Property Type

ASB Acquires 302,000 SF Industrial Property Near Miami Airport for $24.3M

by Camren Skelton July 3, 2018

HIALEAH, FLA. — ASB Real Estate Investments has acquired a 302,000-square-foot industrial property in Hialeah for $24.3 million. The warehouse is located at 215 S.E. 10th Ave., roughly 12 miles northwest of Miami and roughly two miles from Miami International Airport. The facility includes 23,000 square feet of office space and is fully leased on a long-term basis to Synergy Custom Fixtures, a custom counters and fixtures manufacturer. ASB acquired the property from Terreno Realty Corp. on behalf of its core vehicle, the Allegiance Real Estate Fund. Lincoln Property Co. (LPC) brokered the transaction on behalf of ASB, which has retained LPC to manage the property. The building features 200 parking spaces and 22 dock doors.

July 3, 2018

Acquisitions Florida Loans Retail Southeast

HFF Secures $19.8M Sale, $13.7M Financing for Retail Center in Orlando

by Camren Skelton July 3, 2018

ORLANDO, FLA. — HFF has secured the $19.8 million sale of Alafaya Commons, a 130,811-square-foot retail center located at 11792-11970 E. Colonial Drive in Orlando. Brad Peterson and Whitaker Leonhardt of HFF arranged the transaction on behalf of the seller, Regency Centers. Rebecca Van Reken and Gregg Shapiro of HFF secured a $13.7 million acquisition loan through First Florida Integrity Bank on behalf of the buyer, LBX Investments. The five-year loan features a fixed interest rate. Alafaya Commons was constructed in 1987 and renovated in 2015. The center was 89.7 percent leased at the time of sale to tenants such as Academy Sports + Outdoors, Youfit Health Clubs, H&R Block, GNC, Goodfellas Pizza, Orange County Health & Family, Sunset Christian Preparatory and Junior Colombian Burger. The center also includes outparcels that house Taco Bell, Amscot and Chuan Lu Garden.

July 3, 2018

Development Mixed-Use North Carolina Southeast

LRC Properties Signs Brewery, Tech Firm to 320,000 SF Historic Mill Renovation in Downtown Durham

by Camren Skelton July 3, 2018

DURHAM, N.C. — LRC Properties has signed leases with Hi-Wire Brewing and WillowTree Inc. to its Golden Belt Campus, a 320,000-square-foot historic mill located at 800 Taylor St. in downtown Durham. Robin Roseberry Anders and Jordan Williams of NAI Carolantic Realty represented LRC in the lease negotiations. Asheville, N.C.-based Hi-Wire Brewing is scheduled to open its third location, a 10,522-square-foot taproom, at the development by the end of October. The space will feature an outdoor covered patio and garden, full-sized shuffleboard courts, foosball tables and table tennis. Matt Larson of CBRE arranged the lease on behalf of Hi-Wire. WillowTree Inc., a software agency with locations in North Carolina, Virginia and New York, will relocate its existing Durham office to the Golden Belt Campus in January 2019. The company will occupy more than 29,000 square feet on the top floor of the mill, which features a monitor roof, clerestory windows, exposed brick and original maple floors. Matt Winters of Tri Properties represented WillowTree in the lease negotiation. New York-based LRC acquired the campus in phases in 2016 and 2017 and has since begun a full-scale renovation. At completion, the renovation will include brick and timber office spaces, 40,000-square-foot floor plates, new …

July 3, 2018

Development Multifamily Southeast Tennessee

Doster Completes Construction on 337-Unit Multifamily Community in Nashville

by Camren Skelton July 3, 2018

NASHVILLE, TENN. — Doster Construction Co. has completed construction of Novel Bellevue Place, a 337-unit apartment community located within Nashville’s One Bellevue Place, the mixed-use redevelopment of the former Bellevue Center Mall. Crescent Communities is the project developer, and Preston Partnership was the architect of record. Novel Bellevue Place features a mix of one- to three-bedroom units with granite countertops, Energy Star stainless steel appliances, Nest thermostats and subway tile backsplashes. Community amenities include a saltwater pool, clubroom with pool tables and shuffleboard, full outdoor kitchen with outdoor pizza oven and grills and a fitness center with cardio equipment.

July 3, 2018

Acquisitions Multifamily Oregon Western

Trion Properties Purchases 156-Unit Apartment Complex Near Portland for $28M

by Amy Works July 3, 2018

TIGARD, ORE. — Trion Properties has acquired Pacific Crest Apartments, a multifamily community located at 10695 SW Murdock St. in Tigard. A private seller sold the property for $28 million. Gail Neuburg and Samuel Lawhead of ARA Newmark represented both parties in the transaction. Continental Partners arranged a $18.4 million acquisition loan for the buyer. Built in 1974, the property features 156 apartments in a mix of studio, one-, two- and three-bedroom floorplans with in-unit washers/dryers. The buyer plans to renovate the units, including the installation of quartz countertops, stainless steel appliances, new cabinets, vinyl floor and Kevo door locks.

July 3, 2018

Acquisitions California Industrial Western

Rexford Industrial Realty Buys Industrial Property in Los Angeles for $22.5M

by Amy Works July 3, 2018

LOS ANGELES — Rexford Industrial Realty has acquired a single-tenant industrial property located at 12154 Montague St. in the Pacoima neighborhood of the Los Angeles-San Fernando Valley submarket. An undisclosed seller sold the property for $22.5 million, or $183 per square foot, in an off-market transaction. Situated on 4.9 acres, the fully occupied property features 122,868 square feet of industrial space.

July 3, 2018

Acquisitions Multifamily Washington Western

Pathfinder Partners Acquires 125-Unit Multifamily Property Near Seattle for $18M

by Amy Works July 3, 2018

FIFE, WASH. — Pathfinder Partners has purchased Astoria Apartments, a 125-unit multifamily community located at 5700 23rd St. in Fife, a city in the Seattle-Tacoma metro area, for $18 million. Built in 1982, the property features 12 two-story residential buildings comprising 68 one-bedroom/one-bath units, 53 two-bedroom/one-bath units and four three-bedroom/two-bath units. Each unit has a private entry, fully equipped kitchen, fireplace and a patio or balcony. On-site amenities include a leasing office, resident clubhouse, fitness center, children’s playground area, outdoor patio seating, dog park, indoor pet wash station and covered parking. Pathfinder plans to implement an interior renovation program on the un-renovated units, as well as the enhancement of currently renovated units, the addition of washers/dryers to all units and upgrades to the landscape, hardscape and common-area amenities. Giovanni Napoli and Phil Assouad of Kidder Mathews represented the buyer and undisclosed seller in the transaction.

July 3, 2018

Acquisitions California Industrial Western

JLL Brokers Sale of Two Industrial Buildings in San Diego Business Park

by Amy Works July 3, 2018

SAN DIEGO — JLL has arranged the sale of two light industrial buildings located within Scripps Ranch Business park in San Diego. Carroll Canyon Properties acquired the properties, located at 9965 Carroll Canyon Road and 9850 Businesspark Ave., from Hill Properties for an undisclosed price in an off-market transaction. At the time of sale, the buildings were fully leased to Kone and Foresight Sports. The two-building asset consists of 27,801 square feet on a 2.1-acre corner lot. Sach Kirpalani, Bob Prendergast and Lynn LaChapelle of JLL represented the seller in the deal.

July 3, 2018

Acquisitions California Development Hospitality Retail Western

Brixton Capital Purchases Former Police Station in California for $4.2M

by Amy Works July 3, 2018

EL CAJON, CALIF. — Brixton Capital has acquired the former El Cajon Police Station, located at 100 Fletcher Parkway in El Cajon, for $4.2 million. The seller was the City of El Cajon. The buyer plans to transform the 4.1-acre site in Fletcher Marketplace, a mixed-use project comprising approximately 16,000 square feet of retail space and a 60,000-square-foot hotel. Brixton will sell 1.4 acres of the site to Excel Hotel Group, which will handle the hotel development portion of the project. The retail center is 99 percent pre-leased to a variety of tenants, including In-and-Out, Blaze Pizza, California Fish Grill, Urbane Café and Mattress Firm. Dempsey Construction is serving as contractor for the retail development. Don Moser and Matt Moser of Retail Insite represented the buyer and seller in the transaction.

July 3, 2018

Development Industrial Mixed-Use Southeast Tennessee Top Stories

Urban Story Ventures to Redevelop 112-Acre Site Along Chattanooga’s Tennessee River

by John Nelson July 3, 2018

CHATTANOOGA, TENN. — Urban Story Ventures, a Chattanooga-based commercial real estate developer and owner, is planning the redevelopment of a 112-acre site in Chattanooga’s West End district. Situated along the Tennessee River, the site houses the former Alstom turbine plant, as well as adjacent buildings and land. Preliminary plans call for Urban Story Ventures to preserve the LEED Gold-certified plant and renovate the remaining buildings and land for mixed-use, including office space, restaurants and residences. The developer is also planning a combination distillery, brewery and winery — a first for Tennessee. Urban Story Ventures recently established West End Property LLC to oversee the project. The company hopes to recruit a manufacturer to occupy the space left behind in 2016 by Alstom, a French rail transport company that sold its power and grid business lines to GE Power (NYSE: GE) in 2015. “This is the most significant resurgence of Chattanooga’s riverfront since Mayor Bob Corker implemented the 21st Century Waterfront in 2002,” says Jimmy White, principal of West End Property LLC and owner of Urban Story Ventures. “The development will create hundreds of jobs, connect people to the river and create a whole new district and destination for residents and visitors.” …

July 3, 2018

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