Acquisitions

Clear Height Properties Acquires 34,700 SF Industrial Building in Addison, Illinois

by Kristin Harlow October 5, 2022

ADDISON, ILL. — Clear Height Properties has acquired a 34,700-square-foot industrial building in Addison, a western suburb of Chicago, for an undisclosed price. The property at 1404 W. Fullerton Ave. features convenient access to I-355 between I-290 and Route 83. The facility features six exterior docks, seven drive-thru service bays and an additional 1.5 acres of secured land for outdoor storage or trailer parking. Nick Saraceno and Howard Caplan of CTK Chicago Partners represented the undisclosed seller. Robin Stolberg and Dominic Carbonari of JLL are marketing the property for lease.

October 5, 2022

Acquisitions Illinois Midwest Restaurant Retail

Marcus & Millichap Brokers $1.9M Sale of Chili’s Ground Lease in Plainfield, Illinois

by Kristin Harlow October 5, 2022

PLAINFIELD, ILL. — Marcus & Millichap has brokered the $1.9 million sale of a Chili’s ground lease in Plainfield, about 40 miles southwest of Chicago. The restaurant building spans 6,150 square feet. The property at 12740 Illinois Route 59 is situated near Target, Ross Dress for Less and Five Below stores. Austin Weisenbeck and Sean Sharko of Marcus & Millichap represented the seller, an individual trust. The duo also secured and represented the buyer, a Chicagoland private investor and limited liability company. The property sold at the full list price.

October 5, 2022

Acquisitions Industrial Maine Northeast Self-Storage

Marcus & Millichap Brokers Sale of 157-Unit Self-Storage Facility in Richmond, Maine

by Taylor Williams October 5, 2022

RICHMOND, MAINE — Marcus & Millichap has brokered the sale of Mid-Maine Storage, a 157-unit self-storage facility located on the southern outskirts of Augusta. The property comprises 154 non-climate-controlled units and three garage units for a total of 17,410 net rentable square feet. Luke Dawley, Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller, a limited liability company, in the transaction. Jim Koury of Marcus & Millichap assisted in closing the deal as the broker of record.

October 5, 2022

Acquisitions Development Florida Mixed-Use Restaurant Retail Southeast

BSD Capital to Redevelop 148,857 SF Former Sears Department Store and Automotive Center in Ocala, Florida

by John Nelson October 5, 2022

OCALA, FLA. — BSD Capital recently purchased a former Sears department store and Sears Automotive Center in Ocala spanning 148,857 square feet. An affiliate of Seritage Growth Properties, the spun-off REIT from Sears Holding Corp., sold the buildings at a private auction for $3.2 million. Louie Granteed of Tobin Real Estate represented BSD Capital in the acquisition and is leading leasing efforts for the new owner’s redevelopment that will convert the property to a retail and entertainment destination. Granteed says that prospective tenants for the redevelopment include grocers, big-box retailers and entertainment operators. Located on 12 acres near I-75, the former Sears once served as an anchor to Paddock Mall, an enclosed regional mall that is still open and operating with tenants including Belk, Macy’s, JCPenney and more than 90 specialty stores.

October 5, 2022

Acquisitions Build-to-Rent Georgia Multifamily Single-Family Rental Southeast

Berkadia Brokers $73M Sale of Build-to-Rent Residential Property in Savannah

by John Nelson October 5, 2022

SAVANNAH, GA. — Berkadia Institutional Solutions has brokered the $73 million sale of Beacon Place Godley Station, a 252-unit build-to-rent multifamily community located at 165 W. Mulberry Blvd. in Savannah. Russ Hardy of Berkadia’s Atlanta office represented the unnamed seller in the transaction. Washington-based Wilkinson Corp. purchased the property, which features one-, two- and three-bedroom single-family rental homes. Amenities include a swimming pool, fitness center and a business center. Richard Levine of Berkadia’s Atlanta office arranged a $51 million, three-year acquisition loan through Bridge Investment Group on behalf of Wilkinson Corp.

October 5, 2022

Acquisitions North Carolina Retail Southeast

Marcus & Millichap Negotiates $29M Sale of Publix-Anchored Shopping Center in Jacksonville, North Carolina

by John Nelson October 5, 2022

JACKSONVILLE, N.C. — Marcus & Millichap has negotiated the $29 million sale of Gateway Marketplace, a 131,780-square-foot shopping center located at 3000 Western Blvd. in Jacksonville. Lori Schneider and David Gant of Marcus & Millichap represented the unnamed seller and procured the buyer, Prestige Properties & Development LLC, in the transaction. Built in 2019, Gateway Marketplace’s tenant roster includes anchors Publix, HomeGoods, Michaels and Ulta Beauty.

October 5, 2022

Acquisitions California Development Mixed-Use Multifamily Restaurant Retail Western

Liberty National Buys Development Site in Downtown San Diego for SkyLine West Mixed-Use Tower

by Amy Works October 4, 2022

SAN DIEGO — Liberty National Corp. has acquired a 15,000-square-foot site at the corner of Fourth Avenue and Ash Street in downtown San Diego from Nellis Corp. for an undisclosed price. Liberty plans to develop SkyLine West, a mixed-use tower with residential, retail and restaurant space, on the site. The 37-story tower will offer more than 250 apartments in one-, two- and three-bedroom designs, ranging from 550 square feet to 1,600 square feet. Residences will feature energy-efficient appliances, private balconies and high-end finishes. On-site amenities will include a fitness center, swimming pool, spa, lounge, conference rooms, business center, library, pet grooming room and billiards. Additionally, the development will feature sustainable components and be built using LEED standards. The company plans to submit development plans to the City of San Diego by summer 2023, with construction commencement scheduled for summer 2024.

October 4, 2022

Acquisitions Kentucky Multifamily Southeast

RealSource Acquires The Mill at Georgetown Apartments in Kentucky for $47M

by John Nelson October 4, 2022

GEORGETOWN, KY. — RealSource Properties Multifamily REIT has purchased The Mill at Georgetown, a 228-unit apartment community located at 115 Magnolia Drive in the Lexington suburb of Georgetown. The Salt Lake City-based investment firm purchased the property from an undisclosed seller for $47 million. Situated three miles from Toyota Motor Manufacturing Kentucky, The Mill at Georgetown features one-, two- and three-bedroom townhouse-style apartments. Amenities include a clubroom, fitness center, resort-style pool with shaded pergola, outdoor lounge, grilling area and a dog park.

October 4, 2022

Acquisitions Data Centers Florida Leasing Activity Southeast

JLL Arranges $34M Sale-Leaseback of South Florida Data Center

by John Nelson October 4, 2022

DORAL, FLA. — JLL has arranged the $34 million sale-leaseback of a 103,000-square-foot data center located at 2100 N.W. 84th Ave. in Doral, a suburb of Miami. Carl Beardsley, Jake Wagner, Josh Katlin, Luis Castillo and Manny de Zárraga of JLL represented the undisclosed seller, which will lease a portion of the space. The unnamed buyer will occupy the remaining space. Situated within America’s Gateway business park in Miami’s Airport industrial submarket, the freestanding facility features several fiber providers, a covered loading dock and 4,092 square feet of mezzanine space. The seller recently invested “significant capital” to update the property, according to JLL.

October 4, 2022

Acquisitions Retail Southeast Virginia

ShopOne Centers REIT, Pantheon Purchase Lake Ridge Commons in Woodbridge, Virginia

by John Nelson October 4, 2022

WOODBRIDGE, VA. — A joint venture between ShopOne Centers REIT Inc., Pantheon and an unnamed institutional investor has purchased Lake Ridge Commons, a 74,367-square-foot shopping center in Woodbridge. The seller and sales price were not disclosed. Built in 1987, the property is anchored by a 52,706-square-foot Giant Food grocery store and also houses Banfield Pet Hospital and YogaSix. Lake Ridge Commons is the first acquisition in Virginia for the joint venture, which purchased Shoppes on the Parkway in Cary, N.C., last month.

October 4, 2022

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