BLUE SPRINGS, MO. — Comfort Dental has signed a 10-year lease at a building formerly occupied by Blockbuster in Blue Springs, 19 miles east of Kansas City. The 3,000-square-foot building is located at the intersection of Highway 7 and Highway 40. Marshal Blount and Phil Peck of Block & Co. Inc. Realtors represented the owner, MJP 40 Highway LLC. Mohammed Starks of Square State Realty represented Comfort Dental.
NEW YORK CITY — Global asset manager Investcorp, which is based in Bahrain and has its U.S. office in New York City, has acquired 11 multifamily properties totaling 2,615 units across the United States. The sales price was $370 million. The properties are located throughout six primary markets: Orlando, Tampa, Raleigh, Atlanta, Philadelphia and St. Louis. Madison Apartment Group, an affiliate of the seller, Philadelphia-based Equus Capital Partners, will continue to manage the communities after overseeing capital improvement programs at each property. The portfolio was approximately 95 percent leased at the time of sale with an average construction date of 1994 and an average unit size of 1,020 square feet. Equus acquired the properties between 2013 and 2015 and collectively spent about $20 million upgrading them. “The portfolio is positioned to deliver an attractive, stable and predictable cash flow for the new venture with Investcorp, while at the same time the markets continue to support further enhancement opportunities and ability to push rents higher,” says Christopher Locatell, senior vice president and director of dispositions for Equus. Investcorp executives noted that the deal marked the firm’s largest real estate acquisition in the United States in the last decade, and was appealing …
SOUTH FULTON, GA. — Adams & Co. Real Estate Inc. will break ground on a 48,387-square-foot Publix this fall within its Sandtown Crossing mixed-use project in South Fulton. The new Publix will be flanked by two 8,200-square-foot buildings and is scheduled to open in fall 2020. The grocer will join a CVS/pharmacy, 15,000 square feet of retail space and 18,000 square feet of office space. Sandtown Crossing is situated on the corner of Camp Creek Parkway and Campbellton Road, 15 miles west of downtown Atlanta.
MARIETTA, GA. — Fogelman Properties has sold The Hamptons at East Cobb, a 196-unit apartment complex in Marietta, for $33.6 million. The property is located at 1523 Roswell Road, 18 miles north of downtown Atlanta. The property offers one-, two- and three-bedroom floor plans, as well as lighted tennis courts, a dog park, clothes care center, car care center, swimming pool, 24-hour fitness center and picnic and barbecue areas. Kevin Geiger, Shea Campbell, Malcomb McComb, Paul Berry and Ashish Cholia of CBRE represented the seller in the transaction. Kansas-based Cohen-Esrey acquired the community.
POOLER, GA. — NAI Mertz has brokered the $25.5 million sale of 200 S.H. Morgan Parkway, an industrial building situated within Prologis Savannah Logistics Center. Scott Mertz of NAI Mertz represented the undisclosed buyer in the transaction. Mertz also represented Pioneer Logistics Systems, a start-up logistics firm, in signing a 356,831-square foot lease within the building. Pioneer Logistics Systems is based in East Rutherford, N.J., and specializes in print and media industries. Prologis Savannah Logistics Center is a 252-acre industrial park located near Interstate 95 and about 10 miles west of the Port of Savannah. Other tenants at the industrial park include FedEx, Home Décor and Matson Logistics.
HARRISONBURG, VA. — Berkadia has negotiated the $14.6 million sale of Foxhill Townhomes, a 101-unit multifamily community in Harrisonburg. Foxhill Townhomes is located at 1627 Devon Lane, less than two miles from James Madison University. Community amenities include a playground, business center, swimming pool, clubhouse, picnic and barbecue areas, tanning salon, conference room and a residents’ lounge. The community was built in 1998 and was sold at a rate of $144,950 per unit to DD Foxhill LLC. David Hudgins and Alan Meetze of Berkadia represented the seller, THH II LLC, in the transaction.
DAVIDSON, N.C. — HFF has arranged the $10.2 million sale of Davidson Medical Office Building, a healthcare building located at 705 Griffith St. in Davidson, about 20 miles north of downtown Charlotte. Situated on 1.8 acres, the property was delivered in 2001 and was 95 percent leased at the time of sale to medical tenants including Atrium Health. Zack Drozda, Evan Kovac, Ben Appel and Andrew Milne of HFF represented the seller, Canvass Capital, in the transaction. The team also procured the buyer, a real estate private equity firm.
SALT LAKE CITY — SALT Development has completed the sale of 4th West, a multifamily property located at 255 N. 400 W in downtown Salt Lake City. Although the acquisition price and buyer were not released, the company claims that the transaction represents the largest total dollar single-asset sale in Utah’s history. Constructed in 2017, 4th West features 493 units, a one-acre rooftop community space with zero-edge pool and private cabanas; exclusive Sky Lounge with fire pits and grilling stations; and a clubhouse with a full-service kitchen and 5,100-square-foot health club, including a spin and yoga studio. Additionally, the community features a gated dog park, pet grooming station, bike wash with storage, business center with conference rooms, and a sports lounge with a TruGolf simulator, pool tables and 16-screen multiplex LED TV. The property is located adjacent to TRAX, offering direct access to Salt Lake City’s light rail system. Eli Mills and Patrick Bodnar of CBRE represented the seller in the deal.
VISTA, CALIF. — Pathfinder Partners, in partnership with Silvergate Development, has completed the construction of Creekside Apartments, a multifamily community located at 215 Vista Village Drive in Vista. Situated on 1.5 acres, the property features 41 units in a mix of studio, one- and two-bedroom layouts ranging from 480 square feet to 1,135 square feet. All units include washers/dryers, wood-style plank flooring, quartz countertops, floor-to-ceiling windows and energy-efficient stainless steel appliances. Community amenities include a high-end clubhouse and lounge, as well as an outdoor area with barbecues, fire pit and complimentary Wi-Fi. San Diego-based Sunrise Management is overseeing all marketing/branding, leasing and day-to-day operations at the property.
CITY OF INDUSTRY AND SUN VALLEY, CALIF. — Rexford Industrial Realty has acquired two industrial properties in Southern California for $34.5 million. The company purchased a 190,900-square-foot industrial property at 218 S. Turnbull Canyon Road in City of Industry for $27.1 million, or $142 per square foot. Situated on 8.8 acres, the property was fully leased to a single tenant at a below-market rent. The facility features 30-foot clear heights, 44 dock doors and ESFR fire sprinklers. Additionally, Rexford Industrial acquired an asset located at 9750 San Fernando Road in Sun Valley for $7.4 million, or $63 per square foot. The fully leased, paved site features 35,624 square feet of improvements on 2.7 acres, with significant outdoor storage space and potential for future development of a new distribution building. Year-to-date, Rexford has acquired $463 million in assets.
