Acquisitions

JLL Brokers Sale of 170,172 SF Cornerstone Corporate Center in Plantation, Florida

by Jeff Shaw April 10, 2023

PLANTATION, FLA. — JLL Capital Markets has arranged the sale of Cornerstone Corporate Center I, a 170,172-square-foot, multi-tenant office building in Plantation, just west of Fort Lauderdale. Situated on 9.1 acres, the property was 80 percent leased at the time of sale to tenants including Marriott International, Morgan Stanley and MetLife. Amenities at the building include a covered parking deck, gym, café and access to nearby restaurants. Hermen Rodriguez, Ike Ojala, Matthew McCormack, Max Lescano and Blake Koletic of JLL represented the seller, an entity doing business as The AFL-CIO Building Investment Trust, advised by PNC Realty Investors. PIR Corner LLC acquired the property for an undisclosed price.

April 10, 2023

Acquisitions Georgia Loans Multifamily Southeast

Berkadia Arranges $45M Acquisition Financing for Prose Concord Apartments in Jefferson, Georgia

by Jeff Shaw April 10, 2023

JEFFERSON, GA. — Berkadia has arranged a $45 million loan for the acquisition of Prose Concord, a 300-unit apartment community in Jefferson, roughly 60 miles northeast of Atlanta. Located at 575 Concord Road, the community comprises one- and two-bedroom units ranging in size from 836 to 1,188 square feet. Amenities at the property include a swimming pool, clubroom with a catering kitchen, entertainment lounge, business center with coworking spaces, landscaped courtyards, concierge package locker system, fitness center and pet park. \ Scott Wadler, Matt Nihan and Mitch Sinberg arranged the Freddie Mac financing on behalf of the buyer, an affiliate of Coral Gables, Fla.-based Beacon Real Estate Group. The loan carries a 10-year term with a fixed-rate and five years of interest-only payments. The seller was not disclosed.

April 10, 2023

Acquisitions Georgia Industrial Southeast

EverWest Sells Industrial Portfolio in Metro Atlanta for $50M

by Jeff Shaw April 10, 2023

ATLANTA — EverWest Real Estate Investors has sold a five-building industrial portfolio in metro Atlanta for $50 million. Taurus Investment Holdings purchased the properties, which total 581,750 square feet. The portfolio is fully leased to tenants including Steelcase Inc., Bonded Services and Heritage Crystal Clean. Matt Wirth of JLL represented EverWest in the transaction.

April 10, 2023

Acquisitions Industrial Southeast Virginia

Red Rock, Westport Capital Divest of 353,044 SF Distribution Center in Metro Richmond

by Jeff Shaw April 10, 2023

CHESTER, VA. — A joint venture partnership between a fund managed by Red Rock Developments and a fund managed by Westport Capital Partners has sold a distribution center located at 1400 Digital Drive in Chester, roughly 20 miles southeast of Richmond. The 353,044-square-foot property was fully leased at the time of sale to CCBCC Operations LLC, which Coca-Cola Consolidated Inc. owns. Eric Robison and Bo McKown of Cushman & Wakefield | Thalhimer with Jonathan Carpenter and Graham Savage of Cushman & Wakefield’s Industrial Advisory Group arranged the sale. Bailard Real Estate Fund acquired the property for an undisclosed price.

April 10, 2023

Acquisitions Multifamily Texas

Brixton Capital Acquires 144-Unit Atlee Apartments in San Antonio

by Taylor Williams April 10, 2023

SAN ANTONIO — California-based investment firm Brixton Capital has acquired The Atlee, a 144-unit apartment complex in San Antonio’s Olmos Park neighborhood. The property features one-, two- and three-bedroom units and amenities such as a pool, courtyard, dog park and a clubhouse. Michael Wardlaw and Colin Cannata of CBRE represented the undisclosed seller in the transaction. Brixton Capital, which will implement a value-add program, was self-represented. The Atlee was 97 percent occupied at the time of sale.

April 10, 2023

Acquisitions Multifamily New York Northeast

Green Courte Partners Buys Two Manufactured Housing Communities Totaling 341 Sites in Rochester

by Taylor Williams April 10, 2023

ROCHESTER, N.Y. — Chicago-based investment firm Green Courte Partners has purchased East Avenue and Forest Lawn, two manufactured housing communities totaling 341 sites in the upstate New York city of Rochester. The transaction effectively serves as an expansion of the neighboring property, Penfield Farms, which totals 375 sites. Associated Bank provided an undisclosed amount of acquisition financing for Greene Court Partners, which plans to use a portion of the proceeds to fund capital improvements. The seller was not disclosed.

April 10, 2023

Acquisitions Illinois Midwest

Mag Mile Capital Merges with Myson, Becomes Publicly Traded Company

by Kristin Harlow April 10, 2023

CHICAGO — Mag Mile Capital, a Chicago-based commercial real estate mortgage banking firm, has completed a merger with Salt Lake City-based Myson Inc. (OTC PINK: MYSN). The transaction creates a new public entity to be named Mag Mile Capital Inc. Rushi Shah, CEO of Mag Mile Capital, has been appointed chairman of Myson’s board of directors as well as CEO of the combined publicly traded company that will be traded under a new ticker symbol. Other significant shareholders in the company include California-based Reddington Partners, a private investment holding company. Myson served as a shell company for Reddington and will do the same for Mag Mile. The merger enables Mag Mile to expand its business and expedite the process of going public. “Underpinned by the liquidity of publicly traded shares and infusion of cash, we will seek out and prudently pursue strategic acquisitions, consolidate revenues and launch our technology platform,” says Shah. “Along with other mortgage banking and capital markets brokerage services platforms, we will seek to diversify the company’s revenue stream by exploring accretive business combinations of other commercial real estate (CRE) services, including but not limited to investment brokerage services, direct lending businesses, designated underwriting and servicing businesses, …

April 10, 2023

Acquisitions Industrial Midwest Missouri Self-Storage

Marcus & Millichap Arranges Sale of 221-Unit Self-Storage Facility in Rolla, Missouri

by Kristin Harlow April 10, 2023

ROLLA, MO. — Marcus & Millichap has arranged the sale of a 221-unit self-storage facility in Rolla, a Missouri city located about midway between Springfield and St. Louis. The sales price was undisclosed. The property includes non-climate-controlled units along with one 400-square-foot office space and eight parking stalls. The facility is 93 percent leased. Marla Čolić and Anne Williams of Marcus & Millichap represented the seller, a limited liability company. A private equity group with storage holdings across the U.S. was the buyer.

April 10, 2023

Acquisitions Illinois Midwest Office

Cawley Chicago Brokers Sale of Assemblage of Properties in Peru, Illinois

by Kristin Harlow April 10, 2023

PERU, ILL. — Cawley Chicago has brokered the sale of the property formerly housing Raccuglia Law Offices and an assemblage of properties in Peru, about 100 miles southwest of Chicago. The sales price and buyer were not disclosed. The Raccuglia family hired Cawley Chicago’s Jon Chamlin to liquidate the real estate portfolio of their late father, attorney Anthony Raccuglia. Included in the sale was a development site on the corner of Rock and Maple drives that consists of 0.67 acres of commercial land. The law office, constructed in 1968, will remain the local offices of Meyers Flowers Bruno McFedron & Herrmann.

April 10, 2023

Acquisitions California Office Top Stories Western

Barker Pacific, Kingsbarn Realty Buy 560,000 SF Griffin Towers Office Complex in Santa Ana, California

by Taylor Williams April 10, 2023

SANTA ANA, CALIF. — A joint venture between locally based investment firm Barker Pacific Group and Las Vegas-based Kingsbarn Realty Capital has purchased Griffin Towers, a 560,000-square-foot office complex in the Southern California community of Santa Ana. The joint venture purchased Griffin Towers for $82 million from institutional investment firm Blackstone, which paid $129 million for the property in 2014, according to several business publications including The Deep Dive. Built in 1987 and recently renovated, Griffin Towers consists of twin 14-story buildings that are located at 5 and 6 Hutton Centre Drive, as well as a six-story parking garage. Amenities include a conference center with a catering kitchen, a fitness center with locker rooms, multiple electric vehicle charging stations and an outdoor bocce ball court. The buildings are home to tenants such as UKG, Michael Baker International, Psomas, Nation’s Direct Mortgage, HNTB and the Ayn Rand Institute. CBRE serves as the leasing agency for Griffin Towers. Barker Pacific Group also manages the property. The new ownership plans to continue with capital improvements by adding new amenities and upgrading select office suites. Kevin Shannan, Paul Jones and Brandon White of Newmark represented Blackstone in the transaction. David Milestone and Henry Cassiday …

April 10, 2023

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