Acquisitions

Kingsbarn Realty Capital Sells Conoco-Occupied Property in Las Vegas for $7.1M

by Amy Works January 26, 2024

LAS VEGAS — SRS Real Estate Partners has brokered the sale of a retail property, located at 8880 S. Rainbow Blvd. in Las Vegas. Situated on 0.77 acres, Conoco occupies the 3,500-square-foot property under a 20-year, absolute triple-net lease with LV Petroleum LLC, a franchisee gas station operator with more than 30 locations. Las Vegas-based Kingsbarn Realty Capital sold the asset to a Las Vegas-based private investor for $7.1 million. Patrick Luther of SRS Capital Markets represented the seller in the deal.

January 26, 2024

Acquisitions Colorado Net Lease Retail Western

Marcus & Millichap Negotiates $2.2M Sale of Retail Ground Lease in Greeley, Colorado

by Amy Works January 26, 2024

GREELEY, COLO. — Marcus & Millichap has arranged the sale of a 15-year, absolute triple-net ground lease for a Ent Credit Union-occupied property in Greeley, southeast of Fort Collins. A developer sold the asset to an undisclosed buyer for $2.2 million. Drew Isaac and Ian Hicks of Marcus & Millichap’s Denver office represented the seller in the deal. Located at 10th Street Road, Ent Credit Union is part of a mixed-use development that features a Starbucks Coffee, QuikTrip, 177 single-family homes and 189 apartments.

January 26, 2024

Acquisitions Illinois Midwest Multifamily

Breneman Capital Sells Chicago Apartment Building for $4M

by Kristin Harlow January 26, 2024

CHICAGO — Breneman Capital has sold a 12-unit apartment building located on North Elston Avenue in Chicago’s Avondale neighborhood for $4 million. Breneman originally purchased the property in August 2019 for $3.5 million. Constructed in 2009, the building consists of three two-bedroom units and nine three-bedroom units. Breneman increased rents at the property by 21 percent over the hold period. The asset is one of 23 Chicago multifamily properties that Breneman has acquired since 2013.

January 26, 2024

Acquisitions Georgia Industrial Leasing Activity Southeast

Colliers Brokers $16.3M Sale-Leaseback for Distribution Center in Adairsville, Georgia

by John Nelson January 25, 2024

ADAIRSVILLE, GA. — Colliers has brokered the $16.3 million sale-leaseback of 400 Princeton Boulevard, a 294,020-square-foot distribution center located on a 17.5-acre site in Adairsville, about 60 miles northwest of Atlanta via I-75. The seller, The Dixie Group, sold the facility and leased it back for 10 years from the buyer, a private owner-operator based in California. Todd Harrell and Steve Bartlett of Colliers represented the seller in the transaction. Hagan Dick and Doug Alexander of Colliers’ Debt & Equity team assisted with the loan assumption on behalf of the buyer. 400 Princeton is close to I-75, Ga. Highway 104 and a CSX rail line, as well as within an hour’s drive to Appalachian Regional Port, an inland port that provides direct rail connection to the Port of Savannah.

January 25, 2024

Acquisitions Florida Retail Southeast

Marcus & Millichap Arranges $7.5M Sale of Retail Center in Longboat Key, Florida

by John Nelson January 25, 2024

LONGBOAT KEY, FLA. — Marcus & Millichap has arranged the $7.5 million sale of Centre Shops, an oceanfront retail center located at 5370 Gulf of Mexico Drive in Longboat Key, a barrier island near Sarasota, Fla. Situated on a 4.7-acre site in Manatee County, the five-building property features 37,880 square feet of retail space that was 95 percent leased at the time of sale to tenants including Lazy Lobster Restaurant, Longboat Key Flower Shop, Pilates Longboat Key, La Norma Italian, Blue Dolphin Café, The UPS Store and Longboat Resort Wear. Nearly two-thirds of the tenant roster has operated at the retail center for seven years or longer. James Medefind of Marcus & Millichap’s Tampa office represented the Florida-based seller in the transaction. Jeff Enck of SRS Real Estate Partners represented the undisclosed buyer. Centre Shops has recently undergone improvements including new roofing and exterior lighting and a revamped parking lot.

January 25, 2024

Acquisitions Multifamily Texas

Marcus & Millichap Arranges Sale of 130-Unit Multifamily Portfolio in Dallas

by Taylor Williams January 25, 2024

DALLAS — Marcus & Millichap has arranged the sale of a portfolio of two multifamily properties totaling 130 units in the Knox-Henderson neighborhood of Dallas. Garrett Gardens totals 66 units, and Moser Gardens totals 64 units. The seller was a private partnership from out of state that had owned the properties for 33 years. The buyer was a Dallas-based owner-operator. Al Silva and Ford Braly of Marcus & Millichap represented both anonymous parties in the deal.

January 25, 2024

Acquisitions Industrial Texas

Pocas International Buys 27,893 Industrial Building in Southwest Houston

by Taylor Williams January 25, 2024

HOUSTON — Pocas International has purchased an industrial building at 8008 W. Sam Houston Parkway S. in southwest Houston that totals 27,893 square feet, according to LoopNet Inc. The move represents an expansion for the food-and-beverage products distributor, which simultaneously sold its previous building, a 16,675-square-foot facility located at 711 Buffalo Run in nearby Missouri City. Wes Williams of Colliers represented Pocas International in both transactions. Travis Land of Partners Real Estate represented the seller of the Sam Houston Parkway building, an entity doing business as Ultra Houston Group LP. Harry Lou of Fidelity Realtors represented the buyer of the Buffalo Run building, Wellcom Realty LLC. Sales prices were not disclosed.

January 25, 2024

Acquisitions New Hampshire Northeast Retail

IPA Arranges $16.6M Sale of Shopping Center in Merrimack, New Hampshire

by Taylor Williams January 25, 2024

MERRIMACK, N.H. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the $16.6 million sale of Merrimack Village Center, an 82,292-square-foot shopping center located near the Massachusetts-New Hampshire border. Built on 10 acres in 2006, the center was 99 percent leased at the time of sale, with grocer Shaw’s serving as the anchor tenant. Other users include Dental Designs of New England, KT Cleaners, Supercuts and Subway. Jim Koury led the IPA team that represented the buyer and seller, both of which were limited liability companies, in the transaction.

January 25, 2024

Montbello-Industrial-Portfolio-Denver-CO

Acquisitions Arizona California Colorado Florida Industrial Western

Stockbridge Capital Sells 1.7 MSF Project RedHawk Industrial Portfolio

by Amy Works January 25, 2024

SAN FRANCISCO — San Francisco-based Stockbridge Capital Group has completed the disposition of Project RedHawk, a 1.7 million-square-foot light industrial portfolio spread across multiple markets. The portfolio was sold in four separate transactions to two different buyers between December 2023 and January 2024 and comprises four sub-portfolios totaling 49 buildings in Tempe, Ariz.; San Jose, Calif.; Denver; and Pompano Beach, Fla. BKM Capital Partners acquired Gateway University Park I & II, a 16-building, 258,409-square-foot asset at 1605-1635 and 1705-1797 W. University Drive in Tempe, and Junction Business Park, a two-building, 119,101-square-foot property at 1911-1943 Hartog Drive and 1914-1968 Junction Ave. in San Jose. A partnership between a global manager of alternative investments and Brennan Investment Group purchased The Montebello Industrial Portfolio, a 17-building, 856,013-square-foot asset in Denver, and Powerline Business Park, a 14-building, 444,120-square-foot in Pompano Beach, Fla. Jim Carpenter and Will Strong of Cushman & Wakefield’s National Industrial Advisory Group, along with IAG’s Kirk Kuller, Michael Matchett, Molly Hunt, Mike Davis, Rick Brugge, Rick Colon, Dominic Montazemi, Jeff Chiate, Rick Ellison and Matthew Leupold, in partnership with Robert Buckley, Tracey Cartledge, Scott Prosser, Steve Hermann and Jack Depuy of Cushman & Wakefield represented all parties in the transactions. Gideon Gil, …

January 25, 2024

Las-Vegas-Multifamily-Portfolio-Las-Vegas-NV

Acquisitions Multifamily Nevada Western

ABI Multifamily Brokers Sale of Three-Property Multifamily Portfolio in Las Vegas

by Amy Works January 25, 2024

LAS VEGAS — ABI Multifamily has negotiated the sale of a three-property multifamily portfolio in Las Vegas for a combined $8.9 million, or $121,431 per unit. The undisclosed buyer and seller are both based in Nevada. Jason Dittenber, Josh McDougall, Anthony Marinello and Bradley Gumm of ABI Multifamily represented the seller in the deal. The portfolio includes:

January 25, 2024

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