Acquisitions

SRS Arranges Sale of 100,120 SF Karam Shopping Center in Lafayette, Louisiana

by John Nelson November 21, 2023

LAFAYETTE, LA. — SRS Real Estate Partners has arranged the sale of Karam Shopping Center, a 100,120-square-foot, grocery-anchored shopping center located at 215 W. Willow St. in Lafayette, about 55 miles west of Baton Rouge. Houston-based Mishra Group purchased the shopping center from TCP Realty Services for an undisclosed price. Kyle Stonis and Pierce Mayson of SRS, along with Jonathan Walker of Maestri-Murrell Inc., represented the seller in the transaction. Situated near I-10 and the University of Louisiana at Lafayette, Karam Shopping Center is anchored by Super 1 Foods and dds Discounts.

November 21, 2023

Acquisitions Industrial New Hampshire Northeast

Marcus & Millichap Brokers $2.3M Sale of Industrial Flex Property in Bedford, New Hampshire

by Taylor Williams November 21, 2023

BEDFORD, N.H. — Marcus & Millichap has brokered the $2.3 million sale of a 21,043-square-foot industrial flex property located in the Southern New Hampshire community of Bedford. The facility was constructed on 3.2 acres in 1987, and the site includes 1.5 acres of undeveloped land for future expansion. Harrison Klein, Ben Scherman and Luigi Lessa of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction. The facility was fully leased to six tenants at the time of sale.

November 21, 2023

Acquisitions California Retail Western

Matthews Negotiates $34M Sale of Strawflower Village Shopping Center in Half Moon Bay, California

by Amy Works November 21, 2023

HALF MOON BAY, CALIF. — Matthews Real Estate Investment Services has arranged the sale of Strawflower Village Shopping Center, located at 50 Cabrillo Highway N. in Half Moon Bay, approximately 30 miles south of San Francisco. SJ Amoroso Properties Co. acquired the asset from HMB Musich LLC for $34 million. Marko Buljan of Matthews represented the seller, while Tim Gilmartin of The Gilmartin Group represented the buyer in the transaction. At the time of sale, Strawflower Village was 96 percent leased and anchored by a 33,000-square-foot Safeway. Situated on a 7.2-acre lot, the property features 78,940 gross leasable area and 29 total tenants, including T-Mobile, Chase Bank and US Bank.

November 21, 2023

Acquisitions Nevada Office Western

Green Valley Grocery Divests of Nevada Headquarters in $13.1M Sale-Leaseback

by Amy Works November 21, 2023

HENDERSON, NEV. — SRS Real Estate Partners has arranged the sale-leaseback of a single-tenant office building at 160 N. Stephanie St. in Henderson. A California-based private investor acquired the asset from Green Valley Grocery for $13.1 million. Chuck Klein of SRS Capital Markets represented the seller, while Brian Riffel of Colliers represented the buyer in the deal. Built in 2001, the 33,764-square-foot property is undergoing renovation for Green Valley Grocery’s corporate headquarters. The first Green Valley Grocery opened in 1978 and the company has grown to 80 locations to date, with projected growth to 100 locations by 2025.

November 21, 2023

Acquisitions California Multifamily Western

CBRE Brokers Sale of Two Multifamily Properties in Northern Orange County for $7.6M

by Amy Works November 21, 2023

FULLERTON AND BUENA PARK, CALIF. — CBRE has arranged the sales of two multifamily communities in northern Orange County to two separate buyers. Dan Blackwell and Amanda Fielder of CBRE represented the buyers in both transactions. In the first deal, an undisclosed Los Angeles-based buyer acquired a 16-unit multifamily property, located at 1801 and 1809 E. Wilshire Ave. in Fullerton. The $4.2 million price equates to $262,500 per unit. The Orange County-based seller was exchanging into a Delaware Statutory Trust in the off-market transaction. Constructed in 1958, the 10,032-square-foot community features two two-story buildings, garage parking, a pool and laundry facility. Recent improvements include renovations to certain units, as well as new exterior paint and landscaping. In the second transaction, an Orange County-based exchange buyer purchased an eight-unit multifamily property at 7012 and 7024 El Dorado Drive in Buena Park. An Orange County-based private investor sold the asset for $3.4 million, or $426,719 per unit. Built in 1960, the property features two fourplexes encompassing 6,874 square feet and features a mix of two-bedroom/one-bath and two-bedroom/two-bath units.

November 21, 2023

Acquisitions Midwest Ohio Retail

Matthews Real Estate Brokers $31.5M Sale of Pavilion Shopping Center in Beachwood, Ohio

by Kristin Harlow November 21, 2023

BEACHWOOD, OHIO — Matthews Real Estate Investment Services has brokered the $31.5 million sale of Pavilion Shopping Center in Beachwood, an eastern suburb of Cleveland. Located at 24055 Chagrin Blvd., the retail property features 207,000 square feet of leasable area and is fully occupied by 19 tenants. Anchor tenants include Giant Eagle, Ross Dress for Less, Big Lots and Michaels. The center was built in 1975 and renovated in 2013, according to LoopNet. Ben Snyder, Zachary Bates and Matthew Wallace of Matthews Real Estate represented the undisclosed seller. Marquee Capital was the buyer. The deal marked the second largest shopping center transaction in Ohio this year, according to the brokerage.

November 21, 2023

Acquisitions Illinois Industrial Midwest

Venture One Acquires 541,283 SF Industrial Portfolio in Suburban Chicago

by Kristin Harlow November 21, 2023

BUFFALO GROVE, ELGIN AND ROMEOVILLE, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial VI LP, has acquired a 541,283-square-foot industrial portfolio in suburban Chicago for an undisclosed price. The three-building portfolio is fully leased to five tenants. In Buffalo Grove, 351-355 Hastings Drive is a 68,735-square-foot building that was constructed in 1998. The property features a clear height of 24 feet, six exterior docks, six drive-in doors and 10,355 square feet of office space. In Elgin, 2770 Alft Lane is a 246,446-square-foot property that was built in 2015. The building features a clear height of 32 feet, 40 exterior docks, four drive-in doors and 7,423 square feet of office space. In Romeoville, 1881 Normantown Road totals 226,102 square feet and was built in 2017. The property features a clear height of 32 feet, 35 exterior docks, two drive-in doors, 3,179 square feet of office space and parking for 40 trailers. Jeff Devine, Steve Disse and Tyler Ziebel of Colliers represented the undisclosed seller. VK Industrial VI is co-sponsored by Venture One and Kovitz Investment Group.

November 21, 2023

Acquisitions Development Industrial North Carolina Southeast

Stonemont, Fortius Complete 702,250 SF Industrial Park in Metro Charlotte, Sell Building to Chick-fil-A Supply

by John Nelson November 20, 2023

KANNAPOLIS, N.C. — Stonemont Financial Group and Fortius Capital Partners have completed the development of Lakeshore Corporate Park, a 702,250-square-foot industrial park in the north Charlotte suburb of Kannapolis. Situated off I-85 on Stadium Drive, the property comprises three buildings featuring 32- to 36-foot clear heights, full-building circulation and 260- to 310-foot depths. Building 1 totals 128,750 square feet, and Buildings 2 and 3 comprise 294,500 and 279,000 square feet, respectively. The property also includes 515 car parking spaces and 76 trailer parking stalls. Chick-fil-A Supply, a subsidiary of Chick-fil-A Inc., has purchased Building 1, with plans to use the facility as a distribution and operations center. Construction of the development began in July 2022, and the project team included Choate Construction Co., Triad Design Group and Oak Engineering.

November 20, 2023

Acquisitions Development Healthcare Mixed-Use North Carolina Southeast

UNC Health Acquires 43-Acre Parcel Within Chatham Park in Metro Raleigh

by John Nelson November 20, 2023

PITTSBORO, N.C. — UNC Health has acquired a 43-acre parcel within Chatham Park, an 8,500-acre master-planned community located in Pittsboro, roughly 34 miles outside of Raleigh. Development of the parcel, which can accommodate up to 700,000 square feet of medical care facilities, will complement existing UNC Health facilities within Chatham Park. Preston Development is the master developer of the community, which features residences as well as more than 200,000 square feet of office and retail space. A 121-room Hampton Inn hotel is scheduled to open soon, and site development is currently underway for a 34,000-square-foot YMCA facility. UNC Health has not released a development timeline for the healthcare facilities.

November 20, 2023

Acquisitions Florida Multifamily Southeast

Covenant Capital Sells 640-Unit Multifamily Community in Tampa

by John Nelson November 20, 2023

TAMPA, FLA. — Covenant Capital Group has sold Seven Lakes at Carrollwood, a 640-unit multifamily community located in Tampa. Situated on more than 39 acres, the property features apartments in studio, one- and two-bedroom layouts and amenities including a swimming pool, fitness center and clubhouse. Monthly rental rates begin at $1,270, according to the community website. The buyer and sales price were not disclosed.

November 20, 2023

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