LEWISBURG, PA. — Cushman & Wakefield has brokered the $6.5 million sale of a 133,239-square-foot industrial building in Lewisburg, located north of Harrisburg in the central part of the Keystone State. The building features seven dock doors, a clear height of 21 feet and 13,239 square feet of office space. Gerry Blinebury, Brendan McGeary and Hunter Kessell of Cushman & Wakefield represented the seller, SK Realty, in the transaction. The buyer was an entity doing business as JasPinLin Lewisburg LLC.
SAVANNAH, GA. — CBRE has provided a $27.7 million acquisition loan for Canvas at Savannah, a 300-unit, garden-style affordable housing community located at 5110 Garrard Ave. in Savannah. Blake Cohen of CBRE’s Atlanta office originated the Freddie Mac loan on behalf of the borrower, Miami-based One Real Estate Investment. The seller was not disclosed. Built in 2003 and recently renovated, Canvas at Savannah features one-, two- and three-bedroom units averaging a little more than 1,000 square feet in size. Amenities include a fitness center, coffee bar, package lockers and a resort-style swimming pool.
DAVENPORT, FLA. — SRS Real Estate Partners has brokered the $3.1 million sale of a newly built retail property located at 1217 Finley Ave. in Davenport, a suburb of Orlando. The 2,500-square-foot, freestanding building was delivered in October and has a 10-year lease in place with Starbucks Coffee. Patrick Nutt, William Wamble and Robert Dillard of SRS represented the seller, an unnamed development firm based in Florida, in the transaction. The buyer is also based in Florida and purchased the property in a 1031 exchange at a 5.25 percent cap rate.
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Is a Rebound in the Cards for Investment Sales Anytime Soon?
Would-be commercial real estate investors and sellers for the last several months have been waiting for a sign that the Federal Reserve has tamed inflation, therefore giving the central bank reason to officially end its tightening program. October’s better-than-expected consumer price index increase of 3.2 percent — versus the 3.3 percent consensus — may have delivered that signal. The futures markets immediately reduced the probability of a Fed interest rate hike in December to zero, with many capital markets analysts suggesting that it would begin to cut rates midway through 2024. But just an end to rate hikes could fuel investment sales activity, says Jeff Rinkov, CEO of Lee & Associates Commercial Real Estate Services. “Once investors see some positive sentiment from the Fed, I think they’ll start to get interested in deploying what we believe is an enormous amount of capital that has been waiting on the sidelines,” he explains. “I also think that’s when investors will be met by more accommodating sellers. At the moment, price discovery continues to be very challenging and is driving a sluggish transaction environment.” Crashing Sales Indeed, investment sales volume through three quarters of 2023 totaled $276.3 billion, a year-over-year decline of 55 …
KNOXVILLE, TENN. — A joint venture between Passco Cos. and Greystone has purchased One Riverwalk, a 303-unit apartment community located at 151 E. Blount Ave. in Knoxville. The developer, Southeastern, sold the waterfront property for $120.7 million. Built in 2019, One Riverwalk was 97 percent occupied at the time of sale. The buyers assumed a 10-year Fannie Mae loan totaling $64.3 million that was underwritten with a 3.12 percent fixed interest rate and three years of interest-only payments remaining. One Riverwalk is situated on a 3.4-acre site along the Tennessee River and just over the Henley Street Bridge from University of Tennessee’s Neyland Stadium. The property offers a mix of studio, one- and two-bedroom apartments averaging 884 square feet in size.
BIRMINGHAM, ALA. — Ziegler has served as sell-side financial advisor for the sale of St. Martin’s in the Pines, a 316-unit continuing care retirement community (CCRC) in Birmingham. Diversicare Healthcare Services acquired the property from the independent ownership board for an undisclosed price. Located in the eastern outskirts of the city near the Mountain Brook and Homewood suburbs, the property is near the University of Alabama at Birmingham (UAB) and the UAB hospital system. St. Martin’s in the Pines comprises a four-story independent living facility with 97 apartments, a two-story assisted living and memory care facility with 40 assisted living units and 51 memory care units, and a skilled nursing campus with 128 skilled nursing and short-term rehabilitation beds. It is the second largest skilled nursing campus in Alabama, according to Ziegler. Diversicare is recognized as a premier provider of post-acute care and is the largest skilled nursing provider in Alabama with 19 campuses in the state.
SALT LAKE CITY — JLL Capital Markets has arranged the sale of and financing for Sandy Commerce Park, a Class A creative office property at 9490 S 300 West in Salt Lake City. Nuveen Real Estate sold the asset to Alturas Capital Partners for an undisclosed price. Completed in 2017, the five-story 121,197-square-foot building features 25,000-square-foot average floorplates, floor-to-ceiling glass curtain walls and 360-degree views of the Wasatch and Oquirrh mountains. At the time of sale, the property was fully leased to eight tenants with an average weighted lease term of 3.7 years. Phil Brierly and Cole Macadaeg of JLL’s investment sales and advisory team represented the seller in the deal. Mark Root and Will Haass of JLL’s debt advisory team secured a five-year, fixed-rate acquisition loan through a life insurance company for the buyer.
PHOENIX — Stos Partners has purchased an industrial complex located on 3.3 acres at 620 N. 43rd Ave. in Phoenix. Auto Body Parts LLC sold the asset for $9 million, or $181.77 per square foot. The 49,513-square-foot property features 20- to 22-foot clear heights, eight dock-high doors, four drive-in, ground-level doors, 1,600 AMPS of 277/440 volt power and 4,000 square feet of office space. The property can accommodate a full-building user, a two-tenant user or three separate tenants ranging from 12,000 square feet to 49,513 square feet. Stos plans to implement a capital improvement program to stabilize and re-tenant the asset.
SOUTH PASADENA, CALIF. — Gelt Ventures has completed the disposition of South Pasadena Storage, a self-storage facility located at 919 Mission St. in South Pasadena. An institutional buyer acquired the 677-unit asset for an undisclosed price. Built in 1986 on 1.8 acres, the six-building property includes 642 indoor storage units, 34 outdoor rental spaces and a live/work unit, as well as a site office. ExtraSpace Storage provides third-party management of the property. Adam Schlosser, Chico Le Claire and Keith Phillips of Marcus & Millichap represented the seller in the transaction. The buyer was self-represented.
EAST BRUNSWICK, N.J. — NAI DiLeo-Bram has brokered the $7.2 million sale of a 32,021-square-foot industrial property in the Northern New Jersey community of East Brunswick. The property at 375 Old Bridge Turnpike was built on 1.6 acres in 1971 and features clear heights of 12 to 16 feet and two exterior docks. Kyle Gerace of NAI DiLeo-Bram represented the seller, Kings Cages, and procured the buyer, Kinga Cabinet, in the transaction.