Property Type

Preiss, Investcorp Acquire 525-Bed Student Housing Community Near Georgia Tech in Midtown Atlanta

by Alex Tostado February 4, 2020

ATLANTA — A joint venture between The Preiss Co. and Investcorp has acquired Signature West Midtown, a 525-bed student housing community located near the Georgia Tech campus in Atlanta. The property offers one-, two-, three-, four- and five-bedroom units with bed-to-bath parity. Shared amenities include a resort-style swimming pool, sundeck, rooftop lounge, 24-hour fitness center, cyber cafe, ride-share lounge and bicycle storage alongside 10,500 square feet of retail. The seller and terms of the transaction were not disclosed.

February 4, 2020

Acquisitions Retail Southeast Virginia

S.L. Nusbaum Negotiates Sale of 49,161 SF Retail Center in Norfolk

by Alex Tostado February 4, 2020

NORFOLK, VA. — S.L. Nusbaum Realty Co. has negotiated the sale of Little Creek Marketplace, a 49,161-square-foot retail property in Norfolk. SWNC I LLC, a retail real estate fund led by Shannon Waltchack, acquired the center for an undisclosed price. Little Creek Marketplace was 97 percent leased at the time of sale to tenants including Verizon Wireless, Navy Federal Credit Union, Applebee’s, Wing Stop, Fuddruckers, Cookies and Cakes of Virginia, Beltone, Leisure Dental, The UPS Store, Hair Cuttery and Great Clips. The property is situated at the intersection of Little Creek Road and Tidewater Drive, six miles north of downtown Norfolk. Bill Overman and John Wessling of S.L. Nusbaum represented the buyer in the transaction. Doug Aronson, also with S.L. Nusbaum, represented the undisclosed seller. S.L. Nusbaum and Shannon Waltcheck will provide property management services and Chris Hucke of S.L. Nusbaum will be the leasing agent on the property for the new ownership.

February 4, 2020

Acquisitions Multifamily South Carolina Southeast

Berkadia Arranges Sales of Two Multifamily Communities in Metro Charleston for $17.8M

by Alex Tostado February 4, 2020

MONCKS CORNER AND GOOSE CREEK, S.C. — Berkadia has arranged the sale of Epson Oaks in Moncks Corner and Churchill Apartments in Goose Creek. South Carolina-based KAH LLC sold the two garden-style properties for a combined $17.8 million to Texas-based Napali Capital. Epson Oaks is located at 2000 Epson Plantation Drive, 35 miles north of downtown Charleston. The 72-unit property offers two- and three-bedroom floor plans. Churchill Apartments, situated at 601 Old State Road about 20 miles north of downtown Charleston, also comprises 72 units offering two- and three-bedroom floor plans. Mark Boyce and Blake Coffey of Berkadia represented the seller in the transaction. Richard Levine of Berkadia originated a $12.9 million Fannie Mae acquisition loan on behalf of Napali Capital.

February 4, 2020

Development Industrial Midwest Wisconsin

HSA Commercial to Develop 1 MSF Industrial Business Park in Bristol, Wisconsin

by Kristin Harlow February 4, 2020

BRISTOL, WIS. — HSA Commercial Real Estate has completed the acquisition of a 68-acre site in Bristol near I-94 and the Wisconsin-Illinois border. The company has received city approval to develop an industrial business park consisting of three buildings totaling more than 1 million square feet. The first two speculative buildings are slated for completion later this year, including a 157,300-square-foot warehouse and a 471,950-square-foot distribution center. Known as Bristol Highlands Commerce Center, the park will include walking paths, landscaping and a detention pond. Building clear heights will range from 32 to 36 feet. Partners in Design Architects, Pinnacle Engineering and Premier Design + Build make up the project team.

February 4, 2020

Acquisitions Healthcare Illinois Midwest

MLL Capital Purchases 95,043 SF Medical Office Building in Elgin, Illinois

by Kristin Harlow February 4, 2020

ELGIN, ILL. — MLL Capital has purchased a 95,043-square-foot medical office building located at 1435 N. Randall Road in Elgin. The purchase price and seller were undisclosed. The five-story property is located near I-90 on the campus of the Advocate Sherman Hospital. Both the building and connected hospital were constructed in 2009. Jonathan Swindle and Kyle Arnold of Waveland Property Group have been named leasing agents for the property. Boston-based MLL Capital was founded in 2016 and focuses its investments on medical office, laboratory and life sciences properties.

February 4, 2020

Development Healthcare Illinois Midwest

IMPACT Strategies Completes 70,000 SF Cancer Center in Shiloh, Illinois

by Kristin Harlow February 4, 2020

SHILOH, ILL. — IMPACT Strategies has completed construction of the new Siteman Cancer Center at Memorial Hospital East’s Shiloh campus. The building adds 70,000 square feet of treatment facilities and office space to the campus, which is situated about 20 miles east of St. Louis. Siteman Cancer Center is the only National Cancer Institute-designated comprehensive cancer care center in the region. The facility houses labs, a pharmacy, medical oncology infusion clinics and radiation oncology clinics. Archimages Architecture, David Mason & Associates Structural Engineering and IMEG Corp. Engineering made up the project team.

February 4, 2020

Leasing Activity Midwest Missouri Restaurant Retail

Five Guys Opens 3,000 SF Restaurant in Belton, Missouri

by Kristin Harlow February 4, 2020

BELTON, MO. — Five Guys Burgers and Fries has opened a 3,000-square-foot location within Cedar Tree Shopping Center in Belton, about 20 miles south of Kansas City. Located at the northwest corner of I-49 and Highway 58, Cedar Tree underwent a $13 million renovation in 2017. The Five Guys location in Belton is the brand’s 11th restaurant in metro Kansas City.

February 4, 2020

Acquisitions Colorado Multifamily Western

Riverpoint Partners, CentrePointe Properties Buy Brix on Belleview Apartments in Colorado for $29.9M

by Amy Works February 4, 2020

ENGLEWOOD, COLO. — Riverpoint Partners and CentrePointe Properties have acquired Brix on Belleview, an apartment community located in Englewood. An undisclosed seller sold the asset for $29.9 million. Located at 175 W. Belleview Ave., Brix on Belleview was built in phases between 1962 and 1971. The multifamily property features 175 units in a mix of studio, one-, two- and three-bedroom layouts. The 117,580-square-foot asset features 11 buildings and 206 parking spaces. Over the past five years, the property underwent more than $1.5 million in capital improvements, including new roofs, boilers and ground-up office/clubhouse; an extensive pool area remodel; exterior paint with new metal façades; a resurfaced parking lot; improved exterior lighting; and new barbecue grills, signage and windows. Dan Woodward, David Potarf, Matt Barnett and Jake Young of CBRE’s Denver office represented the seller in the transaction.

February 4, 2020

Dove-Valley-Business-Center-Englewood-CO

Acquisitions Colorado Industrial Western

Westcore Acquires Dove Valley Business Center in Colorado for $23M

by Amy Works February 4, 2020

ENGLEWOOD, COLO. — Westcore has purchased Dove Valley Business Center, a warehouse facility located at 14101 E. Otero Ave. in Englewood. Chicago-based Brennan Investment Group sold the property for $23 million. The newly constructed asset features 149,652 square feet of Class A warehouse space. At the time of sale, the facility was 50 percent leased. Westcore plans to add approximately 1,000 square feet of speculative office space to the building. Westcore was self-represented, while Bo Mills of JLL, along with Tyler Reed and Dominic DiOrio of Stream Realty Partners, represented the seller in the deal.

February 4, 2020

Acquisitions California Colorado Retail Western

Faris Lee Brokers Sales of Two Retail Assets in Southern California, Colorado Springs

by Amy Works February 4, 2020

ORANGE COUNTY, CALIF., AND COLORADO SPRINGS, COLO. — Faris Lee Investments has arranged the sales of two retail properties located in Southern California and Colorado Springs. In the first deal, an undisclosed seller divested of Brea Center, a grocery-anchored shopping center in Orange County. An undisclosed buyer acquired the asset for $17.6 million. Current tenants include Vons, Bank of America, Pet Wants, Aulestics and Painted Nest. Don MacLellan, Rick Chichester and Jeremy Warren of Faris Lee Investments represented the seller in the transaction. In the second deal, Sabal Capital Group completed the sale of Carefree Shopping Center, a grocery-anchored neighborhood center in Colorado Springs. An undisclosed buyer acquired the property for $8.5 million. At the time of sale, the property was 62 percent occupied by a variety of tenants, including Save-a-Lot, Family Dollar, Carefree Chiropractic, Appliance Outlet, Pizza Hut and a laundry lounge. MacLellan, Chichester, Warren and Phil Ramming of Faris Lee represented the seller in the transaction.

February 4, 2020

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