Acquisitions

Finmarc Management Purchases Riverview Plaza Shopping Center in Frederick, Maryland for $30M

by John Nelson July 10, 2024

FREDERICK, MARYLAND — Finmarc Management Inc. has purchased Riverview Plaza, a 185,275-square-foot regional shopping center in Frederick, for $30 million. Ryan Sciullo and H. Casey Benson Smith of CBRE represented the seller, a joint venture between Edens and JPMorgan Chase & Co., in the transaction. Built in 1998 on 23 acres, Riverview Plaza fronts Urban Pike (Maryland Route 355) and is situated approximately 40 miles from Washington, D.C. The shopping center was 95 percent leased at the time of sale to 10 retailers, including T.J. Maxx, PetSmart, Michaels, Staples, Sierra and Old Navy. Target and The Home Depot shadow-anchor the property, which features approximately 9,260 square feet available for lease, according to Finmarc.

July 10, 2024

Acquisitions Affordable Housing Development Montana Multifamily Western

CPP Purchases 60-Unit Elmore Roberts Affordable Multifamily Community in Great Falls, Montana

by Amy Works July 10, 2024

GREAT FALLS, MONT. — Community Preservation Partners (CPP) has acquired Elmore Roberts, an affordable apartment property in Great Falls, with plans to renovate the asset. CPP’s total development investment is approximately $13.2 million, which includes the $3.1 million purchase price and an estimated $97,000 per unit renovation cost. Located at 6 6th St. S., Elmore Roberts features 60 units in a mix of 30 one-bedroom and 30 two-bedroom layouts. Planned renovations include addressing deferred maintenance and outdated systems, including ADA accessibility, and increasing sustainability across the property. In-unit renovations will include new formaldehyde-free cabinets and countertops, Energy Star refrigerators and upgraded ranges and range hoods. Additionally, units will receive low-flow toilets, updated showerheads and faucets, LED lighting upgrades and a new coat of low-VOC paint. Exterior and community upgrades include new windows, roofing and gas furnaces, path-of-travel upgrades, parking lot restriping and brick pointing. CPP will also upgrade the laundry room and add a community area with a computer room. Renovations are slated for completion in December. Project partners include WNC & Associates, Glacier Bank, MBOH, Montana Healthcare Foundation and the City of Great Falls. The property’s two ModRehab contracts were set to expire in 2024, but with CPP’s involvement, a …

July 10, 2024

Acquisitions Industrial Nevada Western

BLT Enterprises Buys 88,457 SF Industrial Asset in Las Vegas from PepsiCo

by Amy Works July 10, 2024

LAS VEGAS — BLT Enterprises has purchased an industrial warehouse property, located at 3131 Polaris Ave. in Las Vegas, from PepsiCo for an undisclosed price. In conjunction with the sale, PepsiCo has leased back the 88,457-square-foot property for one year. Once PepsiCo vacates the property, BLT will implement value-add improvements, including upgrading onsite power and refurbishing the parking lot.

July 10, 2024

Acquisitions California Industrial Western

Stos Partners Sells 21,980 SF Warehouse Building in La Mirada, California

by Amy Works July 10, 2024

LA MIRADA, CALIF. — Stos Partners has completed the sale of an industrial building, located at 14575 Firestone Blvd. in the Los Angeles suburb of La Mirada, to an owner/user for $9.2 million. Bulit in 1964, the building features 21,980 square feet of warehouse space with 24-foot clear heights. Stos Partners originally acquired the vacant building in June 2022. The seller implemented a capital improvements program, including parking lot resurfacing, door renovations, LED lighting systems and mechanical improvements. Brad Schenider and Nick Krakower of Lee & Associates represented the seller in the deal.

July 10, 2024

Acquisitions Alaska Industrial Western

Time Equities Acquires Industrial Property in Anchorage, Alaska for $9.1M

by Amy Works July 10, 2024

ANCHORAGE, ALASKA — Time Equities Inc. (TEI) has expanded its Alaska portfolio with the purchase of 501 W. 58th Ave., an industrial facility in Anchorage. 58TH Avenue Warehouse LLC/Chugach Alaska Corp. sold the asset for $9.1 million Spanning 2.4 acres, the industrial site features 48,011 square feet of first-floor space and various mezzanine and outdoor storage space. Platt Electric and Chugach Alaska occupy the property. Ami Ziff, Jonathan Kim, Grant Scott and Eli Smith provided in-house representation for TEI, while Eric Sobolik of Jack White Commercial represented the buyer in the transaction.

July 10, 2024

Acquisitions California Industrial Self-Storage Western

Colliers Arranges Sale of 522-Unit Self-Storage Facility in San Pablo, California

by Amy Works July 10, 2024

SAN PABLO, CALIF. — Colliers has brokered the sale of San Pablo Mini Storage, a self-storage facility located at 5310 Riverside Ave. in the Bay Area city of San Pablo. The Reeves Family Trust sold the property to Merit Hill Capital for an undisclosed price. Jacob Becher of the de Jong | Becher Self-Storage Team of Colliers represented the seller and procured the buyer in the deal. Situated on 2.4 acres, the 11-building San Pablo Mini Storage features 50,503 square feet of rentable space and 522 units. At the time of sale, the property was 83 percent occupied.

July 10, 2024

Acquisitions Industrial Kentucky Southeast

Brennan, Arch Street Capital Purchase 386,705 SF Manufacturing Facility in Corbin, Kentucky

by John Nelson July 9, 2024

CORBIN, KY. — Brennan Investment Group and an institutional client of Arch Street Capital Advisors have purchased a 386,705-square-foot manufacturing facility in Corbin, a city in south Kentucky equidistant between Knoxville, Tenn., and Lexington, Ky. via I-75. The property was fully leased at the time of sale to Trèves Group, a global automobile supplier focused on automotive interiors and acoustic environments. The seller and sales price were not disclosed. Brennan and Arch Street Capital purchased the facility as part of its 10th joint venture, which has $300 million of purchasing power to acquire mission-critical facilities in the top U.S. industrial markets.

July 9, 2024

Acquisitions Florida Seniors Housing Southeast

Continuum Advisors Negotiates Sale of 387-Unit Seniors Housing Community in Fort Myers, Florida

by John Nelson July 9, 2024

FORT MYERS, FLA. — Continuum Advisors has arranged the sale of Amavida, a newly built, 387-unit seniors housing community in Fort Myers. Opened in December 2018 on a 30-acre site, the 570,000-square-foot campus comprises 28 cottages, 223 independent living apartments, 101 assisted living apartments and 35 memory care apartments, plus a 9,000-square-foot clubhouse. The sale includes 8 acres of fully entitled land ready for a Phase II expansion of approximately 130 additional independent living units. Continuum served as the exclusive sale-side representation for Quadrum Global. A national investor with a development background acquired the asset for an undisclosed price. The new owner has selected Life Care Services as the operator of Amavida. Ranked as the No. 1 retirement community by Fort Myers’ Community’s Choice Awards in 2023, the campus is uniquely situated on an infill site adjacent to the 275-acre Lakes Regional Park.

July 9, 2024

Acquisitions Multifamily Texas

Newmark Arranges Sale of 290-Unit Park on Brodie Lane Apartments in South Austin

by Taylor Williams July 9, 2024

AUSTIN, TEXAS — Newmark has arranged the sale of The Park on Brodie Lane, a 290-unit apartment community in South Austin. The recently renovated property sits on approximately 39 acres and was 97 percent leased at the time of sale. Amenities include a pool, outdoor grilling and dining area, a fitness center, dog park, volleyball and basketball courts and a clubhouse with a coffee bar. Patton Jones and Andrew Dickson of Newmark represented the seller, Charlotte-based Barings Real Estate, in the transaction. Matt Greer and Andrew Wilson, also with Newmark, arranged an undisclosed amount of acquisition financing on behalf of the buyer, Mill Creek Residential, which has rebranded the property as Alister Sunset Valley.

July 9, 2024

Acquisitions Florida Retail Southeast

SRS Brokers $9.1M Sale of New Gas Station, Convenience Store in Metro Orlando Net Leased to 7-Eleven

by John Nelson July 9, 2024

DAVENPORT, FLA. — SRS Real Estate Partners has brokered the $9.1 million sale of a newly built gas station and convenience store located at 1223 Finley Ave. in Davenport, about 30 miles southwest of Orlando and 15 miles from Disney World. 7-Eleven occupies the property on a 15-year triple-net lease that features scheduled rent increases and multiple extension options. The 7-Eleven is situated on a 1.4-acre site at the entrance of Champions Station, a 14-acre mixed-use development. Patrick Nutt and William Wamble of SRS represented the seller, a Florida-based development firm, in the all-cash transaction. The 1031 buyer is a Michigan-based private investor.

July 9, 2024

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