Acquisitions

Hanley Investment Group Arranges Sales of Two 7-Eleven-Occupied Properties in Riverside County, California

by Amy Works February 24, 2023

INDIO AND PERRIS, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the sales of two new properties leased by 7-Eleven in Riverside County. Two different buyers acquired the assets for a combined total of $10.1 million. Bill Asher and Jeff Lefko of Hanley Investment Group represented the sellers, TSC Perris LLC and TSC Indio Golf Center LLC, in both transactions. In the first transaction, a private investor acquired a newly constructed, 3,494-square-foot 7-Eleven convenience store and gas station at the intersection of Golf Center Parkway and Avenue 45 in Indio. The property traded for $5.1 million, or $1,474 per square foot. Rick Lazar of Lee & Associates in Riverside represented the buyer. In the second deal, a Los Angeles-based private investor purchased a recently completed, 2,950-square-foot 7-Eleven convenience store and gas station at Perris and Harley Knox boulevards in Perris. The asset traded for $5 million, or $1,695 per square foot. Pooya Dayanim of Beverly Hills-based Dayanim Real Estate Corp. represented the buyer.

February 24, 2023

Acquisitions California Industrial Lee & Associates Western

Lee & Associates Negotiates $6.1M Sale of 19,271 SF Flex Building in Costa Mesa, California

by Amy Works February 24, 2023

COSTA MESA, CALIF. — Lee & Associates Orange has arranged the sale of a freestanding industrial/flex building in Costa Mesa. The property traded for $6.1 million. Located at 3587-3589 Harbor Blvd., the 19,271-square-foot building features a large fenced yard, three ground-level doors and 400 amps, 120/208 volt power. Greg Diab of Lee & Associates Orange represented the buyer in the deal.

February 24, 2023

Acquisitions Affordable Housing Multifamily South Carolina Southeast Top Stories

Greystone to Develop Four Affordable Housing Properties in South Carolina

by Jeff Shaw February 24, 2023

GREENVILLE, SPARTANBURG AND COLUMBIA, S.C. — Greystone Affordable Development is serving as development manager four affordable housing properties totaling 855 units in South Carolina. The three properties include: The Park at Sondrio in Greenville, which comprises 271 one- and two-bedroom units. Greystone acquired the property for $38.1 million. The Park at Vietti in Spartanburg, which comprises 204 units. Greystone acquired the property for $26.9 million. According to Apartments.com, the property was originally built in 1986, and offers one- and two-bedroom floor plans. Windsor Shores in Columbia, comprising 176 units, which Greystone acquired for $22.4 million. The Ivy in Greenville, comprising 212 units, was acquired for $30.5 million. For the fourth transaction, Greystone’s Adam Lipkin originated a financing solution through GHI. Greystone Affordable Development will serve as the developer on this renovation project at that property as well. Two nonprofit entities recently acquired the portfolio — Greenville Housing Fund acquired The Ivy and Opportunity South Carolina acquired the other three. The acquisition price was $118 million. Greystone Housing Impact Investors LP (GHI) provided financing for the acquisition and rehabilitation development transactions. Cushman & Wakefield, with which Greystone has a strategic joint venture, provided multifamily investment sales advisement on the transactions. The teams …

February 24, 2023

Acquisitions Illinois Industrial Midwest

Advanced Metalcraft Buys Two Adjoining Industrial Buildings in Bensenville, Illinois

by Kristin Harlow February 23, 2023

BENSENVILLE, ILL. — Advanced Metalcraft has purchased industrial space in Bensenville for an undisclosed price. The two adjoining buildings at 110 and 210 Gateway Road total 44,600 square feet. Advanced Metalcraft, a fabricator of precision metal components and assemblies, is relocating and expanding from a 15,000-square-foot space in Franklin Park. Trinity Scurto of Brown Commercial Group represented Advanced Metalcraft, while Brian Carroll of JLL represented the seller, 110 Gateway LLC. Advanced Metalcraft plans to complete building renovations and take occupancy this quarter.

February 23, 2023

Acquisitions Midwest Minnesota Restaurant Retail

Marcus & Millichap Brokers $2.3M Sale of Buca Di Beppo-Occupied Restaurant Property in Minnesota

by Kristin Harlow February 23, 2023

EDEN PRAIRIE, MINN. — Marcus & Millichap has brokered the $2.3 million sale of an 8,276-square-foot restaurant property occupied by Buca Di Beppo in the Minneapolis suburb of Eden Prairie. The net-leased building is located at 7711 Mitchell Road. Tom Gommels of Marcus & Millichap represented the seller, a limited liability company. Alvin Mansour and Sim Liberow of Marcus & Millichap represented the buyer, a limited liability company completing a 1031 exchange.

February 23, 2023

Acquisitions Office Texas

CIM Group Sells 184,128 SF Hartland Plaza Office Building in Downtown Austin

by Taylor Williams February 23, 2023

AUSTIN, TEXAS — Los Angeles-based investment firm CIM Group has sold Hartland Plaza, a 184,128-square-foot office building in downtown Austin. The building was constructed in 1984 on a 3.4-acre site that includes a four-story parking garage. CIM Group also implemented a capital improvement program at Hartland Plaza between 2017 and 2019. Amenities include a fitness center, lounge, conference facilities, salon and an onsite restaurant. The buyer and sales price were not disclosed. JLL represented CIM Group in the transaction and arranged acquisition financing on behalf of the undisclosed buyer.

February 23, 2023

Acquisitions Arizona Development Industrial Western

Creation Plans $60M Thunderbird Commerce Park in Scottsdale, Arizona

by Amy Works February 23, 2023

SCOTTSDALE, ARIZ. — Phoenix-based Creation has acquired 18 acres within Scottsdale Airpark for the development of Thunderbird Commerce Park, a $60 million industrial center. Located at the southeast corner of Scottsdale and Thunderbird roads, the project will feature a 243,360-square-foot Class A industrial building offering 51 truck doors, 32-foot clear heights, 3,000-amp power, four electric vehicle dual charging pedestals, 130-foot truck court depth and 322 car parking spaces. Construction is slated to begin later this year. Creation sourced the land on an off-market basis and is currently processing entitlements through the City of Scottsdale. The project team includes LGE Design Build as general contractor and LGE Design Group as architect. Completion is scheduled for late 2024.

February 23, 2023

Acquisitions California Office Western

Quest Capital Partners Divests of 100,724 SF Office Building in West Covina, California

by Amy Works February 23, 2023

WEST COVINA, CALIF. — Quest Capital Partners has sold Atrium on the 10, an office building located at 2934 E. Garvey Ave. South in West Covina. A Covina-based nonprofit owner/user acquired the property for $22.2 million. In recent years, more than $3 million in capital has been invested in the 100,724-square-foot building. Updates include exterior cosmetic and common area enhancements, upgrades to furniture, installation of a living wall in the atrium, tenant improvements and updated building systems. Sammy Cemo, Mark Shaffer, Anthony DeLorenzo, Gary Stache and Bryan Johnson of CBRE’s Capital Markets, Investment Properties team, along with Steven Saunders and Philip Woodford of CBRE represented the seller in the transaction.

February 23, 2023

Acquisitions Arizona Retail Western

Phoenix Commercial Advisors Brokers $11.8M Sale of Mesa Gateway Retail Property in Arizona

by Amy Works February 23, 2023

MESA, ARIZ. — Phoenix Commercial Advisors has arranged the sale of Mesa Gateway, a three-building retail property at the southeast corner of Power and Ray roads in Mesa. The property traded for $11.8 million, or $371 per square foot. Totaling 31,824 square feet, the three buildings were fully leased to a mix of national and local tenants, including Verizon, Comerica, Jimmy John’s Sandwiches, Fit Body Boot Camp and Boba CuTea. Danny Gardiner and Chad Tiedeman of Phoenix Commercial Advisors represented the undisclosed seller in the transaction. The name of the buyer was not released.

February 23, 2023

Acquisitions Colorado Industrial Western

Industrial Outdoor Ventures Sells 11.9-Acre Industrial Service Facility in Commerce City, Colorado

by Amy Works February 23, 2023

COMMERCE CITY, COLO. — Industrial Outdoor Ventures (IOV) has completed the disposition of an 11.9-acre Industrial Service Facility (ISF), which is a property that is used to store, maintain or dispatch vehicles, equipment or bulk materials. The sale also included a flex building at 8780 E. 93rd Place in Commerce City. The buyer and price were not disclosed. Completed in September 2022, the 52,500-square-foot Class A maintenance and repair facility features 4,200 square feet of office space and can accommodate a single user or multiple tenants. The shop area features two wash bays and 18 drive-through service bays, as well as sealed concrete floors and trench drains. Additionally, the property includes a fully fenced and secured yard for parking and storage, LED lighting and extensive landscaping. Mike Wafer, Mike Wafer Jr. and Mike Viehmann of Newmark represented IOV, while James McGill and Chris Schultz of JLL represented the buyer in the transaction.

February 23, 2023

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