Property Type

JLL Brokers $157.8M Sale of Industrial Portfolio in Sun Belt

by John Nelson July 5, 2022

ATLANTA — JLL has brokered the sale of an industrial portfolio in the Sun Belt totaling nearly 1.3 million square feet across 12 individual buildings. Taurus Investment Holdings LLC purchased the assets from Summit Real Estate Group for $157.8 million. Dennis Mitchell, Trent Agnew and Louis Castillo of JLL represented the seller in the transaction. The portfolio includes Creekside Distribution Center in East Point, Ga.; Peachtree Nortech in Peachtree Corners, Ga.; Maggie Boulevard in Orlando; West Bay Corporate Center and Metropointe Commerce Center in North St. Petersburg, Fla.; and Corporate Center Fannin I in Houston. The portfolio was 98 percent leased at the time of sale to public and private companies, including Raytheon, Iron Mountain and DAP Americas.

July 5, 2022

Acquisitions Florida Multifamily Southeast

Walker & Dunlop Negotiates $92M Sale of First Apartments in Miami

by John Nelson July 5, 2022

MIAMI — Walker & Dunlop has negotiated the $92 million sale of First Apartments, a luxury mid-rise multifamily community located in Miami’s East Little Havana neighborhood. Still Hunter and Kaya Suarez of Walker & Dunlop represented the buyer, Lloyd Jones, in the transaction. The seller, Premium Development, delivered First Apartments in September 2021. The community was Premium’s first project in the United States. Amenities include fitness facilities, a resort-style lap pool, business center, bike storage, an outdoor courtyard and a large dog park. Units range from studios to four-bedroom apartments and span from 578 to 1,790 square feet, according to Apartments.com.

July 5, 2022

Acquisitions Florida Office Southeast

Pebb Enterprises, Contrarian Capital Acquire Boca Raton Offices for $29.9M

by John Nelson July 5, 2022

BOCA RATON, FLA. — A partnership between Pebb Enterprises and Contrarian Capital Management has purchased Meridian Office Center, two single-tenant net-leased office buildings situated within The Park at Broken Sound in Boca Raton. Christian Lee, Marcos Minaya and Sean Kelly of CBRE Capital Markets, represented the seller, Ivy Realty, in the $29.9 million transaction. Cross Country Healthcare occupies the 70,406-square-foot building located at 6551 Park of Commerce Blvd., and Lexis Nexis occupies the 61,274-square-foot building located at 6601 Park of Commerce Blvd. Professional Bank provided acquisition financing for the deal. Meridian Office Center is Pebb’s third acquisition within the 700-acre Park at Broken Sound development, which is situated off I-95.

July 5, 2022

Industrial Leasing Activity Southeast Virginia

LaserShip Signs 105,000 SF Industrial Lease in Chantilly, Virginia

by John Nelson July 5, 2022

CHANTILLY, VA. — LaserShip, an e-commerce parcel carrier, has signed a 105,000-square-foot industrial lease at 14850 Thompson Road in Chantilly, a Northern Virginia suburb of Washington, D.C. The Vienna, Va.-based firm signed the full-building lease at Stonecroft Industrial Center, which features 32-foot clear heights and 37 dock doors. Scott Rabin of Edge represented the tenant in the lease transaction. Brad Benna represented the landlord, Matan Cos., on an internal basis. The facility is expected to house 100 LaserShip employees once the firm takes occupancy this fall.

July 5, 2022

Acquisitions Office South Carolina Southeast

Marcus & Millichap Arranges $16.9M Sale of North Charleston Office Building

by John Nelson July 5, 2022

NORTH CHARLESTON, S.C. — Marcus & Millichap has arranged the sale of North Rhett Executive Center, a 64,800-square-foot office building located at 5617 N. Rhett Ave. in North Charleston. An out-of-state buyer purchased the building for $16.9 million. Ani Paulson and Pearce Vogler of Marcus & Millichap represented the undisclosed seller in the transaction. Built in 2008 near the Joint Base Charleston and Charleston International Airport, North Rhett Executive Center is anchored by the Department of Defense.

July 5, 2022

Acquisitions California Industrial Western

Analog Devices Sells 127,574 SF R&D Facility in Milpitas, California to Cannae Partners

by Amy Works July 5, 2022

MILPITAS, CALIF. — Analog Devices has completed the disposition of a freestanding research and development (R&D) property located at 275 S. Hillview Drive in Milpitas. A partnership controlled by San Francisco-based Cannae Partners acquired the asset for $32.8 million. The new ownership plans to renovate and re-tenant the property. The 127,574-square-foot facility features 35,862 square feet of Class 10 cleanroom and service space with a fully operational, 7,669-square-foot sub-fab and four 2,500 kVA substations with capacity for 10 megawatts of power. The building is situated on 6.4 acres and is surrounded by retail amenities, housing and transportation, as well as semiconductor and technology companies. The seller used the property as a semiconductor fabrication facility. Todd Beatty, Steve Horton, Kelly Yoder and Carrick Young of Cushman & Wakefield represented the seller in the transaction.

July 5, 2022

Loans Multifamily Oregon Seniors Housing Western

CBRE Arranges $33.1M Refinancing for Seniors Housing Property in Hillsboro, Oregon

by Amy Works July 5, 2022

HILLSBORO, ORE. — CBRE National Senior Housing has arranged $33.1 million in financing for MorningStar of Hillsboro. The borrower is a joint venture between Artemis Real Estate Partners, MorningStar Senior Living and American Capital Group. Situated on a 1.35-acre parcel, the community comprises 142 independent living units. The property recently opened its doors. The operator is MorningStar. The property is less than a mile north of Kaiser Permanente Westside Medical Center, a 126-bed hospital that serves the greater Hillsboro and Beaverton suburbs. Additionally, half a mile north of the community is The Streets of Tanasbourne, a 386,000-square-foot outdoor shopping mall with over 55 retail and restaurant options. Aron Will, Austin Sacco and Tim Root arranged the nonrecourse, floating-rate loan with full-term interest-only payments. A national bank provided the capital.

July 5, 2022

Acquisitions Multifamily Washington Western

Colliers Negotiates $13.6M Sale of Villa Andora Apartment Building in West Seattle

by Amy Works July 5, 2022

SEATTLE — Colliers has brokered the sale of Villa Andora, a multifamily building located at 1520 California Ave. SW in the North Admiral neighborhood of West Seattle. The property traded for $13.6 million. The names of the buyer and seller were not released. Tim McKay, Dan Chhan, Sam Wayne and Matt Kemper of Colliers represented the seller, while Adam Groberman of Colliers represented the buyer in the deal. Totaling 30,029 square feet, Villa Andora features 37 apartments, all of which have undergone interior renovations and feature new kitchens, bathrooms, flooring, windows, appliances, fixtures and finishes.

July 5, 2022

Acquisitions California Retail Western

Festival Cos. Divests of Retail Property in Claremont, California for $4.1M

by Amy Works July 5, 2022

CLAREMONT, CALIF. — Progressive Real Estate Partners has negotiated the sale of a retail property located at 903-911 W. Foothill Blvd. in Claremont. The Festival Cos. sold the asset to a San Gabriel Valley-based private investor for $4.1 million. Greg Bedell and Roxy Klein of Progressive Real Estate Partners represented the seller, while Katherine Quach of Treeland Realty Group represented the buyer in the transaction. Unleashed by Petco and Wild Birds have been tenants at the 9,226-square-foot property since 2010/2011 and recently renewed their leases. Progressive also handled the lease-up of the final space to Almond Haus Café. The property features modern architecture and was fully remodeled in 2010, including a new façade and roof.

July 5, 2022

Acquisitions Colorado Industrial Office Western

NAI Highland Brokers $2.8M Sale of Office/Industrial Portfolio in Colorado Springs

by Amy Works July 5, 2022

COLORADO SPRINGS, COLO. — NAI Highland has arranged the sale of a two-building office and industrial portfolio, located at 1120-1140 Moreno Ave. in Colorado Springs. The asset traded for $2.8 million. The terms of the transaction were not disclosed. Situated on 2.2 acres, the property consists of a 10,187-square-foot office building and a 3,200-square-foot industrial building. Randy Dowis and Bob Garner of NAI Highland handled the transaction.

July 5, 2022

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