Acquisitions

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

by John Nelson September 18, 2024

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.

September 18, 2024

Acquisitions Retail Utah Western

Continental Realty Corp. Acquires 630,000 SF Crossroads of Taylorsville Retail Center Near Salt Lake City

by Amy Works September 18, 2024

TAYLORSVILLE, UTAH — Continental Realty Corp. (CRC) has entered the Utah market with the purchase of The Crossroads of Taylorsville, a shopping center in Taylorsville, for an undisclosed price. The asset was purchased with funds from Continental Realty Opportunistic Retail Fund I, a closed-end fund for which approximately $323 million has been raised. Totaling nearly 630,000 square feet, The Crossroads at Taylorsville is located at 5400 S. Redwood Road, 12 miles south of Salt Lake City. The property consists of 10 buildings and seven separate outparcels or multi-tenant strip buildings, all of which is surrounded by a free surface parking lot that can accommodate nearly 3,900 vehicles. At the time of sale, the property was 94 percent leased. Current tenants include Target, T.J.Maxx, HomeGoods, Ross Dress for Less, EOS Fitness, Regal Cinema, PetSmart, Dollar Tree, Guitar Center, King Buffet, Lifetime Products, Mr. Mac, Rockler Woodworking and Sierra Trading Post. Mark Damiani of Eastdil Secured represented the seller, TriGate Capital, in the deal. With this transaction, Baltimore-based CRC has now acquired more than $700 million in retail real estate since the beginning of 2021.

September 18, 2024

Building-III-Gateway-Logistics-Park-El-Paso

Acquisitions Industrial Texas

Provident Industrial Sells New, 345,394 SF Building Within Gateway Logistics Park in El Paso

by Taylor Williams September 18, 2024

EL PASO, TEXAS — Dallas-based Provident Industrial has sold the 345,394-square-foot Building III within Gateway Logistics Park in El Paso. Completed in August, the building features 36-foot clear heights, 59 dock doors, two ramp doors and a separately gated trailer staging area with 98 parking spaces, bringing the total trailer parking capacity to 173 stalls. The buyer was Philadelphia-based investment firm EQT Exeter, which also purchased Building I and II within Gateway Logistics Park earlier this year. Provident developed Building III in partnership with WestStar Bank and Singerman Real Estate. The sales price was not disclosed.

September 18, 2024

Acquisitions Multifamily Texas

Marcus & Millichap Brokers Sale of 136-Unit Cobble Hills Apartments in East Fort Worth

by Taylor Williams September 18, 2024

FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Cobble Hills, a 136-unit apartment complex located on the east side of Fort Worth. The property consists of 12 buildings that house a mix of one-, two- and three-bedroom apartments. Al Silva and Ford Braly of Marcus & Millichap represented the seller, Obsidian Capital, and procured the buyer, an out-of-state family office. Additionally, Danny Abergel of Marcus & Millichap Capital Corp. arranged $7.5 million in acquisition financing for the deal. The loan carried a seven-year term, a loan-to-value ratio of 60 percent and two years of interest-only payments followed by a 30-year amortization schedule.

September 18, 2024

Acquisitions Massachusetts Northeast

Newmark Brokers $20.1M Sale of Metro Boston Retail Property

by Taylor Williams September 18, 2024

CAMBRIDGE, MASS. — Newmark has brokered the $20.1 million sale of Porter Square Galleria, a 55,610-square-foot retail property located across the Charles River from Boston in Cambridge. A 28,893-square-foot Target store anchors the property, which was 96 percent leased at the time of sale. Other tenants include One Medical, Anna’s Taqueria and Citizens Bank. Robert Griffin, Jonathan Martin and Paul Penman of Newmark represented the undisclosed seller in the transaction and procured the buyer, locally based investment firm Crosspoint Associates. David Douvadjian Sr., Timothy O’Donnell, David Douvadjian Jr. and Conor Reenstierna of Newmark arranged acquisition financing for the deal.

September 18, 2024

Acquisitions Illinois Midwest Retail

JLL Brokers Sale of 47,997 SF Tesla Sales, Service Center in Northbrook, Illinois

by Kristin Harlow September 18, 2024

NORTHBROOK, ILL. — JLL Capital Markets has brokered the sale of a flagship Tesla sales, service and delivery center in the Chicago suburb of Northbrook for an undisclosed price. The newly developed build-to-suit for Tesla is located at 1000 Skokie Blvd. The 47,997-square-foot property is Tesla’s only custom build-to-suit sales, service and delivery center in Chicagoland. Designed to support several retail showrooms throughout Chicago’s northern suburbs, the Northbrook facility provides new vehicle delivery, vehicle preparation and maintenance services. The building also features a showroom and ancillary office spaces. Alex Sharrin and Josh Katlin of JLL represented the seller, a joint venture between Focus and Fort Union. Kingsbarn Realty Capital was the buyer.

September 18, 2024

Acquisitions Midwest Ohio Retail

Marcus & Millichap Arranges $4.2M Sale of Charles Schwab-Occupied Property in Westlake, Ohio

by Kristin Harlow September 18, 2024

WESTLAKE, OHIO — Marcus & Millichap has arranged the $4.2 million sale of a 7,187-square-foot property net leased to Charles Schwab in Westlake, about 12 miles west of downtown Cleveland. Built in 2020, the asset is located across from the Crocker Park retail center. Scott Wiles, Craig Fuller and Erin Patton of Marcus & Millichap represented the seller, a Cleveland-based family office. A California-based 1031 exchange investor was the buyer. Michael Glass, broker of record in Ohio, assisted in closing the transaction.

September 18, 2024

470-Chestnut-Ridge-Road-Woodcliff-Lake-New-Jersey

Acquisitions New Jersey Northeast Office

Keystone Property Group Sells Northern New Jersey Office Building for $9.8M

by Taylor Williams September 18, 2024

WOODCLIFF LAKE, N.J. — Metro Philadelphia-based investment and development firm Keystone Property Group has sold a 53,730-square-foot office building located at 470 Chestnut Ridge Road in the Northern New Jersey community of Woodcliff Lake. The sales price was $9.8 million. The building was fully leased at the time of sale to Kiewit Infrastructure. Jeffrey Dunne, Doug Rodio, Travis Langer and Dan Blumenkrantz of CBRE represented Keystone in the transaction. The buyer was not disclosed.

September 18, 2024

Acquisitions Multifamily Northeast Pennsylvania Seniors Housing

ESI Negotiates Sale of Continuing Care Retirement Community in Somerset, Pennsylvania

by Taylor Williams September 18, 2024

SOMERSET, PA. — Evans Senior Investments (ESI) has negotiated the sale of The Patriot, a continuing care retirement community (CCRC) in Somerset, located in southwest Pennsylvania. The transaction was executed on behalf of a nonprofit organization. The CCRC features 100 licensed skilled nursing beds, 47 personal care units and two independent living units. At the time of sale, the skilled nursing component of the property was 77 percent occupied, and the personal care beds were 47 percent occupied.

September 18, 2024

Lakeview-Innovation-Center-Thousand-Oaks-CA

Acquisitions California Industrial Office Western

JLL Arranges Sale of 276,529 SF Lakeview Innovation Center Flex Campus in Thousand Oaks, California

by Amy Works September 18, 2024

THOUSAND OAKS, CALIF. — JLL Capital Markets has arranged the all-cash sale of Lakeview Innovation Center, a flex campus on 22.1 acres in Thousand Oaks. An undisclosed seller sold the asset to a partnership between Alta West Partners, an affiliate of Glendon Capital Management and A2 Capital Management for an undisclosed price. Michael Leggett, Jeffrey Bramson, Andrew Harper and William Poulsen of JLL represented the seller in the transaction. Renovated in 2023, Lakeview Innovation Center offers 276,529 square feet of research-and-development (R&D) and office space. The campus includes an onsite Equinox fitness club, Earthbar, pickleball court, walking trails, a tenant lounge and multiple outdoor patio and collaborative spaces. The tenant roster includes Marvell Technologies and Rawlings, which benefit from the property’s infrastructure, including lab-grade HVAC, excess power capacity, ample clear heights, loading docks and backup generators. Additionally, the asset offers expansion opportunities with M2 zoning, supporting up to 123,000 square feet of additional density for life sciences, R&D or office uses. The new ownership team plans to upgrade the common areas, restrooms, signage and landscaping.

September 18, 2024

Newer Posts

Older Posts