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Stan Johnson Co. Brokers $4.9M Sale of Stafford Crossing Shopping Center in Metro Indianapolis

by Kristin Harlow February 15, 2021

PLAINFIELD, IND. — Stan Johnson Co. has brokered the sale of Stafford Crossing in Plainfield for $4.9 million. The 26,000-square-foot shopping center is located at 2230 Stafford Road. It was built in 2007 and sits on nearly four acres. The center was 91 percent leased to nine tenants at the time of sale. Anchor tenant Chicago’s Pizza recently executed a long-term lease extension. Blaise Bennett and BJ Feller of Stan Johnson represented the seller, a locally based developer. An Indiana-based private investor purchased the asset.

February 15, 2021

Acquisitions California Multifamily Western

Stepp Commercial Arranges $5.2M Sale of Apartment Building in Long Beach, California

by Amy Works February 15, 2021

LONG BEACH, CALIF. — Stepp Commercial has arranged the sale of a 22-unit apartment building located at 1315 W. 19th St. in Long Beach. A Chino-based private investor acquired the property from a Long Beach-based seller for $5.2 million, or $236,000 per unit. Built in 1963, the property features two one-bedroom units, 16 two-bedroom units and four three-bedroom units. The building also offers 14 garages, gated access and on-site laundry facilities. Half of the units were renovated to include laminate hardwood flooring, shaker-style cabinets, quartz countertops, stainless steel appliances, new bathroom tile, modern lighting, ceiling fans and fixtures throughout. Robert Stepp and Michael Toveg of Stepp Commercial represented the seller in the transaction.

February 15, 2021

Acquisitions Industrial Kentucky Southeast

JLL Income Property Trust Acquires 1 MSF Distribution Center in Metro Louisville for $95M

by John Nelson February 12, 2021

SHEPHERDSVILLE, KY. — JLL Income Property Trust has acquired a 1 million-square-foot, Class A industrial property known as Louisville Distribution Center in Shepherdsville. Core5 Industrial Partners sold the property for $95 million. The tenant roster was not named. Built in 2020, Louisville Distribution Center is located at 170 Clermont Road, within 20 miles of major distribution hubs including UPS Worldport (Air Distribution Hub), UPS Centennial Hub (Ground Distribution Hub) and the Louisville Muhammad Ali International Airport. The property includes 40-foot clear heights, cross-docking, LED motion sensor lighting, 234 trailer parking spaces and HVAC throughout. Core5 Industrial Partners is an industrial developer based in Atlanta, and JLL Income Property Trust is a Chicago-based REIT.

February 12, 2021

Acquisitions Florida Loans Office Southeast Walker & Dunlop

Walker & Dunlop Arranges $61.3M Acquisition Loan for Bank of America Tower in Downtown Jacksonville

by John Nelson February 12, 2021

JACKSONVILLE, FLA. — Walker & Dunlop Inc. has arranged $61.3 million in financing for the acquisition of Bank of America Tower, a 44-story office building located at 50 N Laura St. in downtown Jacksonville. Adam Schwartz, Aaron Appel, Keith Kurland, Jonathan Schwartz, Michael Ianno, Sean Bastian and Ian Hawk of Walker & Dunlop arranged the financing for the buyer, Group RMC. Prime Finance provided the three-year, interest-only bridge loan, which features a low floating interest rate. Bank of America Tower is the only LEED-certified office tower in Jacksonville, according to Walker & Dunlop, and features views of the St. Johns River. The Class A high-rise building features over 662,241 rentable square feet, a five-story annex with an additional 35,881 square feet, as well as 900 parking spaces. In addition to a new HVAC system, recent upgrades have been made to the property’s amenities, lighting systems, security systems, elevator modernization, and refurbishment of all the common areas and lobby. Group RMC bought the tower from Hertz Investment Group, according to the Jacksonville Daily Record.

February 12, 2021

Acquisitions Midwest Missouri Multifamily

Berkadia Negotiates $24.9M Sale of Apartment Community in Suburban St. Louis

by Kristin Harlow February 12, 2021

FENTON, MO. — Berkadia has negotiated the sale and financing of Turtle Creek, a 128-unit apartment community in the St. Louis suburb of Fenton. Built in 2018, the garden-style property is located at 201 Turtle Drive. Amenities include a pool, clubhouse, dog park and storage space. Ken Aston and Andrea Kendrick of Berkadia arranged the $24.9 million sale on behalf of the seller, Highgate Capital Group LLC. Mitch Sinberg and Matthew Robbins of Berkadia arranged $18.9 million in acquisition financing on behalf of the buyer, RM Communities. The Freddie Mac Green loan features a 10-year term and a fixed rate. The buyer plans to make capital improvements, including eco-friendly upgrades. RM Communities is the acquisition arm of RealtyMogul, an online real estate investing platform.

February 12, 2021

Acquisitions Industrial Midwest Ohio

Stan Johnson Co. Brokers $11M Sale of Ohio Distribution Facility

by Kristin Harlow February 12, 2021

FINDLAY, OHIO — Stan Johnson Co. has brokered the $11 million sale of a 180,000-square-foot distribution center in Findlay, about 40 miles south of Toledo. American Plastics, a designer, manufacturer and distributor of plastic-injection molded products, fully occupies the facility. Located on eight acres at 2040 Production Drive, the building is situated near I-75 in Hancock County. The facility has been renovated twice since it was originally constructed in 1992. Rob Gemerchak, Jeff Hughes and Jeff Tracy of Stan Johnson represented the seller, an Ohio-based developer. Gladstone Commercial, an institutional investor based in Virginia, was the buyer. The sales price represented a 5.5 percent increase over the asking price.

February 12, 2021

Acquisitions Multifamily Texas

29th Street Capital Acquires 254-Unit Multifamily Community in Metro Houston

by Taylor Williams February 12, 2021

THE WOODLANDS, TEXAS — Chicago-based investment firm 29th Street Capital has acquired Avana Sterling Ridge Apartments, a 254-unit multifamily community located north of Houston in The Woodlands. According to Apartments.com, the property features one-, two- and three-bedroom units and a pool, fitness center, media center and a game room. The new ownership plans to rebrand the Class B property, implement a limited interior renovation package and improve the property’s exterior, clubhouse and amenity spaces. The seller and sales price were not disclosed.

February 12, 2021

Acquisitions California Multifamily Western

Waterford, CSCDA Acquire Parallel Apartments in Anaheim for $156M, Plan Workforce Housing Conversion

by Amy Works February 12, 2021

ANAHEIM, CALIF. — Waterford Property Co., in partnership with the California Statewide Communities Development Authority (CSCDA), has purchased Parallel Apartments, a multifamily property located in Anaheim. UDR sold the asset for $156 million. Located at 1105 E. Katella Ave., Parallel Apartments features 386 apartments, which the buyers plan to convert to workforce housing as part of a new California program that aims to address the deepening gap in the middle-income housing market. Built in 2018, the community was 95.5 percent leased at the time of acquisition. On-site amenities include a resort-style pool, rooftop fitness center and basketball court. According to CSCDA, the acquisition allows the organization to lower rents to meet the needs of middle-income residents making between 80 percent and 120 percent of the area median income. Joseph Smolen, Geoff Boler and Lee Redmond of Eastdil Secured represented the buyers and seller in the transaction.

February 12, 2021

Acquisitions Florida Industrial Southeast

Terra, Terranova Sell Former PepsiCo Bottling Plant in South Florida for $55M

by John Nelson February 11, 2021

DORAL, FLA. — Terra and Terranova Corp. have sold a 23.7-acre site in Doral for $55 million, or $2.3 million per acre. The land houses PepsiCo’s former bottling plant, which spans 232,000 square feet. Terra and Terranova, two South Florida investment firms led by David Martin and Stephen Bittel, respectively, initially acquired the site for $40 million in January 2018 and subsequently leased the property back to PepsiCo through July 2020. The unnamed buyer shares a Santa Monica address with GLP Capital Partners (GCP), an investment firm that specializes in logistics properties. The former PepsiCo bottling plant is located at 7777 Northwest 41st St. and is situated less than two miles from Miami International Airport. The property is zoned for industrial development and can accommodate up to 500,000 square feet of commercial space. Terra is a Miami-based real estate development and investment company. Terranova Corp. is a South Florida commercial real estate investment firm.

February 11, 2021

Acquisitions Multifamily Texas

Berkadia Arranges Sale of 414-Unit Stewart Creek Apartments in Frisco

by Taylor Williams February 11, 2021

FRISCO, TEXAS — Berkadia has arranged the sale of Stewart Creek Apartments, a 414-unit multifamily community in Frisco. Built in 1999, the property features one-, two- and three-bedroom units with quartz countertops, walk-in closets and private balconies/patios. Amenities include a business center, clubhouse, package lockers, picnic area and a bark park. Jay Gunn, Tom Burns and Will Jarnagin of Berkadia represented the seller, Plano-based Univesco Inc., in the transaction. In addition, Jason Rice and Chris Pollard of Berkadia arranged floating-rate acquisition financing through Varde Mortgage Capital on behalf of the sponsor, Lubbock-based Madera Residential.

February 11, 2021

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