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Acquisitions

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AcquisitionsCaliforniaIndustrialWestern

Miramar Acquisitions Buys IOS Facility in Central San Diego for $14.6M

by Amy Works

SAN DIEGO — Miramar Acquisitions has acquired 7191 Carroll Road, a 3.6-acre industrial outdoor storage (IOS) facility in San Diego’s Miramar submarket, from TFI International for $14.6 million. Evan McDonald, Kurtis Blanchard and Mark Lewkowitz of Colliers represented the buyer and seller in the deal. The low-coverage site features a 6,300-square-foot cross-dock facility with excess paved and secured yard space. The property’s zoning allows for an array of outdoor industrial uses, including equipment and material storage, vehicle equipment and supplies sales and rentals, and trucking and transportation facilities.

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AcquisitionsMichiganMidwestOffice

NAI Farbman Brokers Sale of 114,397 SF Office Building in Southfield, Michigan

by Kristin Harlow

SOUTHFIELD, MICH. — NAI Farbman, the brokerage arm of Farbman Group, has brokered the sale of a 114,397-square-foot office building in Southfield. The H.N. and Frances C. Berger Foundation, a California-based nonprofit that supports established organizations promoting healthcare, social services and education, purchased the property in 2012 as an investment. Given the current state of the office industry, the foundation opted to gift the building to another nonprofit, Volunteers of America, a Virginia-based organization founded in 1896 that provides affordable housing and other assistance to low-income residents. David Haboian of REDICO and Edward Wujek of CBRE represented H.N. and Frances C. Berger Foundation, while Ron Goldstone of NAI Farbman represented Volunteers of America. Following the gifting of the asset, Volunteers of America executed an analysis on the building to determine if it could be converted into a multi-story thrift store, a common practice for the group, which operates dozens of thrift stores nationwide. But the conversion proved too difficult to execute. The property then traded to the Tamaroff Jeffrey Automotive Group, a local automotive dealer of new and used cars. As a result, Volunteers of America raised money for its charity by trading the asset. The property is situated adjacent …

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AcquisitionsMultifamilySeniors HousingTexas

ClearWorth Capital Sells 154-Unit Active Adult Community in Garland, Texas

by Taylor Williams

GARLAND, TEXAS — Metro Dallas-based investment firm ClearWorth Capital has sold Firewheel Town Village, a 154-unit active adult community in Garland, about 20 miles northeast of Dallas. Built in 2018, the property offers studio, one- and two-bedroom units and amenities such as a pool, clubhouse, TV lounge, salon, billiards room, fitness center and a computer/conference center. David Austin, Rob Key, Greg Toro and Cole Murphy of JLL represented ClearWorth in the deal and procured the buyer, Equity Partnership Holdings. The property was 98 percent occupied at the time of sale.

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AcquisitionsRetailTexas

Westwood Financial Buys 69,037 SF Shopping Center in Northwest Austin

by Taylor Williams

AUSTIN, TEXAS — Los Angeles-based investment firm Westwood Financial has purchased Trails at 620, a 69,037-square-foot shopping center in northwest Austin. The center was roughly 77 percent leased at the time of sale to tenants such as AT&T, Freebirds World Burrito, Black Rock Coffee, Restore Hyper Wellness, Kale Me Crazy, Mattress Firm and European Wax Center. Shea Petrick, Chris Gerard, and John Indelli of JLL represented the seller, Partners Capital, in the transaction.

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AcquisitionsFloridaLoansMultifamilySoutheast

Beachwold Residential Acquires Avisa Lakes Apartments in Orlando for $50M

by John Nelson

ORLANDO, FLA. — Beachwold Residential LLC has purchased Avisa Lakes, a 292-unit, garden-style multifamily community located at 7960 Pine Crossing Circle in Orlando. Kyle Butler, Ted Taylor and Noli Muratovic of JLL represented the sellers, Lloyd Jones LLC and ST Real Estate Holding Inc., and procured the buyer in the $50 million sale. Additionally, JLL worked on behalf of Beachwold to secure a five-year Freddie Mac acquisition loan totaling $35 million. Avisa Lakes features one- and two-bedroom apartments averaging 850 square feet in size. The property was 96 percent occupied at the time of sale. Community amenities include a playground, swimming pool, entertainment clubhouse and game room, two dog parks, a soccer court, fitness center and a business center.

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AcquisitionsFloridaRetailSoutheast

IPA Brokers $31M Sale of Shopping Center in Boynton Beach, Florida

by John Nelson

BOYNTON BEACH, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $31 million sale of Village Square at Golf, a 135,133-square-foot shopping center located in Boynton Beach. KC Market anchors the property, which was built in 1983 and renovated in 2012. Other tenants at the center, which was 93 percent occupied at the time of sale, include Enterprise Rent-A-Car, Quest Diagnostics, The UPS Store, Boynton Quality Medical Center and Anthony’s Ladies’ Apparel. Kirk Olson and Drew Kristol of IPA represented the seller, a publicly traded REIT, in the transaction. The buyer was not disclosed.

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AcquisitionsFloridaRetailSoutheast

Plaza Advisors Arranges $12.6M Sale of Fowler Plaza South Shopping Center in Tampa

by John Nelson

TAMPA, FLA. — Plaza Advisors has arranged the $12.6 million sale of Fowler Plaza South, a 57,093-square-foot shopping center in Tampa. The property was 97 percent leased at the time of sale to tenants including Dollar General, Champs Sports, AT&T, Jimmy John’s, Foot Locker and Amscot. Fowler Plaza South is located less than a half-mile west of the University of South Florida and across the street from Rithm, the ongoing mixed-use redevelopment project of the former University Mall. Jim Michalak and Jeff Berkezchuk of Plaza Advisors represented the seller, SJS Realty Management, in the transaction. The buyer was not disclosed.

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AcquisitionsIndustrialKentuckyLeasing ActivitySoutheast

NAI Isaac Facilitates $6M Sale-Leaseback of Industrial Facility in Corbin, Kentucky

by John Nelson

CORBIN, KY. — NAI Isaac has facilitated the sale-leaseback of a 127,373-square-foot industrial facility located at 1401 N. Kentucky Route 3041 in Corbin, a city in south Kentucky situated along I-75. Bruce Isaac of NAI Isaac represented the buyer, an entity doing business as MISCKY Industrial 24 LLC, in the transaction. Kevin Grove and Alex Grove of CBRE represented the seller/tenant, Minnesota-based cabinet manufacturer Northern Contours. Terms of the transaction were also not disclosed.

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AcquisitionsRetailSoutheastWest Virginia

Cooper Commercial Negotiates $2.7M Sale of Dollar Tree-Anchored Retail Center in Huntington, West Virginia

by John Nelson

HUNTINGTON, W.VA. — Cooper Commercial Investment Group has negotiated the $2.7 million sale of a shopping center in Huntington. Dollar Tree anchors the retail center, which is located six blocks from Marshall University and adjacent to St. Mary’s Medical Center hospital. Dan Cooper of Cooper Commercial’s Cleveland office represented the seller, a private investment firm based in the Midwest, in the transaction. The undisclosed, privately held buyer purchased the center at 93 percent of list price, according to Cooper Commercial.

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AcquisitionsIndustrialNortheastPennsylvania

JLL Negotiates Sale of 518,140 SF Industrial Facility in Hamburg, Pennsylvania

by Taylor Williams

HAMBURG, PA. — JLL has negotiated the sale of a 518,140-square-foot industrial facility in Hamburg, about 80 miles northwest of Philadelphia. Hamburg Logistics Center features a cross-dock configuration, a clear height of 40 feet, ESFR sprinkler system, 185-foot truck court depths, 100 dock doors, four drive-in doors and speculative office space. John Plower, Ryan Cottone, Zach Maguire, Jeff Lockard and Paul Torosian of JLL represented the seller, a joint venture between Transwestern Development Co. and QuadReal Property Group, in the transaction. Chad Orcutt, Jon Mikula and Jim Cadranell, also with JLL, arranged acquisition financing on behalf of the buyer, Los Angeles-based PCCP LLC.

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