Acquisitions

LBA Logistics Acquires Distribution Facility in San Diego for $46.3M in Sale-Leaseback Deal

by Amy Works November 14, 2022

SAN DIEGO — LBA Logistics has purchased 5959 Santa Fe Street, an infill and coastal distribution facility in San Diego’s submarket of Pacific Beach and Rose Canyon. An undisclosed seller sold the asset for $46.3 million in a sale-leaseback transaction. Built in 1980 on 7.1 acres, the 131,299-square-foot building has been the primary beverage distribution center for one of the world’s largest brewing companies. Matt Carlson, Hunter Rowe, Sean Williams, Roger Carlson, Barbara Perrier and Joe Cesta of CBRE represented the seller in the transaction.

November 14, 2022

Acquisitions Colorado Retail Western

Dunton Commercial, Centre Point Buy Westminster Plaza Retail Center in Colorado for $20.1M

by Amy Works November 14, 2022

WESTMINSTER, COLO. — A joint venture between Dunton Commercial and Centre Point Properties has acquired Westminster Plaza, a shopping center in Westminster, from Slate Asset Management for $20.1 million. At the time of sale, the 98,975-square-foot Westminster Plaza was 95 percent occupied. Current tenants include VASA Fitness, Chipotle Mexican Grill, Buffalo Wild Wings, Dunkin’ Donuts and Rent-A-Center. Brad Lyons and Matt Henrichs of CBRE’s National Retail Partners represented the seller in the sale.

November 14, 2022

Acquisitions California Retail Western

SBH Sells 7-Eleven-Occupied Property in Fontana, California for $5.1M

by Amy Works November 14, 2022

FONTANA, CALIF. — SBH Real Estate Group, a Los Angeles-based developer, has completed the sale of a retail building located at 17064 Sierra Lakes Parkway in Fontana. An undisclosed buyer acquired the asset for $5.1 million. 7-Eleven occupies the property under a 15-year ground lease and pays $205,000 per year, with scheduled rental bumps of 10 percent every five years. Situated on two acres, the property has 16 gas pumps and a 4,000-square-foot convenience store. Jeremy McChesney of Hanley Investment represented the seller, Eric Silverman of SBH, while Tom Carosella of Carosella Properties represented the buyer in the deal.

November 14, 2022

Acquisitions Mixed-Use New York Northeast

Cushman & Wakefield Brokers $17.5M Sale of Manhattan Mixed-Use Building

by Taylor Williams November 14, 2022

NEW YORK CITY — Cushman & Wakefield has brokered the $17.5 million sale of a mixed-use building located at 833 Madison Ave. on Manhattan’s Upper East Side. The five-story, 9,302-square-foot building comprises two retail spaces, one office space, two galleries and six residential units. Hunter Moss of Cushman & Wakefield represented the seller, A. L. Holdings Inc., in the transaction. Daniel Kaplan of CBRE led the team that represented the buyer, Myles Madison Inc.

November 14, 2022

Acquisitions Illinois Industrial Midwest Self-Storage

Marcus & Millichap Brokers $11.6M Sale of Self-Storage Facility in South Elgin, Illinois

by Kristin Harlow November 14, 2022

SOUTH ELGIN, ILL. — Marcus & Millichap has brokered the $11.6 million sale of an AAA Storage property in South Elgin. Constructed in 1995 and located at 300 Sundown Road, the facility consists of 388 units within eight non-climate-controlled buildings, 13,000 square feet of flex industrial space and 28 outdoor parking spaces. At the time of sale, 96 percent of the units were occupied. Sean Delaney of Marcus & Millichap represented the seller, Shanahan Enterprises LLC, and procured the buyer, Trojan Storage. The transaction also includes an adjacent two-acre parcel where the new owner plans to build a three-story, climate-controlled building.

November 14, 2022

Acquisitions Illinois Midwest Multifamily

Matthews Negotiates $6.2M Sale of Chicago Multifamily Portfolio

by Kristin Harlow November 14, 2022

CHICAGO — Matthews Real Estate Investment Services has negotiated the $6.2 million sale of a five-property multifamily portfolio totaling 95 units in Chicago. The assets are located on the city’s West Side on North Waller, North Lotus, West Augusta, West Washington and North Central avenues. Finley Askin of Matthews represented both the seller, a local private investor, and the Brooklyn, N.Y.-based buyer.

November 14, 2022

Acquisitions Midwest Ohio Restaurant Retail

Cooper Group Arranges $1.7M Sale of Taco Bell-Occupied Property in Gahanna, Ohio

by Kristin Harlow November 14, 2022

GAHANNA, OHIO — The Cooper Commercial Investment Group has arranged the $1.7 million sale of a restaurant building occupied by Taco Bell in Gahanna, a northwest suburb of Columbus. The property serves as an outparcel to the Hunter’s Ridge shopping center. Dan Cooper of Cooper Group represented the seller, a private investment group based in Florida. Cooper also procured the undisclosed buyer. The sales price represents a cap rate of 4.5 percent and $694 per square foot. Taco Bell signed a 20-year lease extension at the property in 2020.

November 14, 2022

Acquisitions Industrial South Carolina Southeast

JLL Arranges Sale of 450,033 SF Logistics Center in Graniteville, South Carolina

by John Nelson November 11, 2022

GRANITEVILLE, S.C. — JLL has brokered the sale of Global Avenue Logistics Center, a 450,033-square-foot, multi-tenant logistics facility located in the western South Carolina city of Graniteville. The facility, which comprises 30 acres, is located at 1043 Global Ave. within Sage Mill Industrial Park. Edgewater Ventures and Singerman Real Estate sold the property for an undisclosed price. Pete Pittroff, Britton Burdette, Patrick Nally, Dave Andrews and Zach Lloyd of JLL represented the sellers and procured the buyer, LM Real Estate Partners, in the transaction.

November 11, 2022

Acquisitions Florida Industrial Southeast

Marcus & Millichap Brokers Sale of 327,136 SF Industrial Building in Sebastian, Florida

by John Nelson November 11, 2022

SEBASTIAN, FLA. — Marcus & Millichap has arranged the sale of The Liberty Building, a 327,136-square-foot industrial building located in Sebastian. In addition to industrial and office space, the property features a cafeteria and food preparation area, vending areas, a gymnasium, exercise rooms and employee restrooms and showers. Alex Zylberglait and Michael Crocchiola of Marcus & Millichap represented the seller, Hammond Development Group, in the $6.9 million transaction. Zylberglait and Crocchiola also procured and represented the buyer, TLC Land Holdings.

November 11, 2022

Acquisitions Alabama Retail Southeast

Last Mile Purchases 49,821 SF Retail Center in Huntsville

by John Nelson November 11, 2022

HUNTSVILLE, ALA. —Last Mile Investments has purchased Whitesburg Center, a 49,821-square-foot shopping center located at 5000 Whitesburg Drive in Huntsville. Jim Hamilton, Brad Buchanan and Andrew Michols of JLL represent the seller, Baker Storey McDonald Properties, in the transaction. The sales price was not disclosed. Built in 1990 and renovated in 2002, the center is leased to tenants including Dollar Tree, Hollywood Feed, Edible Arrangements, Baskin Robbins, Buff City Soap and Papa Murphy’s.

November 11, 2022

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