ALLEN, TEXAS — CTO Realty Growth (NYSE: CTO) has entered into an agreement to acquire a $30 million preferred equity stake in Watters Creek at Montgomery Farm, a 458,000-square-foot office and retail property located in the northeastern Dallas suburb of Allen. Retail tenants at the property include Market Street, Anthropologie, Mi Cocina, DSW, The Cheesecake Factory, Brio Italian Grille and Michaels. The owner/seller of the property was not disclosed.
MCKINNEY, TEXAS — Weitzman has arranged the sale of McKinney Marketplace, a 16,918-square-foot retail strip center located on the northern outskirts of Dallas. Shadow-anchored by Sprouts Farmers Market and LA Fitness, the property was fully leased at the time of sale to tenants such as Hollywood Feed, McKinney Emergency Vet, Waterview Dentistry, Little Caesars Pizza and Club Pilates. Derek Schuster and Kevin Butkus of Weitzman represented the seller, a Plano-based investment group, in the transaction.
PALM BEACH, FLA. — JLL Capital Markets has arranged the $35 million sale of 340 and 350 Royal Palm Way, two adjacent Class A office buildings totaling 44,625 square feet in Palm Beach. Ike Ojala, Hermen Rodriguez, Matthew McCormack, Max Lescano, Blake Koletic and Michael Roukis of JLL represented the seller, Chicago-based Pearlmark, and procured the buyer, CS Ventures. One of the properties, 340 Royal Palm Way, features 20,813 square feet of office space in a four-story building. The other property, 350 Royal Palm Way, has five stories and 23,812 square feet of office space. The 350 Royal Palm Way building is fully leased. In total, the properties offer 146 parking spaces in a mix of covered and surface spaces. The buildings are situated 5.3 miles from Palm Beach International Airport and 27.5 miles from Boca Raton. The assets are also close to Florida’s Turnpike and Interstate 95.
MIAMI — Colliers has negotiated the sale of the Borden Dairy Co./Velda Farms dairy processing facility in Miami for $21.8 million. Steven Wasserman and Erin Byers of Colliers represented the buyer, CP Logistics Miami 95 LLC, in the transaction. Harold Ginsberg from Southern Asset Service Corp. represented the seller, New Dairy Florida LLC, in the transaction. The buyer, which is an entity of Panattoni Development, has plans to redevelop the site into a 126,000-square-foot Class A warehouse. The current tenant for the past 50 years, Borden Dairy, will vacate the site for redevelopment. Construction is slated for completion by late 2023. Located at 501 NE 181st St., the property is situated 19.7 miles from the University of Miami and 15.7 miles from Miami International Airport.
DANVILLE, VA. — Clayco has broken ground on Tyson Foods’ new poultry processing facility in Danville. Construction started last month and is slated for completion by the spring of 2023. Built on a 64-acre site, the project will be used primarily for the production of fully cooked, Tyson-branded chicken products. Tyson Foods has committed to purchasing 60 million pounds of Virginia-grown chicken over the next three years. The chicken processing plant’s features will include a mezzanine level, ASRS cold storage structure, raw materials storage, production and packaging space, a two-story space for offices, and cold storage spaces that will range in temperatures throughout the building. A wastewater treatment plant will also be included. Lamar Johnson Collaborative is the designer for the project, with Clayco in charge of designing and building. Other project partners include Concrete Strategies, Tucker Jones and Stock Engineering.
CARLSBAD, CALIF. — Cushman & Wakefield has represented RPG in the sales of an office and mixed-use office/retail portfolio in Carlsbad. The assets sold for $86 million. Sold separately, the recapitalizations consisted of Fusion, a recently renovated, 121,541-square-foot, Class A creative flex office building that is fully leased; and Lift, a creative mixed-use, ground-up development consisting of two Class A loft-style buildings totaling 53,205 square feet. New York-based Clarion Partners acquired Fusion, located at 1950 Camino Vida Roble, with a full building value of $54 million. Renovated in early 2020, the property was formerly an industrial/distribution facility that was converted into a Class A creative flex project with extensive glass lines and high ceilings. At the time of sale, the property was leased to Alphatec Spine, a medical technology company based in Carlsbad. Lift Innovation Way LLC purchased Lift, which comprises two buildings situated within Bressi Ranch, with a full building value of $32 million. Building A, located at 6023 Innovation Way, offers two full floors of creative office space totaling 33,770 square feet. The 19,435-square-foot Building B, located at 6021 Innovation Way, features 8,708 square feet of ground-floor restaurant space and 9,950 square feet of second-floor creative office space. …
OAKLAND PARK, FLA. — Greystone has provided an $11.1 million Fannie Mae Delegated Underwriting and Servicing (DUS) loan to refinance Oakwood Apartments, a 124-unit multifamily property in Oakland Park. Kyle Jemtrud of Greystone originated the loan on behalf of 61-34 Madison Real Estate LLC. The nonrecourse loan carries a 15-year term and a 30-year amortization period, as well as a fixed interest rate and a 55 percent loan-to-value ratio. Built in 1971, Oakwood Apartments is a garden-style apartment community with four buildings featuring one- and two-bedroom units. Community amenities include an onsite pool and laundry facilities.
DEPTFORD, N.J. — JLL has negotiated the sale of Deptford Landing, a 517,096-square-foot retail power center located in Southern New Jersey’s Gloucester County. The property sits on a 67.3-acre site that sees more than 107,000 vehicles per day and was fully leased at the time of sale. Tenants include Designer Shoe Warehouse, Michaels, Five Below, PetSmart, Raymour’s Furniture, The Mattress Factory, Hand & Stone, Carter’s, Five Guys, Great Clips, Chipotle Mexican Grill and National Vision. Jose Cruz, Chris Munley, Steve Simonelli, J.B. Bruno, Jim Galbally, Colin Behr and Austin Pierce of JLL represented the undisclosed seller in the transaction. New Jersey-based Wharton Realty Group purchased the asset for an undisclosed price.
PORTSMOUTH, N.H. — New York City-based shopping center REIT RPT Realty (NYSE: RPT) has acquired The Crossings, a 510,000-square-foot retail power center located near the Massachusetts-New Hampshire border in Portsmouth, for $104 million. The open-air center was 95 percent leased at the time of sale, with grocers Trader Joe’s and Aldi anchoring the property. Other major users include Dick’s Sporting Goods, Best Buy, Kohl’s, Five Below, Ulta Beauty, Chipotle Mexican Grill and McDonald’s. The seller was not disclosed.
GYPSUM, COLO. — Marcus & Millichap has arranged the sale of Brightwater Club, a golf course and residential development opportunity in Gypsum. Gypsum Creek Holdings sold the asset to Siena Development for an undisclosed price. Brightwater Club consists of a master-planned, 640-acre residential development with a Phase II development planned on the adjacent 323-acre tract that currently has four residences, three barns and two lakes. James Stewart of Marcus & Millichap represented the seller and procured the buyer in the deal.