OAK BROOK, ILL. — Oak Brook-based Inland Private Capital Corp. (IPC) has sold 29 properties occupied by CVS and Walgreens across the country for $172.3 million. The separate transactions were completed over the course of five months. The sales included six CVS properties and 23 Walgreens assets totaling 398,040 square feet. IPC, through its subsidiary that serves as asset manager, facilitated the sales on behalf of nine IPC 1031 investment programs.
HOBOKEN, N.J. — Northern New Jersey-based investment firm Faropoint has sold a national portfolio of 109 industrial properties totaling approximately 6.8 million square feet of $481 million. The properties are largely concentrated in Atlanta, Houston, Philadelphia and Memphis and feature an average building size of 62,000 square feet. At the time of sale, the portfolio was 98 percent leased to roughly 200 local, regional and national tenants. The buyer was not disclosed. Eastdil Secured served as Faropoint’s financial advisor on the deal.
JONESBORO, ARK. — Mumford Co. has brokered the sale of a 98-room Courtyard by Marriott hotel in Jonesboro. An entity doing business as McCain Lodging Jonesboro LLC purchased the hotel from Hunt Properties of Jonesboro LLC. The sales price was not disclosed, but Mumford Co. says the hotel sold for full list price. Steve Kirby, Ed James and George Arvantis of Mumford Co. represented the seller in the transaction, and Arvantis procured the buyer. Built in 2018, the four-story Courtyard by Marriott features meeting space, laundry services, a convenience store, restaurant and a fitness center, according to the property website.
FAIRFAX, VA. — KBS has sold Redwood Plaza I, II and III, a three-building office complex spanning 207,000 square feet in Fairfax. Arlington, Va.-based Network Realty Partners purchased the metro D.C. assets from KBS for $23 million. Jim Meisel, Matt Nicholson, Andrew Weir, Kevin Byrd and Dave Baker of JLL brokered the transaction. KBS has owned the Redwood Plaza buildings for more than 20 years and recently renovated the assets with new lobbies, a conference center, catering kitchen and community pantry and coffee. The campus also now includes a tenant lounge that offers arcade games, shuffleboard, free Wi-Fi, craft beer on tap and a 24-hour café.
BOCA RATON, FLA. — Katz & Associates has arranged the $10.6 million sale of a former hhgregg store located at 20841 S. State Road 7 in Boca Raton. CIRE Equity, a commercial real estate investor with offices in Southern California and Phoenix, purchased the 41,250-square-foot store from an entity doing business as Pan York Glades LLC. Jon Cashion and Daniel Solomon of Katz & Associates represented the seller in the transaction. EoS Fitness, a retail fitness concept based in Phoenix, will backfill the store, which is situated adjacent to a Burlington and PetSmart.
MERRILLVILLE, IND. — Physician Real Estate Capital Advisors (PRECAP) has brokered the $4.1 million sale-leaseback of the Bone & Joint Specialists orthopedic facility in Merrillville, a city in Northwest Indiana. The 15,504-square-foot property is located at 9001 Broadway and is adjacent to the Methodist Hospitals Southlake Campus. Bone & Joint Specialists has operated out of the property since 2008. Scott Niedergang of PRECAP, along with JDS Real Estate Services Inc., represented the seller, a physician partnership. The team also represented the buyer, a REIT focused on healthcare real estate.
SAN LEANDRO, CALIF. — An affiliate of Madison Marquette has completed the sale of Bayfair Center, a 42-acre regional mall at a BART subway station in San Leandro. B3 and GAW Capital Partners acquired the property for an undisclosed price. Located at 15555 E. 14th St., Bayfair Center was 91 percent leased at the time of sale. Current tenants include Target, Century Theaters, Macy’s, Kohl’s, Bed Bath & Beyond, Ulta Beauty, Old Navy, 24 Hour Fitness and PetSmart. The property includes one main mall building and five outparcel buildings with a total of 816,771 leaseable square feet. The asset offers the ability to redevelop a large portion of the site into a life sciences and mixed-use campus. Nicholas Bicardo, Steven Golubchik, Jonathan Schaefler, Darren Hollak and Cheyne Bloch of Newmark represented the seller in the transaction.
ARDEN, N.C. — Capital Square has acquired Retreat at Arden Farms, a 312-unit apartment community located at 539 Long Shoals Road in the Asheville suburb of Arden. The Richmond-based firm purchased the property for an undisclosed price through CS1031 Retreat at Arden Farms Apartments DST, a Delaware statutory trust investment offering that seeks to raise $68 million in equity. The seller was not disclosed. Situated on 28 acres in the Blue Ridge Mountains off I-26, Retreat at Arden Farms offers one-, two- and three-bedroom units averaging 957 square feet with tile backsplashes, stainless steel appliances, nine-foot ceilings, walk-in closets and balconies or patios. Amenities include a clubhouse with a lounge, cyber café with a coffee station, resort-style saltwater pool, 24/7 fitness center, wellness studio, poolside grilling area, dog park, electric car charging stations and private garages and storage units.
CHESAPEAKE, VA. — S.L. Nusbaum Realty Co. has arranged the sale of a 151,669-square-foot distribution center located at 101 Dexter St. W in Chesapeake, a Hampton Roads city situated near the Port of Virginia and the Norfolk Naval Shipping Yard. On Trading Corp. sold the asset to an entity doing business as Chesapeake Dexter St West LLC for $10.3 million. Sam Rapoport of S.L. Nusbaum represented the seller in the transaction. Situated on nearly 14 acres, the distribution center was fully leased at the time of sale to two tenants: The Empire Co. and Taylor Freezer Co.
PENSACOLA, FLA. — Marcus & Millichap has brokered the $2.9 million sale of a store located at 5048 Bayou Blvd. in Pensacola leased to MedMen, a national medical marijuana retailer. The single-tenant, triple-net-leased property in Northwest Florida opened in 2019 and was the fifth medical marijuana dispensary in Escambia County at the time. The MedMen store is an outparcel to Cordova Mall, which is within walking distance of Pensacola State College. Barry Wolfe and Alan Lipsky of Marcus & Millichap’s Wolfe-Lipsky team, which has brokered the sale of 22 medical marijuana dispensaries in the past 18 months, represented the seller in the transaction. The buyer was not disclosed.