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Irvine Co. Acquires 302,289 SF Office Campus in San Diego’s University Town Center

by Amy Works September 26, 2018

SAN DIEGO — The Irvine Co. has purchased Sunroad Corporate Center, a three-building office property located in San Diego’s University Town Center submarket. Sunroad Enterprises sold the property for an undisclosed price. Situated on 8 acres at 4401, 4435 and 4445 Eastgate Mall, Sunroad Corporate Center comprises three four-story buildings featuring a total of 302,289 square feet of Class A office space. The campus features a fitness facility and the buildings are adjoined by an outdoor environment complete with a newly constructed pavilion, which includes a floating café and lounge and modern water features. Additionally, each building has its own subterranean elevator-served executive parking facility, as well as ample surface parking and a standalone parking structure. Kevin Shannon, Brunson Howard, Paul Jones, Ken White and Rick Stumm of NKF represented the seller, while The Irvine Co. was self-represented in the transaction.

September 26, 2018

Acquisitions Midwest Ohio Retail

Out of the Box Ventures Acquires 733,633 SF Shopping Mall in Mansfield, Ohio

by Kristin Harlow September 26, 2018

MANSFIELD, OHIO — Out of the Box Ventures LLC has acquired Richland Mall in Mansfield, located midway between Columbus and Cleveland. Wells Fargo Bank NA sold the property for $7.4 million, according to local media. Macy’s, JC Penney, Sears and AVITA Health Systems anchor the 733,633-square-foot enclosed mall. Other tenants include Victoria’s Secret, American Eagle Outfitters, Chuck E. Cheese’s, Bath & Body Works, Champs Sports, GameStop, Lenscrafters and The Finish Line. The acquisition includes all but Sears and AVITA Health Systems, which are both separately owned. Robert Marona of Madison Marquette will market the property. Out of the Box Ventures is a subsidiary of Miami-based real estate development firm, Lionheart Capital.

September 26, 2018

Acquisitions Midwest Retail Wisconsin

Form Development, Morgan Partners Acquire Single-Tenant Grocery Property in Appleton, Wisconsin

by Kristin Harlow September 26, 2018

APPLETON, WIS. — Form Development LLC and The Morgan Partners LLC have acquired a 54,000-square-foot, single-tenant grocery store in Appleton for an undisclosed price. The building is fully leased to Pick N’ Save. Wes Koontz, Christian Tremblay and Dan Cohen of Mid-America Real Estate Corp. represented all parties in the sale. The seller was the original developer of the property.

September 26, 2018

Acquisitions District of Columbia Office Southeast

JBG Smith Sells Office Building in D.C.’s East End to Exan Capital for $121.4M

by Camren Skelton September 26, 2018

WASHINGTON, D.C. — JBG Smith has sold Executive Tower, a 130,000-square-foot office building in Washington, D.C. Exan Capital acquired the asset for $121.4 million. The 11-story building is located at 1399 New York Ave. in D.C.’s East End submarket. Collins Ege and Nicholas Pappas of Eastdil Secured arranged the transaction on behalf of JBG Smith. Executive Tower was 93 percent leased as of June 30.

September 26, 2018

Acquisitions Illinois Midwest Retail

Sterling Acquires Two-Property Retail Portfolio in Metro Chicago

by Kristin Harlow September 25, 2018

HILLSIDE AND OSWEGO, ILL. — Sterling Organization has acquired a two-property retail portfolio in metro Chicago for an undisclosed price. The portfolio includes the 164,837-square-foot Hillside Town Center in Hillside and the 101,466-square-foot Prairie Market in Oswego. Developed in 2009, Hillside Town Center is home to tenants such as Ross Dress for Less, HomeGoods, Michaels and Petco. Aldi and PetSmart anchor Prairie Market, which was developed between 2007 and 2009. The properties were purchased on behalf of Sterling’s institutional fund, Sterling Value Add Partners III LP. The seller was not disclosed.

September 25, 2018

Acquisitions Industrial Kansas Midwest

Sealy & Co. Purchases 601,829 SF Distribution Facility in Suburban Kansas City

by Kristin Harlow September 25, 2018

OLATHE, KAN. — Sealy & Co. has purchased a 601,829-square-foot distribution facility in Olathe, a suburb of Kansas City. The purchase price was not disclosed. The building, situated on 40 acres at 22101 W. 167th St., is fully leased to FedEx and Bushnell. The property features a clear height of 32 feet, 128 dock doors, two drive-in doors and office space. Adam Herrin, Stephen Bailey and Sean Fogarty of HFF, along with Dan Jensen of Kessinger/Hunter & Co. LC brokered the transaction. Sun Life Assurance Co was the seller.

September 25, 2018

Acquisitions Healthcare Midwest Minnesota

Montecito Buys 31,775 SF Medical Office Building in Willmar, Minnesota

by Kristin Harlow September 25, 2018

WILLMAR, MINN. — Montecito Medical has purchased a Class A medical office building totaling 31,775 square feet in Willmar, a city in southwestern Minnesota. The purchase price was not disclosed. The building was constructed in 2005 as a build-to-suit for Fischer Laser Eye Center and Janning ENT. The facility includes an 8,000-square-foot ambulatory surgery center where patients can receive LASIK, cataract, cornea and refractive procedures. Newmark Knight Frank brokered the sale. The seller was not disclosed.

September 25, 2018

Acquisitions Georgia Multifamily Southeast

Cushman & Wakefield Brokers $52.1M Sale of Multifamily Community in Metro Atlanta

by Camren Skelton September 25, 2018

DULUTH, GA. — Cushman & Wakefield has brokered the $52.1 million sale of The Marquis on Berkeley, a 323-unit apartment community in Duluth, approximately 30 miles northeast of Atlanta in Gwinnett County. Mike Kemether, Travis Presnell and Josh Goldfarb of Cushman & Wakefield arranged the transaction on behalf of the undisclosed seller. A local private operator acquired the property. The Marquis on Berkeley includes a mix of one-, two- and three-bedroom floor plans. Community amenities include a playground, sundeck, fitness center, garages, lighted tennis courts and a resort-style pool.

September 25, 2018

Acquisitions California Multifamily Western

Champion Real Estate Co. Buys Two-Property Multifamily Portfolio in Glendale for $14.1M

by Amy Works September 25, 2018

GLENDALE, CALIF. — Champion Real Estate Co. has purchased a two-property apartment portfolio in Glendale. A private individual sold the portfolio for $14.1 million. The acquisition includes a 36-unit community located at 348 W. Chevy Chase Drive and a 26-unit community located at 1119-1123 E. Elk Ave. Champion South Glendale, a subsidiary of Champion, will immediately implement a $2.6 million comprehensive interior and exterior physical improvement and renovation program. The upgrade plan will also address significant deferred maintenance issues stemming from the previous long-term owner including seismic retrofitting on both properties. Built in 1963, 348 W. Chevy Chase Drive features four studio units, 20 one-bedroom/one-bath units and 12 two-bedroom/one-bath units. 1119-1123 E. Elk Ave. was built in 1961 and features 24 one-bedroom/one-bath units and two two-bedroom/one-bath units. With this acquisition, Champion now owns and operates more than 225 units in the Tri-Cities region, which also includes Pasadena and Burbank.

September 25, 2018

Acquisitions New Hampshire Northeast Retail

NKF Capital Markets Brokers Sale of 81,317 SF Retail Property in New Hampshire

by David Cohen September 24, 2018

WEST LEBANON, N.H. — NKF Capital Markets has brokered the sale of Powerhouse Plaza, an 81,317-square-foot retail property in West Lebanon. The sales price was undisclosed. Justin Smith of NKF Capital Markets represented the seller, Eastern Real Estate, in the transaction. The buyer was Jaffe Corp. The tenant roster at the property includes Shaw’s supermarket, Rite Aid, New Hampshire Liquor & Wine Outlet and 99 Restaurant & Pub.

September 24, 2018

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