Acquisitions

Wimatex Acquires 70,262 SF Office Portfolio in North San Diego

by Amy Works December 5, 2022

VISTA AND CARLSBAD, CALIF. — Wimatex has purchased a multi-tenant office portfolio in Vista and Carlsbad from Thibodo LLC and CCSD LLC for $13.9 million. At the time of sale, the two-building, 70,262-square-foot portfolio was fully leased. The first property, located at 1800 Thibodo Road in Vista, is a three-story building featuring 23,690 square feet of Class A office space that is fully leased to nine tenants. The second building, situated at 1959 Palomar Oaks Way in Carlsbad, is a three-story property featuring 46,572 square feet of Class A office space that is fully leased to four tenants. Aric Starck, Drew Dodds and Matty Sundberg of Cushman & Wakefield represented the sellers in the deal.

December 5, 2022

Acquisitions Industrial Loans Washington Western

Gantry Secures $12.5M Acquisition Loan for Industrial Building in Woodinville, Washington

by Amy Works December 5, 2022

WOODINVILLE, WASH. — Gantry has secured $12.5 million in permanent financing for a private real estate investor’s purchased of a single-tenant industrial property in Woodinville. Mike Wood and Alex Saunders of Gantry secured the 10-year, fixed-rate loan through one of the firm’s life company lenders. Redapt, a technology service provider, occupies the 66,000-square-foot facility for its corporate office and production facility. The property is located at 14051 NE 200th St.

December 5, 2022

Acquisitions California Healthcare Office Western

Pacific Coast Commercial Brokers $8.4M Sale of Medical Office Building in La Mesa, California

by Amy Works December 5, 2022

LA MESA, CALIF. — Pacific Coast Commercial has negotiated the sale of a medical office property located at 8530 La Mesa Blvd. in Las Mesa. Magnolia Mar Properties sold the asset to Family Health Care Centers of San Diego for $8.4 million. The property features 25,916 square feet of medical office space. Current major tenants include County of San Diego and Penchecks. Brian Crepeau and Ken Robak of Pacific Coast Commercial represented the seller, while Kelly Moriarty and Chris Ross of JLL represented the buyer in the deal. US Bank provided acquisition financing.

December 5, 2022

Acquisitions Colorado Retail Western

Peakview Realty Purchases 32,297 SF Shoppes at Parker Commons in Aurora, Colorado

by Amy Works December 5, 2022

AURORA, COLO. — Peakview Realty has acquired Shoppes at Parker Commons, a retail center located at 2701-2787 S. Parker Road in Aurora. Special Servicer LNR Partners LLC sold the asset for $8.2 million, or $255 per square foot. Built in 1987, the 32,297-square-foot property was 92 percent at the time of sale. Tenants include H Mart, H&M Dental, Farmers Insurance, O’Hair Salon, Volcano Tea House, Neo Lashes and Nails, and QQ Massage. Jason Schmidt of JLL Retail Capital Markets Investment Sales and Advisory led the team that represented the seller in the deal.

December 5, 2022

Acquisitions California Hospitality Loans Retail Western

Marcus & Millichap Arranges $8.4M Acquisition Loan for Mixed-Use Asset in Glendale, California

by Amy Works December 5, 2022

GLENDALE, CALIF. — Marcus & Millichap Capital Corp. (MMCC) has arranged an $8.4 million loan for the acquisition of a mixed-use property located at 202 E. Wilson Ave. in Glendale. The name of the borrower was not released. Bradley Buzil of MMCC’s West Los Angeles office secured the financing for the borrower. The 27,080-square-foot building features a 51-key hotel that can be converted into apartments and six ground-floor retail spaces.

December 5, 2022

Acquisitions Industrial South Carolina Southeast

JLL Brokers Sale of 837,400 SF Industrial Property in Metro Charleston

by John Nelson December 2, 2022

LADSON, S.C. — JLL Capital Markets has arranged the sale of TradePark East, a newly constructed industrial campus comprising 837,400 square feet in Ladson, roughly 15 miles outside of Charleston. Patrick Nally, Pete Pittroff, Dave Andrews and Josh McArdle of JLL brokered the transaction on behalf of the seller, Trinity Capital Advisors. A partnership between TPG Capital and Dogwood Industrial Properties acquired the property, which was fully preleased during construction, for an undisclosed price.

December 2, 2022

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 604-Unit Self-Storage Facility in Beeville, Texas

by Taylor Williams December 2, 2022

BEEVILLE, TEXAS — Marcus & Millichap has brokered the sale of Security Mini Storage, a 604-unit self-storage facility in Beeville, about 100 miles south of San Antonio. The facility, which consists of 21 buildings on a 5.9-acre site, spans 74,800 net rentable square feet. Dave Knobler and Charles LeClaire of Marcus & Millichap represented the Nevada-based seller in the transaction. The duo also procured the buyer, a Colorado-based limited liability company that closed on the asset via a 1031 exchange. Both parties requested anonymity. Security Mini Storage was 95 percent occupied at the time of sale.

December 2, 2022

Acquisitions Retail Texas

Mazaheri Properties Acquires 213,416 SF Retail Power Center in Fort Worth

by Taylor Williams December 2, 2022

FORT WORTH, TEXAS — Oklahoma City-based investment firm Mazaheri Properties has acquired The Shops at Chisholm Trail Ranch, a 213,416-square-foot retail power center in Fort Worth. At the time of sale, the center was 97.5 percent leased to tenants such as Studio Movie Grill, Ulta Beauty, Old Navy, Ross Dress for Less, Marshalls, Tuesday Morning and Five Below. Chris Gerard, Barry Brown and Matthew Barge of JLL represented the seller, Dallas-based StreetLevel Investments, which completed the center in August 2020, in the transaction. Phillip Mazaheri of Price Edwards & Co. represented the buyer.

December 2, 2022

Acquisitions Multifamily Texas

Newmark Arranges Sale of 156-Unit Radius on Grove Apartments in Austin

by Taylor Williams December 2, 2022

AUSTIN, TEXAS — Newmark has arranged the sale of Radius on Grove, a 156-unit apartment complex in Austin’s East Riverside neighborhood. The property offers one- and two-bedroom units and amenities such as a pool, clubhouse, business center, fitness center, pet play area and outdoor grilling and dining stations. Patton Jones and Andrew Dickson of Newmark represented the seller, Houston-based investment firm Hilltop Residential, in the transaction. The buyer, Los Angeles-based Square House Capital, plans to implement a value-add program. Radius on Grove was 98 percent occupied at the time of sale.

December 2, 2022

Acquisitions Hospitality Nevada Western

VICI to Buy Blackstone REIT’s Stake in MGM Grand Las Vegas, Mandalay Bay Resort in Las Vegas for $1.3B

by Amy Works December 2, 2022

LAS VEGAS — VICI Properties has entered into an agreement to purchase Blackstone Real Estate Trust’s (BREIT) 49.9 percent interest in the joint venture that owns MGM Grand Las Vegas and Mandalay Bay Resort in Las Vegas. The joint venture between BREIT and MGM Growth Properties was originally formed in early 2020, before VICI’s acquisition of MGM in 2021. VICI will acquire the stake for $1.3 billion and assume BREIT’s pro-rata share of the existing $3 billion property-level debt. The deal is expected to close early in first-quarter 2023. Combined the properties total 18 million square feet, with 11,000 guest rooms, 321,000 square feet of gaming space and 3 million square feet of exhibit and meeting space.

December 2, 2022

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