Property Type

Bolour Associates Acquires 32,500 SF Mixed-Use Building in Hollywood

by Amy Works July 15, 2022

LOS ANGELES — Bolour Associates has purchased a two-story, mixed-use building located at 6432 Santa Monica Blvd. in the Hollywood neighborhood of Los Angeles for $13.7 million, or $421 per square foot. Totaling 32,500 square feet, the property features 17,500 square feet of ground-floor retail space and 15,000 square feet of second-story office space. At the time of sale, the property was 100 percent occupied by tenants ranging from creative management and casting to production equipment rentals and photography studios. Brandon Michaels, Matthew Luchs and Andrew Leff of Marcush & Millichap represented the buyer and undisclosed seller in the deal.

July 15, 2022

Acquisitions California Industrial Western

CenterSquare, RAF Pacifica Group Sell 202,844 SF Industrial Facility in Vista, California

by Amy Works July 15, 2022

VISTA, CALIF. — A joint venture between CenterSquare and RAF Pacifica Group has completed the disposition of 1 Viper Way, an industrial property located in Vista. BLT Enterprises acquired the asset for an undisclosed price. Totaling 202,822 square feet, the facility features 28-foot clear heights, 20 dock-high doors, 16 grade-level doors, heavy power and ample skylights to provide natural light and energy efficiencies. At the time of sale, the property was fully leased to two tenants. Cushman & Wakefield advised CenterSquare and RAF Pacifica Group in the initial acquisition in 2021, as well as the lease-up and sale of the property.

July 15, 2022

Acquisitions Colorado Retail Western

Marcus & Millichap Brokers $6.1M Sale of Highlands Ranch Marketplace in Colorado

by Amy Works July 15, 2022

HIGHLANDS RANCH, COLO. — Marcus & Millichap has arranged the sale of Highlands Ranch Marketplace, a neighborhood retail center in Highlands Ranch. Sidford Capital acquired the asset for $6.1 million. Located at 9385 S. Colorado Blvd., Highland Ranch Marketplace was fully leased to 10 tenants at the time of sale. Ryan Bowlby and Drew Isaac of Marcus & Millichap’s Denver office represented the seller, a Colorado-based private investor, and procured the buyer in the transaction.

July 15, 2022

Development Healthcare Southeast Tennessee

Realty Trust Group Opens 91,000 SF Healthcare Clinic at UT Medical Center in Knoxville

by John Nelson July 15, 2022

KNOXVILLE, TENN. — Realty Trust Group has opened the University of Tennessee Medical Center’s New Advanced Orthopaedic Institute, a 91,000-square-foot clinic in Knoxville. The freestanding property is situated within University of Tennessee Research Park at Cherokee Farms, which is across Alcoa Highway from UT Medical Center’s main campus. The clinic is operated by the University Orthopaedic Surgeons (UOS) and OrthoTennessee, which relocated from the main UT Medical Center campus to the new facility. Fourteen UOS and OrthoTennessee surgeons will practice at the new location and offer clinical, imaging, diagnostic, surgical, rehabilitative care and therapy services. In addition to developer Realty Trust Group, the project team included Barber McMurry Architects and general contractor Christman Co.

July 15, 2022

Acquisitions Life Sciences Maryland Office Southeast

CBRE Negotiates $25.5M Sale of Office Complex in Rockville, Maryland

by John Nelson July 15, 2022

ROCKVILLE, MD. — CBRE has negotiated the $25.5 million sale of Research Square, a two-building office complex located at 1500 and 1550 Research Blvd. in Rockville, a suburb of Washington, D.C. The seller is Westat, an employee-owned research company based in Rockville. Tommy Cleaver, Dan Grimes and Stuart Kenny of CBRE represented Westat in the transaction. The buyer was not disclosed. CBRE says that the properties, which were fully vacated at the time of sale, represent a “premier life sciences conversion opportunity” as the Washington-Baltimore Corridor ranked No. 2 in CBRE’s Life Sciences Research Talent 2022 report.

July 15, 2022

Acquisitions North Carolina Retail Southeast

Armada Hoffler Sells Two Single-Tenant Retail Properties in Durham for $23.9M

by John Nelson July 15, 2022

DURHAM, N.C. — Virginia Beach, Va.-based Armada Hoffler Properties has sold two single-tenant retail properties in Durham for a combined $23.9 million. The assets include a 120,000-square-foot store at 1700 N. Pointe Drive that is leased to The Home Depot and a 148,663-square-foot store at 1510 N. Pointe Drive leased to Costco. The adjacent, triple-net-leased stores are situated within two miles of Duke University and downtown Durham. Alex Sharrin, Alex Geanakos and Michael Roberts of JLL represented Armada Hoffler in the transaction. An unnamed investment firm based in New York City purchased both stores.

July 15, 2022

Acquisitions Georgia Multifamily Southeast

Berkadia Arranges $16.8M Sale of Terraces at Summerville Apartments in Augusta

by John Nelson July 15, 2022

AUGUSTA, GA. — Berkadia has arranged the $16.8 million sale of Terraces at Summerville, a 120-unit apartment community located at 817 Hickman Road in Augusta. Mark Boyce and Blake Coffey of Berkadia’s Charleston office represented the seller, Nebraska-based Burlington Capital Group, in the transaction. The buyer was Tennessee-based JBT Holdings. Built in 1972, Terraces at Summerville was 95 percent occupied at the time of sale. According to Apartments.com, the property features a pool, fitness center, laundry facilities, tennis court, clubhouse and picnic area.

July 15, 2022

Acquisitions Retail South Carolina Southeast

IPA Brokers $10.7M Sale of Cherrydale Market Shopping Center in Greenville

by John Nelson July 15, 2022

GREENVILLE, S.C. — Institutional Property Advisors, a division of Marcus & Millichap, has brokered the $10.7 million sale of Cherrydale Market, a newly built, 70,635-square-foot shopping center in Greenville. The property houses three tenants: Burlington, Ulta Beauty and Five Below. Zach Taylor of IPA arranged the transaction on behalf of the seller, an entity doing business as Cherrydale 245 LLC. The buyer was Agree Realty, a net lease retail REIT based in Bloomfield Hills, Mich. “We procured the equity for the developer to get the property out of the ground and sourced an active REIT willing to commit to a pre-sale during construction,” says Taylor.

July 15, 2022

Colorado Development Industrial Top Stories Western

Pepsi Buys 152 Acres in Denver to Develop 1.2 MSF Manufacturing Plant

by Jeff Shaw July 15, 2022

DENVER — PepsiCo Beverages North America (PBNA), a subsidiary of food and beverage giant PepsiCo Inc. (NASDAQ: PEP), has acquired nearly 152 acres of land in Denver. The company plans to build a 1.2 million-square-foot manufacturing facility on the site, which will be its largest in the country. The project will be triple the size of Pepsi’s existing facility in Denver’s River North Art District, where the company has operated since the 1950s. The new plant is scheduled to open in 2023 and will produce a variety of the company’s name-brand beverages, such as Pepsi, Pepsi Zero Sugar, Gatorade, bubly, Rockstar, Propel and Muscle Milk. The site is located within the Denver High Point development area, a massive, 5 million-square-foot industrial park currently under construction approximately 18 miles east of downtown near Denver International Airport. The new Pepsi plant will be the company’s most sustainable yet, according to the company, with plans for 100 percent renewable electricity, best-in-class water efficiency and reduced virgin plastic use. The initiative is part of Pepsi’s “pep+” pledge to positively impact the planet. Pepsi says the new location will also create 250 new jobs, in addition to the 250 employees already working at the downtown …

July 15, 2022

Development Midwest Missouri Multifamily

High Street Residential to Build 152-Unit Apartment Complex Near St. Louis

by Kristin Harlow July 15, 2022

KIRKWOOD, MO. — High Street Residential, a subsidiary of Trammell Crow Co., has unveiled plans to build its first multifamily project in the greater St. Louis area. Located at 416 N. Kirkwood Road in Kirkwood, The James will rise five stories with 152 apartment units and more than 7,000 square feet of ground-floor retail space. Completion is slated for early 2024. Amenities will include a clubroom, fitness center, work-from-home center, pet wash and an amenity terrace with a pool and grill stations. The development will offer 285 parking spaces. ESG Architecture & Design is the architect and Brinkmann Constructors is the general contractor.

July 15, 2022

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