Acquisitions

Bay Properties Buys University Shopping Center in Santa Clara, California for $15.9M

by Amy Works January 30, 2024

SANTA CLARA, CALIF. — Maven Commercial has arranged the sale of University Shopping Center, a 2.9-acre retail center in the Bay Area city of Santa Clara. An entity controlled by the Bushnell family sold the asset to Bay Properties for $15.9 million, or $409 per square foot. Located at 2555 The Alameda, University Shopping Center features approximately 38,875 square feet of retail space. Tenants at the fully occupied property include Safeway, Taco Bell, Round Table Pizza and Wicked Chicken. Matthew Sheridan, Dominic Morbidelli and Santino DeRose of Maven Commercial handled the transaction.

January 30, 2024

Acquisitions California Industrial Self-Storage Western

Marcus & Millichap Brokers Sale of 457-Unit Self-Storage Facility in Ridgecrest, California

by Amy Works January 30, 2024

RIDGECREST, CALIF. — Marcus & Millichap has arranged the sale of a self-storage facility, located 909 S. China Lake Blvd. in Ridgecrest, approximately 110 miles east of Bakersfield. Terms of the transaction were not released. Dean Trammell and Adam Schlosser of Marcus & Millichap represented the seller, an Alabama-based developer. Jim Markel of Marcus & Millichap’s Encino, Bakersfield, Fresno and Ventura branch served as the broker of record. Converted from a former Walmart in 2022, the 48,450-square-foot property features 457 first-floor, climate-controlled units. CubeSmart manages the asset.

January 30, 2024

Acquisitions Colorado Industrial Western

John Propp Commercial Negotiates $1.3M Sale of Industrial Campus in Englewood, Colorado

by Amy Works January 30, 2024

ENGLEWOOD, COLO. — John Propp Commercial has arranged the sale of a multiple-property industrial asset in Englewood, just south of Denver. DSR 4 Tejon LLC and DSR Investments LLC acquired the buildings at 3064 S. Umatilla, 3063 S. Tejon and 3030 S. Umatilla in Englewood for a total of $1.3 million. The transaction includes two freestanding buildings on a 12,922-square-foot lot at 3063 S. Tejon St.; a 1,800-square-foot building on a 7,029-square-foot lot at 3064 S. Umatilla St.; and a 21,040-square-foot storage yard at 3030 S. Umatilla St. John V. Propp of John Propp Commercial Group represented the seller, Alive Jay Ratliff Trust & Mary Shirleen Ratliff Trust, while Oleg Tsybulskiy of RE/MAX of Denver represented the buyer in the deal.

January 30, 2024

Acquisitions Retail Texas

Cohen & Steers, Sterling Acquire 206,962 SF Shopping Center in Dallas

by Taylor Williams January 30, 2024

DALLAS — A joint venture between Cohen & Steers Income Opportunities REIT and Sterling Organization has acquired a 206,926-square-foot shopping center in Dallas. The property is part of Marketplace at Highland Village, a 451,000-square-foot development that also houses a corporately owned Walmart Supercenter. The acquired portion of the property was built in 2006 was 93 percent leased at the time of sale to tenants such as T.J. Maxx, HomeGoods, LA Fitness, DSW and Petco. Chris Gerard, Barry Brown and Erin Lazarus of JLL represented the undisclosed seller in the transaction.

January 30, 2024

Acquisitions Industrial Texas

Partners Real Estate Brokers Sale of 107,560 SF Industrial Facility in Weslaco, Texas

by Taylor Williams January 30, 2024

WESLACO, TEXAS — Partners Real Estate has brokered the sale of a 107,560-square-foot industrial facility that sits on a 21-acre site in the Rio Grande Valley city of Weslaco. According to LoopNet Inc., the single-tenant property at 2300 Vo Tech Drive was built in 1985 and features 16-foot clear heights and 15 dock-high doors. Gustavo Torres of Partners represented the seller, the estate of Daniel E. Arnold, in the transaction. The buyer and sales price were not disclosed.

January 30, 2024

Acquisitions Indiana Industrial Midwest

Colliers Brokers Sale of 81,600 SF Industrial Building in South Bend, Indiana

by Kristin Harlow January 30, 2024

SOUTH BEND, IND. — Colliers has brokered the sale of an 81,600-square-foot industrial building in South Bend for an undisclosed price. The property is located at 6851 Enterprise Drive. Alex Cantu and Alex Davenport of Colliers represented the sellers, Brennan Investment Group and Farallon Capital. A private investor was the buyer. JB Products Inc., a plumbing and heating equipment supplier, has fully occupied the building for nearly 25 years. The building serves as the company’s headquarters and distribution hub for its sales representatives across the country. The facility features 9,000 square feet of office space, a clear height of 24 feet, four dock doors and ample employee parking.

January 30, 2024

Acquisitions Content Partner Development Features Industrial Lee & Associates Loans Midwest Multifamily Northeast Office Retail Southeast Texas Western

Property Owners Recalibrate Expectations Following Financing Challenge, Shifting Vacancy Rates

by Sarah Daniels January 30, 2024

High costs, modulating occupancies and a lack of financing options reshaped the industrial, office, retail and multifamily sectors in the fourth quarter of 2023, signaling the determining factors for 2024, according to Lee & Associates’ 2023 Q4 North America Market Report. The industrial sector saw stabilizing tenant demand — the number of new buildings delivered increased in the fourth quarter, while new construction starts slowed. Meanwhile, the office sector’s struggles deepened as more than half of the office leases signed pre-2020 approach their expiration by 2026. With low-rate loans maturing into a high-rate environment, the factors troubling the office sector seem insurmountable in this decade. In the retail market, low vacancies did not lead to booming construction in that sector in the last quarter of 2023 — financing costs plus land and labor costs have hampered new development in spite of high demand. Finally, the health of multifamily markets is tied closely to geography. Sun Belt multifamily properties and their Midwest and Northeastern market counterparts are seeing reversals from the multifamily trends of 2021: formerly fast-growing Sun Belt markets are experiencing slowed rent growth or rent decline, while rent growth for slower-growing, major North and Midwestern metros has grown steadily. Lee & Associates …

January 30, 2024

Acquisitions Industrial North Carolina Southeast

Stonemont Purchases 154,096 SF Industrial Facility in Cary, North Carolina

by John Nelson January 29, 2024

CARY, N.C. — Atlanta-based Stonemont Financial Group has acquired a 154,096-square-foot industrial facility located at 101 Stamford Drive in Cary, a suburb of Raleigh. Built in 1994, the building is situated on 15.9 acres and features 24-foot clear heights, 50 car parking spaces, 12 exterior dock doors and 5,086 square feet of office space. Stonemont plans to renovate the property on behalf of a consumer goods company, which will occupy the building beginning this year. Planned improvements include a new roof, interior upgrades and expansion of trailer parking. The project team includes general contractor Choate Construction and civil engineer WithersRavenel. Joe Messina and Jon Vanderplough of JLL represented the tenant in the lease negotiations.

January 29, 2024

Acquisitions Multifamily Southeast Virginia

Jones Street Acquires 296-Unit Multifamily Community in Suburban Richmond

by John Nelson January 29, 2024

BON AIR, VA. — Jones Street Investment Partners has acquired Summit at Bon Air, a 296-unit multifamily community located at 1701 Irondale Road in the Richmond suburb of Bon Air. Locally based Capital Square sold the property for an undisclosed price. Residences at the 28-acre community include one-, two- and three-bedroom apartments across 37 two-story buildings. Amenities at the property include a resident lounge, business center, dog park, fitness enter, swimming pool with a sun deck and a playground. A majority of units have recent undergone renovations, and the buyer plans to implement improvements to the remaining 77 units.

January 29, 2024

Acquisitions Multifamily Texas

IPA Negotiates Sale of 276-Unit Apartment Community in Metro Dallas

by Taylor Williams January 29, 2024

MCKINNEY, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Cypress Apartments, a 276-unit multifamily community located in the northern Dallas suburb of McKinney. Built on 21 acres in 2007, Cypress Apartments primarily offers two- and three-bedroom units with an average size of 1,082 square feet and amenities such as a pool, outdoor kitchen, playground and business and car care centers. Michael Ware, Taylor Hill, Drew Kile, Joey Tumminello, Cameron Purse and Will Balthrope of IPA represented the seller, Rockport Equity, in the transaction and procured the buyer, Dallas-based Knightvest Capital.

January 29, 2024

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