Acquisitions

Red Rock, Westport Capital Divest of 353,044 SF Distribution Center in Metro Richmond

by Jeff Shaw April 10, 2023

CHESTER, VA. — A joint venture partnership between a fund managed by Red Rock Developments and a fund managed by Westport Capital Partners has sold a distribution center located at 1400 Digital Drive in Chester, roughly 20 miles southeast of Richmond. The 353,044-square-foot property was fully leased at the time of sale to CCBCC Operations LLC, which Coca-Cola Consolidated Inc. owns. Eric Robison and Bo McKown of Cushman & Wakefield | Thalhimer with Jonathan Carpenter and Graham Savage of Cushman & Wakefield’s Industrial Advisory Group arranged the sale. Bailard Real Estate Fund acquired the property for an undisclosed price.

April 10, 2023

Acquisitions Multifamily Texas

Brixton Capital Acquires 144-Unit Atlee Apartments in San Antonio

by Taylor Williams April 10, 2023

SAN ANTONIO — California-based investment firm Brixton Capital has acquired The Atlee, a 144-unit apartment complex in San Antonio’s Olmos Park neighborhood. The property features one-, two- and three-bedroom units and amenities such as a pool, courtyard, dog park and a clubhouse. Michael Wardlaw and Colin Cannata of CBRE represented the undisclosed seller in the transaction. Brixton Capital, which will implement a value-add program, was self-represented. The Atlee was 97 percent occupied at the time of sale.

April 10, 2023

Acquisitions Multifamily New York Northeast

Green Courte Partners Buys Two Manufactured Housing Communities Totaling 341 Sites in Rochester

by Taylor Williams April 10, 2023

ROCHESTER, N.Y. — Chicago-based investment firm Green Courte Partners has purchased East Avenue and Forest Lawn, two manufactured housing communities totaling 341 sites in the upstate New York city of Rochester. The transaction effectively serves as an expansion of the neighboring property, Penfield Farms, which totals 375 sites. Associated Bank provided an undisclosed amount of acquisition financing for Greene Court Partners, which plans to use a portion of the proceeds to fund capital improvements. The seller was not disclosed.

April 10, 2023

Acquisitions Illinois Midwest

Mag Mile Capital Merges with Myson, Becomes Publicly Traded Company

by Kristin Harlow April 10, 2023

CHICAGO — Mag Mile Capital, a Chicago-based commercial real estate mortgage banking firm, has completed a merger with Salt Lake City-based Myson Inc. (OTC PINK: MYSN). The transaction creates a new public entity to be named Mag Mile Capital Inc. Rushi Shah, CEO of Mag Mile Capital, has been appointed chairman of Myson’s board of directors as well as CEO of the combined publicly traded company that will be traded under a new ticker symbol. Other significant shareholders in the company include California-based Reddington Partners, a private investment holding company. Myson served as a shell company for Reddington and will do the same for Mag Mile. The merger enables Mag Mile to expand its business and expedite the process of going public. “Underpinned by the liquidity of publicly traded shares and infusion of cash, we will seek out and prudently pursue strategic acquisitions, consolidate revenues and launch our technology platform,” says Shah. “Along with other mortgage banking and capital markets brokerage services platforms, we will seek to diversify the company’s revenue stream by exploring accretive business combinations of other commercial real estate (CRE) services, including but not limited to investment brokerage services, direct lending businesses, designated underwriting and servicing businesses, …

April 10, 2023

Acquisitions Industrial Midwest Missouri Self-Storage

Marcus & Millichap Arranges Sale of 221-Unit Self-Storage Facility in Rolla, Missouri

by Kristin Harlow April 10, 2023

ROLLA, MO. — Marcus & Millichap has arranged the sale of a 221-unit self-storage facility in Rolla, a Missouri city located about midway between Springfield and St. Louis. The sales price was undisclosed. The property includes non-climate-controlled units along with one 400-square-foot office space and eight parking stalls. The facility is 93 percent leased. Marla Čolić and Anne Williams of Marcus & Millichap represented the seller, a limited liability company. A private equity group with storage holdings across the U.S. was the buyer.

April 10, 2023

Acquisitions Illinois Midwest Office

Cawley Chicago Brokers Sale of Assemblage of Properties in Peru, Illinois

by Kristin Harlow April 10, 2023

PERU, ILL. — Cawley Chicago has brokered the sale of the property formerly housing Raccuglia Law Offices and an assemblage of properties in Peru, about 100 miles southwest of Chicago. The sales price and buyer were not disclosed. The Raccuglia family hired Cawley Chicago’s Jon Chamlin to liquidate the real estate portfolio of their late father, attorney Anthony Raccuglia. Included in the sale was a development site on the corner of Rock and Maple drives that consists of 0.67 acres of commercial land. The law office, constructed in 1968, will remain the local offices of Meyers Flowers Bruno McFedron & Herrmann.

April 10, 2023

Acquisitions California Office Top Stories Western

Barker Pacific, Kingsbarn Realty Buy 560,000 SF Griffin Towers Office Complex in Santa Ana, California

by Taylor Williams April 10, 2023

SANTA ANA, CALIF. — A joint venture between locally based investment firm Barker Pacific Group and Las Vegas-based Kingsbarn Realty Capital has purchased Griffin Towers, a 560,000-square-foot office complex in the Southern California community of Santa Ana. The joint venture purchased Griffin Towers for $82 million from institutional investment firm Blackstone, which paid $129 million for the property in 2014, according to several business publications including The Deep Dive. Built in 1987 and recently renovated, Griffin Towers consists of twin 14-story buildings that are located at 5 and 6 Hutton Centre Drive, as well as a six-story parking garage. Amenities include a conference center with a catering kitchen, a fitness center with locker rooms, multiple electric vehicle charging stations and an outdoor bocce ball court. The buildings are home to tenants such as UKG, Michael Baker International, Psomas, Nation’s Direct Mortgage, HNTB and the Ayn Rand Institute. CBRE serves as the leasing agency for Griffin Towers. Barker Pacific Group also manages the property. The new ownership plans to continue with capital improvements by adding new amenities and upgrading select office suites. Kevin Shannan, Paul Jones and Brandon White of Newmark represented Blackstone in the transaction. David Milestone and Henry Cassiday …

April 10, 2023

Acquisitions Industrial Texas

MDH Partners Acquires Fort Worth Industrial Building Leased to Samsung for $67.5M

by Taylor Williams April 7, 2023

FORT WORTH, TEXAS — Atlanta-based investment firm MDH Partners has acquired Fort Worth Logistics Hub Building 1, a 670,914-square-foot industrial property, for $67.5 million. Built on 39 acres in 2022, the building was fully leased to Samsung SDS America at the time of sale and features 36-foot clear heights and 245 parking spaces. Eastdil Secured represented the undisclosed seller in the transaction. Joe DeHaven negotiated the deal for MDH Partners on an internal basis.

April 7, 2023

Acquisitions Industrial Self-Storage Texas

Apricus Realty Capital Buys Nine-Acre Industrial Outdoor Storage Facility in Dallas

by Taylor Williams April 7, 2023

DALLAS — Locally based investment firm Apricus Realty Capital has acquired a nine-acre industrial outdoor storage facility located at 11801 C.F. Hawn Freeway in southeast Dallas. The fenced facility, which was fully leased at the time of sale, houses more than 200 truck/trailer parking spaces as well as a 12,950-square-foot building for repairs and maintenance. The seller and sales price were not disclosed.

April 7, 2023

Acquisitions Retail Texas

SHOP Cos. Arranges Sale of 10,763 SF Retail Strip Center in Kaufman, Texas

by Taylor Williams April 7, 2023

KAUFMAN, TEXAS — SHOP Cos. has arranged the sale of The Shops at Kings Fort, a 10,763-square-foot retail strip center located on the southeastern outskirts of Dallas in Kaufman. The center was built in 2022 and was fully leased at the time of sale to T-Mobile, Wing Stop, HTeaO and Integrity Urgent Care. Tim Axilrod and Tayler Rose of the SHOP Cos. represented the seller, a local developer, in the transaction. The buyer was a private 1031 exchange investor. Both parties were Texas-based entities that requested anonymity.

April 7, 2023

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