sale2

GREENVILLE, S.C. — Institutional Property Advisors, a division of Marcus & Millichap, has brokered the $10.7 million sale of Cherrydale Market, a newly built, 70,635-square-foot shopping center in Greenville. The property houses three tenants: Burlington, Ulta Beauty and Five Below. Zach Taylor of IPA arranged the transaction on behalf of the seller, an entity doing business as Cherrydale 245 LLC. The buyer was Agree Realty, a net lease retail REIT based in Bloomfield Hills, Mich. “We procured the equity for the developer to get the property out of the ground and sourced an active REIT willing to commit to a pre-sale during construction,” says Taylor.

FacebookTwitterLinkedinEmail

SAN ANTONIO — A partnership between private equity firm Cottonwood Group and Dallas-based Texsun Holdings has acquired a 636-unit multifamily portfolio in San Antonio. The two properties that comprise the portfolio, San Mateo Apartments and Heights on Perrin Apartments, are both located on the city’s northwest side. The new ownership plans to implement a $7 million capital improvement program. The seller and sales price were not disclosed.

FacebookTwitterLinkedinEmail

PHILADELPHIA — Locally based brokerage firm Rittenhouse Realty Advisors has arranged the $87 million sale of Hamilton Court, a 295-bed student housing community located near the University of Pennsylvania in Philadelphia. Amenities include a pool, fitness center, outdoor grilling and dining areas and onsite laundry facilities. Hamilton Court also houses 21,400 square feet of retail space. Rittenhouse represented the seller, Post Brothers, which acquired the 103-unit property in 2015 and implemented a $21 million capital improvement program.

FacebookTwitterLinkedinEmail
La-Quinta-LAX-Los-Angeles-CA

DALLAS — Dallas-based NewcrestImage has agreed to purchase four La Quinta by Wyndham-branded hotels, totaling 696 rooms. A joint venture between Highgate and Cerberus sold the properties for an undisclosed price. The hotels include La Quinta Inn & Suites by Wyndham LAX in Los Angeles; La Quinta Inn & Suites by Wyndham Anaheim in Anaheim, Calif.; La Quinta Inn by Wyndham Phoenix North in Phoenix; and La Quinta Inn & Suites DFW Airport South/Irving in Irving, Texas. The acquisition of the LAX property marks NewcrestImage’s first gateway location in California.

FacebookTwitterLinkedinEmail

WINSTON-SALEM, N.C. — Cushman & Wakefield has brokered the $64 million sale of Union Cross Distribution Center, a newly built logistics center located at 4051 Wallburg Road in Winston-Salem. The developer, Front Street Capital, sold the 610,000-square-foot facility to Galaxy Investments LLC, an affiliate of The Halle Cos. Rob Cochran, Nolan Ashton, Bill Harrison, Stewart Calhoun, Casey Masters, Bobby Finch, Jason Ofsanko and Hap Royster of Cushman & Wakefield represented the seller in the transaction. Union Cross Distribution Center was fully leased to an undisclosed tenant at the time of sale. The property features 40-foot clear heights, cross-dock loading, LED lighting, concrete tilt-wall construction and access to the Triad’s major transportation arteries along with Piedmont Triad International Airport. It is also located adjacent to the established Union Cross Business Park, a 403-acre industrial park.

FacebookTwitterLinkedinEmail

TUSCALOOSA, ALA. — GBT Realty has sold McFarland Plaza, a 188,406-square-foot shopping center located at 2600 McFarland Blvd. in Tuscaloosa. Cincinnati-based Select Strategies Realty purchased the property from the Brentwood, Tenn.-based owner for an undisclosed price. Jim Hamilton, Brad Buchanan and Andrew Kahn of JLL represented GBT Realty in the transaction. Situated one mile from the University of Alabama, McFarland Plaza’s tenant roster includes HomeGoods, T.J. Maxx, Ross Dress for Less, Michaels, Dollar General, CosmoProf, Shoe Carnival, Slim Chickens, Party Wow, MS Cos. and Jersey Mike’s.

FacebookTwitterLinkedinEmail

DALLAS — Locally based investment firm S2 Capital has acquired a portfolio of 14 multifamily properties totaling 4,455 units that are located in various cities throughout the Dallas-Fort Worth (DFW) metroplex as well as in Houston. The DFW component of the portfolio totals 3,399 units, and the Houston portion comprises 1,056 units. All properties were built between 1979 and 1987. Mark Brandenburg, Lauren Dow and Michael Cosby of JLL, along with Lauren Bresky and Loren Heikenfeld of Northmarq, arranged debt financing for the transaction. Roberto Casas, Rob Key, Matthew Lawton and Dustin Selzer with JLL, as well as Taylor Snoddy with Northmarq, brokered the sale. The seller was not disclosed. S2 Capital plans to extensively renovate and enhance the unit interiors, building exteriors and amenity spaces at all of the properties.

FacebookTwitterLinkedinEmail

FRANKLIN PARK, ILL. — Cresa has brokered the sale-leaseback of a 58,000-square-foot industrial building in the Chicago suburb of Franklin Park for an undisclosed price. The property at 11058 Addison Ave. features a clear height of 20 feet, five docks and parking for 50 cars. Ed Lowenbaum of Cresa represented the seller, ConCan II, an affiliated party to the tenant, Alliance Paper and Foodservice Equipment. Clear Height Properties was the buyer. Alliance Paper, which has occupied the building since 2002, signed a lease for roughly 55 percent of the building. The remainder of the facility will become vacant effective Monday, Aug. 1.

FacebookTwitterLinkedinEmail

FRANKLIN PARK, N.J. — Oklahoma-based brokerage firm Stan Johnson Co. has arranged the $56 million sale of Franklin Towne Center, a 138,000-square-foot shopping center in Central New Jersey. Grocer Stop & Shop anchors the center, which was built on 14 acres in 1990. Isaiah Harf of Stan Johnson Co. represented the seller, a New York-based developer, in the transaction. The buyer was a New Jersey-based investment firm. Both parties involved in the deal requested anonymity.

FacebookTwitterLinkedinEmail

DALLAS — The Swig Co., a San Francisco-based owner-operator, has sold a 536,000-square-foot office building located at 901 S. Central Expressway in North Dallas. The four-story building sits on 20 acres and serves as the headquarters of fashion design and manufacturing company Fossil Group. Andrew Levy of JLL represented Swig Co. in the transaction. The buyer and sales price were not disclosed.

FacebookTwitterLinkedinEmail