Property Type

FPA Multifamily Sells 150-Unit Luna Fountain Hills Apartment Community in Arizona for $58.2M

by Amy Works March 18, 2022

FOUNTAIN HILLS, ARIZ. — FPA Multifamily has completed the disposition of an apartment property located at 13225 N. Fountain Hills Blvd. in Fountain Hills. A joint venture between Continental Realty Assets, a subsidiary of Denver-based Continental Realty Group, and Tokyo-based Nippon Steel Kowa Real Estate has acquired the asset for $58.2 million. The buyer has rebranded the 150-unit property as Luna Fountain Hills and is completing modern interior renovations to the units. Constructed in 1998 on 9.7 acres, the community features two-bedroom apartments, averaging 1,041 square feet, with semi-private entry, above-standard ceiling height, washers/dryers and private balcony/patio in select apartments. Onsite amenities include monitored security, a fitness center, business center, swimming pool, sundeck and spa. The community was formerly known as Arrive Fountain Hills. David Fogler and Steven Nicoluzakis of Cushman & Wakefield’s Phoenix Multifamily Advisory Group represented the seller in the deal.

March 18, 2022

Sorrento-Ridge-Research-Park-San-Diego-CA

Acquisitions California Life Sciences Office Western

Sterling Bay, Harrison Street Acquire Sorrento Ridge Research Park in San Diego for $34M

by Amy Works March 18, 2022

SAN DIEGO — Sterling Bay and Harrison Street have entered into a joint venture to purchase Sorrento Ridge Research Park, located at 6150 Nancy Ridge Drive in San Diego’s Sorrento Mesa submarket, for $34 million. The name of the seller was not released. Totaling 60,000 square feet, Sorrento Ridge Research Park is a fully vacant former office building, which was built in 1987 and renovated in 2021. The buyers plan to convert the property into a mix of Class A lab and creative office space. All lab space will include scientific research necessities such as fume hoods; lab benches with compressed air and vacuum; deionized water stations; piping for natural gas; and the option to add lab furniture, fixtures and equipment, if needed. The project is expected to undergo redevelopment improvements starting this year, with expected delivery to future tenants in 2023.

March 18, 2022

Acquisitions Multifamily Texas

RangeWater Real Estate Acquires 306-Unit Legacy Heights Apartments in San Antonio

by Taylor Williams March 18, 2022

SAN ANTONIO — Atlanta-based RangeWater Real Estate has acquired Legacy Heights, a 306-unit apartment community located in San Antonio’s Alma Heights neighborhood. The garden-style property was built in 2009. According to Apartments.com, the property features one-, two- and three-bedroom units and amenities such as a pool, fitness center, playground, picnic areas and a clubhouse. RangeWater plans to implement a value-add program. The seller was not disclosed.

March 18, 2022

Acquisitions Nevada Retail Western

CBRE Brokers Sale of 28,281 SF Regency Plaza Retail Center in Las Vegas

by Amy Works March 18, 2022

LAS VEGAS — CBRE has arranged the sale of Regency Plaza, a retail property located at 320 N. Nellis Blvd. in Las Vegas. Rock Ridge Regency Plaza LLC acquired the asset from Regency Developments LLC for $4.4 million. Roy Fritz, Michael Hsu, Dylan Heroy and Kellie Ortiz-Thompson of CBRE represented the seller in the transaction. Built in 1999 and renovated in 2017, five tenants fully occupy the 28,281-square-foot property on long-term leases.

March 18, 2022

Acquisitions Illinois Industrial Midwest Self-Storage

Harrison Street Sells 12-Property Self-Storage Portfolio Across Four States

by Kristin Harlow March 18, 2022

CHICAGO — Chicago-based Harrison Street has sold a portfolio of 12 self-storage facilities located across four states for an undisclosed price. Storage Post and Life Storage were the buyers. The portfolio consists of 625,598 rentable square feet across properties in Texas, New York, North Carolina and Illinois. Harrison Street operated the facilities in joint venture partnerships with Advantage Self Storage, Storage Post and Reliant Real Estate Management. Life Storage managed one of the properties on a third-party basis. The portfolio was 91 percent leased at the time of sale.

March 18, 2022

Development Industrial Michigan Midwest

NorthPoint Development to Build New Spec Industrial Project in Harper Woods, Michigan

by Kristin Harlow March 18, 2022

HARPER WOODS, MICH. — NorthPoint Development has unveiled plans to build Eastland Commerce Center in Harper Woods, a northeast suburb of Detroit. The speculative industrial project will consist of three buildings ranging from 200,000 to 536,000 square feet each. The development will be situated on an 80-acre site formerly occupied by Eastland Center shopping mall, which opened in 1957 and closed in late 2021. Joe Hamway and Greg Hudas of Signature Associates will market the project for lease. Pre-leasing is underway for Building 1, which will span up to 297,000 square feet and is slated for completion in early 2023. All three buildings are slated for completion by the end of 2023.

March 18, 2022

Acquisitions Industrial Texas

Stan Johnson Arranges Sale-Leaseback of 118,000 SF Industrial Portfolio in Goliad, Texas

by Taylor Williams March 18, 2022

GOLIAD, TEXAS — Stan Johnson Co. has arranged the sale-leaseback of a portfolio of 13 industrial facilities totaling 118,000 square feet in Goliad, about 100 miles southeast of San Antonio. John Rotunno of Stan Johnson Co. represented the seller and tenant, Oryx Oilfield Services, in the transaction. Colorado-based private equity firm Real Capital Solutions purchased the portfolio for an undisclosed price.

March 18, 2022

Indiana Leasing Activity Midwest Office

Spot Signs 42,500 SF Lease for New Office in Indianapolis

by Kristin Harlow March 18, 2022

INDIANAPOLIS — Spot Freight Inc., a logistics company, has signed a 42,500-square-foot lease at Capital Center for its second office in downtown Indianapolis. Spot will occupy the 11th and 12th floors of the newly renovated building and plans to hire more than 200 employees in Indianapolis by 2023. Completion of the tenant’s new office space is slated for the fourth quarter of this year. Mike Semler of Cushman & Wakefield represented Spot. The building owner, Zeller, has invested more than $8 million to renovate Capital Center. Spot’s current headquarters at 141 S. Meridian St. will continue to house the sales and service divisions of the company. Spot currently employs more than 400 employees in the U.S., with additional offices in Charlotte, N.C., and Tempe, Ariz.

March 18, 2022

Acquisitions Midwest Minnesota Multifamily

Marcus & Millichap Brokers $7.2M Sale of Apartment Building in Rochester, Minnesota

by Kristin Harlow March 18, 2022

ROCHESTER, MINN. — Marcus & Millichap has brokered the sale of The Quarters at Rochester for $7.2 million. The 63-unit apartment building is located at 826 21st Ave. SE near the Rochester Community and Technology College in Rochester. The property was constructed in 1986 and renovated in 2015. Chris Collins, David Wallace, Evan Miller and Matthew Shide of Marcus & Millichap represented the buyer and seller, both of which were limited liability companies.

March 18, 2022

Leasing Activity Midwest Minnesota Restaurant Retail

Shake Shack, Panera Bread Sign Leases at Rosedale Center in Roseville, Minnesota

by Kristin Harlow March 18, 2022

ROSEVILLE, MINN. — Shake Shack and Panera Bread have signed leases at Rosedale Center, a nearly 1.3 million-square-foot shopping center in Roseville, a suburb of the Twin Cities. Shake Shack will occupy 3,500 square feet, while Panera Bread will lease 4,000 square feet. Both establishments are scheduled to open in winter 2023 and will feature drive-thru service in addition to indoor and patio seating. Holly Rome and Lane Walsh of JLL, along with Robin Sande of Newmark, secured the tenants. Rosedale Center is home to roughly 160 retailers.

March 18, 2022

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