Partners has brokered the $8.6 million sale of a 125,357-square-foot retail property occupied by Lowe’s Home Improvement in Columbus. Situated on 12.8 acres, the building at 2888 Brice Road features a corporate-guaranteed lease that was recently extended for 10 more years. The property is adjacent to Brice Park, a 158,000-square-foot shopping center. Matthew Mousavi and Patrick Luther of SRS represented the undisclosed seller. A West Coast-based private investor purchased the asset at a cap rate of 6.4 percent.

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AcquisitionsArizonaMultifamilyWestern

PDP Divests of Vela on Camelback Apartments in Phoenix for $72M

by Amy Works

PHOENIX — Pacific Development Partners (PDP) has completed the disposition of Vela on Camelback, a Class A multifamily property in Phoenix’s Camelback Corridor submarket. In the company’s first acquisition in the Phoenix market in 15 years, Sherman Residenital acquired the asset for $72 million. Completed in 2017, Vela on Camelback offers 237 apartments, a sky deck overlooking Piestewa Peak and Camelback Mountain, a pool and spa area with a barbecue pavilion, club-style fitness center, resident lounge with a chef-inspired community kitchen, dog wash and fenced dog run, gas grills in outdoor courtyards and 24-hour package lockers. Asher Gunter, Matt Pesch, Sean Cunningham and Austin Groen of CBRE represented the seller in the deal.

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AcquisitionsArizonaIndustrialWestern

Stos Partners Acquires Two Industrial Buildings in Phoenix Totaling 94,836 SF

by Amy Works

PHOENIX — Stos Partners has purchased 236 and 240 North 48th Avenue in Phoenix from an owner-user for an undisclosed price. Situated on 5.3 acres, the property includes two freestanding industrial buildings totaling 94,836 square feet. Constructed in 1978, the 83,200-square-foot warehouse at 240 N. 48th Ave. features 3,450 square feet of office space, 24-foot clear heights, 19 dock-high doors, two grade-level loading doors, 7,000 amps, 45 parking spaces and direct access to Union Pacific Railroad with 10 rail spots. Built in 1979, the 11,636-square-foot building at 236 N. 48th Ave. offers 4,200 square feet of office space, one dock-high door, two grade-level loading doors and 14 auto parking spaces. Stos Partners plans to commence capital improvements to enhance the two buildings’ functionality and appeal, including exterior paint, parking lot and loading areas repairs, dock and ground-level doors repairs and roof and electrical system repairs. Phil Haenel, Gary Anderson and Foster Bundy of Cushman & Wakefield facilitated the transaction. Gary Anderson and Nik Vallens of Cushman & Wakefield are handling leasing for the buildings on behalf of Stos Partners.

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AcquisitionsFloridaIndustrialSoutheast

SRS Brokers $15.8M Sale of Industrial Building in Sanford, Florida

by John Nelson

SANFORD, FLA. — SRS Real Estate Partners has brokered the $15.8 million sale of a 109,610-square-foot industrial building located at 2963 Stonewall Place in Sanford, roughly 28 miles north of Orlando. The buyer, Harvest Valley, a leading foodservice distributor specializing in Asian cuisine, plans to convert the property to a cold storage facility to serve its Central Florida clients. Wayne Schuchts, Michael Palmer and Andrew Lehrer of SRS’ industrial team represented Harvest Valley in the sale. The seller was not disclosed. The property was built in 2018 and sits on nine acres.

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