Acquisitions

Newmark Brokers Sales of Two Retail Properties in Washington Totaling 124,660 SF

by Amy Works February 3, 2023

KENT AND KENNEWICK, WASH. — Newmark has arranged the sales of two retail properties, totaling 124,660 square feet, in Kent and Kennewick. The assets sold for undisclosed amounts. One property is a 67,240-square-foot vacant former Tops Foods Grocer, located at 26000 100th Pl. SE in Kent. The asset is part of the Canyon Ridge Shopping Center, which is shadow-anchored by Target, Ross Dress for Less, Old Navy and Petco. Located at 6603 W. Canal Drive in Kennewick, the second building is a 57,420-square-foot, single-tenant property that is triple-net leased to Sportsman’s Warehouse. The property is within the Colonnade Shopping Center, which includes Ross Dress for Less, Best Buy, PetSmart and Michaels. Sportsman’s Warehouse has operated at this location for more than 20 years and recently extended its lease. Paul Sleeth and Billy Sleeth of Newmark represented the private sellers in both transactions. Kent is a suburb of Seattle, while Kennewick is located in the southeast quadrant of the state.

February 3, 2023

Acquisitions California Industrial Western

SENTRE Sells Two-Building Industrial Property in Azusa, California for $20.5M

by Amy Works February 3, 2023

AZUSA, CALIF. — SENTRE, a San Diego-based, vertically integrated real estate investment firm, has completed the disposition of Azusa Center, a two-building industrial property in Azusa. JAR Commercial Investments acquired the asset for $20.5 million. Situated on 3.6 acres at 301 and 411 N. Aerojet Ave., Azusa Center features 75,081 square feet of industrial space. The two buildings offer 22-foot to 26-foot clear heights, concrete tilt-up construction, ESFR fire systems, three dock-high doors and four ground-level doors. At the time of sale, the property was fully leased. Michael Longo, Barbara Perrier, Anthony DeLorenzo, Mark Shaffer, Darla Longo, Rebecca Perlmutter, Brett Hartzell, Joe Cesta, Paige Morgan, Eric Cox, Lynn Knox and Case Dahlen of CBRE represented the seller in the deal.

February 3, 2023

Acquisitions Industrial New Jersey Northeast

Colliers Brokers Sale of 48,000 SF Industrial Building in West Berlin, New Jersey

by Taylor Williams February 3, 2023

WEST BERLIN, N.J. — Colliers has brokered the sale of a 48,000-square-foot industrial building located in the Southern New Jersey community of West Berlin. The building, which sold for $4.2 million and was fully leased at the time of sale, features a clear height of 18 feet, five drive-in doors and six loading docks. Ian Richman, Ross Abramsohn and Marc Isdaner of Colliers represented the seller, metro Philadelphia-based Velocity Venture Partners, in the transaction. The buyer was not disclosed.

February 3, 2023

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 281-Unit Self-Storage Facility in Texas City, Texas

by Taylor Williams February 2, 2023

TEXAS CITY, TEXAS — Marcus & Millichap has brokered the sale of Smart Self Storage, an 281-unit facility in Texas City, about 45 miles southeast of Houston. The facility was built in and totals 29,549 net rentable square feet across 204 climate-controlled and 77 non-climate-controlled units. Dave Knobler, Jon Danklefs, Ray Kang and Brad Weigel of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The team also procured the buyer, a publicly traded REIT. Both parties requested anonymity.

February 2, 2023

Acquisitions Multifamily Texas

Blaze Capital Partners Acquires 150-Unit Active Adult Community in San Antonio

by Taylor Williams February 2, 2023

SAN ANTONIO — South Carolina-based investment firm Blaze Capital Partners has acquired Sage Stone Oak, a 150-unit active adult community in San Antonio. The property was built in 2020 on a 7.5-acre site on the city’s north side. Units come in one- and two-bedroom floor plans and range in size from 829 to 1,172 square feet. Residences feature granite countertops, individual washers and dryers and private balconies/patios. Amenities include a pool, clubhouse, fitness center, library, media and game room and two dog parks. The seller and sales price were not disclosed.

February 2, 2023

Acquisitions Healthcare Texas

Rethink Healthcare Real Estate Buys 36,101 SF Emergency Hospital in Mansfield, Texas

by Taylor Williams February 2, 2023

MANSFIELD, TEXAS — Rethink Healthcare Real Estate, a New York-based investment firm, has purchased a 36,101-square-foot emergency hospital located in the southern Fort Worth suburb of Mansfield. Emerus operates the facility, which opened about seven years ago. Rethink acquired the property in a joint venture with global investment management firm Heitman. An affiliate of First Citizens Bank provided acquisition financing for the deal, which was arranged by BlackBirch Capital.

February 2, 2023

Acquisitions Office Texas

SVN | J. Beard Arranges Sale of 25,669 SF Office Building in Kingwood, Texas

by Taylor Williams February 2, 2023

KINGWOOD, TEXAS — SVN | J. Beard Real Estate has arranged the sale of a 25,669-square-foot office building located at 1710 W. Lake Houston Parkway in Kingwood, about 30 miles north of Houston. The two-story building was originally constructed in 2007. Jeff Beard of SVN | J. Beard Real Estate represented the seller, Woodforest National Bank, in the deal. Bonnie Pfrenger, also with SVN | J. Beard, represented the buyer, an entity doing business as Fire King Holdings LLC.

February 2, 2023

Acquisitions Retail South Carolina Southeast

Marcus & Millichap Brokers $5M Sale of Walgreens-Leased Store in Hartsville, South Carolina

by John Nelson February 2, 2023

HARTSVILLE, S.C. — Marcus & Millichap has brokered the $5 million sale of a 14,450-square-foot store at 901 S. 5th St. in Hartsville that is net-leased to Walgreens. The drug store chain has a little less than 11 years left on the lease, as well as 50 one-year extension options. A buyer based on the East Coast purchased the store in an all-cash deal from the seller, a limited liability company. Both parties requested anonymity. Bruce Cowley and Lisa Sickinger of Marcus & Millichap represented the seller in the transaction. Ben Yelm, Marcus & Millichap’s South Carolina broker of record, assisted in the deal.

February 2, 2023

Acquisitions Massachusetts Multifamily Northeast

Tishman Speyer Acquires East Boston Apartment Complex for $135M

by Taylor Williams February 2, 2023

BOSTON — New York City-based real estate giant Tishman Speyer has acquired The Eddy, a 259-unit apartment complex in East Boston, for $135 million. The 17-story, waterfront property was originally built in 2016 and offers studio, one- and two-bedroom units. Amenities include an outdoor deck with a pool, lounge with a chef’s kitchen and pool table, rooftop terrace and a fitness center. Walker & Dunlop represented the seller, Green Cities Cos., in the transaction. The deal marks Tishman Speyer’s first multifamily acquisition in Boston.

February 2, 2023

Acquisitions Industrial New Jersey Northeast

Cushman & Wakefield Brokers $23.7M Sale of Industrial Building in Branchburg, New Jersey

by Taylor Williams February 2, 2023

BRANCHBURG, N.J. — Cushman & Wakefield has brokered the $23.7 million sale of a 151,000-square-foot industrial building in the Northern New Jersey community of Branchburg. The facility houses the North American headquarters of eyewear designer and distributor Marcolin USA. Gary Gabriel, Kyle Schmidt, Andrew Schwartz, Jordan Sobel, Ryan Larkin and Andre Balthazard of Cushman & Wakefield represented the seller, an entity doing business as Viva Branchburg LLC, in the transaction. The team also procured the buyer, locally based investment firm Faropoint.

February 2, 2023

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