Property Type

CT Realty Sells 1.1 MSF NorCal Logistics Center Building for $105.3M

by Amy Works March 27, 2019

STOCKTON, CALIF. — CT Realty has sold a newly built, 1.1 million-square-foot industrial facility in Stockton. Bentall Kennedy Limited Partnership, on behalf of its U.S. Core Fund, acquired the asset for $105.3 million. The property is the first phase of development at the 342-acre NorCal Logistics Center. Located at 4532 Newcastle Road, the facility was fully leased to Amazon at the time of sale. The second phase of the NorCal Logistics is under construction and includes 2.7 million square feet spread across five buildings in a mix of speculative and build-to-suit projects. The next building — a 709,556-square-foot facility — is slated for completion at the end of August.

March 27, 2019

Acquisitions California Hospitality Western

Driftwood Acquisitions Enters California Market with $85.7M Marriott Mission Valley Purchase

by Amy Works March 27, 2019

SAN DIEGO — Driftwood Acquisitions and Development (DAD) has entered the California market with the acquisition of Marriott Mission Valley located at 8757 Rio San Diego Drive in San Diego. An undisclosed seller sold the property for $85.7 million. Built in 1988 on a 7.4-acre site, Marriott Mission Valley features 353 guest rooms, more than 37,000 square feet of meeting and event space, Dine Entertain Network Restaurant, M Club Lounge, a business center, fitness center, outdoor swimming pool and convenience store. DAD plans to develop a 130,000-square-foot, 150-key hotel on a 1.7-acre portion of the site. Slated for completion in 2021, the property will include 5,000 square feet of meeting space and a state-of-the-art fitness center.

March 27, 2019

Development Nevada Retail Western

Albertsons Cos. Acquires Site in Reno for 63,000 SF Safeway Store

by Amy Works March 27, 2019

RENO, NEV. — Albertsons Cos. has closed escrow on a 5.4-acre land site at the Damonte Ranch Town Center In Reno. Kelly Bland of NAI Alliance assisted in the sale of the property. The seller and terms of the transaction were not disclosed. The buyer plans to build a 63,000-square-foot Safeway store on the site by 2021. The store will be the fourth anchor tenant in the 50-acre shopping center. Other tenants include The Home Depot, RC Willey and Office Depot. Safeway Northern California is a division of Albertsons Cos., which operates more than 280 stores across northern California, Nevada and Hawaii under four banners: Andronico’s, Safeway, Safeway Community Markets and Vons.

March 27, 2019

Acquisitions Colorado Multifamily Western

Pinnacle Real Estate Negotiates $3M Sale of Apartment Building in Colorado

by Amy Works March 27, 2019

ARVADA, COLO. — Pinnacle Real Estate Advisors has brokered the sale of an apartment building located at 5351-5361 Everett St. in Arvada. An undisclosed buyer acquired the property for $3 million, or $152,500 per unit. Built in 1961, the property features 20 apartment units. Josh Newell of Pinnacle Real Estate Advisors brokered the transaction.

March 27, 2019

Acquisitions California Retail Western

SVN Desert Commercial Arranges $2.4M Sale Shoppes of Sierra Vista in Arizona

by Amy Works March 27, 2019

SIERRA VISTA, CALIF. — SVN Desert Commercial Advisors has brokered the sale of Shoppes at Sierra Vista, a shopping center located at 439/465 N. Highway 90 in Sierra Vista. Pennsylvania-based Kwang Lee of INU Real Estate Management acquired the property for $2.4 million. The seller was Barry Roth with Roth Partnership. At the time of sale, the property was 100 percent leased. Rommie Mojahed and Beau Flahart of SVN Desert Commercial represented the seller in the deal.

March 27, 2019

Alabama Loans Retail Southeast

Revere Capital Provides $25M Loan for Refinancing of Birmingham Shopping Center

by Alex Tostado March 26, 2019

BIRMINGHAM, ALA. — Revere Capital has provided a $25 million refinancing loan for Brookwood Village, a 411,441-square-foot shopping center in Birmingham. The asset sits on 22 acres, about six miles south of downtown Birmingham. Tenants include Target, Verizon Wireless, DSW, Macy’s and The Fresh Market. The borrower was not disclosed, but the property is listed under management by CAPREF Manager, a subsidiary of Dallas-based Cypress Equities.

March 26, 2019

Acquisitions Georgia Industrial Southeast

Hillwood Purchases 1 MSF Distribution Center in Northeast Georgia for $44.9M

by Alex Tostado March 26, 2019

PENDERGRASS, GA. — Hillwood, a Dallas-based industrial owner and developer founded by Ross Perot Jr., has purchased Valentine 85 Logistics Center, a 1 million-square-foot distribution building in Pendergrass. Atlanta Business Chronicle reports the sales price was $44.9 million. The asset was recently delivered by a joint venture between San Antonio-based USAA Real Estate and Atlanta-based Seefried Industrial Partners. Valentine 85 features 40-foot clear heights, 50-foot-by-56-foot bays with 60-foot speed bays, 446 car parking spaces and 267 trailer parking spaces. The property is located at 117 Valentine Industrial Parkway near Interstate 85, about 28 miles north of Athens.

March 26, 2019

Acquisitions Florida Industrial Self-Storage Southeast

SkyView Advisors Arranges Sale of 65,224 SF Self-Storage Facility in Tampa

by Alex Tostado March 26, 2019

TAMPA, FLA. — SkyView Advisors has arranged the sale of Seminole & Heights Self Storage, a 65,224-square-foot facility in Tampa. Located on a 2.1-acre site at 1011 E. Dr. Martin Luther King Jr. Blvd., the property offers nine non-climate-controlled units and 625 climate-controlled units. The buyer and sales price were not disclosed. Ryan Clark of SkyView Advisors represented the undisclosed seller.

March 26, 2019

Acquisitions Georgia Healthcare Southeast

Anchor Health Properties Acquires Two Medical Office Buildings in Metro Atlanta Totaling 45,000 SF

by Alex Tostado March 26, 2019

NEWNAN AND LAWRENCEVILLE, GA. — Anchor Health Properties has acquired two fully leased medical office buildings (MOBs) in metro Atlanta on behalf of the Chestnut Healthcare Fund, a discretionary equity fund focused on the acquisition and development of medical office assets across the United States. The first property, 721 Wellness Way in Lawrenceville, is occupied by Northeast Endoscopy, which provides services including gastroenterology, imaging and family medicine. The asset is adjacent to Gwinnett Medical Center, which recently announced a merger to become Northside Hospital, and about 30 miles northeast of downtown Atlanta. The second property is situated at 7110 Newnan Crossing Bypass in Newnan, about 35 miles southwest of downtown Atlanta. The Newnan property is adjacent to Piedmont Newnan Hospital and is occupied by Avail Dermatology. Colliers International represented the seller, an affiliate of Pace Lynch Realty, in the transaction. Synovus Bank provided acquisition financing on behalf of the buyer. The sales prices were not disclosed.

March 26, 2019

Florida Loans Retail Southeast

Ready Capital Provides $8M Acquisition Loan for Vacant Retail Property in Miami

by Alex Tostado March 26, 2019

MIAMI — Ready Capital has provided an $8 million acquisition, renovation and lease-up loan for an 8,000-square-foot, vacant building in the Miami neighborhood of Wynwood. Ready Capital provided the nonrecourse, interest-only, floating-rate loan that features a 36-month term with two extension options, flexible prepayment and is inclusive of a facility to provide future funding for capital expenditures and tenant leasing costs. The undisclosed borrower will use the funds to redevelop the property into high-street storefronts with a food and beverage concept in the back.

March 26, 2019

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