Property Type

Transwestern Development Sells Apartment Property in Austin to Invesco

by John Nelson January 7, 2019

AUSTIN, TEXAS — Transwestern Development Co. has sold The Arnold, a 346-unit apartment community located at 1621 E. Sixth St. in Austin. Atlanta-based Invesco Real Estate purchased the property for an undisclosed amount. Transwestern Development delivered The Arnold in July 2016. The community was 95 percent occupied at the time of sale. The Arnold features a resort-style pool; activity courtyard with bocce ball court, dining area, outdoor fireplace and grilling area; roof deck with views of downtown Austin, fire pit, outdoor seating and grilling kitchen; indoor lounge with interactive cooking kitchen, TV and business meeting areas; lounge with vintage video games, TVs, catering kitchen and keg refrigerator; fitness center with yoga studio, cardio equipment, free weights and classes by FX Fitness; bike storage; on-site Bike Share Austin bike station; and private storage units. Unit interiors include Whirlpool stainless steel appliances, quartz countertops, custom wood cabinets, kitchen island, full-sized washer and dryer connections, bike storage and private balconies.

January 7, 2019

Acquisitions Industrial Texas

Marcus & Millichap Brokers Sale of Flex Industrial Park in Fort Worth

by John Nelson January 7, 2019

FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Beach Street Business Park, an 11-building flex industrial park located near Interstate 35 in Fort Worth. Built in 2004, the complex was fully leased at the time of sale. Cody Payne of Marcus & Millichap’s Fort Worth office secured the buyer, a private investor, in the transaction. The seller and sales price were not disclosed.

January 7, 2019

Acquisitions North Carolina Office Southeast

PAC Acquires Office Complex in Charlotte’s SouthPark District for $209M

by Alex Tostado January 7, 2019

CHARLOTTE, N.C. — Preferred Apartment Communities Inc. (PAC) has acquired Capitol Towers, a 477,704-square-foot office complex in Charlotte’s SouthPark neighborhood. Charlotte Business Journal reported that the two 10-story buildings sold for $209 million. PAC purchased the asset through its subsidiary, Preferred Office Properties LLC. At the time of sale, PAC signed an undisclosed tenant to a 33,000-square-foot lease, bringing the project to 95 percent occupancy. Campbell Walker of Lincoln Harris represented the landlord in the transaction, and Chris Schaaf and Jim Thorp of JLL represented the tenant. Capitol Towers is located about six miles south of downtown Charlotte. New York Life Insurance Co. provided acquisition financing to PAC, which has retained Lincoln Harris to lease and manage the property.

January 7, 2019

Acquisitions Florida Georgia Office Southeast

Highwoods Properties Sells Two Office Buildings in Metro Atlanta, Tampa for $54.5M

by Alex Tostado January 7, 2019

ALPHARETTA, GA. AND TAMPA, FLA. — Highwoods Properties has sold Two Point Royal, a 124,000-square-foot building in Alpharetta, and Highwoods Preserve I, a 199,000-square-foot building in northeast Tampa, for a combined $54.5 million. The office buildings were 91 percent leased at the time of the sale. The undisclosed buyer has retained Highwoods as property manager of Highwoods Preserve I.

January 7, 2019

Acquisitions Office South Carolina Southeast

Capital Square 1031 Buys CompuCom’s World Headquarters in Metro Charlotte for $39M

by Alex Tostado January 7, 2019

FORT MILL, S.C. — Capital Square 1031 has bought CompuCom Systems’ world headquarters in South Carolina for $39 million from The Keith Corp. and MPV Properties. The three-story, 154,000-square-foot building is located in Fort Mill, about five miles south of Charlotte’s Ballantyne neighborhood, and is fully leased to CompuCom through 2032. CompuCom Systems provides end-to-end managed services, technology and consulting to enable the digital workplace for enterprise, midsize and small businesses. Rob Cochran, Jared Londry and Nolan Ashton of Cushman & Wakefield represented the sellers in the transaction.

January 7, 2019

Acquisitions Alabama Retail Southeast

Publix to Acquire Two Western Market Locations Near Birmingham

by Alex Tostado January 7, 2019

MOUTAIN BROOK AND VESTAVIA HILLS, ALA. — Publix Super Markets will acquire two Western Supermarket locations in Alabama as the grocer expands its Birmingham footprint. The location in Vestavia Hills, about nine miles south of downtown Birmingham, will open as a Publix grocery store. The location in Mountain Brook, four miles south of downtown Birmingham, will open as a GreenWise Market. GreenWise Market is a specialty, natural and organic store featuring a variety of house-prepared meals and grab-and-go items. It is the seventh announced GreenWise Market and is expected to open in third-quarter 2019. The other location will be torn down and rebuilt into a 35,000-square-foot Publix. An opening date has not been announced. The sales prices of the properties were not disclosed.

January 7, 2019

Acquisitions Louisiana Retail Southeast

Chase Properties Purchases 135,000 SF Shopping Center in Lake Charles, Louisiana

by Alex Tostado January 7, 2019

LAKE CHARLES, LA. — Chase Properties has purchased Prien Lake Shopping Center in Lake Charles. The 135,000-square-foot shopping center is anchored by Marshalls, Ross Dress for Less and Bed Bath & Beyond. The seller and sales price were not disclosed. CBRE brokered the sale.

January 7, 2019

Acquisitions Industrial New York Northeast

Mack-Cali Realty Corp. Sells Industrial Park in Elmsford, New York for $70.2M

by David Cohen January 7, 2019

ELMSFORD, N.Y. — Mack-Cali Realty Corp. has sold the Elmsford Distribution Center in Elmsford for $70.2 million. The six-building, 386,000-square-foot industrial park is located at 1-6 Warehouse Lane in Elmsford, approximately 22 miles north of Manhattan. Jose Cruz, Jordan Avanzato and Marc Duval of HFF represented Mack-Cali in the transaction. Realterm Logistics, an owner and manager of logistics facilities, acquired the property.

January 7, 2019

Acquisitions Northeast Office Pennsylvania

HFF Negotiates $52M Sale of Office Complex in Conshohocken, Pennsylvania

by David Cohen January 7, 2019

CONSHOHOKEN, PA. — HFF has negotiated the $52 million sale of Millennium I, II and III, a three-building creative office complex in Conshohocken. Located at 20 Ash St. and 225 and 227 Washington St., the 196,769-square-foot complex was built between 2000 and 2003. Doug Rodio, Brett Segal and Tom Hall of HFF represented the seller, a fund managed by Stabilis Capital Management, in the transaction. The buyer was Morgan Properties Inc.

January 7, 2019

Acquisitions New Jersey Northeast Retail

Deka Immobilien Acquires 75,000 SF Shopping Center in Paramus, New Jersey

by David Cohen January 7, 2019

PARAMUS, N.J. — Deka Immobilien GmBH has acquired Paramus Junction, a fully leased, grocery-anchored shopping center in Paramus. The sales price was not disclosed. Located at 60 N. Route 17, the 75,000-square-foot property is occupied by a tenant roster that includes Asian grocer H Mart, DSW, PetSmart and BJ’s Wholesale Club. Deka Immobilien was represented by Madison Marquette in the transaction. The seller, a joint venture between Invesco Real Estate and Advance Realty was represented by Cushman & Wakefield’s New Jersey capital markets team.

January 7, 2019

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