ATLANTA — Birmingham, Ala.-based GCP has acquired 6047 and 6049 Fulton Industrial in Atlanta for $17.1 million. The adjacent, rail-served buildings total 411,056 square feet and serve as light manufacturing and distribution warehouses. At the time of sale, the buildings were leased to two national third-party logistics tenants and a furniture distributor. The acquisition increases GCP’s portfolio to more than 7.5 million square feet. The name of the seller was not disclosed.
KNOXVILLE, TENN. — Coastal Ridge Real Estate has acquired Crowne at Campus Pointe, a 718-bed student housing community located less than a mile from the University of Tennessee in Knoxville. The sales price was not disclosed. Ryan Lang and Bo Flurry of ARA Newmark arranged the transaction on behalf of the undisclosed seller. Constructed in 2005, Crowne at Campus Pointe offers one- to three-bedroom units with monthly rents ranging from $870 to $1,935 per unit. Community amenities include a resort-style pool and sundeck, fire pit, outdoor cooking area, 24-hour fitness center, clubhouse, study center and a dog park.
DAVIS, CALIF. — Crown Acquisitions Inc. has acquired College Square, a 486-bed student housing community located near the University of California, Davis, for $50.2 million. The acquisition was financed with a new Freddie Mac loan secured by Peter Benedetto and Aaron Moll of Berkadia. The garden-style property offers shared amenities including three resort-style swimming pools with furnished sundecks, a fitness center, business center, study lounge, outdoor grills, picnic areas and two 24-hour laundry facilities. Planned capital improvements for the community include fully furnished and renovated units; an expanded fitness center with state-of-the-art equipment; the addition of a new study lounge, fire pits and pool amenities; and landscaping improvements. The property is also currently being rebranded.
WAUWATOSA, WIS. — An affiliate of Phoenix Investors has acquired the JCPenney Logistics Warehouse and Furniture Outlet Center for $31.2 million. JCPenney sold the 2 million-square-foot property, which is located at 18000 W. Burleigh St. in Wauwatosa, just west of Milwaukee. The buildings are situated adjacent to Interstate 45 and feature 100 loading docks. The first buildings were constructed in the 1950s. JCPenney has made regular improvements to the buildings and infrastructure over the years. Phoenix plans to renovate the property, both structurally and cosmetically.
MINNEAPOLIS — CBRE Multifamily has arranged the sale of Minneapolis Grand, a 112-unit apartment community in Minneapolis. The sales price was not disclosed. The property is located at 2401 Chicago Ave. near Abbott Northwestern Hospital. Built in 2005, the community features a mix of studio, one- and two-bedroom units with an average size of 833 square feet. Amenities include a newly renovated clubroom, fitness center, tenant lounge and underground parking. Keith Collins, Abe Appert, Ted Abramson and Ike Hoffman of CBRE represented the seller, CAP/SP Minneapolis Grand Apartments LLC, an entity related to CAPREIT. Trillium Grand Owner LLC, an entity related to Trillium Investments, purchased the asset. Cathy Bronkema of Cohen Financial, a division of SunTrust Bank, arranged a $15.3 million bridge loan for the acquisition. A private real estate investment fund based in New York provided the loan.
FLOWER MOUND, TEXAS — The Silver Group, a California-based brokerage firm specializing in the sale of single-tenant properties, has negotiated the sale of a 60,000-square-foot store leased to Tom Thumb in the Dallas metro of Flower Mound. The store, whose lease is guaranteed by The Albertson Cos. LLC, anchors Cross Timbers Village shopping center and houses a Starbucks and sushi bar. The buyer, seller and sales price were not disclosed.
BOERNE, TEXAS — Weitzman has brokered the sale of a two-story building located at 152-170 S. Main St. in Boerne, a northwestern suburb of San Antonio. The property consists of 12,000 square feet of street-level retail space leased to three different tenants and 3,300 square feet of second-level space operating as a boutique hotel. Ramey Mainstreet LLC, a local investor, purchased the property for an undisclosed price. The seller was not disclosed. Charlie Riddle of Weitzman brokered the transaction.
ATLANTA — Marcus & Millichap has brokered the $35.3 million sale of a FedEx Freight facility located at 4400 International Parkway in Atlanta, a half-mile from Hartsfield-Jackson Atlanta International Airport. The 292,000-square-foot facility is situated on 50 acres and was constructed in 1997. Todd Harrell of Marcus & Millichap arranged the transaction on behalf of the undisclosed seller and procured the buyer, a private equity real estate operator. Harrell also arranged the sale of a second FedEx Freight center in Marcus Hook, Penn., on behalf of the same buyer and seller. The 150,000-square-foot facility sold for $15.4 million.
