Property Type

Kennedy Wilson Sells Victory Plaza Retail Center in North Hollywood for $57.7M

by Amy Works February 15, 2023

LOS ANGELES — Kennedy Wilson has completed the disposition of Victory Plaza, a grocery-anchored shopping center in Los Angeles’ North Hollywood neighborhood. San Diego-based Gerrity acquired the asset for $57.7 million. Pete Bethea, Rob Ippolito and Glenn Rudy of Newmark represented the seller in the deal. Located at 13007-13047 Victory Blvd., Victory Plaza features 136,580 square feet of retail space on 12.2 acres. At the time of sale, the property was 97 percent occupied. Current tenants include Vallarta Supermarkets, CVS/pharmacy, LA Fitness, Petco, US Renal Care, Citibank, Blaze Pizza and Chipotle Mexican Grill.

February 15, 2023

Development Multifamily Seniors Housing Washington Western

Merrill Gardens Opens 123-Unit Seniors Housing Community in Tacoma, Washington

by Amy Works February 15, 2023

TACOMA, WASH. — Merrill Gardens Senior Living has opened Merrill Gardens at Wright Park in the historic Stadium District in Tacoma. Merrill Gardens co-developed the property with Rush Development. The community features 115 independent living and assisted living apartments in studio, one- and two-bedroom layouts, as well as 18 memory care units. The main floor of the community features 2,600 square feet of retail space that includes an on-site urgent care clinic. Merrill Gardens will manage the senior living community and Rush will manage the retail space. The community mixes urban living and access to green space along with unobstructed views of Commencement Bay, Mt. Rainier, The Cascades and The Olympics.

February 15, 2023

Rinchem-Dysart-Rd-Summit-Pkwy-Surprise-AZ

Arizona Development Industrial Western

Graycor Starts Construction of 123,516 SF Rinchem Co. Industrial Build-to-Suit Project in Surprise, Arizona

by Amy Works February 15, 2023

SURPRISE, ARIZ. — Graycor Construction Co. has started construction of a flex industrial facility situated on 21 acres at the northwest corner of Dysart Road and Summit Parkway in Surprise. The 123,516-square-foot building is a build-to-suit project for Rinchem Co., a network of chemical and gas distribution centers. The new facility will be Rinchem’s third in metro Phoenix and part of a global Rinchem supply chain that safely handles more than 4 billion pounds of chemicals and gasses each year. The Class A facility will feature highly specialized warehouse space, administrative offices, shipping/receiving capabilities and an 11 truck loading docks. The main building will offer high bay and freezer bay chemical storage, as well as super flat concrete floors. Six individual pads will allow for maximum chemical containment, to include an outdoor bottled gas pad and detached ISO tank storage that maintain Rinchem’s commitment to proper segregation to hazard classes in multiple temperature zones. For the new facility, Graycor is serving as general contractor, providing both shell and interior build-out services. Phoenix-based Archicon Architecture + Interiors is serving as designer. Completion is slated for fourth-quarter 2023.

February 15, 2023

Acquisitions Arizona Industrial Western

Cushman & Wakefield Brokers $22.3M Sale of Last-Mile Distribution Facility in Tucson, Arizona

by Amy Works February 15, 2023

TUCSON, ARIZ. — Cushman & Wakefield has arranged the sale of a last-mile distribution building located at 775 W. Silverlake Road in Tucson. A California family trust acquired the property from an East Coast investor for $22.3 million, or $451 per square foot. Situated on 10.7 acres, the 49,500-square-foot facility features 15 loading docks and close proximity to interstates 10 and 19, downtown Tucson and Tucson International Airport. At the time of sale, the property was fully leased to a Fortune 10 global e-commerce company. Andrew Bogardus and Douglas Longyear of Cushman & Wakefield San Francisco, in collaboration with Stephen Cohen of Cushman & Wakefield | Picor in Tucson, represented the seller in the transaction.

February 15, 2023

Acquisitions Arizona Multifamily Western

29SC Buys 193-Unit Dwell Apartments in Scottsdale, Arizona

by Amy Works February 15, 2023

SCOTTSDALE, ARIZ. — 29th Street Capital (29SC) has purchased Dwell Apartment Homes, a multifamily community in Scottsdale, from Denver-based Avanti Residential for $41.6 million. This transaction marks the company’s 20th multifamily acquisition in the metro Phoenix market. Developed in 1963/1975, Dwell features 193 apartments in a mix of studio, one- and two-bedroom apartments, three swimming pools, a fitness center, business center, dog park and an outdoor grilling and picnic area. 29SC plans to renovate both interior units and exterior amenities. Renovations include converting the garden to an outdoor game area and dog park, upgrading the gym and pool areas and enhancing apartment interiors. Unit upgrades will include adding smart home technology packages, while upgrading kitchen appliances, countertops, backsplashes, cabinet faces, hardware, flooring, baseboards, bathroom mirror frames, ceiling fans and lighting packages. Haven Residential, the 29SC-owned property management company, will oversee management and leasing. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller, while 29SC was self-represented in the deal.

February 15, 2023

Development Industrial South Carolina Southeast

Glenstar Properties to Develop 290-Acre Industrial Park in Gaffney, South Carolina

by John Nelson February 15, 2023

GAFFNEY, S.C. — Glenstar Properties plans to develop Cherokee Commerce Center 85, a 290-acre industrial park in Gaffney, which is situated between the Greenville-Spartanburg market and Charlotte. Glenstar, along with capital partner Creek Lane Capital, will break ground this spring on the first building of the park, a 550,000-square-foot speculative warehouse that will be expandable to 1.3 million square feet. The cross-dock warehouse, dubbed Building 2, is expected to come on line in spring 2024 and feature 40-foot clear heights, up to 232 dock doors, four drive-in doors and parking for 452 trailers and 540 cars. At full buildout, Cherokee Commerce Center 85 will span 3.6 million square feet across five buildings. The design-build team includes architect Ware Malcomb, general contractor The Conlan Co. and civil engineer SeamonWhiteside. Glenstar has tapped Colliers to lease the park.

February 15, 2023

Acquisitions Multifamily South Carolina Southeast

Cushman & Wakefield Secures $77.5M Sale of Broadstone Ingleside Apartments in Metro Charleston

by John Nelson February 15, 2023

LADSON, S.C. — Cushman & Wakefield has secured the $77.5 million sale of Broadstone Ingleside, a 336-unit apartment community located in the Charleston suburb of Ladson. A joint venture between Abacus Capital and Westbrook Partners purchased the property, which was delivered in 2021. John Phoenix, Louis Smart and Austin Green of Cushman & Wakefield represented the undisclosed seller in the transaction. Broadstone Ingleside features one-, two- and three-bedroom apartments, as well as a resort-style swimming pool, coworking spaces, dog park, hammock lawn, outdoor kitchen and firepit, walking trail, 24/7 package room, bocce ball court and an outdoor fitness area, according to Apartments.com.

February 15, 2023

Acquisitions North Carolina Self-Storage Southeast

CBRE Negotiates $24.8M Sale of Self-Storage Facility in Chapel Hill, North Carolina

by John Nelson February 15, 2023

CHAPEL HILL, N.C. — CBRE has negotiated the $24.8 million sale of an 816-unit self-storage facility located at 12330 U.S.-15 501 North in Chapel Hill. Dallas-based Rosewood Property Co. purchased the 76,051-square-foot property from an entity doing business as Carolina Storage Partners LLC. CBRE’s Self Storage Advisory Group represented the seller in the transaction. Extra Space Storage operates the facility, which features climate-controlled units ranging in size from 20 to 300 square feet, as well as 67 wine storage units.

February 15, 2023

Acquisitions Kentucky Retail Southeast

Cooper Commercial Arranges $6.1M Sale of Houston Commons Shopping Center in Florence, Kentucky

by John Nelson February 15, 2023

FLORENCE, KY. — The Cooper Commercial Investment Group has arranged the $6.1 million sale of Houston Commons, a shopping center in Florence that is shadow-anchored by Target. PetSmart anchors the center, which was 88 percent leased at the time of sale. The retailer recently executed an early extension at Houston Commons through 2035. An Illinois-based buyer purchased the center from the seller, a private investor. Both parties requested anonymity. Dan Cooper of Cooper Commercial represented the seller in the transaction.

February 15, 2023

Acquisitions Florida Restaurant Retail Southeast

SRS Brokers $2.9M Ground-Lease Sale of Burger King-Occupied Restaurant in West Palm Beach

by John Nelson February 15, 2023

WEST PALM BEACH, FLA. — SRS Real Estate Partners’ National Net Lease Group has brokered the $2.9 million ground-lease sale of a single-tenant retail property in West Palm Beach. Developed in 2022 at 65 Benoist Farms Road, the 2,866-square-foot property is occupied by Burger King and has a 20-year triple-net ground lease in place. Patrick Nutt and William Wamble of SRS represented the seller, Brightwork Development, in the sale. The buyer was a private investor based in South Florida.

February 15, 2023

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