Property Type

Cortland Purchases New Apartment Complex in Metro Atlanta

by Alex Tostado September 17, 2019

PEACHTREE CORNERS, GA. — Cortland has purchased Echo Lakeside, a 296-unit apartment complex in Peachtree Corners that was delivered in April. The buyer will rebrand the property as Cortland Peachtree Corners. The property is bordered by two lakes, which includes two docks for residents to fish from or launch kayaks. Additional communal amenities include a clubhouse, business center, fitness center, swimming pool, rideshare space and a dog park. The seller and sales price were not disclosed, though the Gwinnett Daily Post reported that Brand Properties was the developer.

September 17, 2019

Industrial Leasing Activity South Carolina Southeast

Expeditors International Signs 143,000 SF Industrial Lease in Metro Charleston

by Alex Tostado September 17, 2019

HANAHAN, S.C. — Expeditors International of Washington Inc. has signed a 143,000-square-foot industrial lease within North Pointe Commerce Park in Hanahan. Expeditors will occupy 58 percent of the 247,000-square-foot building located at 1017 Northpointe Industrial Blvd., which is situated 14 miles northwest of downtown Charleston. Of the 143,000 square feet, 22,000 will be office space that the landlord, West-Signal, will build out. The building features tilt-up concrete construction, 32-foot clear heights, ESFR sprinkler systems and LED lighting. Expeditors is expected to begin occupying the space in early October. Jeff Kernochan of Fischer International and Hagood Morrison of Bridge Commercial represented the tenant in the lease negotiations. Peter Fennelly, Simons Johnson and Tim Raber of Bridge Commercial represented West-Signal, which is a joint venture owned by an affiliate of North Signal Capital LLC and a fund managed by Westport Capital Partners LLC.

September 17, 2019

Acquisitions Arizona Multifamily Western

ReNUE Properties Acquires 200-Unit Legacy Bungalows Multifamily Property in Phoenix for $26.1M

by Amy Works September 17, 2019

PHOENIX — ReNUE Properties has purchased Legacy Bungalows, a multifamily asset located in Phoenix. Legacy Partners sold the community for $26.1 million, or $130,500 per unit. Completed in 2002, Legacy Bungalows features 200 apartments in a mix of one-, two- and three-bedroom layouts with at least nine-foot ceilings and an average unit size of 852 square feet. The property is situated on 6.4 acres and less than two miles from Chase Field and Talking Stick Resort Arena. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

September 17, 2019

Acquisitions California Retail Western

Foothill Ranch Sells 121,883 SF Retail Space in Southern California for $22.2M

by Amy Works September 17, 2019

LAKE FOREST, CALIF. — Foothill Ranch LLC has completed the disposition of a portion of Foothill Ranch Towne Center, a 1 million-square-foot, master-planned regional retail center in Lake Forest. A private family trust acquired a 121,883-square-foot portion of the retail center, located at 36532 Towne Center Drive, for $22.2 million. Pete Bethea, Rob Ippolito and Glenn Rudy of Newmark Knight Frank represented the seller in the transaction. At the time of sale, five tenants fully occupied the sold portion: At Home, PetSmart, Chipotle Mexican Grill, Red Robin Gourmet Burgers and Brews and a nail salon. Walmart and Target anchor the overall retail center.

September 17, 2019

Acquisitions Retail Washington Western

Matthews Real Estate Negotiates $8.3M Sale of Albertsons-Occupied Asset in Millwood, Washington

by Amy Works September 17, 2019

MILLWOOD, WASH. — Matthews Real Estate Investment Services has negotiated the sale of a retail property located at 8851 E. Trent Ave. in Millwood, a suburb of Spokane. An undisclosed buyer acquired the asset for $8.3 million in an off-market transaction. Situated on 3.7 acres within a major shopping center, the property features 46,798 square feet of retail space and was built in 1991. Albertsons currently occupies the property on a 20-year lease. Additional tenants at the shopping center include Dairy Queen, Banner Bank, Redbox, Taco Time, Papa Murphy’s Take ‘N’ Bake, Scollard’s Dry Cleaning and Starbucks Coffee. Aron Cline of Matthews Real Estate Investment Services handled the transaction. Barrington Capital Corp. provided acquisition financing for the deal. The name of the seller was not released.

September 17, 2019

Development Leasing Activity Massachusetts Mixed-Use Northeast

Market Basket Supermarket Will Anchor 306,000 SF Mixed-Use Development in Maynard, Massachusetts

by Alex Patton September 17, 2019

MAYNARD, MASS. — Market Basket Supermarket will anchor the 306,000-square-foot Maynard Crossing mixed-use development currently under construction in Maynard, located approximately 23 miles west of Boston. The 70,000-square-foot store plans to hire 250 associates and will feature a full-service butcher and café with sandwiches, pizza and sushi. Capital Group Properties is developing Maynard Crossing, will include additional retail tenants and a 180-unit apartment complex called The Vue at Maynard Crossing. Maynard Crossing is slated for completion by the end of 2019. Additionally, Hawthorn Retirement Group is developing a 143-unit senior independent living community on the site called Camellia Gardens Gracious Retirement Living. General contractor JBJ Construction expects to complete this project by 2020.

September 17, 2019

Acquisitions California Industrial Western

Colliers Arranges Sale of 46,830 SF Industrial Building in San Diego for $6M

by Amy Works September 17, 2019

SAN DIEGO — Colliers International San Diego Region has brokered the sale of an industrial building, located at 7550 Panasonic Way in San Diego’s Otay Mesa neighborhood. Guy C Clum Trust sold the property to RMJF LLC for $6 million. Concurrent with the acquisition, the new owner was able to secure a long-term lease for the property. Mark Lewkowitz and Chris Holder of Colliers International represented the seller, while Craig Fitterer of Lee & Associates represented the buyer in the deal. Constructed in 2005, the 46,830-square-foot building features drive-around truck access, dock- and grade-level loading and a large, secured yard.

September 17, 2019

Development Mixed-Use New Hampshire Northeast

Brady Sullivan Redeveloping 112,000 SF Mixed-Use Project in Keene, New Hampshire

by Alex Patton September 17, 2019

KEENE, N.H. — Brady Sullivan Properties is redeveloping the Colony Mill Marketplace, an existing 112,000-square-foot mixed-use project in Keene, located about 50 miles southwest of Concord. Construction of 89 apartments is slated for completion by the end of fall 2019, and the property already encompasses Elm City Brewing Co., Keene Casino and NBT Bank. The mill was originally built in the mid-1700s and was traded and redeveloped numerous times before it reopened as Colony Mill Marketplace in 1983.

September 17, 2019

Acquisitions Idaho Industrial Self-Storage Western

Marcus & Millichap Brokers Sale of 166-Unit Self-Storage Facility Near Boise

by Amy Works September 17, 2019

KUNA, IDAHO — Marcus & Millichap’s LeClaire Group has arranged the sale of Kuna Self Storage, a self-storage facility in Kuna, a suburb of Boise. Messmer Properties sold the asset to an undisclosed buyer. The acquisition price was not released. Kuna Self Storage features 166 non-climate-controlled units, 15 rentable outdoor parking spaces, a fully fenced storage area and an on-site manager’s office. Jordan Farrer of Marcus & Millichap’s Salt Lake City office and Adam Schlosser of the firm’s Denver office, in cooperation with Paul Ryan of Marcus & Millichap’s Boise office, represented the seller in the deal.

September 17, 2019

Acquisitions Connecticut Northeast Retail

Cushman & Wakefield Brokers Sale of 179,000 SF Office Property in Stamford, Connecticut

by Alex Patton September 17, 2019

STAMFORD, CONN. — Cushman & Wakefield has brokered the sale of Soundview Plaza, a 179,000-square-foot office property in Stamford, a northeastern suburb of New York City. At the time of sale, the property was 88 percent leased to 15 tenants. Amenities include a cafeteria, fitness center and conference center. A Cushman & Wakefield team including Gary Gabriel, David Bernhaut, Andy Merin, Brian Whitmer, Frank DiTommaso II, Al Mirin, Matt Torrance and Kate Schwartz represented the undisclosed seller and procured the buyer, an affiliate of TL Holdings.

September 17, 2019

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