Acquisitions

Norris & Stevens Brokers $1.5M Purchase of Office/Retail Building in Portland, Oregon

by Amy Works March 2, 2023

PORTLAND, ORE. — Portland-based Norris & Stevens has arranged the acquisition of 7970 Milwaukie Building, an office and retail building located at 7970 SE Milwaukie Ave. in Portland. Christ Church Sellwood acquired the property from CBA Group for $1.5 million. Classical Ballet Academy currently occupies the 5,000-square-foot facility, which includes six parking spaces. Tim Pfeiffer and Camden Muller of Norris & Stevens represented the buyer, while Jim Gillespie and Stacey Rustad-Smith of Keller Williams Realty represented the seller in the deal.

March 2, 2023

Acquisitions Development Mixed-Use Southeast Virginia

Cushman & Wakefield|Thalhimer Negotiates 105.5-Acre Land Sale in Metro Richmond, Buyer Plans Mixed-Use Development

by John Nelson March 2, 2023

MIDLOTHIAN, VA. — Cushman & Wakefield|Thalhimer has negotiated the sale of three separate assemblages in Midlothian, a western suburb of Richmond, totaling 105.5 acres. The sales price was not disclosed, but Richmond BizSense reports the land traded for $8 million. The buyer, an entity of Kettler, plans to develop a mixed-use campus at the site. Dubbed Cloverleigh, the multi-phased development will include single-family homes, townhomes, a hotel and a restaurant. The development will also include offsite improvements to the intersection of Old Hundred and Hull Steet roads. Mark Douglas of Thalhimer arranged the land sales, which comprised 63.2 acres at 12700-12900 Hull St. Road, 10.3 acres at 4211-4221 Old Hundred Road and 32 acres at 4225-4231 Old Hundred Road.

March 2, 2023

Acquisitions North Carolina Retail Southeast

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

by John Nelson March 2, 2023

ST. AUGUSTINE, FLA. — Northmarq has brokered the $24.1 million sale of Parkway Village, a 52,070-square-foot shopping center located at 170 Village Commons Drive in St. Augustine, a suburb of Jacksonville. The property was fully leased at the time of sale to tenants including Publix GreenWise Market, Starbucks Coffee, Orangetheory Fitness and Supercuts. The seller was an undisclosed developer based in Fort Lauderdale. Jason Maier of Northmarq’s New York office represented the buyer, a private 1031 exchange investor based in New York, in the transaction.

March 2, 2023

Acquisitions North Carolina Retail Southeast

JLL Arranges Sale of Food Lion-Anchored Shopping Center in Raleigh

by John Nelson March 2, 2023

RALEIGH, N.C. — JLL has arranged the sale of Wakefield Crossing, a 75,927-square-foot shopping center in Raleigh anchored by Food Lion. An entity doing business as Wakefield Wellons purchased the property for an undisclosed price. Tom Kolarczyk led the JLL team that represented the undisclosed seller in the transaction. Located at 13200 Falls of Neuse Road, Wakefield Crossing’s tenant roster includes Tuesday Morning, Subway, Dante’s Italiano, Wakefield Tavern and Wake Health Medical Group. Food Lion has been an anchor of the shopping center since 2001 and occupies 50 percent of its gross leasable area.

March 2, 2023

Acquisitions Maryland Office Southeast

Edge Secures $4.1M Sale of Office Building in Gaithersburg, Maryland

by John Nelson March 2, 2023

GAITHERSBURG, MD. — Edge Commercial Real Estate has secured the $4.1 million sale of a 32,000-square-foot office building located at 811 Russell Ave. in Gaithersburg, a suburb of Washington, D.C. Joe Friedman, Joshua Norwitz and Ken Fellows of Edge represented the seller, an affiliate of Finmarc Management Inc., in the transaction. Larry Rosen of Commercial & Investment Realty Associates LLC represented the buyer, an entity doing business as Russell Plaza LLC. Built in 1997 near I-270, the three-story suburban office building was leased to both office tenants and retail businesses at the time of sale.

March 2, 2023

Acquisitions Multifamily Washington Western

Mill Creek Residential Buys 228-Unit Modera Broadway Apartments in Seattle

by Amy Works March 2, 2023

SEATTLE — Mill Creek Residential Trust has bought out AEW Capital Management’s stake in Modera Broadway, a multifamily property located in Seattle’s Capitol Hill neighborhood. The partnership completed the community in 2021. Terms of the transaction were not released. Eli Hanacek, Jon Hallgrimson, Mark Washington and Kyle Yamamoto of CBRE’s Pacific Northwest multifamily team advised Mill Creek and AEW on the transaction. Located at 1732 and 1812 Broadway, Modera Broadway features two seven-story buildings featuring a total of 228 apartments in a mix of studio, one- and two-bedroom layouts. The property also features ground-floor retail space, two club rooms, a fitness center/yoga studio, coworking space, a dog run and three rooftop decks with views of downtown Seattle, Cal Anderson Park and the Olympic Mountains.

March 2, 2023

Acquisitions California Industrial Western

Luminous Capital Sells 37,200 SF R&D Building in Carlsbad, California for $18.6M

by Amy Works March 2, 2023

CARLSBAD, CALIF. — Luminous Capital Management, in partnership with Austin, Texas-based Virtus Real Estate Capital, has completed the sale of 2290 Cosmos Court, an industrial/R&D property in Carlsbad. Hazard Jr Enterprises LP, a family-owned entity advised by San Diego-based Commercial Facilities, acquired the asset for $18.6 million, or $501 per square foot. REEF, a global manufacturer of beach-inspired footwear and apparel, occupies the 37,200-square-foot building on a 10-year lease, which was signed in early 2022. Rusty Williams, Chris Roth and Jake Rubendall of Lee & Associates represented the seller in the deal. The team also handled the lease with REEF.

March 2, 2023

Washington-Talbert-Industrial-Park-Fountain-Valley-CA

Acquisitions California Industrial Western

DAUM Commercial Negotiates Sale of 59,754 SF Industrial Park in Fountain Valley, California

by Amy Works March 2, 2023

FOUNTAIN VALLEY, CALIF. — DAUM Commercial has arranged the sale of a multi-tenant industrial park at 18071 Mt. Washington St. and 11190-11240 Talbert Ave. in Fountain Valley. Manhattan West Real Estate acquired the asset from DDK Investments for $16.5 million. Mike Barreiro and Devin Ray of DAUM Commercial represented the seller, while Charles Johnson and Joseph Harmon sourced and represented the buyer in the deal. Built in 1982 on 2.9 acres, the park features two two-story industrial buildings totaling 59,754 square feet with 18-foot to 36-foot clear heights, oversized ground-level doors and large fenced yards. At the time of sale, the property was fully occupied by six tenants, including OC Art & Home, Harwood Galleria, The Drawer Shop and RADCO.

March 2, 2023

Acquisitions Office Oregon Retail Western

Norris & Stevens Brokers $1.5M Purchase of Office/Retail Building in Portland, Oregon

by Amy Works March 2, 2023

March 2, 2023

Acquisitions Multifamily Texas

Northmarq Arranges Sale of 30-Unit Apartment Complex in Austin

by Taylor Williams March 2, 2023

AUSTIN, TEXAS — Northmarq has arranged the sale of Red River Apartments, a 30-unit multifamily complex in Austin’s Cherrywood neighborhood. The property was built in 1963 and renovated in phases between 2017 and 2022. Capital improvements included new bathrooms, flooring, countertops and backsplashes in unit interiors, as well as various upgrades to the exterior of the three-story building. Hayden Schnieders of Northmarq brokered the sale of the property. Cheryl Higley, also with Northmarq, provided a five-year, fixed-rate Fannie Mae acquisition loan. The buyer and seller were not disclosed. Red River Apartments was fully leased at the time of sale.

March 2, 2023

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