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Acquisitions

1821-N-Tusin-St-Orange-CA
AcquisitionsCaliforniaIndustrialRetailWestern

Colliers Arranges $15.5M Sale of Retail, Industrial Portfolio in Orange County

by Amy Works

LA MIRADA, SANTA ANA AND ORANGE, CALIF. — Colliers has arranged the $15.5 million acquisition of two retail buildings and an industrial building in MidCounties. Totaling 36,441 square feet, the assets include 16211-16217 Heron Avenue in La Mirada, 1268 S. Grand Avenue in Santa Ana and 1821 N. Tustin Street in Orange. The three buildings were fully occupied at the time of sale. Chuck Wilson of Colliers represented the buyer, Rancho De Los Cazadores, in the deal. The buyer acquired the portfolio as part of a 1031 exchange and Southern California expansion plan.

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4002-N-36th-Ave-Phoenix-AZ
AcquisitionsArizonaIndustrialWestern

SVN | Desert Commercial Brokers $4.3M Sale of Industrial Property in Phoenix

by Amy Works

PHOENIX — SVN | Desert Commercial Advisors has brokered the purchase of an industrial building located at 4002 N. 36th Ave. in Phoenix. Hilton Cabinets acquired the asset from an undisclosed seller for $4.3 million. Hilton Cabinets is renovating the property for use as a cabinet manufacturing and distribution center. The property features a secure and gated yard, significant power capacity and fully air-conditioned interiors. Justin Horwitz, Richard Lewis, Sean Alderman and Jillian Moyer of SVN | Desert Commercial represented the buyer, while Chad Kirkorsky of Citywide Commercial Real Estate represented the undisclosed seller in the deal.

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AcquisitionsIllinoisMidwestRetail

Greenstone Partners Brokers $3.6M Sale of Retail Building in Des Plaines, Illinois

by Kristin Harlow

DES PLAINES, ILL. — Greenstone Partners has brokered the $3.6 million sale of a newly constructed, single-tenant retail building occupied by Guzman y Gomez in the Chicago suburb of Des Plaines. The quick-service restaurant specializes in fresh Mexican cuisine. Founded in Australia, the brand has expanded to more than 250 restaurants across Australia, Singapore, Japan and the U.S. The Des Plaines property at 2741 Mannheim Road marks the sixth U.S. location. Brewster Hague and Danny Spitz of Greenstone represented the seller, an Illinois-based developer, and procured the buyer, a local private investor.

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Park-Central-Apartments_Raleigh-N.C
AcquisitionsMultifamilyNorth CarolinaSoutheastTop Stories

KBS Sells High-Rise Multifamily Property in Raleigh for $132.5M

by Hayden Spiess

RALEIGH, N.C. — Commercial real estate owner and operator KBS has completed the disposition of Park Central Apartments, a luxury high-rise multifamily property located in Raleigh. San Diego-based Fairfield Residential acquired the asset for $132.5 million.  KBS developed Park Central Apartments in a joint venture with locally based Kane Realty Corp. Construction on the project began in 2015 and was completed in 2017.  Totaling 286 apartments, the building also features 36,000 square feet of retail space. Current tenants at the property include food-and-beverage concept Happy + Hale, fitness studios Midtown Yoga and Orangetheory, ice cream shop Kilwins and Jabala Coffee.  Amenities at the community include a sky deck with a saltwater pool, clubhouse, sauna, dog spa, fitness center, conference center and a dedicated parking garage.  Situated in the North Hills district, the property features access to I-440 and walkability to a grocery store, multiple fitness concepts and dozens of restaurants, entertainment venues and retailers. Park Central Apartments is also located in proximity to downtown Raleigh and North Carolina State University.  “Each project we’ve developed in North Hills has outperformed our underwriting, reinforcing our conviction to this live-work hub and our strategy,” says Allen Aldridge senior vice president at KBS and asset …

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AcquisitionsIndustrialSelf-StorageTexas

Marcus & Millichap Brokers Sale of Two Texas Self-Storage Facilities Totaling 802 Units

by Taylor Williams

KILLEEN AND EDINBURG, TEXAS — Marcus & Millichap has brokered the sale of two Texas self-storage facilities totaling 802 units. Hallmark Mini Storage, located in the Central Texas city of Killeen, was built on 2.4 acres in 2002 and totals 36,350 net rentable square feet of space across eight buildings and 275 units. Superior Self Storage, located in the Rio Grande Valley city of Edinburg, was built on 3.9 acres in 2004 and totals 50,692 net rentable square feet of space across seven buildings and 527 units. The properties traded as part of a portfolio deal that included a 294-unit facility in Las Cruces, N.M. Stacey Gorman, Sam Slocum and Grace Folger of Marcus & Millichap represented the undisclosed seller in the transaction. The trio also collaborated with Marcus & Millichap’s Cameron Bradford to procure the buyers. An undisclosed investment group purchased Hallmark Mini Storage, and Wentworth Property Co. bought Superior Self Storage.

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AcquisitionsIndustrialTexas

Realterm Buys 34.1-Acre Industrial Outdoor Storage Facility in El Paso

by Taylor Williams

EL PASO, TEXAS — Realterm, a Maryland-based investment manager focused on the transportation industry, has purchased a 34.1-acre industrial outdoor storage (IOS) facility in El Paso. Developed in 2017, the facility at 11090 Gateway Blvd. features 14,148 square feet of maintenance shop space with six drive-thru bays, 12,684 square feet of office space and 3,800 square feet of warehouse space with four dock doors for transloading. The facility was fully leased at the time of sale to TFA Logistics. The seller and sales price were not disclosed.

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AcquisitionsRetailTexas

Weitzman Brokers Sale of 9,695 SF Retail Strip Center in Euless, Texas

by Taylor Williams

EULESS, TEXAS — Weitzman has brokered the sale of Bear Creek Plaza, a 9,695-square-foot, fully leased retail strip center in Euless, located in the northern-central part of the metroplex. Tenants include restaurants Argentina 16/3, Chandni Chowk Grill and Osuma Suya, as well as dentistry practice Harwood Smiles and Texas Nail Bar. Kevin Butkus of Weitzman represented the buyer, Dallas-based Ouellette Equities, in the transaction. Tim Axilrod of SHOP Cos. represented the undisclosed, California-based seller.

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AcquisitionsFloridaMultifamilySoutheast

American Landmark Acquires 420-Unit Apartment Community in Jacksonville

by John Nelson

JACKSONVILLE, FLA. — American Landmark Apartments has acquired Rosemont St. Johns, a 420-unit apartment community located at 12310 Seacrest Lane in Jacksonville’s Southside neighborhood. Built in 2007, the property features a mix of one-, two- and three-bedroom apartments. Amenities include a resort-style swimming pool with a sundeck, clubhouse with resident lounge and entertainment kitchen, 24-hour fitness center, outdoor grilling and picnic areas and a dog park. The seller and sales price were not disclosed.

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AcquisitionsGeorgiaRetailSoutheast

Atlantic Capital Negotiates $38.9M Sale of Publix-Anchored Shopping Center in Savannah

by John Nelson

SAVANNAH, GA. — Atlantic Capital Partners has negotiated the $38.9 million sale of Twelve Oaks, a grocery-anchored shopping center located at 5500 Abercorn St. in Savannah. Publix has anchored the 104,915-square-foot center since 1992. Fred Victor of Atlantic Capital represented the buyer and seller in the transaction. Both parties requested anonymity. Twelve Oaks was 99 percent leased at the time of sale to tenants including Bonefish Grill, J. Parker Ltd., LensCrafters, Five Guys and Starbucks Coffee.

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640-Broadway-Manhattan
AcquisitionsLoansMultifamilyNew YorkNortheast

JLL Brokers $49.5M Sale of Manhattan Apartment Building

by Taylor Williams

NEW YORK CITY — JLL has brokered the $49.5 million sale of 640 Broadway, a nine-story apartment building in Manhattan’s NoHo neighborhood. The building houses loft-style residential units and 4,200 square feet of retail space that is fully leased to tenants such as UPS, Two Hands Café and Van Leeuwen Ice Cream. Steven Rutman, Jeffrey Julien, Rob Hinckley and Ethan Stanton of JLL represented the seller, Acadia Realty Trust, in the transaction, and procured the buyer, a partnership between New York-based investment firm Pamera North America and local operator Targo Capital. Michael Gigliotti, Stephen VanLeer and John Flynn, also with JLL, arranged a $30.5 million acquisition loan for the deal through Citi Private Bank.

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