Property Type

CBRE Arranges Sale of 138,887 SF Valrico Commons Shopping Center in Valrico, Florida

by Julia Sanders August 31, 2021

VALRICO, FLA. — CBRE has arranged the sale of Valrico Commons, a 138,887-square-foot shopping center located at 1971 E State Road 60 in Valrico. Built in 1986 and redeveloped in 2011, Valrico Commons was 93 percent leased at the time of sale to tenants including Publix, Ross Dress for Less and Five Below. Casey Rosen and Dennis Carson of CBRE represented the seller, which includes affiliates of North American Development Group and Primerica Group One. An affiliate of Phillips Edison & Co. was the buyer. The sales price was not disclosed.

August 31, 2021

Acquisitions Florida Industrial Southeast

Easton Group, LBA Logistics Acquire Warehouse Property in South Florida for $19.5M

by Julia Sanders August 31, 2021

DORAL, FLA. — The Easton Group and LBA Logistics have acquired a 105,365-square-foot warehouse in Doral for $19.5 million. Hani Jardack of Jardack Commercial Realty represented the locally based seller, Badia, a manufacturer of spices and herbs. Dalton Easton of Easton & Associates represented the Easton-LBA joint venture in the transaction. Located at 9880 NW 25th St., the warehouse property is equipped with air conditioning throughout, solar panels on the roof, 26-foot clear heights and 192 parking spots. Built in 1998, 12,000 square feet is dedicated to office space. Badia was the previous anchor tenant at the property but vacated the building to go to a new location. Easton will begin marketing the property for a new single-user tenant. This warehouse property is Irvine, Calif.-based LBA’s second joint venture with Doral-based Easton Group in South Florida. The two are also partnering on a ground-up development of a 266,760-square-foot warehouse in Hialeah Gardens, Fla., that is due to be delivered in the second quarter of 2022.

August 31, 2021

Acquisitions Alabama Industrial Self-Storage Southeast

Marcus & Millichap Brokers Sale of 460-Unit Self-Storage Facility in Athens, Alabama

by Julia Sanders August 31, 2021

ATHENS, ALA. — Marcus & Millichap has brokered the sale of a 460-unit self-storage facility located in Athens. The sales price was not disclosed. The storage facility is located approximately 25 miles from Huntsville. The facility features 356 climate-controlled units and 104 non-climate-controlled units. The 60,234-square-foot facility was recently delivered and is not open for public use as of this writing. Gabriel Coe, Brett Hatcher and Eddie Greenhalgh of Marcus & Millichap represented the seller in the transaction, and the buyer was self-represented. Both the buyer and seller requested anonymity.

August 31, 2021

Development Multifamily Southeast Tennessee

Fogelman Completes Redevelopment Project at 614-Unit Stewarts Ferry Apartments in Nashville

by Julia Sanders August 31, 2021

NASHVILLE, TENN. — Fogelman Properties has completed the redevelopment of Stewarts Ferry, a 614-unit multifamily community located at 8100 Stewarts Ferry Parkway in Nashville. The renovation project took 18 months, and the development cost was $1 million. Fogelman made interior and exterior upgrades, as well as made enhancements to the pool area including the addition of an outdoor kitchen, LED lighting and brick pool deck. The community also unveiled a new fitness center with equipment and workout programs. Built in 1986, Stewarts Ferry offers one- and two-bedroom apartments and townhomes with rental rates starting at $1,113. The units feature oak cabinets and vanities, washers and dryers, patios or balconies, fireplaces and walk-in closets, as well as upgraded units available for rent. Additional community amenities include two stocked fishing ponds, a lighted tennis court and a community walking trail. The property is currently 97 percent occupied.

August 31, 2021

Acquisitions Industrial Texas

Eastgroup Properties Acquires DFW Global Logistics Centre in Grapevine for $89.7M

by Taylor Williams August 31, 2021

GRAPEVINE, TEXAS — Mississippi-based investment firm Eastgroup Properties has acquired DFW Global Logistics Centre, a 611,000-square-foot industrial park located adjacent to Dallas-Fort Worth International Airport in Grapevine, for $89.7 million. The four-building development was fully leased at the time of sale. The deal increases Eastgroup’s total footprint in the metro Dallas market to approximately 4.5 million square feet. The seller was not disclosed.

August 31, 2021

Acquisitions California Multifamily Western

Oakmont Properties Sells Autumn Ridge Apartments in Citrus Heights, California to Kennedy Wilson for $120M

by Amy Works August 31, 2021

CITRUS HEIGHTS, CALIF. — Oakmont Properties has completed the disposition of Autumn Ridge, an apartment property located at 6011 Shadow Lane in Citrus Heights. Kennedy Wilson Fund VI, a commingled fund managed by Kennedy Wilson, acquired the asset for $120 million. Marc Ross of CBRE represented the seller in the deal. Andrew Behrens and Jesse Weber of CBRE’s San Francisco office organized acquisition financing for the buyer. Originally built in 1986, Autumn Ridge features 410 apartments in a mix of one- and two-bedroom layouts. Community amenities include three swimming pools and spas, a clubhouse, fitness center, fireplace lounge, racquet ball court, tennis court and business center. At the time of sale, the property was 96 percent leased.

August 31, 2021

California Development Industrial Western

Bridge Industrial Transforms Former Asphalt Factory into 415,320 SF Industrial Facility in Long Beach, California

by Amy Works August 31, 2021

LONG BEACH, CALIF. — Bridge Industrial has completed its intensive environmental remediation of 2400 E. Artesia Boulevard and construction of Bridge Point Long Beach, a 415,320-square-foot Class A industrial facility in Long Beach. Bridge acquired the property, the former home of an asphalt refinery, in 2019. Following the purchase, the company replaced the outdated facility with a sustainable, 416,000-square-foot warehouse complex with 21,000 square feet of dedicated office space. The property also features 453 parking stalls, including 104 outfitted with electric vehicle chargers; 61 trailer parking stalls; 36-foot clear ceiling heights; extensive landscaping; a solar-ready roof; and ESFR sprinkler systems. The building was pre-leased prior to its completion in August to a leading transportation and logistics provider of choice for the U.S. Postal Service for its warehousing and distribution operations. The company will begin its occupancy in September. The redeveloped site is part of the continued renewal of the Artesia Boulevard corridor and the project included substantial environmental remediation with oversight by the Southern California Regional Water Quality Control Board and South Coast Air Quality Management District.

August 31, 2021

Acquisitions Colorado Multifamily Northmarq Western

NorthMarq Brokers $88.7M Sale of Park 17 Multifamily Community in Denver

by Amy Works August 31, 2021

DENVER — NorthMarq has arranged the sale of Park 17, an apartment property located at 1210 E. 17th Ave. in Denver. Kairoi Residential sold the asset to an undisclosed buyer for $88.7 million. Completed in July 2020, Park 17 features 190 apartments in 34 floor plans ranging from 504 square feet to 1,663 square feet with nine- to 12-foot ceilings, modern technology packages, Moen plumbing fixtures, glass and custom porcelain backsplashes, Nest thermostats, keyless entries, stall showers and side-by-side refrigerators. On-site amenities include a fourth-floor infinity pool overlooking the Denver skyline. Dave Martin and Brian Mooney of NorthMarq’s Denver office represented the seller in the deal. David Link and Jeff DeHarty of NorthMarq’s Denver debt/equity team arranged $45 million in acquisition financing for the borrower through its relationship with a life insurance company. The transaction was structured with a 10 years of interest-only payments.

August 31, 2021

Development Multifamily Student Housing Texas

Parallel to Develop 802-Bed Student Housing Community in College Station

by Taylor Williams August 31, 2021

COLLEGE STATION, TEXAS — Austin-based developer Parallel will build an 802-bed student housing community within the Northgate Campus area near Texas A&M University in College Station. Parallel has entered into a ground lease with the University Lutheran Church of College Station to develop the 18-story community. The property’s 298 units will be furnished with quartz countertops, stainless steel appliances, tile backsplashes and smart technology features. Amenities will include a rooftop pool and hot tubs, an outdoor theater, fitness center, sand volleyball court, outdoor kitchen areas, fire pits and other outdoor formal and informal gathering areas. Completion is slated for summer 2023.

August 31, 2021

Acquisitions Arizona Loans Multifamily Western

CBRE Arranges $29.4M Acquisition Loan for 208-Unit Apartment Property in Glendale, Arizona

by Amy Works August 31, 2021

GLENDALE, ARIZ. — CBRE has secured a $29.4 million loan for InTrust Property Group to acquire Sunflower and Veranda Apartments in Glendale. Terms of the acquisition were not released. Located at 6015 and 5959 W. Olive Ave., the gated multifamily properties offer a total of 208 units ranging from 450 square feet to 1,150 square feet. Community amenities include three swimming pools, grill and picnic areas and on-site property management. The Newport Beach, Calif.-based buyer plans to upgrade all units to include stainless steel appliances, new cabinetry and quartz countertops. The loan, which was structured with a three-year term and two one-year extensions, will provide funding for the future capital improvements and renovation of the asset. Shaun Moothart, Bob Ybarra, Bruce Francis and Doug Birrell of CBRE arranged the loan for the borrower.

August 31, 2021

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