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Fort Capital Acquires Three Industrial/Flex Assets Near Dallas Totaling 350,000 SF

by Taylor Williams March 11, 2020

IRVING AND CARROLLTON, TEXAS — Locally based investment firm Fort Capital has acquired a trio of industrial/flex assets totaling roughly 350,000 square feet in the Dallas metros of Irving and Carrollton. The portfolio includes Commerce Business Park, a 33-building, 179,049-square-foot property situated on 18.6 acres in Irving; 4040 W. Royal Lane, a seven-building, 92,051-square-foot development in Irving; and Avion Business Center, a three-building, 77,339-square-foot asset in Carrollton. The seller(s) was not disclosed.

March 11, 2020

Acquisitions Northeast Pennsylvania Retail

Marcus & Millichap Brokers $2.6M Sale of Retail Strip in Wilkes-Barre, Pennsylvania

by Alex Patton March 11, 2020

WILKES-BARRE, PENN. — Marcus & Millichap has brokered the $2.6 million sale of Verizon & FedEx Strip Centers, a 9,306-square-foot retail strip center in Wilkes-Barre, a city in northeastern Pennsylvania. The strip is located at 940-46 Schechter Drive and was 100 percent leased at the time of sale. Derrick Dougherty and Mark Krantz of Marcus & Millichap represented the seller and secured the buyer. Both parties were limited liability companies that requested anonymity.

March 11, 2020

Acquisitions Arizona Multifamily Student Housing Western

IPA Negotiates $123M Sale of Student Housing Asset at Arizona State in Tempe

by Amy Works March 11, 2020

TEMPE, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of West Sixth, a core-plus, condo-quality student housing community located steps from Arizona State University in Tempe. An undisclosed buyer acquired the asset for $123 million. Peter Katz, Steve Gebing and Cliff David of IPA represented the undisclosed seller and procured the buyer in the transaction. Completed in 2011, the two-tower West Sixth features 375 units, totaling 625 beds, with floor-to-ceiling windows and resort-style amenities. The property has reached at or near full occupancy every year since its 2011 opening. Currently, the asset is 98 percent occupied and 88 percent pre-leased for the upcoming school year.

March 11, 2020

Acquisitions Midwest Office Ohio

Arch Street, VEREIT Acquire DHL Headquarters in Ohio

by Kristin Harlow March 11, 2020

WESTERVILLE, OHIO — Arch Street Capital Advisors and VEREIT (NYSE: VER) have acquired DHL Supply Chain’s North American headquarters in Westerville, a northeastern suburb of Columbus. The purchase price was undisclosed. The newly completed, build-to-suit office building spans 145,000 square feet and is located within Westar Place Business Park. The acquisition is part of Arch Street and VEREIT’s partnership focused on the acquisition of long-term leased, single-tenant office assets.

March 11, 2020

Acquisitions Indiana Midwest Retail

SVN Chicago Commercial Brokers $8M Sale of Shopping Center in Elkhart, Indiana

by Kristin Harlow March 11, 2020

ELKHART, IND. — SVN Chicago Commercial has brokered the sale of Concord Shopping Center in Elkhart for $8 million. The 601,205-square-foot property is located at 3701 S. Main St. and is 54 percent occupied. Some of the tenants include Chase, Claire’s, GNC, Hobby Lobby, JC Penney, Jo-Ann Fabrics and Spencer’s Gifts. Tim Franz and Matt McParland of SVN represented the undisclosed seller.

March 11, 2020

Acquisitions Georgia Multifamily Southeast

FCP Acquires Three Apartment Complexes in Metro Atlanta for $71.7M

by Alex Tostado March 10, 2020

DOUGLASVILLE AND AUSTELL, GA. — FCP has acquired a 652-unit multifamily portfolio comprising Place at Midway and Stewart’s Mill in Douglasville and Forest Glen in Austell for $71.7 million. The 200-unit Place at Midway is located at 2281 Midway Road, 21 miles west of downtown Atlanta. The 188-unit Stewart’s Mill is situated at 3421 W. Stewart Mill Road, about six miles from Place at Midway. Forest Glen offers 264 units at 4236 Austell Road, 18 miles northwest of downtown Atlanta. FCP has hired Pinnacle to manage the three communities, bringing the total FCP-owned units that Pinnacle manages to 8,566 units. FCP owns 14 properties comprising 2,810 units in metro Atlanta. Nathan Swenson of Cushman & Wakefield represented the undisclosed seller in the transaction. FCP will assume the existing Fannie Mae loans at each property.

March 10, 2020

Cornerstone-Corporate-Center-Carlsbad-CA

Acquisitions California Office Western

Cushman & Wakefield Brokers $34.2M Sale of Cornerstone Corporate Center in Carlsbad

by Amy Works March 10, 2020

CARLSBAD, CALIF. — Cushman & Wakefield has arranged the sale of Cornerstone Corporate Center, a Class A office park in Carlsbad. Long Beach-based Harbor Associates acquired the property from Salt Lake City-based Wasatch Group for $34.2 million. Totaling 177,917 square feet, the four-building asset is located at 1900, 1902 and 1903 Wright Place and 1917 Palomar Oaks Way. Situated on 14 acres and developed between 1998 and 2001, the campus comprises a two-story building and three three-story buildings. The property also features landscaping and ample parking. Rick Reeder and Brad Tecca of Cushman & Wakefield’s San Diego Capital Markets team represented the seller. Matty Sundberg and Justin Halenza, also of Cushman & Wakefield, provided leasing advisory services for the property.

March 10, 2020

Acquisitions Office Texas

SVN | Angelic Completes Sale of 156,024 SF Office Building in Austin’s Mueller District

by Taylor Williams March 10, 2020

AUSTIN, TEXAS — SVN | Angelic has completed the sale of a 156,024-square-foot office building located at 1345 Philomena St. in Austin’s Mueller district. The building serves as the headquarters of the buyer, Ascension Seton, a Central Texas-based branch of the faith-based healthcare organization Ascension Health. The seller, an investment fund backed by Black Creek Group, was self-represented in the transaction. Gabriel Silverstein of SVN | Angelic handled the transaction with Ben Mingle of the Centurion Foundation on behalf of Ascension Seton, which purchased the property for an undisclosed price. Silverstein also worked with Duncan Swanston of Baltimore-based lender CGA Capital to secure $83.8 million in acquisition financing for the transaction. The acquisition allows Ascension Seton to gain long-term control of its headquarters office building and to restructure its existing lease and occupancy costs. A team of attorneys from Hall Render, Ballard Spahr, and Polsinelli, worked to restructure said lease. Ascension Health is the second-largest hospital operator in the United States with more than 2,600 facilities in 20 states and Washington, D.C.

March 10, 2020

Acquisitions Northeast Pennsylvania Retail

Colliers Brokers Sale of 211,000 SF Former Macy’s Store in Bensalem, Pennsylvania

by Alex Patton March 10, 2020

BENSALEM, PA. — Colliers International has brokered the sale of a 211,000-square-foot retail property formerly occupied by Macy’s in Bensalem, a northeastern suburb of Philadelphia. The property is located within the Neshaminy Mall, a 1.2 million-square-foot shopping and dining destination that opened in 1968. The buyer, Sant Properties, plans to reposition the vacant box for multiple tenant spaces. The sales price was undisclosed.

March 10, 2020

Acquisitions New York Northeast Retail

NKF Brokers $14M Sale of Leasehold Interest in Retail Building in Brooklyn

by Alex Patton March 9, 2020

NEW YORK CITY — Newmark Knight Frank has brokered the $14 million sale of a 99-year leasehold interest at 250 Utica Avenue, a 61,230-square-foot retail building in the Crown Heights neighborhood of Brooklyn. At the time of sale, the four-story building was 95 percent leased to tenants including Blink Fitness, CityMD, Dollar Tree and Brooklyn Kids Academy. There are 91 years remaining on the recently restructured leasehold. Barry Fishbach, Brian Segall and Gary Meese represented the seller, L+M Development Partners. The buyer was undisclosed.

March 9, 2020

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