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Acquisitions

AcquisitionsRetailSouth CarolinaSoutheast

JLL Brokers Sale of 255,868 SF Shopping Center in Indian Land, South Carolina

by John Nelson

INDIAN LAND, S.C. — JLL has brokered the sale of Promenade at Carolina Reserve, a 255,868-square-foot shopping center in Indian Land, a South Carolina suburb of Charlotte. Jim Hamilton, Brad Buchanan, Tom Kolarczyk and Andrew Kahn of JLL represented the seller, Bandera Ventures, in the transaction. The Dallas-based firm acquired the property early last year. Rikky Goswami with Insight Property Group represented the undisclosed buyer. The sales price was also not disclosed. Completed in 2018 by Chattanooga, Tenn.-based Hutton, Promenade at Carolina Reserve was fully leased at the time of sale to tenants including T.J. Maxx, Burlington, Ross Dress for Less, HomeGoods, Ulta Beauty, Hobby Lobby and Petco. Located at US Highway 521 at Jim Wilson Road, Promenade at Carolina Reserve is situated 25.4 miles from Charlotte and is about 27 miles from Charlotte Douglas International Airport.

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Hilton-Dallas-Plano-Granite-Park
AcquisitionsHospitalityTexas

Driftwood Capital Acquires 299-Room Hilton-Branded Hotel in Plano

by Taylor Williams

PLANO, TEXAS — Hospitality investment and development firm Driftwood Capital has acquired the 299-room Hilton Dallas/Plano Granite Park hotel. The accommodations include rooms with queen and king beds, as well as suites. The amenity package comprises a pool, fitness center, business center, grab-and-go mart, two onsite dining options and more than 33,000 square feet of meeting and event space. The new ownership plans to upgrade the guestrooms and meeting space and to assume management of the property. Eastdil Secured represented the seller, Granite Properties, in the transaction.

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AcquisitionsRetailTexas

JLL Negotiates Sale of 151,905 SF Shopping Center in Galveston, Texas

by Taylor Williams

GALVESTON, TEXAS — JLL has negotiated the sale of The Plaza at Galveston Island, a 151,905-square-foot shopping center located southeast of Houston. Built in 1970, the property was 84.5 percent leased at the time of sale to tenants such as Dollar Tree, Ross Dress for Less, Five Below, Beall’s Outlet, UPS, AT&T and Whataburger. Ryan West and John Indelli of JLL represented the seller, Harold A. Clark & Co., in the transaction. The sales price was not disclosed.

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AcquisitionsIllinoisMidwestRetail

Marcus & Millichap Brokers $5.2M Sale of Retail Property in Chicago

by Kristin Harlow

CHICAGO — Marcus & Millichap has brokered the sale of Kedzie Plaza in Chicago for $5.2 million. The 73,876-square-foot retail property is located at 4725 S. Kedzie Ave. Tenants include Dunkin’, Metro by T-Mobile, Subway, Domino’s and Sally Beauty. Adrian Mendoza, Austin Weisenbeck and Sean Sharko of Marcus & Millichap represented the buyer, a local private investor. Seller information was not provided.

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AcquisitionsIllinoisIndustrialMidwest

Cawley Chicago Arranges Sale of 52-Acre Truck Terminal in Peru, Illinois

by Kristin Harlow

PERU, ILL. — Cawley Chicago has arranged the sale of a 52-acre truck terminal property in Peru, a city in Central Illinois. The sales price was undisclosed. Located at 5005 Plank Road, the property consists of 27 acres of heavy-duty parking, a terminal building with 146 docks, 10,000 square feet of office space and a 9,600-square-foot mechanic’s shop with six drive-through bays. Originally developed by Consolidated Freight, the asset has been in continuous operation by various less-than-truckload (LTL) companies. LTL is a ground transportation method that consolidates multiple shippers’ freight onto single semi-trucks. Jon Chamlin, Joshua Hearne and Reinier Pranger of Cawley Chicago brokered the sale, further details of which were not provided.

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AcquisitionsIllinoisMidwestRestaurantRetail

SVN Chicago Commercial Negotiates $2.6M Sale of Former MK Restaurant Property in River North Neighborhood

by Kristin Harlow

CHICAGO — SVN Chicago Commercial has negotiated the sale of the former MK restaurant property in Chicago’s River North neighborhood for $2.6 million. The buyer plans to redevelop the 9,600-square-foot building, which is located at 868 N. Franklin St. Marcus Cook of SVN Chicago represented the buyer, while colleagues Wayne Caplan and Michael Elam represented the seller, a Los Angeles-based investment firm.

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AcquisitionsColoradoIndustrialWestern

Unique Properties Negotiates $3.1M Sale of Warehouse in Centennial, Colorado

by Jeff Shaw

CENTENNIAL, COLO. — Unique Properties, Inc. / TCN Worldwide has arranged the $3.1 million sale of a 12,600-square-foot warehouse in Centennial, approximately 15 miles south of Denver.  The nearly four-acre space is located at 14156 and 14105 E. Easter Ave. The site primarily consists of outdoor material, truck and equipment storage. Keesen Landscape, a commercial landscaping company, fully occupies the property on long-term, triple-net lease.  Brett MacDougall and Michael DeSantis and Hudson Cramer with Unique Properties, Inc. / TCN Worldwide represented the unnamed seller. The buyer was also not disclosed.

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AcquisitionsConnecticutNortheastRetail

GreenLake Provides $34.4M in Financing for Shopping Center in Shelton, Connecticut

by Taylor Williams

SHELTON, CONN. — Los Angeles-based GreenLake Asset Management has provided $34.4 million in financing for Fountain Square, a shopping center that is under development in Shelton, located in Connecticut’s Fairfield County. The undisclosed sponsor will use the proceeds to refinance the property’s existing debt, including more than 60 liens from vendors, as well as to buy out the existing ownership and resume construction. Tenants that have already committed to Fountain Square include Chick-fil-A, Panera Bread and Taco Bell.

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AcquisitionsIndustrialNAINew JerseyNortheast

NAI Hanson Brokers Sale of 9,560 SF Industrial Flex Building in Denville, New Jersey

by Taylor Williams

DENVILLE, N.J. — NAI Hanson has brokered the sale of a 9,560-square-foot industrial flex building in the Northern New Jersey community of Denville. According to LoopNet Inc., the single-tenant property at 305 Palmer Road was built in 1981 and renovated in 1988. Joseph Vindigni of NAI Hanson represented the seller, Venturini Investments Group, in the deal. Charity Realty International represented the buyer, Groome Industrial Service Group.

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AcquisitionsGeorgiaRetailSoutheast

JLL Brokers Sale of 53,559 SF Retail Center in Metro Atlanta

by John Nelson

MARIETTA, GA. — JLL Capital Markets has brokered the sale of Merchant’s Festival, a 53,559-square-foot retail center located at 1401 Johnson Ferry Road in Marietta, roughly 20 miles northwest of Atlanta. Target shadow-anchors the center. Jim Hamilton, Brad Buchanan and Anton Serafini of JLL represented the seller, a real estate fund advised by Crow Holdings Capital. Last Mile Investments acquired the property for an undisclosed price. Tenants at Merchant’s Festival, which was 85 percent leased at the time of sale, include Which Wich, Leslie’s Swimming Pool Supplies, Verizon Wiresless, Orangetheory Fitness, Pearle Vision Express and Learning Express Gifts.

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