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Stan Johnson Co. Negotiates $16.8M Sale of Distribution Facility in Findlay, Ohio

by Kristin Harlow January 23, 2020

FINDLAY, OHIO — Stan Johnson Co. has negotiated the sale of a single-tenant, 402,604-square-foot distribution facility in Findlay for $16.8 million. The warehouse is fully leased to American Plastics, a designer, manufacturer and distributor of plastic-injection molded products. It is located at 14801 County Road 212. Originally built in 1998, the property sits on 24 acres and features a clear height of 28 feet, 44 dock doors and a fenced truck court. Rob Gemerchak and Jeff Hughes of Stan Johnson represented the seller, local developer Nickolas LLC. Plymouth Industrial REIT Inc. purchased the asset.

January 23, 2020

Acquisitions Industrial Midwest Ohio

Reichle Klein Group Brokers $4.6M Sale of Industrial Building in Ohio

by Kristin Harlow January 23, 2020

PIONEER, OHIO — Reichle Klein Group has brokered the $4.6 million sale of a 157,550-square-foot industrial building in Pioneer in northwest Ohio. The property is located at 2 Kexon Drive. Ron Jurgenson of Reichle Klein and Tim Echemann of Industrial Property Brokers represented the seller, Pioneer’s Kidston Family Cos. Ltd. Jurgenson represented the buyer, ATD Properties LLC.

January 23, 2020

Acquisitions Multifamily Texas

Newport Real Estate Acquires Fountains at the Bayou Apartment Community in Houston

by Taylor Williams January 23, 2020

HOUSTON — Newport Real Estate Partners, a newly formed investment firm focused on value-add multifamily properties, has acquired The Fountains at the Bayou, a 460-unit community in Houston. Houston-based investment firm Nitya Capital sold the property in an off-market transaction. Built on eight acres in 1969, the property spans 31 buildings and features amenities such as a pool, clubhouse and playground areas. Newport’s two-year value-add program will center on renovating amenity spaces, upgrading landscaping and signage and rebranding the community as Valencia Grove Apartments.

January 23, 2020

The-Crossing-Tahoe-Valley-South-Lake-Tahoe-CA

Acquisitions California Retail Western

Sutter Capital Sells 46,041 SF Redeveloped Lifestyle Center in South Lake Tahoe

by Amy Works January 23, 2020

SOUTH LAKE TAHOE, CALIF. — Sacramento-based Sutter Capital Group has completed the disposition of The Crossing at Tahoe Valley, a newly redeveloped shopping center in South Lake Tahoe. A private investor acquired the asset for an undisclosed price in a 1031 exchange. Originally constructed in 1973, the shopping center underwent a renovation in 2017. The new design features an institutional-quality mountain contemporary buildout. A large outdoor communal plaza offers casual seating, fire pits and an elevated stage that hosts daily live music performances. At the time of sale, the property was 87 percent leased to a mix of local restaurants, health and wellness services and boutique shops, as well as one of the top-performing Big 5 Sporting Goods stores in the retailer’s portfolio, according to Sutter. Situated on 4.9 acres at 2014-2062 Lake Tahoe Blvd., The Crossing at Tahoe Lake is less than two miles from Lake Tahoe’s southern shore. Eric Kathrein, Bryan Ley and Jake Dempsey of JLL Retail Capital Markets represented the seller in the transaction.

January 23, 2020

Acquisitions California Net Lease Office Western

Hines, Oaktree Capital Sell PacSun-Occupied Office Building in Anaheim for $44M

by Amy Works January 22, 2020

ANAHEIM, CALIF. — Hines and funds managed by Oaktree Capital Management have completed the sale of a single-tenant office building located at 3450 E. Miraloma Ave. in Anaheim. A family trust bought the property for $44 million. Built in 2002 as a build-to-suit for Pacific Sunwear of California (PacSun), the property features 180,000 square feet of Class A office space, large floor plates, a cafeteria, outdoor sports courts and ample surface parking. PacSun occupies the property on a long-term, triple-net lease. Founded in 1980, Newport Beach, Calif.-based PacSun is a retail clothing brand rooted in the youth-oriented culture and lifestyle of California. Paul Jones, Kevin Shannon, Brandon White, Sean Fulp, Ryan Plummer, Mark Schuessler and Matt Berres of Newmark Knight Frank represented the sellers, while Michael Hartel of Colliers International represented the buyer in the deal.

January 22, 2020

Acquisitions Florida Office Southeast

Madison Marquette Acquires Two Office Buildings in Miami’s Coconut Grove for $47.7M

by Alex Tostado January 22, 2020

MIAMI — Madison Marquette, a real estate investor, developer and operator, has acquired two office buildings in Miami’s Coconut Grove neighborhood for $47.7 million. The properties include the 80,380-square-foot Continental Plaza, located at 3250 Mary St., and the 57,155-square-foot Bayview Executive Plaza, situated at 3225 Aviation Ave. less than a mile from Continental Plaza. MetLife provided a $17.6 million acquisition loan for Bayview Executive Plaza and a $25 million acquisition loan for Continental Plaza. Allegra Holding, which bought the assets in 2015 for $42 million, sold the buildings to Madison Marquette. Roberto Susi and Jose Sasson of Axiom Capital Advisors represented the buyer in the transaction.

January 22, 2020

Acquisitions Northeast Office Pennsylvania

JLL Negotiates $180M Sale of Westinghouse Electric Headquarters Near Pittsburgh

by Taylor Williams January 22, 2020

CRANBERRY TOWNSHIP, PA. — JLL has negotiated the sale of the Westinghouse Electric Co. headquarters building, an 823,979-square-foot office asset located in Cranberry Township, about 20 miles north of Pittsburgh. Columbia Property Trust sold the property to an institutional investment firm for $180 million.Built in 2009, the Class A complex houses Westinghouse’s executive offices, research and development branch and other various support functions. Amenities at the center include tennis, basketball and volleyball courts, childcare services, walking trails and a bank branch. John Pelusi, Mark Popovich, Mark West, Coler Yoakam and Nick Unkovic of JLL represented the seller, Columbia Property Trust, in the transaction.

January 22, 2020

Acquisitions Retail Texas

JLL Negotiates Sale of 180,522 SF Marketplace at Towne Center in Metro Dallas

by Taylor Williams January 22, 2020

MESQUITE, TEXAS — JLL has negotiated the sale of Marketplace at Towne Center, a 180,522-square-foot retail center located in the eastern Dallas suburb of Mesquite. Built on 20.5 acres at the corner of U.S. Highway 80 and the Lyndon Johnson Freeway, the property houses tenants such as PetSmart, Ross Dress for Less, Old Navy, Dress Barn, Five Below, Famous Footwear and Applebee’s. Barry Brown, Chris Gerard, Ryan Shore, Aaron Johnson, Ross Crawford and Matthew Wheeler of JLL represented the seller, Ohio-based Retail Value Inc., in the transaction. The buyer was a local private investor.

January 22, 2020

Acquisitions Illinois Midwest Multifamily

Kiser Group Brokers Two Condo Deconversion Sales in Oak Park, Illinois for $12.4M

by Kristin Harlow January 21, 2020

OAK PARK, ILL. — Kiser Group has brokered two condo deconversion sales in Oak Park for a total of $12.4 million. Regency Terrace Condominiums, a 56-unit property located at 922 North Blvd., sold for $8.8 million. Andy Friedman and Matt Halper of Kiser represented the seller, The Regency Terrace Condominium Association. Marco Cesario of Kiser represented the buyer, Goldman Investments. “Regency Terrace Condominiums is a prime example of how condo deconversions can be a win-win scenario for all parties involved,” says Friedman. “The property requires substantial and costly physical improvements. This deal saved residents from large special assessments.” Clarence Court, a 26-unit property located at 628 Harrison St., sold for $3.6 million. Friedman and Halper represented the buyer, Redpoint Capital Management, and seller, Clarence Court Condominium Association. “This property fits the most common mold for deconversions. Most of the owners purchased a starter condo in the mid-2000s,” says Friedman. “When the market crashed and was slow to recover, owners had two options instead of selling at depressed pricing. They either became accidental landlords and rented the unit out or were stuck living in the unit. These owners received 25 to 30 percent more in the deconversion than if they would have sold …

January 21, 2020

Acquisitions Midwest Retail Wisconsin

Mid-America Brokers Sale of 7,882 SF Retail Building in Oak Creek, Wisconsin

by Kristin Harlow January 21, 2020

OAK CREEK, WIS. — Mid-America Real Estate Corp. has brokered the sale of a 7,882-square-foot retail building on an outlot to Drexel Town Square in Oak Creek, about 12 miles south of Milwaukee. The sales price was undisclosed. The property is fully leased to five tenants, including Associated Bank, Sport Clips, Bentley’s Pet Stuff, Charles Schwab and Tropical Smoothie Café. Carly Gallagher Kelly and Andrew Prater of Mid-America represented the seller, a Wisconsin-based developer. A private investor purchased the asset.

January 21, 2020

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