Acquisitions

CBRE Arranges Sale of Publix-Anchored Shopping Center in Suwanee, Georgia

by John Nelson April 13, 2023

SUWANEE, GA. — CBRE has arranged the sale of The Village Shoppes at Windermere, a Publix-anchored shopping center located in the Atlanta suburb of Suwanee. Cincinnati-based Phillips Edison & Co. purchased the property from San Antonio-based Affinius Capital (formerly USAA Real Estate) for an undisclosed price. Chris Decoufle, Kevin Hurley and Matt Karempelis of CBRE’s National Retail Partners – Southeast team represented the seller in the transaction. Located at 3120-3130 Mathis Airport Parkway in Gwinnett County, the 73,404-square-foot shopping center houses a dry cleaner, martial arts studio, nail salon, orthodontics office and a Mexican restaurant, among other tenants. Village Shoppes was 93.3 percent leased at the time of sale, with two vacancies totaling nearly 5,000 square feet remaining.

April 13, 2023

Acquisitions California Retail Western

NewMark Merrill Acquires Corbin & Parthenia Retail Center in Northridge, California

by Jeff Shaw April 13, 2023

NORTHRIDGE, CALIF. — NewMark Merrill Cos. has acquired Corbin & Parthenia, an 83,668-square-foot retail center located in Northridge, roughly 30 miles northwest of Los Angeles. The buyer plans to invest in maintenance and upgrades to the property. Jim Patton and Greg Giacopuzzi of NewMark Merrill arranged the transaction, in collaboration with Greg Offsay and Carol Marmor of Illi Commercial. The seller and price were not disclosed.

April 13, 2023

Acquisitions California Retail Western

Faris Lee Brokers $3.8M Sale of Meadow Lane Plaza Shopping Center in Colton, California

by Jeff Shaw April 13, 2023

COLTON, CALIF. — Faris Lee Investments has brokered the $3.8 million sale of Meadow Lane Plaza, a shopping center in Colton. The triple-net-lease property was fully occupied at the time of sale. Shaun Riley and Nick Miller of Faris Lee represented both the buyer, a California-based investor, and undisclosed seller in the transaction.

April 13, 2023

Acquisitions Healthcare Loans Multifamily Seniors Housing Washington Western

CFG Funds $3.3M Bridge Loan for Two Skilled Nursing Facilities in Washington

by Jeff Shaw April 13, 2023

WASHINGTON — Capital Funding Group (CFG) has provided $3.3 million in bridge-to-HUD financing for the acquisition of two skilled nursing facilities. The facilities, which are located in Washington, feature 108 beds. Further details on the location and borrower were not disclosed. Tim Eberhardt and Ava Julio originated the transaction.

April 13, 2023

Acquisitions Illinois Midwest Retail

RCG Ventures Acquires Bradley Commons Shopping Center in Bradley, Illinois

by Kristin Harlow April 13, 2023

BRADLEY, ILL. — RCG Ventures has acquired Bradley Commons shopping center in Bradley near Kankakee for an undisclosed price. The 175,369-square-foot property is home to Dick’s Sporting Goods, Joann Fabrics, Petco, Shoe Carnival and Ulta Beauty. Joe Girardi and Rick Drogosz of Mid-America Real Estate Corp. represented the undisclosed seller. Jeff Miller represented RCG on an internal basis. RCG’s portfolio totals 32 shopping centers and 4 million square feet across 21 states.

April 13, 2023

Acquisitions Midwest Ohio Restaurant Retail

Cooper Group Brokers $2.2M Sale of Chipotle-Occupied Property in Austintown, Ohio

by Kristin Harlow April 13, 2023

AUSTINTOWN, OHIO — The Cooper Commercial Investment Group has brokered the $2.2 million sale of a newly constructed retail property occupied by Chipotle Mexican Grill in Austintown near Youngstown. Dan Cooper of Cooper Group represented the seller, a private developer. Cooper Group also procured the all-cash buyer. The sales price represented a cap rate of 5.7 percent and $929 per square foot. Chipotle’s 10-year lease features 10 percent rental increases every five years.

April 13, 2023

Acquisitions Illinois Industrial Midwest Self-Storage

Franklin Street Arranges Sale of 104-Unit Self-Storage Facility in Watseka, Illinois

by Kristin Harlow April 13, 2023

WATSEKA, ILL. — Franklin Street has arranged the sale of a 104-unit self-storage facility totaling 12,600 net rentable square feet in Watseka, about 60 miles east of Champaign. The sales price was undisclosed. The value-add property is located at 1090 E. Walnut St. Frank DeSalvo and David Perlleshi of Franklin Street represented the seller, Houston-based Pebble Ridge Capital. Wisconsin-based Just Simple Storage acquired the asset. The transaction marks the entrance into the Illinois market for Just Simple Storage, which currently operates facilities in Michigan and Wisconsin.

April 13, 2023

Acquisitions Illinois Industrial Midwest

DarwinPW Realty/CORFAC International Negotiates Sale of 50,000 SF Industrial Building in St. Charles, Illinois

by Kristin Harlow April 13, 2023

ST. CHARLES, ILL. — DarwinPW Realty/CORFAC International has negotiated the sale of a 50,000-square-foot industrial building in St. Charles, about 40 miles west of Chicago. The sales price was undisclosed. The Class B property, located at 2500 Production Drive, features a clear height of 21 feet, seven docks, one drive-in door, 1,500 square feet of office space and 55 parking spaces. Marc Hale of DarwinPW Realty represented the buyer, an HVAC manufacturing company that is relocating from Elk Grove Village. Brian Lindgren of SVN Landmark represented the seller, Hill & Smith.

April 13, 2023

Acquisitions Life Sciences Massachusetts Northeast

Alexandria Real Estate Equities Sells Stake in $700M Life Sciences Facility in Boston

by Taylor Williams April 13, 2023

BOSTON — California-based REIT Alexandria Real Estate Equities (NYSE: ARE) has sold a stake in a $700 million life sciences facility located at 15 Necco St. in Boston’s Seaport District. The percentage of the interest, which was sold to a U.S. affiliate of Japanese developer Mori Trust Co., was not disclosed. Alexandria is developing the 346,000-square-foot facility in partnership with National Development as a build-to-suit for pharmaceutical giant Eli Lilly & Co. The facility will house retail and restaurant space on the ground floor and a terrace with green spaces and flexible workstations on the rooftop. Construction began in early 2022, and the development team expects to complete the project before the end of the year. Robert Griffin, Edward Maher, Matthew Pullen, Samantha Hallowell, Alex Foshay and William Sleeper of Newmark structured the recapitalization.

April 13, 2023

Pine-Run-Retirement-Community-Doylestown-Pennsylvania

Acquisitions Multifamily Northeast Pennsylvania Seniors Housing

Presbyterian Senior Living Agrees to Acquire 532-Unit Community in Doylestown, Pennsylvania

by Taylor Williams April 13, 2023

DOYLESTOWN, PA. — Presbyterian Senior Living (PSL) has entered into a non-binding letter of intent to acquire Pine Run Retirement Community, a 532-unit continuing care retirement community (CCRC) in Doylestown, about 25 miles north of Philadelphia. Pine Run features 272 independent living cottages and 24 apartments on a 43-acre campus. The development is home to Pine Run Health Center, which offers rehabilitation services and 90 skilled nursing beds; a 40-bed memory care neighborhood on the top floor known as The Garden; and an intimate setting for palliative services known as The Willows. If the deal closes, PSL will assume ownership of Pine Run from Doylestown Hospital. PSL intends to continue operating Pine Run as a CCRC.

April 13, 2023

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