Acquisitions

Griffin Living Sells 85,022 SF Griffin Plaza Retail Center in Simi Valley, California for $22.1M

by Amy Works January 31, 2023

SIMI VALLEY, CALIF. — Griffin Living has completed the disposition of Griffin Plaza, a shopping center located at 3885-3977 Cochran St. in Simi Valley. A private 1031 exchange investor acquired the asset for $22.1 million. Built in 1981 and renovated in 2019, Griffin Plaza features 85,022 square feet of retail space. At the time of sale, the property was 94 percent occupied. Current tenants include Aldi, CVS/pharmacy, Wendy’s and Varenita Assisted Living Community, a 102-unit seniors housing property located within Griffin Plaza. Gleb Lvovich, Daniel Tyner and Geoff Tranchina of JLL Retail Capital Markets representd the seller in the deal.

January 31, 2023

Acquisitions Arizona Hospitality Western

Sun Valley Hotels Buys 108-Key La Quinta Inn & Suites in Peoria, Arizona

by Amy Works January 31, 2023

PEORIA, ARIZ. — Toronto-based Sun Valley Hotels LLC has acquired La Quinta Inn & Suites at 16321 N. 83rd Ave. in Peoria. The name of the seller and acquisition price were not released. The hotel features 108 guest rooms, a heated outdoor pool, fitness center and Wi-Fi. Bill Murney of Cushman & Wakefield’s Hospitality team in Phoenix represented the seller in the deal.

January 31, 2023

Acquisitions California Industrial Western

MCA Realty Divests of 42,750 SF Struck Business Park in Orange, California

by Amy Works January 31, 2023

ORANGE, CALIF. — MCA Realty has completed the disposition of Struck Business Park, a two-building industrial park in Orange, to a private investor for $13.5 million. MCA Realty originally acquired the asset for $9.4 million in August 2021. Located at 1523 and 1547 W. Struck Ave., Struck Business Park features 42,750 square feet of industrial space. At the time of sale, the property was 100 percent leased. The asset was built in 1976. Michael Hefner, Hayden Socci and Tom Terry of Voit Real Estate Services represented the seller, while Michael Vernick of Voit Real Estate Services represented the buyer in the deal.

January 31, 2023

Acquisitions Industrial Self-Storage Texas

Versal Negotiates Sale of 84-Unit Self-Storage Facility in Amarillo, Texas

by Taylor Williams January 31, 2023

AMARILLO, TEXAS — Self-storage brokerage firm Versal has negotiated the sale of an 84-unit facility in the northwest Texas city of Amarillo. The facility spans 36,000 net rentable square feet across 72 traditional storage units and 12 parking/outdoor storage spaces. Bill Bellomy, Michael Johnson, Logan Foster and Hugh Horne of Versal represented the seller, Iowa-based Second Generation Properties LLC, in the transaction. The team also procured the buyers, which were Texas-based private investors.

January 31, 2023

Acquisitions Illinois Midwest Multifamily

JVM Acquires 149-Unit Apartment Community in Suburban Chicago

by Kristin Harlow January 31, 2023

WHEATON, ILL. — JVM Realty Corp. has acquired Courthouse Square, a 149-unit apartment community in the western Chicago suburb of Wheaton. The purchase price was undisclosed. Located at 250 S. Naperville Road, Courthouse Square was built in 2016 and consists of two six-story buildings. Amenities include a pool and sundeck, concierge service, package receiving, fitness center and yoga studio, event room, outdoor deck, heated indoor garage parking, pet wash and bike repair stations. With this latest acquisition, JVM now owns and manages eight apartment communities in Illinois and 23 throughout the Midwest. Kevin Girard, Mark Stern, Zach Kaufman and Avi Schiffman of JLL represented the undisclosed seller.

January 31, 2023

Acquisitions Illinois Midwest Office

Entre Commercial Realty Brokers Sale of 21,500 SF Office Building in McHenry, Illinois

by Kristin Harlow January 31, 2023

MCHENRY, ILL. — Entre Commercial Realty has brokered the sale of a 21,500-square-foot office building located at 420 Front St. in McHenry for an undisclosed price. The two-story property was built in 2000. Dan Jones, Dan Benassi and Sam Deihs of Entre represented the seller, Glacier Properties. Community Consolidated School District 15 purchased the buildings with plans to utilize it as a new central office for the McHenry School District.

January 31, 2023

Acquisitions Multifamily New York Northeast

Rosewood Realty Arranges $17.6M Sale of Harlem Multifamily Portfolio

by Taylor Williams January 31, 2023

NEW YORK CITY — Locally based brokerage firm Rosewood Realty Group has arranged the $17.6 million sale of a portfolio of eight multifamily buildings totaling 84 units in Harlem. The portfolio includes four commercial spaces. Aaron Jungreis, Ben Khakshoor and Alex Fuchs of Rosewood Realty represented the buyer and seller, both of which requested anonymity, in the transaction. The deal traded at a cap rate of 6.5 percent.

January 31, 2023

Acquisitions New York Northeast Retail

IPA Brokers Sale of 68,761 SF Shopping Center in Watertown, New York

by Taylor Williams January 31, 2023

WATERTOWN, N.Y. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of The Plaza at Salmon Run, a 68,761-square-foot shopping center located in the upstate New York community of Watertown. Regional grocer Hannaford anchors the center, accounting for 76 percent of the gross leasable space with a lease that runs through 2028. Other tenants include Red Robin, boating specialist West Marine and salon Zoom Tan. Jim Koury led an IPA team that represented the buyer and seller, both of which requested anonymity, in the transaction.

January 31, 2023

Acquisitions Alabama Georgia Self-Storage Southeast Tennessee

Marcus & Millichap Brokers Sale of 3,369-Unit Self-Storage Portfolio in the Southeast

by John Nelson January 30, 2023

COLUMBUS, OHIO — Marcus & Millichap has arranged the sale of a self-storage portfolio comprising 10 Boardwalk Storage facilities located in Alabama, Georgia and Tennessee. The properties total 3,369 units across 569,530 square feet. Gabriel Coe, Nathan Coe and Brett Hatcher of Marcus & Millichap arranged the sale on behalf of the undisclosed seller and procured the buyer, which was also not disclosed. At the time of sale, the portfolio, which includes a mix of climate-controlled and non-climate-controlled units, was 64 percent leased. The Alabama property is located in the city of Opelika, with the Georgia properties located in Dahlonega, Clermont, Loganville, Perry and Jasper. In Tennessee, the facilities are situated in Ooltewah, Chattanooga and Soddy-Daisy. Marcus & Millichap’s brokers of record in Alabama, Georgia and Tennessee are Eddie Greenhalgh, John Leonard and Jody McKibben, respectively.

January 30, 2023

Acquisitions Florida Retail Southeast

JLL Brokers $24.1M Sale of Shopping Center in St. Augustine, Florida

by John Nelson January 30, 2023

ST. AUGUSTINE, FLA. — JLL Capital Markets has arranged the $24.1 million sale of Parkway Village at St. Johns, a 52,070-square-foot retail center located at the intersection of International Golf Parkway and Commerce Lake Drive in St. Augustine, roughly 40 miles southeast of Jacksonville. Danny Finkle, Alex Sharrin, Eric Williams, Jorge Portela, Jeff Cicurel and Kim Flores of JLL brokered the sale on behalf of the developer and seller, a joint venture between Stiles Corp. and Cantrell & Morgan. Built in 2022, the property was fully leased at the time of sale. A 52,070-square-foot Publix anchors the center. Other tenants include Supercuts, Orangetheory Fitness and The Loop, with Starbucks Coffee and Heartland Dental occupying two outparcels. An undisclosed private buyer acquired the property.

January 30, 2023

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