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Colliers Arranges Sale of 1,087-Bed Student Housing Community Near Georgia Southern

by Alex Tostado August 4, 2020

STATESBORO, GA. — Colliers International has arranged the sale of Cottage Row, a 1,087-bed student housing community located near the Georgia Southern University campus in Statesboro. Rialto Capital Advisors sold the property to a joint venture between XFD Real Estate Partners, Ash Real Estate, Saxum Real Estate and Anchor Real Estate Capital for an undisclosed price. Sean Baird, Jonathan Holt and Will Mathews of Colliers represented both the buyer and seller in the transaction. Cottage Row offers two-, three-, four- and five-bedroom units. Communal amenities include a 24-hour fitness center, computer lab, study lounge, full-court volleyball, a pool, movie theater, tanning bed and a private shuttle to campus. Georgia Southern plans to begin in-person classes for its fall semester Aug. 17. Nathan Lynch and Donald Jennewein, also with Colliers, arranged acquisition financing on behalf of the buyers. The non-recourse loan features a five-year term with a 3.6 percent fixed interest rate.

August 4, 2020

Acquisitions Arizona Multifamily Western

Western Wealth Capital Sells Signature Place Apartments in Tempe for $62.5M

by Amy Works August 4, 2020

TEMPE, ARIZ. — Western Wealth Capital has completed the sale of Signature Place, a multifamily asset located at 600 W. Grove Parkway in south Tempe. Knightvest Capital acquired the property for $62.5 million. Signature Place features 300 apartments with nine-foot ceilings, fully equipped kitchens, full-size washers/dryers and private patios. Select units feature walk-in closets, dual vanities and fireplaces. Community amenities include two swimming pools, a fitness center, lighted tennis courts and outdoor grilling areas. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE’s Phoenix Multifamily Institutional Properties represented the seller in the transaction.

August 4, 2020

Industrial-Portfolio-Pennsauken-New-Jersey

Acquisitions Industrial New Jersey Northeast

Colliers Negotiates Sale of Two Industrial Parks Totaling 1.1 MSF in Pennsauken, New Jersey

by Taylor Williams August 3, 2020

PENNSAUKEN, N.J. — Colliers International has negotiated the sale of Twinbridge Industrial Park and Veterans Industrial Park, a pair of industrial developments totaling 32 buildings and approximately 1.1 million square feet in Pennsauken, located east of Philadelphia. The properties are situated immediately off State Highways Route 73 and 130 and were fully leased to 49 tenants at the time of sale. Ian Richman and Marc Isdaner of Colliers represented the seller, The Bloom Organization, in the transaction. The buyer was a joint venture between Wharton Industrial and Walton Street Capital.

August 3, 2020

Acquisitions Florida Multifamily Southeast

Cortland Purchases Multifamily Community in South Florida for $73.9M

by Alex Tostado August 3, 2020

DELRAY BEACH, FLA. — Cortland has purchased Delray Station, a 284-unit multifamily community in Delray Beach. The seller and price were not disclosed, but a person familiar with the transaction said Wood Partners sold the asset to Cortland for $73.9 million. The property, which was delivered in 2017, offers one-, two- and three-bedroom floor plans averaging 1,104 square feet. Communal amenities include a pool, cabanas, sundeck, 24-hour fitness center, clubhouse, grilling areas, putting green and walking trails. Delray Station is located at 1720 Depot Ave., less than two miles north of the Delray Beach Tri-Rail station and nine miles north of downtown Boca Raton. Avery Klann, Hampton Beebe, Tyler Minix and Jonathan Senn of Newmark Knight Frank (NKF) represented the seller in the transaction.

August 3, 2020

Acquisitions Midwest Ohio Retail

Marathon Petroleum Agrees to Sell Speedway Gas Stations to Owners of 7-Eleven for $21B

by Kristin Harlow August 3, 2020

FINDLAY, OHIO — Marathon Petroleum Corp. (NYSE: MPC) has entered into a definitive agreement with 7-Eleven Inc. whereby 7-Eleven will acquire the convenience store chain Speedway for $21 billion in cash. The transaction is expected to close in the first quarter of 2021. Ohio-based Marathon expects the sale to result in after-tax cash proceeds of approximately $16.5 billion and to use the proceeds to both repay debt and return capital to shareholders. The arrangement includes a 15-year fuel supply agreement for approximately 7.7 billion gallons per year associated with the Speedway business. Speedway, a subsidiary of Marathon, owns and operates retail convenience stores nationwide. The deal includes about 3,900 convenience stores and would bring 7-Eleven’s retail footprint in the U.S. and Canada to roughly 14,000 locations, according to The Wall Street Journal. Tokyo-based Seven & i Holdings Co. Ltd. is the parent company of 7-Eleven.

August 3, 2020

Acquisitions Office Texas

Colliers Arranges Sale of 174,147 SF Tower at Frisco Square Office Building

by Taylor Williams July 31, 2020

FRISCO, TEXAS — Colliers International has arranged the sale of Tower at Frisco Square, a 174,147-square-foot office building situated on 3.2 acres at 5757 Main St. in Frisco. Video game developer Gearbox Software is the anchor tenant of the five-story building, which was constructed in 2015 and has an adjacent five-level parking garage with additional ground-floor office and retail space. Dallas-based Encore Enterprises sold the property to Missouri-based REIT Maxus Realty Trust for an undisclosed price. Creighton Stark and Chris Boyd of Colliers brokered the deal.

July 31, 2020

Acquisitions District of Columbia Multifamily Southeast

JLL Arranges $49M Sale of Multifamily Community in D.C.

by Alex Tostado July 31, 2020

WASHINGTON, D.C. — JLL has arranged the $49 million sale of The Shaw, an eight-story, 69-unit multifamily community in Washington, D.C.’s Shaw neighborhood. The property offers studio to four-bedroom floor plans. Communal amenities include a virtual front desk, a rooftop terrace and package lockers. Delivered this year, the asset is located at 618 T St. NW, one mile northeast of downtown Washington, D.C. Walter Coker, Brian Crivella and Robert Jenkins of JLL represented the seller, Monument Realty, in the transaction. A joint venture between Shimizu Realty Development Inc. and Capital Security Advisors LLC acquired the property in an all-cash deal.

July 31, 2020

Acquisitions Affordable Housing Indiana Midwest Multifamily

Colliers Brokers $8.5M Sale of Affordable Housing Property in Shelbyville, Indiana

by Kristin Harlow July 31, 2020

SHELBYVILLE, IND. — Colliers International has brokered the sale of Shelby’s Crest in Shelbyville for $8.5 million. The 120-unit affordable housing property is situated about 30 miles southeast of Indianapolis. The Section 42 low-income housing community was fully occupied at the time of sale. Monthly rents start at $817. Kevin Morris, Christopher Rivera and Amy Burmeister of Colliers’ Affordable Housing Services Group represented the seller, Dominium Group Inc. The team also procured the buyer, Harmony Housing Advisors Inc.

July 31, 2020

Acquisitions California Office Western

Atlantic Pearl Investments Sells 78,404 SF Multi-Tenant Office Building in Southern California

by Amy Works July 31, 2020

LONG BEACH, CALIF. — Atlantic Pearl Investments has completed the disposition of a multi-tenant office property located at 1501 Hughes Way in Long Beach. A private 1031-exchange investor purchased the asset for $16 million. Recently renovated, the 78,404-square-foot building is 96 percent occupied by six tenants, including Daylight Transport, Stars Behavioral Health, DB Schenk and CraneMorley. Sean Fulp, Ryan Plummer, Mark Schuessler and Ryan Tetrault of Newmark Knight Frank represented the seller in the transaction.

July 31, 2020

Acquisitions Florida Office Southeast

Swire Properties Sells Brickell City Centre Office Towers in Miami to Northwood for $163M

by Alex Tostado July 30, 2020

MIAMI — Swire Properties has sold Two and Three Brickell City Centre, two office buildings at the $1.05 billion Brickell City Centre mixed-use project in Miami’s Brickell district. The sales price was not disclosed, though The Miami Herald reports the assets traded for $163 million. The South Florida Business Journal reports Denver-based Northwood Investors LLC acquired the two buildings. Two Brickell City Centre, located at 78 SW Seventh St., sold for $80.3 million. Three Brickell City Centre, located at 98 SW Seventh St., sold for $82.7 million. Each building comprises 130,000 square feet and tenants include WeWork, law firm Akerman LLP and consulting firm McKinsey & Co. The buildings were nearly fully leased at the time of sale, according to a Swire spokesperson. Hong Kong-based Swire, which developed Two and Three Brickell City Centre in 2016, will retain ownership of the open-air shopping center at Brickell City Centre. Swire intends to reinvest the capital into future developments, according to the company spokesperson.

July 30, 2020

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