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Acquisitions

AcquisitionsAlabamaIndustrialSoutheast

TruCore Purchases 96,000 SF Industrial Facility in Birmingham

by John Nelson

BIRMINGHAM, ALA. — TruCore Investments has purchased a 96,000-square-foot, Class B industrial facility located at 3230 Messer Airport Highway in Birmingham. The property had roughly 60,000 square feet of availability at the time of sale. The seller and sales price were not disclosed. Built in 1979, the concrete structure is situated on 4.4 acres and features 14 drive-in doors, 30 dock doors and 48 parking spaces. TruCore plans to improve the facility functionally and cosmetically, including an exterior refresh, as well as boost occupancy. The property represents TruCore’s first acquisition in Birmingham.

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AcquisitionsNorth CarolinaRetailSoutheast

CenterSquare Buys 43,044 SF Retail Center in Charlotte

by John Nelson

CHARLOTTE, N.C. — CenterSquare has bought Olde Lancaster Town Center, a 43,044-square-foot retail center located in Charlotte. Tenants at the property, which was fully leased at the time of sale, include My Salon Suites, Aqua Tots, Lee’s Hoagies, Chesterbrook Academy and Eye Level Learning. The new ownership plans to implement improvements at the property including new paint, awnings, LED lights, string lights, patio seating, roofs, updated landscaping and signage enhancements.

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AcquisitionsIndustrialNew JerseyNortheast

Cushman & Wakefield Brokers Sale of 49,172 SF Industrial Flex Building in Somerset, New Jersey

by Taylor Williams

SOMERSET, N.J. — Cushman & Wakefield has brokered the sale of a 49,172-square-foot industrial flex building in the Northern New Jersey community of Somerset. The building at 28 Worlds Fair Drive sits on 4.5 acres, features two side doors and 152 car parking spaces and was 40 percent leased to four tenants at the time of sale. Andrew Schwartz, Jordan Sobel, André Balthazard and Dan Bottiglieri of Cushman & Wakefield represented the undisclosed seller in the transaction and procured the buyer, SL Industrial Partners.

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AcquisitionsIllinoisMidwestRetail

JLL Brokers $18.7M Sale of Hawthorne Commons Retail Property in Vernon Hills, Illinois

by Kristin Harlow

VERNON HILLS, ILL. — JLL Capital Markets has brokered the sale of Hawthorne Commons in the Chicago suburb of Vernon Hills for $18.7 million. Northwestern Medicine anchors the 48,942-square-foot retail and medical property. Completed in 2016, the two-story building is 88 percent leased to eight tenants and is located at 850 N. Milwaukee Ave. Alex Sharrin, Keely Polcyznski and Michael Nieder of JLL represented the seller, a joint venture between Centrum Realty and Hubbard Street Group. Elliott Bay Capital Trust, in a joint venture with Pantheon, purchased the asset.

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JLL-The-Plant-San-Jose-CA
AcquisitionsCaliforniaLoansRetailWestern

JLL Arranges JV Equity for $95M Acquisition of Plant Shopping Center in San Jose

by Amy Works

SAN JOSE, CALIF. — JLL Capital Markets has arranged joint venture equity for the $95 million acquisition of The Plant, a regional power center located at 1 Curtner Ave. in San Jose. Geoff Tranchina, Gleb Lvovich, Eric Katherin, Daniel Tyner and Conor Quinn of JLL’s Investment and Sales Advisory team worked on behalf of the operator, Milan Capital Management, to arrange the equity investment through Arc Capital Partners. Spanning 35.5 acres in Silicon Valley, the 367,869-square-foot shopping center was built in 2008. At the time of sale, the property was 64 percent occupied. Current tenants include Best Buy, Ross Dress for Less, PetSmart, Ulta Beauty, Off Broadway, Starbucks Coffee, IHOP, McDonald’s, Panda Express, El Pollo Loco, Chase Bank and Five Guys.

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Landing-Arroyo-Simi-Valley-CA
AcquisitionsCaliforniaMultifamilyWestern

USA Properties Fund Sells Multifamily Community in Simi Valley, California for $95M

by Amy Works

SIMI VALLEY, CALIF. — USA Properties Funds has completed the disposition of The Landing at Arroyo, a multifamily property in the Los Angeles suburb of Simi Valley. A private multifamily investor purchased the 212-unit community for $95 million, or $448,113 per unit. Kevin Green, Joseph Grabiec and Gregory Harris of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the deal. Built in 2022 on 10 acres, The Landing at Arroyo offers apartments spread across seven buildings, a swimming pool, spa, game room, fitness center, coworking space and central package lockers for deliveries. Apartments feature washers/dryers, stainless steel appliances, quartz countertops and designer plumbing and lighting fixtures.

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Heronfield-Kirkland-WA
AcquisitionsMultifamilyWashingtonWestern

CBRE Facilitates Sale of 202-Unit Heronfield Apartments in Kirkland, Washington

by Amy Works

KIRKLAND, WASH. — CBRE has brokered the sale of Heronfield, a multifamily community located at 11105 N.E. 123rd Lane in Kirkland. Terms of the transaction were not released. Eli Hanacek, Mark Washington and Kyle Yamamoto of CBRE represented the undisclosed seller in the transaction. Situated about 16 miles northeast of Seattle, Heronfield offers 202 one-, two- and three-bedroom apartment, averaging 939 square feet in size. The units feature spacious floor plans with large windows, and many of the units have been renovated with new plank flooring, wood burning fireplaces and updated kitchens with quartz countertops. Community amenities include an indoor/outdoor pool, a clubhouse, 24-hour fitness center and playground. Additionally, the asset is adjacent to 28 acres of preserved natural land.

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6590-S-Vine-St-Centennial-CO
AcquisitionsColoradoHealthcareOfficeWestern

Marcus & Millichap Brokers Sale of 11,589 SF Office Building in Centennial, Colorado

by Amy Works

CENTENNIAL, COLO. — Marcus & Millichap has brokered the sale of Offices of Southglenn, an office property located at 6590 S. Vine St. in Centennial. A limited liability company sold the asset to a local veterinarian for $1.8 million. At the time of sale, the 11,589-square-foot building was 40 percent occupied. The buyer plans to renovate the property and establish a surgical veterinary center. Brandon Kramer and Chadd Nelson of Marcus & Millichap represented the seller in the deal.

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AcquisitionsArkansasIndustrialSoutheast

Stoic Equity Acquires 65,000 SF Flex Industrial Property in Little Rock

by John Nelson

LITTLE ROCK, ARK. — Stoic Equity Partners has acquired Parkwood Center, a 65,000-square-foot, multi-tenant flex industrial property located at 6801 W. 12th St. in Little Rock. This increases the Daphne, Ala.-based investor’s holdings in Little Rock to three properties spanning more than 150,000 square feet. The seller and sales price were not disclosed. Parkwood Center features suites ranging in size from 975 to 6,298 square feet and offers proximity to I-630 and I-430.

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AcquisitionsAlabamaRetailSoutheast

Marcus & Millichap Brokers Sale of Alabama’s First Wawa Gas Station and Convenience Store

by John Nelson

FAIRHOPE, ALA. — Don McMinn and Andrew Koriwchak of Marcus & Millichap’s Taylor McMinn Retail Group brokered the sale of the first completed Wawa in Alabama, a 6,119-square-foot gas station and convenience store located at 18968 Greeno Road in Fairhope. Situated 20 miles southeast of Mobile, the property features a new 20-year corporate ground lease in place with scheduled rent increases and renewal options. The seller, a preferred Wawa developer, delivered the property earlier this year. An undisclosed, locally based 1031 buyer purchased the Fairhope store for an undisclosed price. “In the current net lease market with a surplus of inventory and a constrained buyer pool, accessing local investors continues to be an essential ingredient to deal execution,” says McMinn. Atlanta-based Taylor McMinn Retail Group is currently marketing a new Wawa in Robertsdale, which is the second Wawa station in Alabama. The Pennsylvania-based gas station giant plans to open 10 stores in surrounding Mobile markets. Wawa has 1,058 locations in eight states with plans to reach 1,800 stores by 2030.

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