Acquisitions

403-N-Levee-Rd-Pullayup-WA

PUYALLUP, WASH. — PCBP Properties Inc. has acquired an industrial property located at 403 N. Levee Road in Pullayup for $12.5 million. Brett Hartzell, Paige Morgan and Andrew Stark of CBRE National Partners West represented the undisclosed seller in the deal. The 80,150-square-foot last-mile manufacturing and logistics facility is located 15 minutes from the Port of Tacoma, Washington, and 35 minutes from downtown Seattle. The property has undergone recent renovations, including roof repairs, exterior painting, asphalt, landscaping and updates to the office space with new carpet and paint. The property is fully insulated and features 21 trailer stalls, eight dock-high and three grade-level doors.

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INDIANAPOLIS — Colliers has negotiated the sale of a two-building industrial portfolio totaling 245,000 square feet in the Southwest submarket of Indianapolis for an undisclosed price. The fully leased properties, located at 4316 W. Minnesota St. and 4750 Kentucky Ave., are home to wholesale industrial packaging company BASCO as well as logistics and warehousing providers Golden Tiger Transportation and Kid Glove Service. Alex Cantu and Alex Davenport of Colliers represented the seller, Clarion Partners. New York-based Diamond Properties was the buyer.

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CHICAGO — Interra Realty has brokered the $3.4 million sale of an eight-unit apartment building located at 2501 N. Southport Ave. in Chicago’s Lincoln Park neighborhood. Originally constructed in 1907 as a funeral home, the property was redeveloped by the seller. There are four two-bedroom units and four three-bedroom layouts as well as nine onsite parking spaces. The asset was fully occupied at the time of sale. Brad Feldman of Interra represented the private local buyer. Joe Smazal, Colin O’Malley and Mark Dykstra of Interra represented the confidential seller. O’Malley had previously assisted the seller in its acquisition of the property in 2018.

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MANCHESTER, N.H. — Regional brokerage firm Horvath & Tremblay has arranged the $11.6 million sale of North End Shops at Livingston Park, a shopping center in Manchester, located near the New Hampshire-Massachusetts border. The property was built on 4.4 acres in 1987 and renovated in 2017. Dollar Tree anchors the center, which was fully leased at the time of sale. Bob Horvath, Todd Tremblay, Aaron Huntley and Matt Nadler of Horvath & Tremblay represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

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NORTH BERGEN, N.J. — Marcus & Millichap has brokered the $6.4 million sale of an 18,130-square-foot retail strip center in North Bergen, located just outside of New York City. Known as Aaron’s Strip Center due to the furniture and electronics retailer serving as the anchor, the property was fully leased to six tenants at the time of sale. Alan Cafiero, Brent Hyldahl and Devin Perez of Marcus & Millichap represented the seller and procured the buyer, a local private investor, in the transaction. Both parties requested anonymity.

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DUBLIN, GA. — Industrial Realty Group LLC (IRG) has purchased a 311,325-square-foot industrial facility in Dublin, a city in south-central Georgia. The seller and sales price were not disclosed. The manufacturing and distribution facility is located on a 30-acre site along I-16 and within 100 miles of the upcoming $7.6 billion Hyundai Metaplant in metro Savannah. The property features trailer parking, 15- to 28-foot clear heights, 33 dock doors and sufficient power for light manufacturing use. Los Angeles-based IRG currently owns and operates about 2.3 million square feet of industrial space in Central Georgia.

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DUNEDIN, FLA. — CTO Realty Growth Inc. has purchased Granada Plaza, a 74,000-square-foot shopping center located on a seven-acre site in the Tampa suburb of Dunedin. Publix anchors the property, which was 95 percent leased at the time of sale. Winter Park, Fla.-based CTO Realty Growth purchased the asset from the undisclosed seller for $16.8 million. According to LoopNet Inc., Granada Plaza was built in 1983.

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LAKELAND, GA. — Marcus & Millichap’s Taylor McMinn Retail Group has brokered the sale of a retail property in Lakeland leased to AutoZone. The 9,120-square-foot retail building is located at 60 W. Main St., about 20 miles northeast of Valdosta, Ga. AutoZone has eight years remaining on its 10-year, double-net lease. Don McMinn and Andrew Koriwchak of the Taylor McMinn Retail Group represented the seller, an undisclosed private investor, in the transaction. The buyer is a California-based investor that paid in all-cash. The sales price was not disclosed. “Investment-grade tenants with lower rents and price points continue to receive strong demand in an environment where debt is a challenge,” says McMinn.

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Summerwood

SANTA CLARA, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $203 million sale of Summerwood Apartments, a 468-unit multifamily community located in the Silicon Valley community of Santa Clara.  Situated at 444 Saratoga Ave., the garden-style property offers a mix of one- and two-bedroom units. Shared amenities include a pool, clubhouse, fitness center, volleyball court, sauna, courtyard and dog park.  Philip Saglimbeni, Stanford Jones, Salvatore Saglimbeni and Alexander Tartaglia of IPA represented the seller, German investment firm DWS, and procured the buyer, Interstate Equities Corp., in the transaction.  Brian Eisendrath, Cameron Chalfant, Jake Vitta and Jesse Zarouk of IPA Capital Markets arranged $127.8 million in acquisition financing for the deal on behalf of the buyer. The five-year loan features a 5.39 percent fixed interest rate with a 35-year amortization schedule and a loan-to-value ratio of 65 percent.  Frankfurt, Germany-based DWS is a global asset manager with over $1 trillion of assets under management. The firm’s portfolio spans across Europe, the Americas and Asia.  Interstate Equities Corp. is an investor in multifamily communities across California and the Seattle metropolitan area. The Los Altos, Calif.-based company’s portfolio includes two properties in Washington and 29 communities …

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CHARLOTTE, N.C. — Cushman & Wakefield has arranged the sale of 200 North College, a five-story mixed-use campus located on a 3.5-acre site in Uptown Charlotte. According to The Charlotte Ledger, the property sold for $32.7 million. Rob Cochran and Bill Harrison of Cushman & Wakefield’s Charlotte office, along with Steve Lindley in the firm’s Phoenix office, represented the seller, an entity doing business as Terra Funding – Wake Forest LLC, through the court-appointed receiver, locally based Childress Klein. An investor doing business as A H Real Estate Holdings was the buyer. The 455,000-square-foot property features a five-story office building anchored by Wake Forest University’s business school. The development also includes an 810-space parking deck and a DoubleTree by Hilton hotel with 294 rooms. The buyer plans to redevelop a portion of 200 North College to include multifamily units and ground-level retail space.

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