more_sales_and_leases

Marcus & Millichap Brokers $8.9M Sale of Shopping Center in Metro D.C.

by John Nelson August 4, 2016

WOODBRIDGE, VA. — Marcus & Millichap has arranged the $8.9 million sale of Woodbridge Square, a 42,881-square-foot shopping center located on 5.1 acres at 13179-13291 Occoquan Road in Woodbridge, roughly 20 miles outside of Washington, D.C. Built in 1990, the property was fully leased at the time of sale to 17 tenants including Dollar General, La Despensa, Top Nails and Teresa Jewelry. Dean Zang of Marcus & Millichap’s Washington, D.C., office represented the seller, a private investor based in Washington state. Zang and Marcus & Millichap’s TZD Retail team secured the buyer, a private limited liability company completing a 1031 exchange. Infinity Realty represented the buyer in the transaction. Bryn Merrey of Marcus & Millichap’s Mid-Atlantic offices was the broker of record for the transaction.

August 4, 2016

North Carolina Office Southeast

Insite Properties Arranges $5.4M Sale of Office Building in Charlotte

by John Nelson August 4, 2016

CHARLOTTE, N.C. — Insite Properties has brokered the $5.4 million sale of Lincoln Building, a Class A, 25,500-square-foot office building located at 3315 Springbank Lane in Charlotte. Built in 2000, the three-story brick office building is situated near the intersection of Highway 51 and Providence Road. The property was 85 percent leased at the time of sale. SunTrust Bank occupies the building’s first floor and operates four drive-thru lanes. Jay Blanton and Bart Murr of Insite Properties represented the buyer, Family Video Employees LLC, in the transaction. Rob Cochran and Jared Londry Cushman & Wakefield’s Charlotte office represented the seller, Lincoln Charlotte Office LLC, an entity controlled by Grubb Properties.

August 4, 2016

California Multifamily Seniors Housing Western

Sabra Plans to Divest 29 Genesis-Managed Skilled Nursing Facilities

by Nellie Day August 3, 2016

IRVINE, CALIF. — Sabra Health Care REIT (NASDAQ: SBRA) plans to sell off 29 of its 78 skilled nursing facilities currently managed by Genesis Healthcare Inc. The plan, announced on the Irvine-based company’s second-quarter earnings call, is the latest in a trend of publicly traded REITs reducing their exposure to skilled nursing. Last year Ventas spun off its skilled nursing portfolio into a separate REIT, and in May HCP Inc. announced it planned to do the same. As part of the deal, as the facilities are sold, Genesis’ rent will be reduced by 7.5 percent of the net proceeds from the sales. Sabra is currently under contract to sell five other Genesis-managed facilities. If Sabra completes those transactions and is able to sell the entire 29-property portfolio, it will reduce the number of Sabra-owned, Genesis-managed facilities from 78 to 43. If completed, Sabra estimates the sales will reduce the percentage of its revenue from skilled nursing from 51.1 percent to 24.9 percent, after sales proceeds are reinvested.

August 3, 2016

Industrial Texas

Stream, USAA Break Ground on 397,600 SF Warehouse in New Braunfels

by Haisten Willis August 3, 2016

NEW BRAUNFELS, TEXAS — Stream Realty Partners and USAA Real Estate Co. have begun construction on the I-35 Logistics Center located on I-35 in New Braunfels. Construction has commenced on the 397,600-square-foot, Class A warehouse with delivery expected in March 2017. Stream is developing the project to accommodate tenants from 87,000 to 397,000 square feet. The project will also offer up to 4.2 acres of I-35 frontage land, available for separate purchase.

August 3, 2016

Multifamily Texas

S2 Capital Acquires Two Apartment Complexes in Dallas

by Haisten Willis August 3, 2016

DALLAS — S2 Capital, a multifamily real estate investment company, has acquired River Oaks Apartments, located at 711 Brentford Place in Arlington, and The Grove at White Rock, located at 10429 Lone Tree Lane in east Dallas. River Oaks was built in 1983 and consists of 188 units. S2 Capital plans to spend $2.5 million on interior and exterior renovations for this complex. The project exterior, amenities and interiors will be renovated to compliment S2 Capital’s north Arlington portfolio that now consists of eight properties and 2,700 units. The Grove at White Rock has a total of 282 units and is located in the Lochwood neighborhood of east Dallas. S2 Capital plans to spend $5 million in both interior and exterior renovations for the property. S2 Capital plans to rename this apartment complex “The Zeke” after the Dallas Cowboys’ newest running back, Ezekiel Elliott.

August 3, 2016

Office Texas

ML Realty Arranges Two Industrial Leases at Park West in Coppell

by Haisten Willis August 3, 2016

COPPELL, TEXAS — ML Realty Partners LLC has signed two leases totaling 183,404 square feet in the firm’s 13-building Park West portfolio in Coppell, situated just north of Dallas-Fort Worth International Airport. The development includes nine existing, fully leased industrial buildings plus another four buildings under construction. ZS Pharma, a biopharmaceutical company, leased 98,015 square feet at 508 Wrangler Drive. HCA Health Services, a provider of healthcare services, leased 85,389 square feet at 631 Southwestern Boulevard. Brian Bachrach with Lincoln Harris CSG represented HCA in the lease transaction.

August 3, 2016

Retail Texas

Weitzman Negotiates Sale of Elm Ridge Crossing in Frisco

by Haisten Willis August 3, 2016

FRISCO, TEXAS —The Weitzman Group has negotiated the sale of Elm Ridge Crossing, a 13,200-square-foot retail center located at the southwest corner of Main Street and FM 423 in Frisco. Eddie Liebman and Matt Rosenfeld of The Weitzman Group handled negotiations for the seller, an investment partnership, in cooperation with Calvin Wong of Engvest Commercial Realty, who represented the out-of-state purchaser. The center, built in 2005, features a mix of shops and services, including Papa John’s and Allstate.

August 3, 2016

Restaurant Retail Texas

Four Corners Property Trust Acquires Building Net Leased to Wendy’s in Odessa for $2.1M

by Haisten Willis August 3, 2016

ODESSA, TEXAS — Four Corners Property Trust (FCPT) has acquired a building triple net leased to Wendy’s restaurant in Odessa for $2.1 million. FCPT funded the acquisition with cash on hand. Wendy’s occupies the restaurant under a triple-net lease with 10 years remaining on the term. The transaction closed at a going-in cap rate of 6.5 percent, exclusive of transaction costs.

August 3, 2016

Alabama Multifamily Southeast

Berkadia, Colliers Broker $43M Sale of Apartment Community in Birmingham

by John Nelson August 3, 2016

BIRMINGHAM, ALA. — Berkadia and Colliers International have brokered the sale of Colony Woods, a 414-unit apartment community located at 2000 Colony Park Drive near The Summit Birmingham. The sales price was $43 million, according to Al.com. Built in two phases in 1990 and 1995, the property last sold in October 2009 for $24.8 million. The previous owner, Nashville-based C-H Core I LLC, upgraded more than half of the units with new appliances and lighting packages prior to the sale. David Oakley of Berkadia represented the buyer, Forum RE Acquisitions LLC, in the transaction. Will Mathews of Colliers International’s Atlanta office represented the seller.

August 3, 2016

Industrial Maryland Southeast

Chesapeake Real Estate, Thompson Creek Window Sell Two Industrial Facilities in Maryland for $33M

by John Nelson August 3, 2016

HANOVER, MD. — A partnership between Chesapeake Real Estate Group LLC and Thompson Creek Window Co. has sold two industrial buildings totaling nearly 300,000 square feet in Hanover. PGIM Real Estate purchased the properties from the partnership for $33 million. The assets are located within Penn 95 Commerce Center and include a 167,500-square-foot spec warehouse building at 8210 Penn Randall Place and a 117,000-square-foot build-to-suit warehouse and manufacturing facility leased to Thompson Creek Window at 8300 Pennsylvania Ave. Brook Furniture Rental Inc. recently leased 66,606 square feet at the spec warehouse building.

August 3, 2016

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