Acquisitions

MCA Realty Buys 32,000 SF Industrial Property in Las Vegas

by Amy Works October 30, 2024

LAS VEGAS — MCA Realty has acquired a single-tenant industrial building located at 2124 Industrial Road in Las Vegas for $4.2 million in an off-market transaction. The asset was purchased within the firm’s MCA Realty Industrial Growth Fund II, the first acquisition with the fund. Hajoca Corp., the parent company of Kelly’s Pipe & Supply Co., fully leases the 32,000-square-foot building that was built in 1962. Kevin Higgins and Garrett Toft of CBRE represented the undisclosed seller and buyer in the transaction.

October 30, 2024

Acquisitions Florida Multifamily Southeast

Olympus Property Acquires Apartment Community in Downtown St. Petersburg for $81M

by John Nelson October 30, 2024

ST. PETERSBURG, FLA. — Olympus Property has acquired 930 Central Flats, a 218-unit apartment community located in downtown St. Petersburg. The seller and sales price were not disclosed, but Tampa Bay Business Journal reports the property traded for $81 million. Developed in 2019, the six-story property is situated within the Central Avenue entertainment corridor and adjacent to the $6.5 billion Gas Plant District redevelopment. This transaction marks Olympus Property’s second acquisition in the Tampa Bay area, bringing the owner-operator’s Florida portfolio to 5,500 units. “The property’s unmatched location and upscale amenities align seamlessly with our long-term investment approach,” says Chase Bennett, chief acquisitions officer at Olympus Property.

October 30, 2024

Acquisitions Retail South Carolina Southeast

IPA Brokers $18.8M Sale of Shopping Center in Bluffton, South Carolina

by John Nelson October 30, 2024

BLUFFTON, S.C. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $18.8 million sale of Bluffton Target Center, a shopping center located in Bluffton, approximately seven miles west of Hilton Head Island. Built in 2001, the property totals 100,314 square feet and was fully leased at the time of sale to tenants including Dick’s Sporting Goods, Staples and Starbucks Coffee. Zach Taylor of IPA represented the seller, an entity doing business as Stafford Bluffton LLC, in the transaction and procured the buyer, Tarantino Properties Inc.

October 30, 2024

Acquisitions Build-to-Rent Single-Family Rental Texas

Christopher Todd Capital Acquires 314-Unit Build-to-Rent Property in Conroe, Texas

by Taylor Williams October 30, 2024

CONROE, TEXAS — A subsidiary of Arizona-based Christopher Todd Capital has acquired The Cottage Green, a 314-unit build-to-rent residential property in Conroe, about 40 miles north of Houston. The site spans 40 acres, and the development offers one-, two- and three-bedroom single-story homes and two-bedroom townhomes in a variety of styles, such as bungalows, cottages and lofts. Amenities include a lakeside beach club with grilling stations, a pool with tanning ledge, fitness center, clubhouse, conference room, electric car charging stations, dog park and an event lawn. The seller was an entity doing business as HMFA Houston Property Owner I LLC. Christopher Todd plans to rebrand the property as Cottage Living.

October 30, 2024

Acquisitions Retail Texas

Marcus & Millichap Brokers Sale of 170,722 SF Shopping Center in Sherman, Texas

by Taylor Williams October 30, 2024

SHERMAN, TEXAS — Marcus & Millichap has brokered the sale of Sherman Centre, a 170,722-square-foot shopping center located near the Texas-Oklahoma border. The center was 60 percent leased at the time of sale to tenants such as Bomgaars, Nautilus Family Fitness and Texas Roadhouse. The property also includes an undeveloped, 1.9-acre pad site. Chris Gainey and Philip Levy of Marcus & Millichap represented the seller, a private owner-developer based in Texas, in the transaction. The duo also procured the buyer, an out-of-state private investor.

October 30, 2024

Acquisitions Industrial Michigan Midwest

Microsoft Acquires 274 Acres Near Grand Rapids, Michigan

by Kristin Harlow October 30, 2024

GRAND RAPIDS, MICH. — Microsoft Corp. has acquired 274 acres in Dorr, a southern suburb of Grand Rapids, for an undisclosed price. The property is located at 4400 144th Ave. and 14th Street. Matt Wickstra, Shawn O’Brien and Julie O’Brien of Colliers represented Microsoft in the transaction. Colliers also represented Microsoft in its purchase of 316 acres at 76th Street SE in Caledonia, bringing the company’s total holdings in the region to nearly 590 acres.

October 30, 2024

Acquisitions Healthcare Texas

Alliance Consolidated Group of Cos. Buys 15,110 SF Healthcare Property in Arlington

by Taylor Williams October 30, 2024

ARLINGTON, TEXAS — Alliance Consolidated Group of Cos. has purchased a 15,110-square-foot healthcare property in Arlington. The sales price was $6 million. According to LoopNet Inc., the single-tenant property at 950 N. Davis Drive was originally built in 1985. The seller, an orthopedic care provider doing business as MCS Dallas Medical PLLC, will lease back the space from the new ownership.

October 30, 2024

Acquisitions Illinois Midwest Retail

Boulder Group Brokers $2.1M Sale of Retail Property Leased to Sherwin-Williams in Joliet, Illinois

by Kristin Harlow October 30, 2024

JOLIET, ILL. — The Boulder Group has brokered the $2.1 million sale of a 3,500-square-foot retail property net leased to Sherwin-Williams in Joliet. The single-tenant building is located along Plainfield Road. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Midwest-based real estate company. The buyer was a Southeast-based real estate investor. There are over eight years remaining on the lease with three five-year renewal options. The lease features 10 percent rental escalations every five years.

October 30, 2024

Acquisitions New Jersey Northeast Retail

CBRE Brokers Sale of 376,462 SF Grocery-Anchored Retail Portfolio in Coastal New Jersey

by Taylor Williams October 30, 2024

OCEAN COUNTY, N.J. — CBRE has brokered the sale of a portfolio of three grocery-anchored retail centers located in Ocean County. ShopRite anchors the centers, which include Bay Plaza in Toms River, Jackson Plaza in Jackson Township and Lacey Mall in Lacey Township. Bay Plaza was built in 1994. Tenants at the 87,721-square-foot center include Citizens Bank, Little Gym and Manhattan Bagel. Tenants at Jackson Plaza, which was built in 2002 and comprises 114,753 square feet, include AT&T, Advance Auto Parts and McDonald’s. Other tenants at Lacey Mall, which totals 173,988 square feet, include T.J. Maxx, Mattress Firm, Firestone, Hand & Stone, UPS, Dollar Tree, Dunkin’, Popeyes and Verizon Wireless. The portfolio was roughly 94 percent leased at the time of sale. Chris Munley, Colin Behr, Ryan Sciullo, Casey Smith, RJ Mirabile and Michael Pascavis of CBRE represented the seller, Pasbjerg Development Co., which developed the properties, in the transaction.

October 30, 2024

Acquisitions Connecticut Northeast Retail

Phillips Edison Buys 101,105 SF Shopping Center in Bethel, Connecticut

by Taylor Williams October 30, 2024

BETHEL, CONN. — Phillips Edison & Co., a Cincinnati-based shopping center REIT, has purchased the 101,105-square-foot Bethel Center in Connecticut’s Fairfield County. Anchored by Big Y Supermarket, Bethel Center was 91 percent leased at the time of sale. Other tenants include Starbucks, Dollar Tree, Great Clips, Quest Diagnostics and Casa Tequila. Nat Heald, Jeffrey Dunne and David Gavin of CBRE represented the seller, a partnership between DRA Advisors and KPR Centers, in the transaction. The sales price was not disclosed.

October 30, 2024

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