Acquisitions

Brookfield Agrees to Purchase Cyxtera’s Assets for $775M, Including Seven US Data Centers

by John Nelson November 2, 2023

NEW YORK CITY AND MIAMI — Brookfield Infrastructure Partners LP (NYSE: BIP) and its institutional partners have entered into an asset purchase agreement (APA) with Miami-based data center owner-operator Cyxtera. Brookfield will acquire “substantially all” of Cyxtera’s assets for $775 million. As part of the agreement, the New York City-based investment firm will purchase the real estate supporting seven Cyxtera data centers in the United States. The locations of the affected properties were not disclosed. According to the company’s website, Cyxtera operates facilities in Albuquerque, Atlanta, Boston, Chicago, Columbus, Dallas/Fort Worth, Denver, Los Angeles, Minneapolis, New York/New Jersey, Northern Virginia, Phoenix, Seattle, Silicon Valley, Tampa and Canada. Brookfield will purchase the real estate that supports the data centers from several landlords, including Digital Realty Trust Inc. (NYSE: DLR) and Digital Core REIT. The court-supervised process stems from Cyxtera’s Chapter 11 bankruptcy proceedings. The company cited financial challenges and lack of funding when it filed for bankruptcy this past summer, about two years after it went public. Cyxtera’s stock price peaked at $14.60 per share in May 2022 before dipping below $1.80 by December 2022. “We are pleased to reach this agreement with Brookfield, which represents a favorable path forward for our …

November 2, 2023

Acquisitions Retail Southeast Virginia

Marcus & Millichap Arranges $4.4M Sale of Brickyard Shopping Center in Richlands, Virginia

by John Nelson November 1, 2023

RICHLANDS, VA. — Marcus & Millichap has brokered the $4.4 million sale of Brickyard Shopping Center, an 86,246-square-foot retail center located at 114 Kents Ridge Road in Richlands, a city in western Virginia. Zachary Taylor and Eric Abbott of Marcus & Millichap’s Atlanta office represented the seller, an unnamed developer, in the transaction. Dean Zang and David Crotts of the firm’s Washington, D.C., office procured the buyer, a private investor. Brian Hosey served as Marcus & Millichap’s broker of record in Virginia for the transaction. Built in 1989, Brickyard was 75 percent leased at the time of sale to its original anchor tenants, Food Lion and Big Lots. Food Lion is the sole national grocery store in Richlands, and there is only one other anchored shopping center in the area, according to Marcus & Millichap.

November 1, 2023

Acquisitions Texas

JLL Negotiates Sale of 489,310 SF Industrial Building in DeSoto, Texas

by Taylor Williams November 1, 2023

DESOTO, TEXAS — JLL has negotiated the sale of the 489,310-square-foot Building 5 at Southfield Park 35 in DeSoto, a southern suburb of Dallas. Delivered in fall 2022, the building sits on 33.9 acres and features 40-foot clear heights, 185-foot truck court depths, 117 dock doors and parking for 144 trailers (expandable to 194). A partnership between Atlanta-based Seefried Properties and Affinius Capital developed and sold the property to an undisclosed buyer. Trent Agnew, Tom Weber, Pauli Kerr, Parker McCormack, Matthew Barge and Keenan Ryan of JLL brokered the deal.

November 1, 2023

Acquisitions California Restaurant Retail Western

CRC Buys 292,000 SF South Coast Collection Retail Center in Costa Mesa, California

by Amy Works November 1, 2023

COSTA MESA, CALIF. — Continental Realty Corp. (CRC) has entered the California market with the acquisition of South Coast Collection (SoCo), a lifestyle retail center focused on home furnishing and design in the Orange County city of Costa Mesa. CRC purchased SoCo with funds from Continental Realty Opportunistic Retail Fund I, a closed-end fund for which $261 million has been raised since 2021. Constructed in 2007 on 20 acres, SoCo features 292,000 square feet of retail space. At the time of sale, the property was 97 percent leased to 60 tenants. Current tenants include COCO Republic, Design Within Reach, Roche Bobois, Pirch, Paul Mitchell the School, Brown Jordan, Natuzzi Italia, Room & Board, Arc Food and Libations, Butcher’s House, Greenleaf Kitchen & Cocktails, Moulin, Paragon and Portola Coffee. SoCo also features The OC Mix, a 15,000-square-foot shopping and dining space with more than 20 sit-down restaurants, coffee shops and quick-service restaurants, as well as a fine cheese retailer and an art gallery. Christopher Hoffman, Mark Damiani of Eastdil Secured represented the undisclosed seller in the deal. Terms of the transaction were not released.

November 1, 2023

Acquisitions California Multifamily Western

Transwestern Brokers $15M Sale of Summerhill Place Apartments in Union City, California

by Amy Works November 1, 2023

UNION CITY, CALIF. — Transwestern Real Estate Services has arranged the sale of Summerhill Place Apartments, a multifamily property in Union City, located between Oakland and San Jose. An undisclosed seller sold the asset to Interstate Equities Corp. for $15 million, or $250,000 per unit. Located at 3900 Horner St., Summerhill Place was built in 1986 and originally acquired by the seller in 1993. The property features 60 one- and two-bedroom apartments. Community amenities include ample parking, onsite laundry and a pool. Shivu Srinivasan of Transwestern handled the transaction.

November 1, 2023

Acquisitions Arizona Industrial Office Western

CBRE Negotiates $12.7M Sale of Arrowhead Ranch Business Park in Peoria, Arizona

by Amy Works November 1, 2023

PEORIA, ARIZ. — CBRE has arranged the $12.7 million sale of Arrowhead Ranch Business Park, located at 21461-21509 N. 78th Ave in the Phoenix suburb of Peoria. Pacifica Real Estate Group sold the asset to a California-based private buyer in a 1031 exchange. Situated on 9.5 acres, the six-building business park features 18 suites, each with its own private secured yard. The transaction included 11 of the 18 units within the park, totaling nearly 50,000 square feet. Geoffrey Turbow, Gary Cornish, Anthony DeLorenzo and Nick Williams of CBRE Investment Properties, alongside CBRE’s Evan Koplan and Serena Wedlich, represented the seller in the transaction.

November 1, 2023

Acquisitions California Net Lease Retail Western

Private Investor Sells Retail Building in Rancho Cucamonga, California for $7.3M

by Amy Works November 1, 2023

RANCHO CUCAMONGA, CALIF. — Progressive Real Estate Partners has brokered the sale of a 21,918-square-foot retail property located at 10582 Foothill Blvd. in the Inland Empire city of Rancho Cucamonga. A Michigan-based private investor sold the asset to a San Gabriel Valley-based private investor for $7.4 million in an all-cash transaction. Part of the 645,000-square-foot Terra Vista Town Center, the nine-tenant retail building was fully occupied at the time of sale. Current tenants include multiple beauty service providers, a jeweler, an escape room and a children’s indoor playground. All leases are triple net with staggered lease expirations, embedded annual rent increases and below-market rents. Greg Bedell and Paul Su of Progressive Real Estate Partners represented the seller, while Raymond Ho with GE Property represented the buyer in the deal.

November 1, 2023

Acquisitions Retail Texas

CBRE Arranges Sale of 51,392 SF Vacant Retail Property Near Downtown Austin

by Taylor Williams November 1, 2023

AUSTIN, TEXAS — CBRE has arranged the sale of West Side Village, a 51,392-square-foot retail property located along West 6th Street near downtown Austin. The building, which was constructed on 1.7 acres in 1951, is currently vacant and has redevelopment potential, according to the brokerage team. Brad Bailey and Logan Reichle of CBRE represented the seller, a joint venture between Stonelake Capital Partners and Schlosser Development, in the transaction. The buyer was Austin-based investment firm Riverside.

November 1, 2023

Acquisitions Industrial Self-Storage Washington Western

Marcus & Millichap Arranges Sale of 20,714 SF ABC Mini Storage in Aberdeen, Washington

by Amy Works November 1, 2023

ABERDEEN, WASH. — Marcus & Millichap has negotiated the sale of ABC Mini Storage, a self-storage facility at 6221 Olympic Highway in Aberdeen, a coastal city approximately 100 miles southwest of Seattle. Two limited liability companies traded the asset for $2.2 million. Built in 1997, the 20,714-square-foot property features 172 units. Christopher Secreto of Marcus & Millichap represented the seller and buyer in the deal.

November 1, 2023

Acquisitions Industrial Texas

Apricus Realty Capital Buys 31,750 SF Industrial Outdoor Storage Facility in Houston

by Taylor Williams November 1, 2023

HOUSTON — Dallas-based Apricus Realty Capital has purchased a 31,750-square-foot industrial outdoor storage facility in northwest Houston. The site at 12400-12402 Taylor Road spans five acres and houses two buildings, as well as a paved concrete yard for construction materials storage and distribution. Apricus acquired the property in a joint venture with Baltimore-based ABR Capital Partners. The seller and sales price were not disclosed.

November 1, 2023

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