Acquisitions

Cushman & Wakefield Brokers $10.5M Sale-Leaseback of CP North America Headquarters Building in Prescott, Arizona

by Amy Works December 1, 2023

PRESCOTT, ARIZ. — Cushman & Wakefield has arranged the sale-leaseback of a single-tenant corporate headquarters building in Prescott, approximately 100 miles north pf Phoenix. Sewell Trust, a Montana-based private investor, acquired the asset from CP North America for $10.5 million. The seller, a high-tech defense company wholly owned by Israel-based Rafael Defense Systems, will lease back the 50,135-square-foot property, which is located at 2620 Deep Well Ranch Drive. The building features reflective store-front windows, roll-up and dock-high loading doors, and a large, fenced yard. Eric Wichterman and Mike Coover of Cushman & Wakefield’s Private Capital Group in Phoenix represented the seller in the deal.

December 1, 2023

Acquisitions Colorado Office Western

Asset Preservation Sells 9,168 SF Office Building in Denver for $8.1M

by Amy Works December 1, 2023

DENVER — Asset Preservation has completed the disposition of an office property located at 1321 N. Bannock St. in Denver. DAMF Realty acquired the asset for $8.1 million. Kittie Hood of Newmark represented the buyer in the transaction. Further details were not disclosed.

December 1, 2023

Acquisitions Illinois Midwest Retail

Mid-America Arranges Sale of 109,079 SF Prairie Crossings Shopping Center in Mokena, Illinois

by Kristin Harlow December 1, 2023

MOKENA, ILL. — Mid-America Real Estate Corp. has arranged the sale of Prairie Crossings, a 109,079-square-foot shopping center in Mokena, a southern suburb of Chicago. Tenants at the property include Chipotle, Panera, Hair Cuttery, Massage Envy, Botti Chiropractic and Sloan Stevens Salon. Rick Drogosz, Ben Wineman and Joe Girardi of Mid-America represented the seller, IRC Retail Centers/DRA Advisors. First-Tek Inc. was the buyer. Pine Tree served as property manager.

December 1, 2023

Acquisitions Midwest Minnesota Multifamily

Marcus & Millichap Brokers $7.5M Sale of Multifamily Property in Inver Grove Heights, Minnesota

by Kristin Harlow December 1, 2023

INVER GROVE HEIGHTS, MINN. — Marcus & Millichap has brokered the $7.5 million sale of The Commons, a four-building multifamily property in Inver Grove Heights, a southern suburb of St. Paul. Located at 8213 College Trail and constructed in 1987, the community features 60 units. Abe Roberts and Michael Jacobs of Marcus & Millichap represented the undisclosed buyer and seller. The property has undergone renovations for new countertops, appliances and cabinetry.

December 1, 2023

Acquisitions Florida Industrial Office Southeast Texas Top Stories

Basis Purchases Four Industrial/Office Parks in Florida, Texas for $160M

by Jeff Shaw December 1, 2023

BOCA RATON, FLA. — Basis Industrial, a privately held real estate owner and operator headquartered in Boca Raton, has acquired four commercial properties in Florida and Texas for a total of approximately $160 million. Bank United, Banesco and Thorofare provided roughly $110 million in financing for the transaction. Beach Point Capital Management provided a preferred equity/mezzanine loan of roughly $70 million, with the borrowers, Basis and NexPoint, providing the remaining funds. In addition to the acquisitions, the loans and equity will fund a $60 million refinancing for two of the borrowers’ existing commercial properties in Florida. The six properties, including those being refinanced, total over 1.3 million square feet. The four acquired properties include: The properties that Basis refinanced were Crystal Pointe and Gateway & Commercial Point. Crystal Pointe is a 96,888-square-foot property located at 4500-4870 North Powerline Road in Deerfield Beach, Florida. Crystal Pointe is currently 100 percent leased. Gateway & Commercial Point is a 253,701-square-foot asset located at 7550-7800 Southland Blvd. in Orlando. The property is currently 97.6 percent leased. “This is a huge step for Basis’ growth and my vision,” says Daniel Weinstein, founder and CEO of Basis Industrial. “We expect to add millions of square feet over the next few years in targeted …

December 1, 2023

Acquisitions Conference Coverage Features Multifamily

Bid-Ask Spread Continues to Throttle Down Multifamily Investment Sales, Say InterFace Panelists

by Jeff Shaw December 1, 2023

ATLANTA — Investors in the multifamily sector are having trouble getting deals done in 2023, and 2024 isn’t looking to start out much better. The culprit is the bid-ask spread — the gap between what sellers believe their property is worth and what buyers are willing to pay. That’s according to a panel of multifamily investors, several of whom described transacting in the present environment to be a “slog.” The panel, titled “Investment Outlook: When will the Bid-Ask Gap Narrow, the Market Stabilize and Transactions Resume in Earnest?,” was held yesterday at France Media’s InterFace Multifamily Southeast conference at the Westin Buckhead in Atlanta. The panel included Brian Grant, senior vice president of acquisitions of Equity Residential; John Leonard, first vice president/regional manager of Marcus & Millichap; Eddy O’Brien, managing partner and co-founder of Blaze Capital Partners; Matt Trammell, chief financial officer of Wood Partners; Kristina Lynn, senior director, of housing and alternative investments in the Americas at Nuveen Real Estate; and moderator Paul Berry, president and chief operating officer of Mesa Capital Partners, who recently joined the firm from CBRE. Berry kicked off the discussion by noting that “the bid-ask spread affects all of us.” While he noted that …

December 1, 2023

Acquisitions Loans Nevada Retail Western

Calmwater Capital Funds $23.2M Acquisition Loan for Decatur 215 Plaza in Las Vegas

by Amy Works November 30, 2023

LAS VEGAS — Calmwater Capital has provided $23.2 million in short-term, first-mortgage debt to a Los Angeles-based private investor for the purchase of Decatur 215 Plaza, a shopping center in northwest Las Vegas. Built in 2013, the 126,678-square-foot property is fully leased to a mix of national and regional tenants including Petco, Hobby Lobby, Ulta Beauty, Sprouts Farmers Market, Sleep Number and Blaze Pizza. Approximately 90 percent of the tenants have occupied the center since 2016. Zachary Novatt, Larry Grantham and DaJuan Bennett of Calmwater originated the loan for the borrower.

November 30, 2023

Acquisitions California Retail Western

Progressive Real Estate Brokers $4.9M Sale of Dollar Tree-Occupied Retail Property in Rancho Cucamonga, California

by Amy Works November 30, 2023

RANCHO CUCAMONGA, CALIF. — Progressive Real Estate Partners has arranged the sale of a single-tenant retail property located at 9008 Foothill Blvd. in Rancho Cucamonga. Red Mountain Group sold the asset to Celery Realty Investments LLC for $4.9 million in an all-cash deal. Dollar Tree occupies the 16,560-square-foot property on a triple-net, 10-year, corporate-backed lease. Brad Umansky, Greg Bedell and Lance Mordachini of Progressive Real Estate Partners represented the seller, while Katherine Quach and Wendy Wong of Treelane Realty Group represented the buyer in the deal.

November 30, 2023

Acquisitions Illinois Industrial Midwest Self-Storage

Marcus & Millichap Brokers Sale of 204-Unit Self-Storage Facility in Rockford, Illinois

by Kristin Harlow November 30, 2023

ROCKFORD, ILL. — Marcus & Millichap has brokered the sale of Superior Self Storage of Rockford, a 31,210-square-foot self-storage facility in Rockford. The sales price was undisclosed. Located at 1711 York Ave., the property features 204 non-climate-controlled units, an onsite manager’s office, four rental apartments and one-single family residence. Sean Delaney of Marcus & Millichap represented the seller, a limited liability company, and the buyer, a limited liability company.

November 30, 2023

Acquisitions Industrial Lee & Associates Texas

Lee & Associates Brokers Sale of 9,800 SF Industrial Building in West Dallas

by Taylor Williams November 30, 2023

DALLAS — Lee & Associates has brokered the sale of a 9,800-square-foot industrial building in West Dallas. According to LoopNet Inc., the single-tenant building at 9101 Sovereign Row was originally constructed in 1957. Stephen Williamson of Lee & Associates represented the undisclosed seller in the transaction. Turner Peterson of Mercer Co. represented the buyer, Apel Construction Services.

November 30, 2023

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