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GREA Negotiates $58M Sale of Avenue 33 Apartments in Stockbridge, Georgia

by John Nelson August 17, 2022

STOCKBRIDGE, GA. — GREA has negotiated the sale of Avenue 33 Apartments, a 284-unit multifamily community located at 3386 Mount Zion Road in Stockbridge, a south Atlanta suburb. REM Acquisitions purchased the property from Peak Capital Partners for $58.2 million. Chandler Brown, Taylor Brown, Cory Caroline Sams and Walter Miller of GREA represented the seller in the transaction. Built in 1999, Avenue 33 features one-, two- and three-bedroom floor plans, as well as a clubhouse, resort-style swimming pool, fitness center, business center, dog park and outdoor grilling stations. The new ownership plans to enhance previously completed upgrades at the property.

August 17, 2022

Acquisitions California Industrial Western

Intercontinental Real Estate, Kennedy Wilson Purchase 877,648 SF Manufacturing Facility in Stockton, California

by Amy Works August 2, 2022

STOCKTON, CALIF. — A joint venture between Intercontinental Real Estate Corp. and Kennedy Wilson has purchased Stockton Industrial Park, a manufacturing and distribution facility in Stockton. A New York-based owner and operator of logistics real estate sold the asset for $84 million. Located at 1604 Tillie Lewis Drive, the three-building park features 877,638 square feet of highly functional and easily divisible space. The facilities feature 24- to 28-foot clear heights, ample dock-high and grade-level loading, and a wide range of unit sizes for warehouse and/or manufacturing purpose. The largest of the buildings, totaling 570,000 square feet, offers direct rail service. At the time of sale, the property was 100 percent leased. Barbara Perrier, Darla Longo and Rebecca Perlmutter of CBRE, along with Blake Rasmussen and Tyler Vallenari of Cushman & Wakefield, marketed the property for sale on behalf of the seller. CBRE represented the seller in the transaction.

August 2, 2022

Acquisitions Florida Multifamily Southeast

Middleburg, Stockbridge Acquire Indigo Champions Ridge Apartments in Central Florida for $100.5M

by John Nelson July 19, 2022

DAVENPORT, FLA. — Vienna, Va.-based Middleburg Communities and private equity partner Stockbridge have acquired Indigo Champions Ridge, a 300-unit luxury apartment community located at 1005 Champions Ridge Drive in Davenport, which is about midway between Orlando and Tampa. Brett Moss, Tyler Swidler, Cole Whitaker and Matt Mitchell of Berkadia’s Orlando and Tampa offices represented the Georgia-based sellers, Red Clay Development Partners and Atlantic Residential, in the $100.5 million transaction. Middleburg will take over management, operations and leasing responsibilities at Indigo Champions Ridge, which was completed earlier this year and features resort-style amenities, a modern clubhouse and high-end finishes. Adam Bieber of Bellwether Enterprise structured the joint venture between Middleburg and Stockbridge, as well as an undisclosed amount of acquisition financing through Synovus Bank.

July 19, 2022

Acquisitions Arizona Industrial Western

Stockbridge Acquires 147,435 SF Warehouse Facility in Mesa, Arizona

by Amy Works June 28, 2022

MESA, ARIZ. — Stockbridge has purchased a single-tenant warehouse/distribution building situated on 28.6 acres at 3115 N. Higley Road in Mesa from Lexin Capital for an undisclosed price. Built in 2018, a Fortune 10 global e-commerce company fully occupies the 147,435-square-foot property. Will Strong, Kirk Kuller, Greer Oliver and Connor Nebeker-Hay of Cushman & Wakefield’s National Advisory Group represented the seller in the deal. Designed as a last-mile delivery station, the Class A tilt-up concrete building features 32-foot clear heights, ESRF sprinklers, skylights, R-38 insulation and heavy power. Additionally, the property has ample parking and a 135-foot, fully secured, 100 percent concrete truck court.

June 28, 2022

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Acquisitions California Company News Indiana Industrial Midwest Top Stories Western

Prologis Agrees to Acquire Duke Realty in $26B All-Stock Transaction

by Taylor Williams June 13, 2022

SAN FRANCISCO AND INDIANAPOLIS — San Francisco-based industrial giant Prologis Inc. (NYSE: PLD) has agreed to acquire Indianapolis-based Duke Realty (NYSE: DRE) for $26 billion in an all-stock transaction, including debt. The mega-merger of these two REITs is scheduled to close in the fourth quarter. The board of directors for each company has already unanimously approved the transaction. In May, Prologis offered to acquire Duke in an all-cash transaction for $61.68 per share, a proposal that would have generated a price tag of $23.7 billion. The offer, which was tendered on May 10, represented a 29 percent premium over Duke’s closing stock price on the previous day. However, Duke rejected the offer. The transaction includes Prologis’ assumption of Duke Realty’s existing debt. Duke’s shareholders will receive a premium of 47.5 percent over the current value of each share of common stock they own. Prologis plans to hold 94 percent of the acquired assets. Prologis expects to achieve $310 million to $370 million in reduced general and administrative costs and consolidated corporate leverage as a result of the acquisition. In addition, Prologis said it was drawn to Duke’s presence with high-performing industrial facilities in key markets, including Southern California, New Jersey, …

June 13, 2022

Acquisitions Mixed-Use Southeast Tennessee

JLL Arranges Sale of Stocking 51 Mixed-Use Campus in Nashville

by John Nelson May 10, 2022

NASHVILLE, TENN. — JLL has arranged the sale of Stocking 51, a five-building adaptive reuse campus in Nashville’s The Nations neighborhood. The buyer, an institutional investor advised by Stockbridge, purchased the property, which was originally built in 1927 as the Belle Meade Hosiery Mill. Richard Reid, Ryan Clutter and Huston Green of JLL, along with Trent Yates of Sagemont Real Estate, represented the seller, Vintage South Development, and procured the buyer. The sales price was not disclosed. Situated on a 6.2-acre site, the property is now roughly two-thirds creative office space and one-thirds retail space. The property was fully leased at the time of sale to coworking providers, tech and financial services firms, interior designers, restaurants and fitness users.

May 10, 2022

Acquisitions Colorado Industrial Western

Stockbridge Purchases Fully Occupied 1.3 MSF Industrial Portfolio in Denver

by Amy Works April 19, 2022

DENVER — Stockbridge has acquired an eight-building industrial portfolio in Denver. The name of the seller and acquisition price were not released. Totaling more than 1.3 million square feet of infill industrial space, the portfolio includes: Table Mountain Commerce Center, 16163 W. 45th Drive West 53rd Place, 445 W. 53rd Place Leyden I, 4735-4795 Leyden St. Leyden II, 4725 Leyden St. Denver Business Center 5, 11175 E. 55th Ave. Denver Business Center, 11605 E. 55th Ave. Moline Distribution Center, 4865 Moline St. Moncrieff Distribution Center, 14303 E. Moncrieff Place Built between 1971 and 2009, the buildings offer clear heights ranging from 22 feet to 32 feet. At the time of sale, the portfolio was fully leased to 25 tenants in variety of industries, including electrical supplies; warehouse and distribution; manufacturing; construction and building materials; technology; and consumer goods. Jim Bolt, Tyler Carner, Jeremy Ballenger and Jessica Ostermick of CBRE’s Denver office represented the seller in the deal.

April 19, 2022

Acquisitions California Industrial Self-Storage Western

Colliers Negotiates $25M Sale of Self-Storage Facility in Stockton, California

by Amy Works April 18, 2022

STOCKTON, CALIF. — Colliers has arranged the sale of Hammer Lane Self Storage, a self-storage property located at 6220 Sampson Road in Stockton. Northwest Building LLC acquired the asset from Hammer Lane LLC for $25 million, or $227 per rentable square foot and $39,960 per unit. The property features 109,800 square feet in 526 fixed storage units and an additional 49,064 square feet of parking in 99 units. Tom de Jong and Dana Chobor of Colliers’ Self Storage Group represented the buyer and seller in the transaction.

April 18, 2022

Acquisitions Maryland Multifamily Southeast

Comstock Acquires 250-Unit Multifamily Property in Rockville, Maryland

by Julia Sanders March 25, 2022

ROCKVILLE, MD. — Comstock Holdings Cos. Inc. has acquired the Ansel at Rockville Town Center, a 250-unit apartment building in Rockville. Duball LLC sold the property for an undisclosed amount. Jorge Rosa and Anthony Liberto of Cushman & Wakefield arranged the sale, while Marshall Scallan, Michael Zelin and Bindi Shah of Cushman & Wakefield arranged an undisclosed amount of debt financing. Delivered earlier this year, Ansel at Rockville Town Center, which is being rebranded as BLVD Ansel, is an 18-story high-rise apartment community that offers studio, one- and two-bedroom floorplans. BLVD Ansel features 20,153 square feet of retail space, 611 parking spaces and amenity spaces, including a lobby with concierge service, penthouse club room, fitness center with a yoga studio and private workspaces. The outdoor amenity spaces include a ninth-floor swimming pool with outdoor cooking stations, TV lounge and a rooftop courtyard for outdoor dining. Located at 33 Monroe St., the property is located at the entrance to Metro’s Rockville Station and is situated 21.5 miles from Washington, D.C. CHCI Residential Management and ParkX Management, wholly owned subsidiaries of Comstock, will provide property management services for BLVD Ansel.

March 25, 2022

Acquisitions Office Retail Texas

Stockdale Investment Group Acquires 85,000 SF Office, Retail Property in Dallas

by Taylor Williams March 16, 2022

DALLAS — Locally based firm Stockdale Investment Group has acquired Knox Park Village, an 85,000-square-foot office and retail property located in the Knox-Henderson area of Dallas. The two-acre property comprises roughly 59,000 square feet of office space and 26,000 square feet of retail space that is designed to accommodate about 30 tenants. Current retail users include Pei Wei Asian Diner, T-Mobile, Mattress Firm and Fadi’s Mediterranean Grill. The seller and sales price were not disclosed.

March 16, 2022

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