Acquisitions

Foundry Commercial Acquires 287,000 SF Office Building in Irving, Plans Industrial Conversion

by Taylor Williams January 2, 2024

IRVING, TEXAS — Orlando-based real estate investment and brokerage services firm Foundry Commercial has purchased a 287,000-square-foot office building located at 4000 Horizon Way in Irving with plans to convert the property into an industrial facility. Foundry Commercial plans to reposition the property, which was built on 24.2 acres in 1999, into a three-building complex that totals roughly 337,000 square feet. The industrial buildings will feature rear-load configurations and roughly 70 combined trailer parking spaces. Construction is set to begin in the first quarter. Holt Lunsford Commercial will market the property for lease.

January 2, 2024

Acquisitions Lee & Associates Multifamily Texas

Lee & Associates Brokers Sale of 27,800 SF Industrial Building in North Houston

by Taylor Williams January 2, 2024

HOUSTON — Lee & Associates has brokered the sale of a 27,800-square-foot industrial building located at 15550 Export Plaza Drive in North Houston. The building is located on a 7.6-acre site within World Houston Business Park. According to LoopNet Inc., the building features 15- to 20-foot clear heights and 9,000 square feet of office space. Jason English and Stuart Peterson of Lee & Associates represented the seller, White Hall Real Estate, in the transaction. Trey Erwin III and Josh Carl, also with Lee & Associates, represented the buyer, Equity Resource Partners.

January 2, 2024

Acquisitions Florida Industrial Southeast

CBRE Brokers Sale of 300,240 SF Industrial Building in Jacksonville

by John Nelson January 2, 2024

JACKSONVILLE, FLA. — CBRE has brokered the sale of a 300,240-square-foot industrial building located at 9909 Pritchard Blvd. in Jacksonville. Newly constructed and dubbed Building 200, the property is situated within the master-planned Florida Gateway Logistic Park. The building features 36-foot clear heights, cross-dock loading, 86 dock doors, four drive-in doors, ESFR sprinkler systems, 168 car parking spaces and 138 trailer parking spaces. IPEX USA, a PVC and thermoplastic piping system supplier, fully occupies the property. Clarion Partners acquired the building in a joint venture with Diamond Realty Investments on behalf of a separate account. CT Realty sold the property for an undisclosed price. Jose Lobón, Trey Barry, Frank Fallon, Chris Riley, Royce Rose, Alain Bonvecchio and Gabriel Braun of CBRE represented the seller in the transaction.

January 2, 2024

Acquisitions California Multifamily Western

Advanced Real Estate Purchases 714-Unit Multifamily Community in Costa Mesa, California

by Amy Works January 2, 2024

COSTA MESA, CALIF. — Advanced Real Estate has acquired a 714-unit apartment community in the Orange County city of Costa Mesa for an undisclosed price. The company is rebranding the property as The Grand Costa Mesa and has budgeted $45 million to renovate the asset. Planned renovations include resort-style pools and spas, a re-imagined clubhouse, expansive dog park, gathering places and barbecue areas. Additionally, washers and dryers will be added to every unit and interiors will be upgraded with new cabinetry, countertops, flooring, fixtures and contemporary paint schemes. R3 Construction Co., Advanced’s in-house renovation firm, will complete the renovations. Advanced Management Co. will manage the property. Blake Rogers, Ryan Fitzpatrick, Chelsea Jervis, CJ Angle, Carter Jones and Audrey Souders of JLL Investment Sales Advisory team represented the undisclosed seller in the transaction. Kevin Mackenzie, Greg Brown, Charlie Vorscheck and Kyle White of JLL Capital Markets Debt Advisory team secured a 10-year, $150.8 million Freddie Mac loan, which features full-term interest-only payments, for Advanced. JLL Real Estate Capital, Freddie Mac Optigo Lender, will service the loan.

January 2, 2024

Acquisitions Georgia Retail Southeast

JLL Arranges $18.5M Sale of Reynolds Crossing Retail Center in Metro Atlanta

by John Nelson January 2, 2024

DULUTH, GA. — JLL Capital Markets has brokered the $18.5 million sale of Reynolds Crossing, a 45,809-square-foot retail center located in Duluth, roughly 30 miles northeast of Atlanta. Built in 2004 and 2005, the property was fully leased at the time of sale to tenants including Little Caesar’s, The UPS Store, MetroPCS, Chase Bank and Cricket Wireless. Kroger shadow-anchors Reynolds Crossing. Brad Buchanan and Jim Hamilton of JLL represented the seller, Leaders Real Estate Group, in the transaction. Justin Miller of Marcus & Millichap procured the undisclosed buyer. Jamie Safier of Marcus & Millichap secured financing on behalf of the buyer.

January 2, 2024

Acquisitions California Retail Western

Asia Pacific Capital Co. Negotiates Acquisition of Olympia Place Retail Center in Walnut Creek, California

by Amy Works January 2, 2024

WALNUT CREEK, CALIF. — Asia Pacific Capital Co. has arranged the purchase of Olympia Place, a retail center in Walnut Creek. Kimco Realty Corp. sold the asset to an undisclosed buyer. Terms of the transaction were not released. Olympia Place features 114,000 square feet of rentable space. Current tenants include Century Theatres, Planet Fitness, Starbucks Coffee and Fleming’s Steak House. At the time of acquisition, the property was about 90 percent occupied. Tina Yeung and Roger Li of Asia Pacific Capital Co. represented the buyer, while JLL represented the seller in the transaction.

January 2, 2024

SpringHill-Suites-Las-Vegas-Convention-NV

Acquisitions Hospitality Nevada Western

Apple Hospitality REIT Acquires 299-Room SpringHill Suites by Marriott Las Vegas Convention Center

by Amy Works January 2, 2024

LAS VEGAS — Apple Hospitality REIT has purchased Springhill Suites by Marriott Las Vegas Convention Center, located at 2989 Paradise Road in Las Vegas, for approximately $75 million, or $251,000 per key. The name of the seller was not released. Opened in October 2009, the hotel features 299 rooms, more than 10,000 square feet of flexible indoor and outdoor meeting space, a rooftop pool with views of the Las Vegas Strip, and a seven-story parking garage and surface lot with a combined total of 244 spaces. The surface lot is zoned and master planned for future development of additional hotel rooms. With this acquisition, the Apple Hospitality hotel portfolio includes 225 hotels with 29,900 guest rooms spread across 38 states.

January 2, 2024

Acquisitions California Mixed-Use Western

Progressive Real Estate Partners Brokers $3M Sale of Mixed-Use Development Site in Rancho Cucamonga, California

by Amy Works January 2, 2024

RANCHO CUCAMONGA, CALIF. — Progressive Real Estate Partners has arranged the sale of a 1.73-acre parcel of vacant land at the northwest corner of Foothill Boulevard and Etiwanda Avenue in the Inland Empire city of Rancho Cucamonga. A Los Angeles County-based private investor sold the asset to a Los Angeles County-based private investor for $3 million. The land is zoned multi-use and is situated less than half a mile from Interstate 5. The buyer also owns the vacant land immediately adjacent and north of the property and is in the initial stages of planning and developing a mixed-use project that will encompass the multiple parcels. Neither a timeline nor specific details have been released. Chris Lindholm and Paul Galmarini of Progressive Real Estate Partners represented the seller in the deal.

January 2, 2024

Acquisitions Multifamily New Jersey Northeast

Hudson Atlantic Arranges $20M Sale of Northern New Jersey Apartment Complex

by Taylor Williams January 2, 2024

POMPTON LAKES, N.J. — Hudson Atlantic Realty has arranged the $20 million sale of Lakeside Residences, a 52-unit apartment complex located in the Northern New Jersey community of Pompton Lakes. Built in 2022, the property offers one- and two-bedroom units and amenities such as a fitness center, business center, game room and a resident lounge. Adam Zweibel of Hudson Atlantic represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

January 2, 2024

Acquisitions New Jersey Northeast Retail

CBRE Brokers $13M Sale of Three Retail Buildings, Land Parcel in Voorhees, New Jersey

by Taylor Williams January 2, 2024

VOORHEES, N.J. — CBRE has brokered the $13 million sale of three standalone retail buildings totaling 62,358 square feet and an undeveloped land parcel in the Southern New Jersey community of Voorhees. The buildings are situated within the 366,000-square-foot Cedar Hill Shopping Center and are leased to tenants such as Starbucks Coffee, The Vitamin Shoppe, AT&T and Savers Thrift Store. Lowe’s, BJ’s Wholesale Club and Aldi anchor Cedar Hill Shopping Center. Matthew Gorman, Michael Shover, Thomas Finnegan and Rob Thompson of CBRE represented the seller and procured the buyer in the transaction.

January 2, 2024

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