Property Type

Gladstone Commercial Acquires Industrial Portfolio in Central Florida for $19.1M

by Alex Tostado April 9, 2019

OCALA, FLA. — Gladstone Commercial Corp. has acquired a two-building, 383,000-square-foot industrial portfolio in Ocala for $19.1 million. The two buildings are fully leased to Signature Brands LLC with a 20-year lease term. Gladstone acquired the buildings in a sale-leaseback transaction with Signature Brands, a food manufacturer and distributor focusing on confectionary products like sugar, sprinkles and icings. The first building, a 207,000-square-foot facility located at 1900 SW 38th Ave., was built in 2001 and expanded in 2010 and primarily serves as Signature Brands’ popcorn manufacturing and distribution center. Signature Brands has invested more than $15 million in the facility. The other building is located at 808 SW 12th St., spans 176,000 square feet and is used for the manufacturing of decorative baking products.

April 9, 2019

Acquisitions Maryland Retail Southeast

Neuman Commercial Arranges $18.2M Sale of Grocery-Anchored Shopping Center in Baltimore

by Alex Tostado April 9, 2019

BALTIMORE — Neuman Commercial Group has arranged the $18.2 million sale of Alameda Marketplace, a 124,000-square-foot shopping center anchored by Shoppers Food in Baltimore. The asset was 90 percent leased at the time of the sale to 15 tenants including Walgreens, Family Dollar, Rent-A-Center, Planet Fitness, Fresenius Medical, Rainbow and Bank of America. Gil Neuman of Neuman Commercial represented the sellers, Atlantic Realty Co. and Walton Street Capital, in the transaction. The buyer was a private regional investment group. This is the second time that Neuman Commercial has represented the seller in selling Alameda Marketplace. In 2014, Continental Realty Co. sold the property to Atlantic Realty for $11.3 million.

April 9, 2019

Acquisitions Georgia Retail Southeast

Cole Credit Property Trust Sells LA Fitness-Anchored Retail Center in Metro Atlanta

by Alex Tostado April 9, 2019

DOUGLASVILLE, GA. — Cole Credit Property Trust IV Inc. has sold Village at Chapel Hill, a 62,719-square-foot, LA Fitness-anchored retail center in Douglasville, about 20 miles west of downtown Atlanta. The asset was built in 2009 and was 97 percent leased at the time of the sale. The property is shadow-anchored by Aldi and includes other tenants such as Yogli Mogli, One Main Financial, Chapel Hill Dentistry and Blue Agave Mexican Restaurant. Jim Hamilton, Brad Buchanan, Mike Allison and Andrew Kahn of HFF represented the seller in the transaction. LBX Investments bought the retail center. The sales price was not disclosed.

April 9, 2019

Leasing Activity North Carolina Office Southeast

Avison Young Negotiates 56,556 SF Headquarters Lease for Automotive Tech Firm in Charlotte

by Alex Tostado April 9, 2019

CHARLOTTE, N.C. — Avison Young has negotiated a 56,556-square-foot lease for Transbotics to move its headquarters to 2205 Beltway Blvd. within Westpark85 in Charlotte. The tenant, which specializes in automatic guided vehicles (AGVs), is almost doubling its square footage with the move from its existing facility at 3400 Latrobe Drive in Charlotte. Transbotics expects to move into the space in June when the landlord, Foundry Commercial, completes the interior buildout of the space. Westpark85 is a 1.2-million-square-foot development being constructed in two phases on 107 acres near interstates 85 and 485. Christopher Skibinski, Henry Lobb and Tom Tropeano of Avision Young represented the tenant in the lease transaction. Fermin Deoca and Warren Snowdon of Foundry Commercial internally represented the landlord.

April 9, 2019

Acquisitions Multifamily Nevada Utah Western

Next Wave Investors Acquires Two Multifamily Properties in Nevada, Utah Totaling 188 Units

by Amy Works April 9, 2019

WEST VALLEY CITY, UTAH, AND LAS VEGAS — Next Wave Investors has purchased two multifamily communities in Nevada and Utah totaling 188 units for an undisclosed price. Additional details of the acquisitions were not released. Next Wave acquired Harlow Apartments, a 98-unit property located at 10602 W. Alexander Road in Las Vegas, with units averaging 1,061 square feet. The resort-style, Class A property was built to condominium specifications and was more than 95 percent occupied at time of sale. Unit amenities include walk-in closets, USB ports, vinyl-plank flooring, nine-foot ceilings and smart-technology package that includes Alexa devices, Nest thermostats, lighting and locks, as well as the smart apartment Dwelo app. The company also purchased Aspen Village Apartments, a 90-unit property located at 3043 W. 3500 S in West Valley City, near the 215 Beltway and Bangerter Highway. As of January, the property was 96.7 percent leased with units averaging 950 square feet. Situated near Fairbourne Station, a new mixed-use development, Aspen Village is in its original condition, which allows Next Wave to add value to the property with unit and amenity upgrades.

April 9, 2019

Acquisitions California Multifamily Western

Levin Johnston Directs $10M Sale of Multifamily Community in San Jose, California

by Amy Works April 9, 2019

SAN JOSE, CALIF. — Levin Johnston of Marcus & Millichap has arranged the sale of Delano Apartments, a multifamily property located at 272-280 La Pala Drive in San Jose. A private, high-net-worth investor sold the property for an undisclosed price. Built in 1960, Delano Apartments features 35 units in a mix of one- and two-bedroom layouts. Community amenities include a swimming pool, on-site leasing office, coin-operated laundry facility and secured gated perimeter with security cameras. The newly renovated units feature granite countertops, engineered hardwood flooring, stainless steel appliances and modern light fixtures. Adam Levin and Robert Johnston of Levin Johnston represented the seller in the deal.

April 9, 2019

Acquisitions California Restaurant Retail Western

Hanley Investment Group Arranges $3.5 Million Sale of Raising Cane’s Location in Southern California

by Amy Works April 9, 2019

FONTANA, CALIF. — Hanley Investment Group has arranged the $3.5 million sale of a single-tenant building situated on 0.6 acres within a Sprouts Farmers Market-anchored retail center in Fontana. The 3,233-square-foot property is fully leased to a Raising Cane’s Chicken Fingers restaurant, which opened in February. Other tenants at Highland Village shopping center include Jack in the Box, Burgerim, Jersey Mike’s, Oggi’s Restaurant, Mountain View Tires, Pacific Dental and Quick Quack Car Wash. Kevin Fryman, Bill Asher and Jeff Lefko of Hanley represented the seller, Adler Realty Investments Inc., in the transaction. Kevin Boeve of Marcus & Millichap represented the buyer, a private investor based in Covina, Calif.

April 9, 2019

Acquisitions California Office Western

Optimus Properties Sells 16,000 SF Office Building in West Los Angeles

by Amy Works April 9, 2019

LOS ANGELES — An affiliate of Optimus Properties has completed the sale of an office building located at 864 S. Robertson Blvd. in West Los Angeles. Terms of the sale were not disclosed. Originally built in 1956 and renovated in the 1980s, the 16,000-square-foot property features three floors, parking and several rooftop patios. Optimus completed improvements on the interior and exterior, including modernization of the entrance, lobby, common areas and new, ADA-compliant bathrooms.

April 9, 2019

Acquisitions Arizona Retail Western

Del Mar Ventures Buys Campbell Crossing Retail Center in Phoenix with Plans to Renovate

by Amy Works April 9, 2019

PHOENIX — Del Mar Ventures Group has acquired Campbell Crossing, an infill retail center located at 4514 N. 16th St. in Phoenix. MCK Realty sold the property for $2.5 million, or $105.37 per square foot. The 1980s-vintage asset features 23,725 square feet across with 15 suites, with five tenants currently in place. Del Mar Ventures plans to remodel the property and change the tenant mix. The firm plans to reposition Campbell Crossing as a high-end retail destination by updating and modernizing building exteriors and interiors and installing high-quality tenants. Jerry Jacobs and David Guido of Newmark Knight Frank represented the buyer in the transaction.

April 9, 2019

Development Indiana Industrial Midwest

Greenleaf Foods to Invest $310M for Manufacturing Plant in Shelbyville, Indiana

by Kristin Harlow April 9, 2019

SHELBYVILLE, IND. — Greenleaf Foods SPC has selected Shelbyville as the location for a new plant-based protein foods production facility. The company says it will invest $310 million in the new plant and create as many as 460 jobs by the end of 2022. The 230,000-square-foot facility will double Greenleaf’s production capacity. Greenleaf has not yet selected a general contractor for the build-to-suit project. Incentives from the city and Shelby County totaled $2.5 million. The state offered up to $5 million in conditional tax credits and as much as $1 million in training grants based on job creation plans. The state also offered up to $1.25 million from the Industrial Development Grant Fund. Greenleaf makes foods under the Lightlife Foods and Field Roast Grain Meat Co. brands. The company is a wholly owned subsidiary of Toronto-based Maple Leaf Foods Inc. Established in 2018, Greenleaf is headquartered in Chicago and currently operates facilities in Seattle and Turner Falls, Mass.

April 9, 2019

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