Acquisitions

Pierce Education Properties Acquires 382-Bed Student Housing Portfolio Near Clemson University

by John Nelson September 19, 2022

CLEMSON, S.C. — Pierce Education Properties has acquired a two-property portfolio of student housing communities offering 382 beds near Clemson University in South Carolina. Acquisitions include The Enclave in Town and The Enclave on Old Central, both of which were constructed in 1998 and offer two- and three-bedroom units. The communities are situated at 423 Lindsay Road and 1146 Old Central Road and feature shared amenities, including a swimming pool, 24-hour fitness center and dog park. Teddy Leatherman, Scott Clifton and Stewart Hayes of JLL represented the seller, a joint venture between Centerlane Capital and Burkely Communities, in the transaction. The sales price was not disclosed.

September 19, 2022

Acquisitions North Carolina Retail Southeast

ShopOne Centers REIT Purchases Grocery-Anchored Shopping Center in Cary, North Carolina

by John Nelson September 19, 2022

CARY, N.C. — ShopOne Centers REIT Inc., a privately held retail real estate investor and owner based in New York City, has purchased Shoppes on the Parkway in Cary. Located 10 miles west of downtown Raleigh, the 40,000-square-foot property was 96 percent leased at the time of sale to tenants including The Fresh Market. ShopOne acquired the grocery-anchored center in a joint venture with Pantheon and an unnamed global institutional investor. The seller and sales price were not disclosed.

September 19, 2022

Acquisitions Multifamily Seniors Housing Utah Western

IPA Brokers Sale of 144-Unit Lakeside Village Active Adult Community Near Salt Lake City

by Amy Works September 19, 2022

WEST VALLEY CITY, UTAH — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Lakeside Village, an active adult property in West Valley City. Constructed in 1997, Lakeside Village features 144 one- and two-bedroom residences with eight-foot ceilings, walk-in closets and private balconies or patios. The community includes a swimming pool, hot tub, community garden and pond. Danny Shin and Brock Zylstra of IPA represented the undisclosed seller and procured the undisclosed buyer in the deal. Terms of the transaction were not released.

September 19, 2022

Acquisitions California Industrial Western

Bradco Cos. Negotiates Sale of 71,246 SF Industrial Building in Adelanto, California

by Amy Works September 19, 2022

ADELANTO, CALIF. — Joseph W. Brady Inc., doing business as The Bradco Cos., has arranged the sale of an industrial manufacturing facility located at 9400 Holly Road in the San Bernardino County city of Adelanto. Molded Fiber Glass sold the asset to an undisclosed buyer for $11.8 million. Paul Casilla and Joseph Brady of The Bradco Cos. represented the seller, while David Moore of NAI Capital represented the buyer in deal. Situated on 9.3 acres, the property features 71,246 square feet of manufacturing space. Molded Fiber Glass used the asset for its Western operation until it closed the facility in early 2020.

September 19, 2022

Camino-Al-Norte-Office-Park-North-Las-Vegas-NV

Acquisitions Nevada Office Western

CBRE Arranges $5M Sale of Six Camino Al Norte Office Park Buildings in North Las Vegas

by Amy Works September 19, 2022

NORTH LAS VEGAS, NEV. — CBRE has arranged a $5 million sale of six grey shell office buildings within Camino Al Norte Office Park in North Las Vegas. Totaling 33,800 square feet, the assets were sold to five private buyers. Michael Hsu, Roy Fritz and Kellie Ortiz-Thompson of CBRE represented the Las Vegas-based seller and developer, NDL Group, in the transactions. The sales included six single-story, freestanding buildings at 5115, 5119, 5145, 5155, 5191 and 5195 Camino Al Norte. The properties were designed for medical and professional use. The buildings at 5115 and 5119 Camino Al Norte were completed in 2020 and offer approximately 5,000 square feet each. The remaining four buildings were completed in 2022 and offer approximately 6,000 square feet each.

September 19, 2022

Acquisitions Kansas Midwest Retail

Blue West Capital Arranges $9M Sale of Grocery-Anchored Shopping Center in Salina, Kansas

by Kristin Harlow September 19, 2022

SALINA, KAN. — Blue West Capital has arranged the $9 million sale of Sunset Plaza in Salina, a city in central Kansas. Dillons, a division of Kroger, anchors the 126,606-square-foot shopping center. The Dillons store was remodeled in 2019 and a fuel center was added in 2020. Originally constructed in 1960, Sunset Plaza was nearly fully leased at the time of sale. Robert Edwards, Zach Wright and Shawn Dickmann of Blue West Capital represented the seller, a Kansas-based private equity real estate company. The property sold at 97 percent of the asking price to a Denver-based buyer completing a 1031 exchange.

September 19, 2022

Acquisitions Midwest Ohio Retail

Marcus & Millichap Brokers $3.7M Sale of Retail Property in Suburban Columbus

by Kristin Harlow September 19, 2022

GAHANNA, OHIO — Marcus & Millichap has brokered the sale of an 8,464-square-foot retail property in the Columbus suburb of Gahanna for $3.7 million. The property, which was 85 percent leased at the time of sale, is home to City BBQ and WesBanco Bank. CJ Jackson, Erin Patton, Scott Wiles and Craig Fuller of Marcus & Millichap brokered the transaction. Both the buyer and seller were private, out-of-state investors. The asset sold at 96 percent of the list price, which equates to a cap rate of 6.5 percent.

September 19, 2022

Acquisitions Illinois Indiana Industrial Midwest Ohio Self-Storage

Extra Space Storage Acquires Storage Express for $590M

by Kristin Harlow September 16, 2022

INDIANA, OHIO, ILLINOIS AND KENTUCKY — Extra Space Storage Inc. and its subsidiaries (NYSE: EXR) have completed the acquisition of multiple entities doing business as Storage Express, which owns 107 storage properties across Indiana, Ohio, Illinois and Kentucky. The sales price was approximately $590 million. The acquisition includes all Storage Express assets, including trademarks, contracts, licenses, intellectual property and 14 future development sites. The transaction was funded in part by the issuance of $125 million in operating partnership units, with the balance in cash drawn from its credit facilities. Latham & Watkins LLP served as outside legal counsel to Extra Space.

September 16, 2022

Acquisitions Iowa Midwest Retail

JLL Arranges $27.5M Sale of Lakeport Commons Shopping Center in Sioux City, Iowa

by Kristin Harlow September 16, 2022

SIOUX CITY, IOWA — JLL Capital Markets has arranged the $27.5 million sale of Lakeport Commons in Sioux City, a city in Northwest Iowa. The 202,880-square-foot shopping center is 95 percent leased. Aldi and Ross Dress for Less recently signed 10-year leases to open at the property. Additional tenants include Five Below, Old Navy, PetSmart, Michaels, Boot Barn, Shoe Carnival, Staples and a separately owned Kohl’s. Amy Sands, Clinton Mitchell, Michael Nieder and Marcus Pitts of JLL represented the seller, The RH Johnson Co. A Midwest-based private investor purchased the asset.

September 16, 2022

Acquisitions Industrial Midwest Minnesota

Colliers Brokers Sale of 325,947 SF Industrial Portfolio in Eagan, Minnesota

by Kristin Harlow September 16, 2022

EAGAN, MINN. — Colliers Minneapolis-St. Paul has brokered the sale of The Waters Business Center, a six-property industrial portfolio totaling 325,947 square feet in the Twin Cities suburb of Eagan. The sales price was undisclosed. Constructed between 1999 and 2007, the buildings feature both office and warehouse space. Mark Kolsrud, John McCarthy, Peter Loehrer, Kyle Delarosby, Pia Robertson and Lydia Turczyn of Colliers represented the seller, B9 Polar Waters LLC. Hyde Development was the buyer.

September 16, 2022

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