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JLL Brokers $85M Sale of Shoppes at Park Place in Tampa Bay Area

by John Nelson October 25, 2022

PINELLAS PARK, FLA. — JLL has brokered the $85 million sale of Shoppes at Park Place, a 361,250-square-foot shopping center located at 7200 U.S. Highway 19 N in the Tampa Bay suburb of Pinellas Park. Brad Peterson, Tom Hall, Whitaker Leonhardt and Michael Brewster of JLL represented the unnamed seller in the transaction. CBRE represented the buyer, Belleair Development, which funded the acquisition with a $51 million loan. Built in 2006, Shoppes at Park Place was 97.4 percent leased at the time of sale to tenants including Regal Cinemas, Academy Sports + Outdoors, Conn’s HomePlus, Marshalls, Michaels, Petco, Five Below, Famous Footwear and Dollar Tree. The center features 10 outparcels housing tenants such as Chick-fil-A, Starbucks, Chase Bank, Panera Bread, Mattress Firm and Panda Express, among others. Belleair Development plans to add more retail space to the 42-acre site, as well as apartments and a hotel.

October 25, 2022

Acquisitions Multifamily Washington Western

CBRE Negotiates $104M Sale of Multifamily Property in Seattle’s South Lake Union

by Amy Works October 25, 2022

SEATTLE — CBRE has arranged the sale of 624 Yale, an apartment community in Seattle’s South Lake Union neighborhood. An undisclosed buyer acquired the asset for $104 million. Jon Hallgrimson, Eli Hanacek, Mark Washington and Kyle Yamamoto of CBRE’s Pacific Northwest multifamily team represented the undisclosed seller in the deal. Built in 2018, the nine-story building features 206 studio, one- and two-bedroom floor plans with an average unit size of 711 square feet. Community also includes fitness, work and meeting amenities. Additionally, the property has a hidden speakeasy and two rooftop terraces with panoramic views of the Seattle skyline and Lake Union.

October 25, 2022

Oxford Properties Group-Oxford Properties Expands its San Diego

Acquisitions California Life Sciences Office Western

Oxford Properties Buys 250,000 SF Life Sciences/Office Campus in Carlsbad, California

by Amy Works October 25, 2022

CARLSBAD, CALIF. — Oxford Properties has expanded its life sciences portfolio in metro San Diego with the acquisition and long-term leaseback of Ionis Pharmaceuticals’ 18.4-acre life sciences campus and corporate headquarters in Carlsbad. As part of the transaction, Ionis will lease the properties for a minimum of 15 years. Additional terms of the transaction were not released. The three-building campus offers 250,000 square feet of existing office and life sciences space with chemistry labs, biology labs and R&D support systems, as well as a modern office space. The buildings were constructed between 2011 and 2021. Founded in 1989, Ionis is a publicly traded biotech company and a leader in discovering and developing RNA-targeted therapeutics.

October 25, 2022

Acquisitions Affordable Housing Indiana Midwest Multifamily

Revitate Cherry Tree Acquires Two Workforce Housing Communities in Indiana for $44.5M

by Kristin Harlow October 25, 2022

ELKHART AND JEFFERSONVILLE, IND. — Revitate Cherry Tree (RevCT) has acquired two workforce housing communities in Indiana for $44.5 million. Built in 1970, Walnut Trails is a 210-unit, garden-style community in Elkhart. Constructed in 1972, Beech Grove is a 182-unit community in Jeffersonville. RevCT says the acquisition of these two properties advances the firm’s overall strategy of preserving and enhancing workforce housing opportunities for families across the Midwest. Both of these properties cater to working-class residents such as those employed by local governments or in industries like healthcare, manufacturing, logistics and education. Workforce housing is defined as housing affordable to households earning between 60 and 120 percent of area median income.

October 25, 2022

Acquisitions New Jersey Northeast Office

Birch Group, 2020 Vision Buy 42-Story Office Building in Jersey City

by Taylor Williams October 25, 2022

JERSEY CITY, N.J. — A partnership between The Birch Group and 2020 Vision has purchased 101 Hudson Street, a 42-story office building in Jersey City. Also known as The Merrill Lynch Building, the waterfront property spans 1.3 million square feet within the city’s Exchange Place district. The seller and sales price were not disclosed. Shawn Rosenthal, Jason Gaccione and Jake Salkovitz of CBRE advised on the new ownership’s assumption of $250 million in existing CMBS debt and secured a $78 million preferred equity investment from New York City-based SKW Funding.

October 25, 2022

Acquisitions Indiana Midwest Retail

First National Realty Partners Acquires Southern Plaza Shopping Center in Indianapolis

by Kristin Harlow October 24, 2022

INDIANAPOLIS — First National Realty Partners (FNRP) has acquired Southern Plaza in Indianapolis for an undisclosed price. A 59,500-square-foot Kroger store anchors the 268,000-square-foot shopping center. A tenant at the center since 1990, Kroger recently updated its storefront and renovated the interior. Additional tenants at the property include Ross Dress for Less, Harbor Freight, Oak Street Health, Goodwill, Rue 21, Qdoba, Cosmo Prof, BMO Bank and Sally Beauty. John May of Prodigy Real Estate Group represented the undisclosed seller.

October 24, 2022

525-Industrial-Drive-Lewisberry-Pennsylvania

Acquisitions Industrial Lee & Associates Northeast Pennsylvania

Lee & Associates Brokers Sale of 189,600 SF Industrial Facility in Lewisberry, Pennsylvania

by Taylor Williams October 24, 2022

LEWISBERRY, PA. — Lee & Associates has brokered the sale of a 189,000-square-foot industrial facility in Lewisberry, a southern suburb of Harrisburg. The distribution center at 525 Industrial Drive was built on a speculative basis and features a clear height of 32 feet, 45 loading docks and an ESFR sprinkler system. Bob Yoshimura, Joe Hill, Eric Mattson and Connor Sanbower of Lee & Associates represented the seller, a partnership between Boston-based firms High Street Logistics Properties and TA Realty, in the transaction.

October 24, 2022

Acquisitions Arizona Multifamily Western

ABI Multifamily Negotiates Sale of 237-Unit Apartment Community in West Phoenix

by Amy Works October 24, 2022

PHOENIX — ABI Multifamily has arranged the sale of The Flats at 2030 Apartment Homes, a multifamily property located at 2030 W. Indian School Road in Phoenix. A Canada-based buyer acquired the asset from a Texas-based seller for $37 million, or $156,118 per unit. Alon Shnitzer Rue Bax, Eddie Chang and Doug Lazovick of ABI Multifamily’s Phoenix-based Institutional Apartment Group represented the buyer and seller in the transaction. Built in 1971, The Flats at 2030 Apartment Homes features 237 garden-style units spread across 11 residential buildings on 4.5 acres. The unit mix consists of 106 studios, 129 one-bedroom/one-bath units and two two-bedroom/one-bath units. Community amenities include two swimming pools, two laundry facilities, outdoor lounge areas, a Wi-Fi café, yoga studio, two enclosed dog parks, outdoor barbecue islands, valet trash services and free uncovered parking. Select interior and exterior renovations were made to the property in 2019 to 2022.

October 24, 2022

Acquisitions Multifamily Texas

Odyssey Properties Buys Three Metro Dallas Multifamily Communities Totaling 578 Units

by Taylor Williams October 21, 2022

ARLINGTON AND GRAND PRAIRIE, TEXAS — Los Angeles-based investment firm Odyssey Properties Group has purchased three metro Dallas multifamily properties totaling 578 units. Huntington Meadows and The Dalton are located adjacent to one another in Arlington, were built in 1984 and respectively total 250 and 68 units in one- and two-bedroom formats. Combined amenities include a fitness center, three pools, outdoor grilling and dining areas, a tennis court, pet park and a business center. The Belmont in Grand Prairie totals 260 units, also with one- and two-bedroom floor plans, and was built in 1983. The new ownership plans to implement a value-add program across all three properties.

October 21, 2022

Acquisitions Industrial Texas

Titan Development Sells 294,297 SF Industrial Facility in Metro Austin

by Taylor Williams October 21, 2022

GEORGETOWN, TEXAS — Titan Development has sold Gateway 35 Commerce Center Building 1, a 294,297-square-foot industrial facility located in the northern Austin suburb of Georgetown. Built on 21 acres in 2022, the cross-dock building was fully leased to California-based electronics manufacturer CelLink Corp. at the time of sale. Building features include 36-foot clear heights, 185-foot truck court depths, 220 car parking spaces and 94 trailer parking stalls. Trent Agnew, Dustin Volz, Dom Espinosa, Josh Villarreal and Megan Babovec of JLL represented Titan Development in the transaction. The buyer and sales price were not disclosed.

October 21, 2022

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