Acquisitions

Marcus & Millichap Brokers Sale of 130,000 SF Retail Property Near Dayton, Ohio

by Jeff Shaw January 11, 2023

EATON, OHIO — Marcus & Millichap has brokered the sale of Eaton Center, a 130,483-square-foot retail property located about 25 miles west of Dayton in Eaton. Kroger has anchored the property for 30 years. Additional tenants include retailers such as Tactor Supply and Autozone, both of which have occupied space at the center for 25 years, and several restaurants. The property was approximately 70 percent occupied at the time of sale. The sale was brokered by investment sales team Patton-Wiles-Fuller Group of Marcus & Millichap’s Columbus office, including First Vice President CJ Jackson and Senior Managing Director Erin Patton. Senior Managing Directors Scott Wiles and Craig Fuller of Marcus & Millichap’s Cleveland office marketed the property on behalf of the seller, a Cincinnati-based private ownership group. Patton-Wiles-Fuller Group also procured the out-of-state fund that purchased the property.

January 11, 2023

Acquisitions Industrial Midwest Ohio Self-Storage

Versal Arranges Sale of 561-Unit Self-Storage Facility in Dayton, Ohio

by Jeff Shaw January 11, 2023

DAYTON, OHIO — Versal has arranged the sale of Storage Sense, a 561-unit self-storage property located in Dayton. Originally built as a single-tenant retail center, the facility comprises 65,495 square feet. Bill Bellomy, Michael Johnson, Logan Foster and Hugh Horne of Versal represented the seller, Delaware-based Cobblestone Capital. The team also procured the buyer, Nevada-based Amerco Real Estate Co. The sales price was not disclosed.

January 11, 2023

Acquisitions Florida Seniors Housing Southeast

Grandbridge Negotiates $81M Bankruptcy Sale of Seniors Housing Community in Naples, Florida

by John Nelson January 11, 2023

NAPLES, FLA. — Grandbridge Real Estate Capital’s Senior Housing Investment Sales team has arranged the $81 million sale of The Arlington at Naples, a 298-unit continuing care retirement community located within the Lely Resort master-planned community in Naples. Situated on 39 acres, the community offers 47 independent living estate homes, 128 independent living apartments, 42 assisted living units, 37 memory care units and 44 skilled nursing units. The Arlington opened in 2015. Prior to the sale, the property was operating under a forbearance agreement. The Grandbridge team, led by Dave Kliewer and Jay Jordan, initiated a marketing process that highlighted the ability for a buyer to restore the property’s financial stability. Life Care Services (LCS) acquired the asset through a court-directed process to deliver the property free and clear of its bond debt. At the time of closing, independent living occupancy was approximately 75 percent, while the health center (assisted living, memory care and skilled nursing) was approximately 69 percent occupied. Average entrance fees at the community were in excess of $950,000, according to Grandbridge.

January 11, 2023

Acquisitions Multifamily Texas

ESI Arranges $25M Sale of Seniors Housing Community in Grapevine, Texas

by Taylor Williams January 11, 2023

GRAPEVINE, TEXAS — Evans Senior Investments (ESI) has arranged the $25 million sale of Dancing River, an 84-unit seniors housing community in Grapevine, located in the central part of the Dallas-Fort Worth metroplex. The property was built in 2010 and was roughly 93 percent occupied at the time of sale. ESI represented the seller, an undisclosed institutional investment firm, in the transaction. The buyer was Inspired Healthcare Capital.

January 11, 2023

Acquisitions Retail Texas

Palomar Group Negotiates $15.4M Sale of Parkdale Commons Shopping Center in Waco

by Taylor Williams January 11, 2023

WACO, TEXAS — Georgia-based brokerage firm Palomar Group has negotiated the $15.4 million sale of Parkdale Commons, a 191,559-square-foot retail center in Waco. Hobby Lobby anchors the center, which was originally built in 1973. Other tenants include True Value, dd’s Discounts and Drug Emporium. All of those retailers have leases that run through at least 2026. An investment firm based in the Southeast sold the property to a West Coast-based buyer, with both parties requesting anonymity.

January 11, 2023

Acquisitions Alabama Retail Southeast

Berkeley Capital Advisors Brokers $61M Sale of Shoppes at EastChase Shopping Center in Montgomery

by John Nelson January 11, 2023

MONTGOMERY, ALA. — Berkeley Capital Advisors has brokered the $61 million sale of Shoppes at EastChase, a 388,700-square-foot shopping center located at 7274 Eastchase Parkway in Montgomery. Alex McDonald, Alex Quarrier and Rob Carter of Berkeley Capital represented the seller, an undisclosed institutional investor, in the transaction. The buyer was 5Rivers CRE, a shopping center owner and manager based in Houston. Built in phases in 2002 and 2010, Shoppes at EastChase was 93 percent leased at the time of sale to tenants such as Books-A-Million, Bonefish Grill, Moe’s Southwest Grill, DSW, H&M, Men’s Wearhouse, Sunglass Hut and a freestanding Starbucks Coffee. Trek, Sephora, Aldi, Ashley HomeStore Outlet, Dollar Tree, Lululemon Pop Up, Nothing Bundt Cakes and Aerie have all recently signed new leases, and Zales has signed a letter of intent. The anchor tenants and shops at Shoppes at EastChase have an average operating history at the center of 11 years, according to Berkeley Capital. The property is shadow-anchored by Dillard’s, Kohl’s, Target, Costco and Hobby Lobby. The center is situated on a 60-acre along I-85, about 10 miles east of downtown Montgomery. According to Berkeley Capital, it is the second most-trafficked power retail center in Alabama.

January 11, 2023

Acquisitions Multifamily Texas

RockFarmer, Old Three Hundred Buy 104-Unit Multifamily Property in San Antonio

by Taylor Williams January 11, 2023

SAN ANTONIO — A partnership between New York-based RockFarmer Properties and Austin-based Old Three Hundred Capital has purchased Estates at San Antonio, a 104-unit multifamily property located on the city’s northwest side. Built in 2010, the property offers two-, three-and four-bedroom units and amenities such as a pool, fitness center, volleyball court and outdoor grilling and dining areas. Casey Schaefer and Michael Wardlaw of CBRE represented the partnership and the undisclosed seller in this transaction. The new ownership plans to implement a value-add program.

January 11, 2023

The-Shops-at-Rockvale-Lancaster-Pennsylvania

Acquisitions Development Multifamily Northeast Pennsylvania Retail

Fernmoor Homes Buys 581,462 SF Power Center in Lancaster, Pennsylvania, Plans Multifamily Redevelopment

by Taylor Williams January 11, 2023

LANCASTER, PA. — Fernmoor Homes has purchased The Shops @ Rockvale, a 581,462-square-foot retail power center located about 80 miles west of Philadelphia in Lancaster, with plans to undertake a multifamily redevelopment. The New Jersey-based multifamily developer intends to demolish 265,198 square feet of commercial space and construct a 13-building, 416-unit apartment community at the 63-acre site. Brad Nathanson, David Crotts and Dean Zang of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller, New Jersey-based Wharton Realty Group, in the transaction. The trio also procured Fernmoor Homes, which purchased the property for $30.5 million, as the buyer. At the time of sale, The Shops @ Rockvale was home to 40 retailers and restaurants, including Carter’s, Crate & Barrel Outlet, Olive Garden and Cracker Barrel. The redevelopment is valued at approximately $100 million and could take up to five years to complete.

January 11, 2023

Acquisitions Industrial New Hampshire Northeast Office

Cushman & Wakefield Brokers Sale of 137,000 SF Office, Industrial Complex in Nashua, New Hampshire

by Taylor Williams January 11, 2023

NASHUA, N.H. — Cushman & Wakefield has brokered the sale of a 137,000-square-foot office and industrial complex in the southern New Hampshire city of Nashua. Denis Dancoes, Craig Estey, Mike Christian, Josh Feldman, Dan Fisk, Scott Goldman and Greg Millwater of Cushman & Wakefield represented the seller, Teledyne FLIR Commercial Systems Inc., in the transaction. Thomas Farrelly and Sue Ann Johnson, also with Cushman & Wakefield, represented the buyer, The Academy for Science and Design Charter School. The new ownership plans to implement a capital improvement program.

January 11, 2023

Acquisitions California Office Western

Griffin Realty Trust Sells Creative Office Building in Irvine, California to Rexford Industrial for $40M

by Amy Works January 11, 2023

IRVINE, CALIF. — Griffin Realty Trust has completed the disposition of a creative office property, located at 16752 Armstrong Ave. in Irvine, to Rexford Industrial Realty for $40 million. Griffin originally acquired the asset in October of 2013 for $27.2 million. Fox Head, which Vista Outdoor recently acquired, occupies the entire 82,645-square-foot building. Vista Outdoor is the parent company of more than 40 brands of outdoor apparel and equipment. Situated on 6.5 acres, the property features abundant parking, a BMX track, a skate park, gathering spaces and firepits. The building offers two floors of creative office space, including conference rooms, common areas, abundant natural light, an open floor-to-ceiling lobby area and designated workspaces. Kevin Shannon, Paul Jones, Bret Hardy, Ken White and Brandon White of Newmark represented the seller in the transaction.

January 11, 2023

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