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Acquisitions

AcquisitionsFloridaRetailSoutheast

WS Development, PGIM Purchase 550,000 SF Retail Center in Viera, Florida

by John Nelson

VIERA, FLA. — WS Development and PGIM Real Estate have acquired The Avenue Viera, a 550,000-square-foot, open-air retail center located directly off I-95 in Viera. Situated within the 43,000-acre master-planned Viera community in Brevard County, the property houses more than 80 retail, restaurant and entertainment tenants, including AMC Theatres, Belk, Chili’s, Cost Plus World Market, Kohl’s, lululemon athletica, Moe’s Southwest Grill, Old Navy, Sephora and Urban Air Adventure Park. Massachusetts-based WS Development will assume management of the center and will share ownership with PGIM, which has owned Avenue Viera since 2006. The sales price was not disclosed. WS Development and PGIM plan to remerchandise the center, as well as host events and install public art.

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AcquisitionsDevelopmentGeorgiaHealthcareSoutheast

Anchor Health Acquires Medical Office Building in Metro Atlanta, Plans 40,000 SF Development

by John Nelson

LAWRENCEVILLE, GA. — Anchor Health Properties has acquired a 40,000-square-foot medical office building in Lawrenceville, roughly 30 miles outside Atlanta. Located at 595 Hurricane Shoals Road N.W. in Gwinnett County, the property was fully leased at the time of sale to tenants including anchor Northside Health, Fresenius Medical Care, Georgia Nephrology, Palmetto Infusion, Amedisys Home Health and Gwinnett Pediatrics. Anchor’s acquisition also included an adjacent outparcel, and the company has announced plans to develop a three-story, 40,000-square-foot medical office building at the site. Construction is scheduled to begin in the fourth quarter of this year, and Women’s Group of Gwinnett has committed to occupy 16,000 square feet upon completion. Michael Lipton and Josh Gregory of Colliers’ Atlanta office represented Anchor in the transaction. The team also represented Women’s Group Georgia in leasing negotiations. Brandon Wallace of Meadows & Ohly represented the undisclosed seller, and Wintrust Bank provided debt financing services. The sales price and loan amount were not disclosed.

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AcquisitionsIndustrialTexas

Partners Real Estate Brokers Sale of 25,000 SF Industrial Building in Metro Houston

by Taylor Williams

TOMBALL, TEXAS — Partners Real Estate has brokered the sale of a 25,000-square-foot industrial building located in the northern Houston suburb of Tomball. The building, which sits on 6.7 acres at 1302 S. Cherry St., was built in 1980 and features 30-foot clear heights, according to LoopNet Inc. Wyatt Huff and Cary Latham of Partners represented the seller, an entity doing business as Timber Trails Business Park LLC, in the lease negotiations. The duo also procured the buyer, Harbor Hill Holdings.

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AcquisitionsNew JerseyNortheastOfficeRetail

Marcus & Millichap Brokers $12.8M Sale of Office, Retail Building in Red Bank, New Jersey

by Taylor Williams

RED BANK, N.J. — Marcus & Millichap has brokered the $12.8 million sale of a 28,110-square-foot office and retail building in the Northern New Jersey community of Red Bank. The three-story building was constructed in 2000 and consists of two levels of office space and ground-floor retail space that is anchored by Urban Outfitters. Alan Cafiero, Brent Hyldahl and Seth Goldberg of Marcus & Millichap represented the seller and procured the buyer, both of which were limited liability companies that requested anonymity, in the transaction. Joseph Belgiovine of Marcus & Millichap Capital Corp. arranged acquisition financing for the deal.

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AcquisitionsMidwestMinnesotaMultifamily

Marcus & Millichap Arranges $2.4M Sale of Minneapolis Multifamily Portfolio

by Kristin Harlow

MINNEAPOLIS — Marcus & Millichap has arranged the $2.4 million sale of 1709 and 1715 Lagoon Ave., a pair of contiguous parcels with 17 multifamily units in Minneapolis. Constructed in 1916, the two- and three-story buildings are situated in the city’s Uptown neighborhood. Abe Roberts and Michael Jacobs of Marcus & Millichap brokered the sale. Buyer and seller information was not released.

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AcquisitionsColoradoIndustrialWestern

EverWest Acquires Central Connection Industrial Project in Denver for $39.6M

by Jeff Shaw

DENVER — EverWest Real Estate Investors has purchased Central Connection, a 194,710-square-foot, Class A industrial asset in Denver, for $39.6 million.  The two-building property is located at 1550 and 1210 E. 73rd Ave. in the North Central infill submarket. It is fully leased to six tenants in an area known for significant demand and high barriers to entry.  Jeremy Ballenger, Jim Bolt, Tyler Carner and Jessica Ostermick of CBRE represented the seller, a joint venture between Comunale Properties and institutional investors advised by J.P. Morgan Asset Management.

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AcquisitionsCaliforniaIndustrialWestern

Prologis Buys 21,420 SF Cross-Dock Warehouse in Hayward, California

by Jeff Shaw

HAYWARD, CALIF. — Prologis has purchased a 21,420-square-foot cross-dock warehouse located at 651 Sandoval Way in Hayward. The property features a remodeled office building, truck service maintenance building, employee parking and container parking stalls. The cross-dock warehouse has 50 dock positions and concrete truck wells.  RPM Transportation is the sole tenant of the property. CBRE’s Chris van Keulen, Bob Ferraro and Michael Barry represented both the unnamed buyer and Prologis in the transaction.

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AcquisitionsHawaiiIndustrialWestern

Jeans Warehouse Acquires 16,000 SF Industrial Facility in Honolulu

by Jeff Shaw

HONOLULU — Apparel company Jeans Warehouse has purchased a 16,000-square-foot industrial facility in Honolulu.  The facility is located at 99-984 Iwaena St. in the Aiea neighborhood. The acquisition comes a few months after Jeans Warehouse acquired an 18,500-square-foot industrial facility at 99-910 Iwaena St. for distribution and administration.  JLL’s Cullen Oesterly represented the retailer in both acquisitions, as well as the seller of the most recent facility, CTY Investors Ltd.

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AcquisitionsCaliforniaNet LeaseRetailWestern

Hanley Arranges $2.4M Sale of Single-Tenant Retail Property in El Centro, California

by Jeff Shaw

EL CENTRO, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $2.4 million sale of a single-tenant retail property located in El Centro, approximately midway between San Diego and Phoenix.  7-Eleven occupies the 2,940-square-foot building on a 15-year, triple-net ground lease.  Bill Asher and Jeff Lefko of Hanley represented the seller, Imperial Retail Investments LLC, in the transaction. A self-represented, California-based private investor purchased the property.

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AcquisitionsIndustrialSelf-StorageTexas

Marcus & Millichap Brokers Sale of 2,627-Unit Self-Storage Portfolio in Southeast Texas

by Taylor Williams

BEAUMONT AND NEDERLAND, TEXAS — Marcus & Millichap has brokered the sale of a portfolio of seven self-storage facilities totaling 2,627 units in southeast Texas. The properties were constructed in the 1970s and 1980s and total 389,501 net rentable square feet. Two of the properties are located in Beaumont, and two are located in Nederland, with the other facilities located in Groves, Bridge City and Orange. Dave Knobler and Charles LeClaire of Marcus & Millichap represented the seller, a California-based liability company that purchased the portfolio in 2018, in the transaction. The duo also secured the buyer, a North Carolina-based limited liability company.

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