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Connolly, Coro Realty Purchase Sprouts-Anchored Shopping Center in Metro Atlanta for $40.5M

by John Nelson February 18, 2022

SANDY SPRINGS, GA. — Connolly, in a joint venture with Coro Realty Advisors, has purchased Sandy Springs Gateway, a 121,370-square-foot, grocery-anchored shopping center in Sandy Springs, about 16.2 miles from downtown Atlanta. The two Atlanta-based firms purchased the center from Atlanta-based Core Property Capital for $40.5 million. Anchored by Sprouts Farmers Market, Sandy Springs Gateway was 82 percent leased at the time of sale to tenants including Snooze A.M. Eatery, Taka Sushi and Passion, Big B’s Fish Joint, Tupelo Honey Café, Blast fitness studio, Corks & Caps, The Whole Dog Market, Chipotle, Kale Me Crazy, Buttermilk Sky Pie Shop and CVS. The property also features 28,000 square feet of second-story boutique office space. Conor Lalor and Eric Zimmerman of Eastdil Secured brokered the sale. Walker & Dunlop secured an undisclosed amount of financing through Credit Union Business Services and Georgia’s Own Credit Union. Coro Realty will manage the property, and LaVista Associates Inc. will lease the retail space.

February 18, 2022

Acquisitions Colorado Office Western

Dornin Investment Group Sells 138,771 SF Highland Place Office Property in Centennial, Colorado

by Amy Works February 18, 2022

CENTENNIAL, COLO. — Orange County, Calif.-based Dornin Investment Group has completed the disposition of Highland Place I, an office building located at 8085 Chester St. in Centennial. Bridle Dale LLC acquired the asset for $22.2 million. Jon Hendrickson, Aaron Johnson, Eric Wichterman and Mike Coover of Cushman & Wakefield represented the seller in the transaction. Built in the 1980s, Highland Place I features 138,771 square feet of office space on 6.2 acres within the Panorama/Highland Business Park, a 115-acre master-planned business park in Denver’s Southeast Suburban submarket. The property features a full-height atrium lobby, fitness center, outdoor seating area and Rocky Mountain views.

February 18, 2022

Acquisitions California Multifamily Western

29SC Buys Sunterra Apartments in Oceanside, California from Ideal Group for $97.5M

by Amy Works February 17, 2022

OCEANSIDE, CALIF. — 29th Street Capital (29SC) has acquired Sunterra Apartments in Oceanside from Ideal Group for $97.5 million. Built in 1974, Sunterra features 240 apartments, a resort-style pool, two playgrounds, a sundeck with an outdoor fireplace and a fitness center. 29SC plans to implement a community improvement plan including installing stainless steel appliances, quartz countertops, oval soaking tubs and modern white cabinetry. Exterior improvement will include updating the roof, wrapping balconies in wood paneling and replacing windows and glass doors. Haven Residential, 29SC’s in-house property management company, will oversee management and leasing. Hunter Combs of Walker & Dunlop’s San Diego office brokered the off-market transaction. John Montakab and Mark Grace of Walker & Dunlop arranged the financing.

February 17, 2022

Acquisitions Industrial North Carolina Southeast

Cushman & Wakefield Arranges $86.6M Sale of Industrial Portfolio Across North Carolina

by Julia Sanders February 17, 2022

CHARLOTTE AND WINSTON-SALEM, N.C. — Cushman & Wakefield has arranged the $86.6 million sale of the North Carolina Interstate 40/Interstate 85 Industrial Portfolio, a group of 22 industrial buildings located in the greater Charlotte and Triad regions. Nolan Ashton, Rob Cochran and Bill Harrison of Cushman & Wakefield represented the seller, Charis Cos. Tom Sullivan, Richard Henry and Ross Fishman of Cushman & Wakefield also secured an undisclosed amount of acquisition financing for the buyer, Boston-based SVN Parsons Commercial Group. Cushman & Wakefield, led by Bobby Finch, will handle leasing efforts for the portfolio. The North Carolina Interstate 40/Interstate 85 Industrial Portfolio includes the following properties: • Nine buildings in Winston-Salem located at 4303 Idlewild Industrial Drive, 4965 Indiana Ave., 5160-5190 Indiana Ave., 4320 Enterprise Drive, 4415 Providence Lane and 1330 Ivy Ave. • Four buildings in Clemmons located at 6220-6295 Clementine Drive • One building in Lexington located at 111-113 Woodside Drive • One building in Salisbury located at 1335 Litton Drive • Seven buildings in Newton located at 1523/1527 7th St. SE, 2309 N College Ave. and 2855-2859 and 2875 Nathan St. The portfolio features a total of nearly 1.6 million square feet and was 98 percent leased …

February 17, 2022

219-Rockingham-Road-Londonderry-New-Hampshire

Acquisitions Industrial New Hampshire Northeast

Provender Partners Buys Two Cold Storage Facilities Totaling 316,000 SF in New Hampshire

by Taylor Williams February 17, 2022

LONDONDERRY, N.H. — California-based investment firm Provender Partners has acquired two cold storage facilities totaling roughly 316,000 square feet in Londonderry, located south of Manchester. The 191,836-square-foot facility at 219 Rockingham Road features 24,000 pallet positions and 30-foot clear heights, while the 124,100-square-foot warehouse at 6 Rockingham Road offers 14,000 pallet positions and 30-foot clear heights. Both facilities house freezer, refrigerated dock and office space. Kevin Griffiths of Newmark represented Provender Partners in the off-market sale. Brian Pinch, also with Newmark, represented the seller, an undisclosed, New York-based investment firm.

February 17, 2022

Acquisitions Illinois Industrial Midwest

Clear Height Properties, Buligo Capital Acquire 265,000 SF Industrial Portfolio in Metro Chicago

by Kristin Harlow February 17, 2022

ILLINOIS — A joint venture between Clear Height Properties and Buligo Capital Partners has acquired a five-building industrial portfolio spanning 265,000 square feet in metro Chicago for an undisclosed price. The properties, built between 1982 and 2009, are located in Hoffman Estates, Schaumburg, Aurora and Bloomingdale. The portfolio is fully leased to Honda, Novaspect, BERNINA of America and Abrasive Form. The buyers plan to implement a capital improvement program to upgrade the HVAC and other interior systems, lighting, the roof and the general building envelope. Kurt Sarbaugh and John Huguenard of JLL represented the seller, Chicago-based Green Door Capital Investments LLC. Christopher Carroll and Lucas Borges of JLL arranged a five-year, fixed-rate acquisition loan through Bank Leumi USA.

February 17, 2022

Acquisitions Industrial Texas

Fort Capital Buys 145,619 SF Industrial Property in Metro Houston

by Taylor Williams February 16, 2022

WEBSTER, TEXAS — Fort Worth-based investment firm Fort Capital has purchased Hercules Business Center, a 145,619-square-foot industrial property in the southeastern Houston suburb of Webster. The seven-building development was 68 percent leased at the time of sale. The tenant roster includes 29 users in the engineering, automation, electronics and medical sectors. The seller and sales price were not disclosed.

February 16, 2022

Acquisitions Multifamily Texas

IPA Negotiates Sale of 140-Unit Presidio at River East Apartments in Fort Worth

by Taylor Williams February 16, 2022

FORT WORTH, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Presidio at River East, a 140-unit apartment community located just north of downtown Fort Worth. The property offers a mix of studio, one- and two-bedroom units that are furnished with stainless steel appliances, washers and dryers and private balconies/patios or yards. Amenities include a pool, fitness center, outdoor kitchen and a dog park. An undisclosed, Texas-based developer sold the asset to California-based Starboard Realty Advisors for an undisclosed price. Drew Kile, Joey Tumminello, Michael Ware, Taylor Hill, Jeff Kindorf and Will Balthrope of IPA brokered the deal. Presidio at River East was fully occupied at the time of sale.

February 16, 2022

Acquisitions Illinois Midwest Northeast Northmarq Retail

Northmarq Arranges Sale of 138,000 SF Retail Center in Orland Hills, Illinois

by Kristin Harlow February 16, 2022

ORLAND HILLS, ILL. — Northmarq has arranged the sale of Orland Towne Center in Orland Hills, a southern suburb of Chicago. The 138,000-square-foot retail center is home to Aldi, Edge Fitness, Five Below, PetSmart and Duly Health and Care. In addition to brokering the sale, Northmarq’s Jeff Frankel also arranged a $14.6 million first mortgage loan on behalf of the buyer, Sperry Equities. A life insurance company provided the fixed-rate loan, which features a 10-year term and a 30-year amortization schedule.

February 16, 2022

Acquisitions Florida Office Southeast

Avison Young Negotiates $13.6M Sale of City Centre Office Building in Tallahassee, Florida

by Julia Sanders February 16, 2022

TALLAHASSEE, FLA. — Avison Young has arranged the $13.6 million sale of City Centre, a seven-story, 168,677-square-foot trophy office building in Tallahassee. David Duckworth, John Crotty, Michael Fay and Brian de la Fé of Avison Young represented the buyer, the Simpson Organization. 888 Realty Investors was the seller. City Centre is 95 percent occupied by a mix of government-related and private-sector tenants. The previous owners completed more than $6 million in capital improvements, including on the property’s exterior and common areas over recent years. The asset includes a four-story parking structure. Located on 2.1 acres at 227 N. Bronough St., the property is situated less than a mile from Florida State University and 1.6 miles from Florida A&M University. The property is also located 6.5 miles from the Tallahassee International Airport.

February 16, 2022

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