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CBRE Negotiates $35.7M Sale of Pacific Bay Club Apartments in Phoenix’s Southeast Valley

by Amy Works July 30, 2020

AHWATUKEE, ARIZ. — CBRE has arranged the sale of Pacific Bay Club, a multifamily community located in Ahwatukee, a suburb of Phoenix. Logan Capital Advisors acquired the asset from Picerne Development for $35.7 million. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE’s Phoenix Multifamily Institutional Properties represented the seller in the deal. Built in 1988, Pacific Bay Club features 192 garden-style apartments, an upgraded leasing center and clubhouse, a barbecue rotunda with four stainless steel gas grills, and exterior LED lighting.

July 30, 2020

Acquisitions Illinois Midwest Retail

NARE Investments Acquires 142,195 SF Shopping Center in Metro Chicago

by Kristin Harlow July 30, 2020

HARWOOD HEIGHTS, ILL. — NARE Investments has acquired Harwood Commons, a 142,195-square-foot shopping center in metro Chicago’s Harwood Heights. The purchase price was undisclosed. Harwood Commons, located at 4701 N. Harlem Ave. and built in 1981, is home to Burlington, Marshalls and Aldi. CBRE’s National Retail Partners Midwest team represented the seller, Icahn Enterprises.

July 30, 2020

Acquisitions Illinois Industrial Midwest

Entre Commercial Realty Brokers Sale of 67,817 SF Distribution Building in Schaumburg, Illinois

by Kristin Harlow July 30, 2020

SCHAUMBURG, ILL. — Entre Commercial Realty has brokered the sale of a 67,817-square-foot, last-mile distribution building in Schaumburg for an undisclosed price. The property is located at 710 E. State Parkway. Advance Auto Parts and its affiliate, Worldpac, occupy the entire building. They use the facility to provide just-in-time delivery of automotive parts and accessories to customers. An affiliate of STAG Industrial acquired the property. Dan Benassi, Dan Jones and Sam Deihs of Entre represented the undisclosed seller.

July 30, 2020

Acquisitions Multifamily Texas

IPA Brokers Sale of 303-Unit Bowery at Southside Apartments in Fort Worth

by Taylor Williams July 30, 2020

FORT WORTH, TEXAS — Institutional Property Advisors, a division of Marcus & Millichap, has negotiated the sale of The Bowery at Southside, a 303-unit apartment community in Fort Worth. The property was built on 7.5 acres in 2019 and features apartment and townhome residences with an average unit size of 820 square feet. Amenities include a pool, sky lounge and a lawn with a five-hole putting green. Drew Kile, Will Balthrope and Joey Tumminello of IPA represented the seller, StoneHawk Capital Partners, and procured the buyer, Virginia-based Weinstein Properties.

July 30, 2020

Acquisitions Indiana Midwest Missouri Ohio Retail Wisconsin

Gorjian Acquisitions Sells 500,000 SF Midwest Retail Portfolio for $25M

by Kristin Harlow July 29, 2020

OHIO, WISCONSIN, INDIANA AND MISSOURI — Gorjian Acquisitions has sold eight retail and mixed-use properties totaling more than 500,000 square feet for $25 million. The portfolio includes the following Midwest properties: Saint Clairsville Plaza in Saint Clairsville, Ohio; Bradley Square in Milwaukee; Cabool Center in Cabool, Mo.; a single-tenant Dunkin’ property in Gary, Ind.; and Lafayette Center in Indianapolis. The portfolio also includes a mixed-use building in Brooklyn, N.Y.; a single-tenant Family Dollar property in Danville, Va.; and Oglethorpe Plaza in Albany, Ga. Gorjian Acquisitions, based in Great Neck, N.Y., is led by Joel J. Gorjian. The privately held commercial real estate investment and management firm holds an ownership interest in 75 properties nationwide. Buyer information was not disclosed.

July 29, 2020

Acquisitions Colorado Multifamily Western

Oak Coast Properties Buys Cottonwood Terrace Apartments in Colorado Springs for $37.2M

by Amy Works July 29, 2020

COLORADO SPRINGS, COLO. — Southern California-based Oak Coast Properties has acquired Cottonwood Terrace, a multifamily community located 2864 Dublin Blvd. in Colorado Springs, for $37.2 million. The company plans to implement a $1.5 million renovation to the community as part of a value-add investment strategy aimed at improving the marketability of the apartment units among the region’s renters. Situated on 8.3 acres, Cottonwood Terrace features 200 apartments spread across 20 two- and three-story buildings. The units offer one- and two-bedroom layouts with open kitchens, balconies, patios, large closets and wood-burning fireplaces. Originally built in 1983, 52 percent of the rental units have undergone upgrades. The remaining units will receive enhancements, including appliances, countertops, cabinets, lighting, flooring and in-unit washers/dryers. Community amenities include a swimming pool, grilling stations, a fitness center and laundry facility. Echelon Property Group will manage the community. Jordan Robbins of JLL represented the undisclosed seller in the transaction.

July 29, 2020

Acquisitions Industrial Southeast Tennessee

RealOp Investments Acquires 817,274 SF Industrial Property in Memphis

by Alex Tostado July 28, 2020

MEMPHIS, TENN. — RealOp Investments has acquired Southwind Distribution Center, an 817,274-square-foot industrial property in Memphis. The property is situated at 8400 Winchester Road across the street from the FedEx World Headquarters and 13 miles east of Memphis International Airport. The property was vacant at the time of sale, with Nike Inc. being the previous tenant. The Greenville, S.C.-based buyer is planning to upgrade the interior of the building, paint the exterior, upgrade the ESFR sprinklers system and modernize the lighting. Johnny Lamberson and Terry Radford of CBRE represented the undisclosed seller in the transaction. Patrick Walton of CBRE will lease the property on behalf of the new owner. The sales price was not disclosed.

July 28, 2020

Acquisitions California Office Western

Colony Capital Sells Commerce Square Business Park in Riverside, California for $14M

by Amy Works July 28, 2020

RIVERSIDE, CALIF. — Colony Capital has divested of Commerce Square Business Park, a four-building office portfolio located at 1550 Marlborough Ave. and 1737, 1777 and 1989 Atlanta Ave. in Riverside. An undisclosed buyer acquired the asset for just over $14 million. At the time of sale, the 128,912-square-foot business park was 90 percent leased to 14 tenants ranging in size from 1,395 square feet to 23,000 square feet. Tenants include Level 3 Communications (Century Link), T-Mobile, Honeywell International and the State of California. Kevin Shannon, Ken White, Sean Fulp, Scott Schumacher and Ryan Plummer of Newmark Knight Frank represented the seller. The buyer was self-represented in the transaction.

July 28, 2020

Acquisitions Northeast Pennsylvania Retail

JLL Negotiates Sale of 140,418 SF Columbus Crossing Retail Center in Philadelphia

by Taylor Williams July 27, 2020

PHILADELPHIA — JLL has negotiated the sale of Columbus Crossing, a 140,418-square-foot retail center located along Christopher Columbus Boulevard in southeastern Philadelphia. The open-air, riverfront property was fully leased at the time of sale to tenants such as T.J. Maxx, HomeGoods, Ulta Beauty, Planet Fitness, Chipotle Mexican Grill and AT&T. In addition, a Walmart and Home Depot shadow-anchor the center. Chris Munley, Jim Galbally and Colin Behr of JLL represented the undisclosed seller in the transaction. The trio also procured the buyer, Paramount Realty Services.

July 27, 2020

Acquisitions Georgia Office Southeast

TerraCap Acquires Two Office Buildings in Metro Atlanta for $27.6M

by Alex Tostado July 27, 2020

MARIETTA AND NORCROSS, GA. — TerraCap Management LLC has acquired Cobb Corporate Center in Marietta and Northwood Commons in Norcross for a combined $27.6 million. The two properties comprise eight single-story buildings totaling 297,000 square feet. Cobb Corporate Center was 80 percent leased at the time of sale and Northwood Commons was 53 percent leased. Cobb Corporate Center is located at 400 Franklin Gateway SE, 17 miles northwest of downtown Atlanta. Northwood Commons is situated at 5000 Peachtree Industrial Blvd., 23 miles northeast of downtown Atlanta. TerraCap has hired Lincoln Property Co. to handle leasing efforts and to manage the properties. Tom Shafer and John Hinson of CBRE-Atlanta represented the undisclosed seller in the transaction. Bridge Debt Strategies Fund Manager and the CBRE-Atlanta debt team provided acquisition financing on behalf of the buyer.

July 27, 2020

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