Property Type

CBRE Facilitates Sale of 120,500 SF Sabal Pavilion Office Building in Tampa

by John Nelson December 22, 2023

TAMPA, FLA. — CBRE has facilitated the sale of Sabal Pavilion, a 120,500-square-foot office property located at 3620 Queen Palm Drive in Tampa. Situated on 11.8 acres, the building is located at the entrance of Sabal Park, a master-planned business development. Amenities at the building include a cafeteria, fitness center and a tenant courtyard with an outdoor basketball court and grilling stations. Dale Peterson, Joe Chick, Courtney Snell and Nick Sharpe of CBRE Capital Markets represented the seller, CTO Realty Growth Inc., in the transaction. A Virginia-based private real estate company acquired the building for an undisclosed price. Ford Motor Credit has fully occupied the property since 2000. Recently, Ford Motor Credit executed a 91,401-square-foot sublease agreement with Cirkul Inc., a reusable water bottle manufacturer.

December 22, 2023

Acquisitions Affordable Housing Mississippi Seniors Housing Southeast

Hunt Capital Transfers Ownership of 76-Unit Affordable Seniors Housing Community in Biloxi, Mississippi

by John Nelson December 22, 2023

BILOXI, MISS. — Hunt Capital Partners has transferred ownership of Cadet Point Senior Village, an affordable seniors housing community in Biloxi, back to Biloxi Community Development Corp., the nonprofit arm of the Biloxi Housing Authority. Developed in 2007, the property comprises 76 units. Hunt Capital transferred ownership back to the civic organization in late November following negotiations accounting for the operational expense challenges at the property. According to Hunt Capital, Cadet Point has experienced insurance premium increases totaling more than 65 percent over the past five years due to its exposure to hurricanes. Biloxi Community Development will have full control of development and operational decisions at Cadet Point.

December 22, 2023

Acquisitions Florida Retail Southeast

SRS Arranges $6.2M Sale of Retail Strip Center in Apollo Beach, Florida

by John Nelson December 22, 2023

APOLLO BEACH, FLA. — SRS Real Estate Partners has arranged the sale of Apollo Beach Shoppes, a retail strip center situated on 1.9 acres at 6588 N. U.S. Highway 41 in Apollo Beach, a city in the Tampa Bay metro area. A Florida-based private investor acquired the 9,000-square-foot property for $6.2 million. Patrick Nutt, William Wamble and Daniel Becker of SRS represented the seller, a Florida-based investment and development group, in the transaction. Retailers at the three-tenant property include Trulieve, AT&T and Tijuana Flats.

December 22, 2023

Acquisitions Industrial Texas

Lee & Associates Brokers Sale of 587,287 SF Industrial Property in Fort Worth

by Taylor Williams December 22, 2023

FORT WORTH, TEXAS — Lee & Associates has brokered the sale of a 587,287-square-foot industrial property located at 5901 E. Rosedale St. in Fort Worth. The property consists of 31 buildings that were constructed between 1967 and 1974 and feature clear heights of 16 to 20 feet. The buildings vary in size but had less than 10 percent office finishes in each of them. Colton Rhodes of Lee & Associates represented the buyer, Boston-based investment firm Longpoint Realty Partners, in the transaction. The seller was an entity doing business as Rosedale Industrial Park LLC.

December 22, 2023

Loans Multifamily Texas

JLL Arranges Construction Financing for 338-Unit Multifamily Project in East Austin

by Taylor Williams December 22, 2023

AUSTIN, TEXAS — JLL has arranged an undisclosed amount of construction financing for Lirica East Austin, a 338-unit multifamily project that will be located about three miles east of the downtown area. Lirica East Austin will feature studio, one-, two- and three-bedroom units with an average size of 799 square feet and amenities such as a pool, clubroom, fitness center, a leasing office, coworking space and a sky lounge. Doug Opalka, C.W. Sheehan, Scott Dickey and Samantha Jay of JLL arranged the loan on behalf of the borrower, a partnership between CSW Development and Blueprint Local. The direct lender was not disclosed. Completion is slated for early 2026.

December 22, 2023

Development Industrial Texas

Leon Capital Group to Develop 261,000 SF Industrial Project in Fort Worth

by Taylor Williams December 22, 2023

FORT WORTH, TEXAS — Dallas-based Leon Capital Group will develop a 261,000-square-foot industrial project in Fort Worth. The site consists of six parcels totaling 15 acres that are located on the north and south sides of Trinity Boulevard on the city’s northeast side. The development will comprise a 123,750-square-foot building and a 137,250-square-foot building, both of which will feature 32-foot clear heights, 135-foot truck court depths and ESFR sprinkler systems. Nancy Halliday and Don Plunk of Emory Associates represented Leon Capital and the four different sellers in the acquisition of the land. Construction is scheduled to begin in the second quarter of 2024.

December 22, 2023

Acquisitions Arizona Retail Western

RA Centers Buys 232,573 SF Palm Valley Pavilions West Retail Property in Goodyear, Arizona

by Amy Works December 22, 2023

GOODYEAR, ARIZ. — Raymond Arjmand of RA Centers has acquired Palm Valley Pavilions West, a power retail center in Goodyear, and named Vestar as the manager for the 232,573-square-foot property. Palm Valley Pavilions West is 99 percent occupied by national tenants, including Best Buy, Total Wine & More, Barnes & Noble, Ulta Beauty and Ross Dress for Less. Vestar operates a total of 63 open-air shopping centers across the Western United States totaling more than 30 million square feet. Vestar oversees Desert Ridge Marketplace, Tempe Marketplace and Scottsdale Promenade in the Phoenix metro area. Michael Hackett and Ryan Schubert of Cushman & Wakefield represented the undisclosed seller in the transaction and facilitated the sale. Terms of the transaction were not released.

December 22, 2023

Acquisitions California Industrial Western

Voit Real Estate Negotiates $11.3M Sale of Harbor Warner Business Center in Santa Ana, California

by Amy Works December 22, 2023

SANTA ANA, CALIF. — Voit Real Estate Services has arranged the sale of Harbor Warner Business Center, an industrial business park in Santa Ana. Rexford Industrial sold the asset to a private investment fund for $11.3 million. Located at 2525 S. Harbor Blvd. and 3720-3752 W. Warner Ave., Harbor Warner Business Center features 38,643 square feet of multi-tenant industrial space. At the time of sale, the property was fully leased. Mike Hefner of Voit’s Anaheim office represented the seller and buyer in the transaction. Matt Peters of Voit’s Irvine office represented Rexford in leasing the asset and acted as the local market advisor for the transaction.

December 22, 2023

Acquisitions Colorado Net Lease Restaurant Retail Western

1031 Exchange Buyer Acquires Shake Shack-Occupied Property in Colorado Springs for $5.3M

by Amy Works December 22, 2023

COLORADO SPRINGS, COLO. — An Oregon-based 1031 exchange buyer has purchased the ground lease of a restaurant asset located at 9723 Federal Drive in Colorado Springs. An undisclosed developer sold the asset for $5.3 million. A new double-drive-thru Shake Shack occupies the asset on a 15-year absolute triple-net ground lease. The property is adjacent to a 115,000-square-foot Scheels at the intersection of Interstate 5 and Interquest Parkway. Drew Isaac, James Rassenfoss and Ian Hicks of Marcus & Millichap’s Denver office represented the seller in the deal.

December 22, 2023

4475-Forrest-Hill-Rd-Colorado-Springs-CO

Acquisitions Colorado Net Lease Retail Western

Marcus & Millichap Brokers $3.3M Sale of Retail Building in Colorado Springs

by Amy Works December 22, 2023

COLORADO SPRINGS, COLO. — Marcus & Millichap has arranged the sale of a retail building located at 4475 Forrest Hill Road in Colorado Springs. A developer sold the asset to an individual/personal trust for $3.3 million. Bank of America occupies the building on a 13-year absolute triple-net ground lease. Drew Isaac and James Rassenfoss of Marcus & Millichap’s Denver office represented the seller, while Rich Merryman, Ryan Wilmer and Bill Schofield of Marcus & Millichap’s San Francisco office represented the buyer in transaction.

December 22, 2023

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