Acquisitions

Prologis Acquires Airpark Logistics Center in Suburban Phoenix for $184M

by Kristin Harlow October 12, 2023

GOODYEAR, ARIZ. — Prologis Inc. (NYSE: PLD) has acquired Airpark Logistics Center in Goodyear, a western suburb of Phoenix, for $184 million. Creation and CrossHarbor Capital Partners were the sellers. The transaction marks the largest multi-building industrial business park acquisition in Arizona history, according to Creation. Located directly adjacent to Phoenix Goodyear Airport, the campus spans 170 acres. The first phase, comprising three buildings with 1.4 million square feet of leasable space, was completed last month. LGE Design Build served as the architect and general contractor. The second phase of the project includes 84 acres of undeveloped land for build-to-suit industrial projects. At full build-out, the development will span more than 2.7 million square feet. “The recognition of Airpark Logistics Center’s potential by a logistics real estate leader like Prologis is a testament to the quality of the asset,” says Grant Kingdon, principal of Creation’s Mountain region. “The center’s strategic location, innovative design and growth potential align perfectly with our vision for delivering sustainable developments that meet the needs of modern logistics tenants. This sale is especially significant today given the current market dynamics, where deals of this scale are rare.” Will Strong, Kirk Kuller, Michael Matchett and Molly Hunt …

October 12, 2023

Acquisitions Content Partner Development Features Midwest NAI Northeast Self-Storage Southeast Texas Western

Following Pandemic-Fueled Run-Up in Acquisition Prices, Where Is Self-Storage Headed?

by Sarah Daniels October 12, 2023

Self-storage has had an amazing run since just before the pandemic. Cap rates started near 6 percent, with buildings starting at $150 per square foot. Then came the flood of pandemic capital pushing prices — by mid-2022 prices jumped to a point no one had previously experienced. “In some of the bigger markets, we were seeing per-square-foot prices of $300 and above for the first time,” says Denise Nunez, executive managing director with NAI Horizon. Cap rates fell to as low as 4 percent. “The low cap rates had gotten to such a point where many brokers were not even pricing deals because they didn’t want to miss that extra that they could get on the sale.” But rising interest rates have had an impact on self-storage, as they have had on every other commercial real estate asset class, with prices reversing again. Investors are still unsure of what the Federal Reserve will be doing in the near term with monetary policy. Building costs are high — final delivery construction costs are still higher by 40 percent or more than pre-pandemic. That reality has resulted in investors alternating between cold feet and, with some signs that the Fed may plan …

October 12, 2023

Acquisitions Colorado Multifamily Western

Alliance Residential Sells 254-Unit Broadstone Kendrick Apartments in Denver for $111M

by Amy Works October 11, 2023

DENVER — Alliance Residential has completed the disposition of Broadstone Kendrick, a multifamily community in Denver’s Uptown neighborhood, Jackson Square Properties sold the asset for $111 million. Constructed in two phases between 2021 and 2022, the 184,574-square-foot Broadstone Kendrick consists of two eight-story buildings with two levels of subterranean parking. The property features 254 studio, one- and two-bedroom apartments with an average unit size of 727 square feet. The two buildings are located at 1780 Marion St. and 1160 E. 18th Ave. across the street from the Uptown Medical District. Units feature gas ranges, wine fridges and soft-close drawers and cabinets. Community amenities include two rooftop terraces; a fitness center and wellness center fully equipped with Technogym and barre equipment; a lounge; and coworking space. Terrance Hunt, Shane Ozment, Chris Cowan, Chris Hart, Brad Schlafer and Jessica Graham of CBRE’s multifamily investment properties team in Denver represented the seller in the transaction.

October 11, 2023

Acquisitions California Office Western

Easterly Government Properties Buys Office Building in Anaheim, California for $31.1M

by Amy Works October 11, 2023

ANAHEIM, CALIF. — Easterly Government Properties has acquired 1065 Link, a four-story office building within Link OC in Anaheim. A partnership between a global real estate investment, development and management firm and a global investment manager sold the asset for $31.1 million, or $327 per square foot. Originally constructed in 1991, 1065 Link features 95,371 square feet of institutional-grade office space. The property underwent interior and exterior renovations in 2020. Key building features include a newly renovated lobby and exterior common areas and over-standard parking. The State of California occupies the entire building. Jeffrey Cole, Nico Napolitano, Brad Brandenburg and Kristen Bogler of Cushman & Wakefield’s Capital Markets team in Southern California represented the seller in the transaction.

October 11, 2023

Acquisitions Multifamily Texas

Newmark Brokers Sale of 376-Unit Stone Brook Apartments in Metro Houston

by Taylor Williams October 11, 2023

BAYTOWN, TEXAS — Newmark has brokered the sale of Stone Brook, a 376-unit apartment community located in the eastern Houston suburb of Baytown. Built in 2000, Stone Brook offers one-, two- and three-bedroom units and amenities such as a pool, playground and a dog park. Zach Springer of Newmark represented the seller, Dallas-based private equity firm Knightvest Capital, in the transaction. Tip Strickland, also with Newmark, originated an undisclosed amount of Freddie Mac acquisition financing on behalf of the buyer, Bluebird. The 10-year, fixed-rate loan was structured with a loan-to-value ratio above 80 percent and seven years of interest-only payments.

October 11, 2023

Acquisitions Florida Multifamily Southeast

JBM Brokers $102M Sale of ParkCrest Landings Apartments in Bradenton, Florida

by John Nelson October 11, 2023

BRADENTON, FLA. — JBM Institutional Multifamily Advisors has brokered the $102 million sale of ParkCrest Landings, a 400-unit apartment community located in Bradenton, a city in metropolitan Sarasota. This sale represents the second time that JBM has brokered the sale of ParkCrest Landings since it was delivered in 2015. Passco Cos. sold the asset to an undisclosed buyer. Situated on a 78.4-acre site, ParkCrest Landings comprises 17 two- and three-story residential buildings, three separate amenity/clubhouse buildings and two swimming pools. The property features one-, two- and three-bedroom apartments with an average size of 1,026 square feet.

October 11, 2023

Acquisitions Georgia Industrial Southeast

MDH Partners Acquires New 655,370 SF Industrial Building Near Savannah

by John Nelson October 11, 2023

BLOOMINGDALE, GA. — Atlanta-based MDH Partners has purchased Beltway Logistics Center, a 655,370-square-foot industrial facility located in Bloomingdale, about 15 miles from the Port of Savannah. The seller, a joint venture led by TPA Group, recently delivered the property, which is situated less than one mile from I-16. Joe DeHaven led the acquisition process for MDH Partners on an internal basis. The sales price was not disclosed. The cross-deck facility features 40-foot clear heights, 172 trailer parking spots, 134 dock-high doors, 185-foot concrete truck courts, 2,445 square feet of speculative office space and LED lighting in the warehouse. Notable neighbors of Beltway Logistics Center include Floor & Decor, FedEx and Arco Plastic.

October 11, 2023

Acquisitions Retail Texas

STRIVE Arranges Sale of 239,610 SF Euless Town Center in Metro Dallas

by Taylor Williams October 11, 2023

EULESS, TEXAS — Locally based brokerage firm STRIVE has arranged the sale of Euless Town Center, a 239,610-square-foot shopping center located on the eastern outskirts of Dallas. Ross Dress for Less and grocer Aldi anchor the center, which was roughly 86 percent leased at the time of sale. Other tenants include Dirt Cheap, Skechers USA and Sally Beauty. Hudson Lambert and Jennifer Pierson of STRIVE represented the California-based seller and procured the Texas-based buyer, both of which requested anonymity, in the transaction.

October 11, 2023

Acquisitions Colorado Net Lease Restaurant Retail Western

Marcus & Millichap Brokers $2.6M Sale of Net-Leased Restaurant Building in Falcon, Colorado

by Amy Works October 11, 2023

FALCON, COLO. — Marcus & Millichap has arranged the sale of a restaurant property located at 7575 Falcon Market Place in the Colorado Springs suburb of Falcon. A limited liability company sold the asset to an undisclosed buyer for $2.6 million. Freddy’s Frozen Custard & Steakburgers occupies the 3,030-square-foot property on a net-lease basis. Part of a 20-acre development, the new restaurant is located in front of a King Soopers supermarket that is currently under construction. Drew Isaac and James Rassenfoss of Marcus & Millichap’s Denver represented the seller in the deal.

October 11, 2023

Acquisitions Midwest Ohio Retail

Midland Atlantic Properties, Next Realty Acquire 160,000 SF Shopping Center in Cincinnati

by Kristin Harlow October 11, 2023

CINCINNATI — A joint venture between affiliates of Midland Atlantic Properties and Next Realty has acquired Waterstone Center, a 160,000-square-foot shopping center in Cincinnati. The purchase price and seller were undisclosed. The fully leased property is home to Best Buy, Ross Dress for Less, Michaels, Old Navy, Petco and Verizon. BWE arranged acquisition financing through Goldman Sachs.

October 11, 2023

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