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JLL Brokers $16M Sale of Village Oaks Shopping Center in Pensacola, Florida

by John Nelson June 28, 2022

PENSACOLA, FLA. — JLL has brokered the $16 million sale of Village Oaks, a 166,245-square-foot shopping center located at 6241 N. Davis Highway in Pensacola. A South Florida-based family office purchased Village Oaks from an affiliate of Atlanta-based RCG Ventures. Brad Peterson and Whitaker Leonhardt of JLL represented the seller in the transaction. Built in 1988 and renovated in 2014, the property’s tenant roster includes Bealls, PetSmart, Planet Fitness, Party City, Breeze Nutrition, Cato, Once Upon a Child, Thai 54 and Pensacola ATA Martial Arts.

June 28, 2022

Acquisitions Hospitality Loans Maryland Southeast

Mag Mile Capital Arranges $8.6M Acquisition Loan for Days Inn Hotel in Downtown Baltimore

by John Nelson June 28, 2022

BALTIMORE — Mag Mile Capital has arranged an $8.6 million acquisition loan for a 250-room Days Inn hotel located at 100 Hopkins Place in downtown Baltimore. The three-year, non-recourse, cash-out bridge loan was underwritten with an 8 percent interest rate with two-one year extension options. The borrower and direct lender were not disclosed. Situated near Baltimore’s Inner Harbor district and Oriole Park at Camden Yards, the Days Inn hotel features a 24-hour reception desk, bar and restaurant, business center, café, banquet facilities, fitness center, meeting room, onsite parking, a sundries market and an outdoor swimming pool.

June 28, 2022

Acquisitions Illinois Midwest Multifamily

Bayshore Properties Acquires 344-Unit Apartment Complex in Mt. Prospect, Illinois

by Kristin Harlow June 28, 2022

MT. PROSPECT, ILL. — Bayshore Properties Inc. has acquired Mount Prospect Greens, a 344-unit apartment complex in the Chicago suburb of Mt. Prospect. Built in 1973, the property features a mix of one-, two- and three-bedroom units. There are 156 units that have been renovated with new countertops, cabinets and appliances. Tyler Hague and Lauren Stoliar of Colliers represented the seller, Pepper Pike Capital Partners. Dan Sacks and Eric Rosenstock of Greystone originated a $44.2 million Fannie Mae loan for the $49.5 million acquisition.

June 28, 2022

Acquisitions Arizona Industrial Western

Stockbridge Acquires 147,435 SF Warehouse Facility in Mesa, Arizona

by Amy Works June 28, 2022

MESA, ARIZ. — Stockbridge has purchased a single-tenant warehouse/distribution building situated on 28.6 acres at 3115 N. Higley Road in Mesa from Lexin Capital for an undisclosed price. Built in 2018, a Fortune 10 global e-commerce company fully occupies the 147,435-square-foot property. Will Strong, Kirk Kuller, Greer Oliver and Connor Nebeker-Hay of Cushman & Wakefield’s National Advisory Group represented the seller in the deal. Designed as a last-mile delivery station, the Class A tilt-up concrete building features 32-foot clear heights, ESRF sprinklers, skylights, R-38 insulation and heavy power. Additionally, the property has ample parking and a 135-foot, fully secured, 100 percent concrete truck court.

June 28, 2022

Acquisitions Multifamily Texas

MC Cos. Acquires 238-Unit Briarcrest Apartments in Carrollton, Texas

by Taylor Williams June 27, 2022

CARROLLTON, TEXAS — MC Cos., an Arizona-based investment firm, has acquired Briarcrest Apartments, a 238-unit multifamily property in the northern Dallas suburb of Carrollton. The property exclusively offers two-bedroom units, including 38 townhomes, with an average size of 961 square feet. Amenities include a pool, outdoor grilling and dining areas, a business center, fitness center, playground and a dog park. The new ownership plans to implement a value-add program at Briarcrest Apartments, which has not undergone interior renovations since its original construction in 1983. The seller was not disclosed.

June 27, 2022

Acquisitions Kentucky Multifamily Southeast

Rosewood Realty Brokers $75M Sale of Bridle Creek Apartments in Lexington, Kentucky

by John Nelson June 27, 2022

LEXINGTON, KY. — Rosewood Realty Group has brokered the sale of Bridle Creek, a 384-unit apartment community located at 3800 Nicholasville Road in south Lexington. Missouri-based Maxus Realty Trust sold the property to Boston-based West-Shore Properties for $75 million. Aaron Jungreis and Ben Hammer of Rosewood Realty represented the seller in the transaction, and Jay Weiner, also with Rosewood Realty, represented the buyer. Built in 2002 near Shillito Park and about three miles south of the University of Kentucky, Bridle Creek features a clubhouse, pool, playground, fitness center, business center and a pet play area. West-Shore plans to make interior and exterior improvements at the community during its ownership.

June 27, 2022

Acquisitions Maryland Retail Southeast

IPA Arranges $24.5M Sale of Gaitherstowne Plaza Shopping Center in Metro D.C.

by John Nelson June 27, 2022

GAITHERSBURG, MD. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Gaitherstowne Plaza, a 71,329-square-foot shopping center in the Washington, D.C., suburb of Gaithersburg. Manhasset, N.Y.-based Millbrook Properties purchased the center from an affiliate of the U.S. division of Israel-based BIG Shopping Centers Ltd., BIG Shopping Centers USA, for $24.5 million. Dean Zang, David Crotts and Josh Ein of IPA represented the seller in the transaction. According to IPA, the property was fully leased at the time of sale and the average tenure of tenants is over 10 years, with the tenant roster including national brands Gabe’s, AutoZone, Sherwin-Williams and IHOP on an outparcel.

June 27, 2022

Acquisitions Georgia Industrial Office Southeast

CapRidge Buys 285,000 SF DeKalb Technology Center Flex Office Campus in Metro Atlanta

by John Nelson June 27, 2022

DORAVILLE, GA. — CapRidge Partners, a real estate investment firm based in Austin, has purchased DeKalb Technology Center, a flex office park in Doraville spanning 285,000 square feet across eight buildings. Situated in metro Atlanta near the intersection of I-85 and I-285, which is known locally as Spaghetti Junction, the campus was 67 percent leased at the time of sale. Jordan Camp and Reid Hanner of Foundry Commercial represented CapRidge in the sale. The buyer and sales price were not disclosed. DeKalb Technology Center represents the sixth investment in metro Atlanta in the past 12 months for CapRidge, bringing the company’s local portfolio in that time span to nearly 900,000 square feet. The other acquisitions include Cobblestone Business Park, Franklin Forest, Whittier Mill Complex, Lakeridge Court and Westfork Business Park.

June 27, 2022

Acquisitions Colorado Industrial Self-Storage Western

Armstrong Capital Development Sells 80,400 SF Self-Storage Facility in Denver

by Amy Works June 27, 2022

DENVER — Armstrong Capital Development has completed the disposition of a self-storage facility in Denver. An institutional buyer acquired the asset for an undisclosed price. Located at 7200 E. 36th Ave., the 80,400-square-foot facility consists of a three-story, climate-controlled building with 569 units ranging in size from 5-foot by 5-foot to 10-foot by 30-foot. Onsite amenities include 24-hour video surveillance, prominent visibility and convenient access to more than 68,900 vehicles per day. Built in 2019, the property was 96 percent occupied at the time of sale.

June 27, 2022

Acquisitions California Industrial Western

Fortress Investment Group Buys Warehouse in Fremont, California for $29M

by Amy Works June 24, 2022

FREMONT, CALIF. — Fortress Investment Group has acquired a warehouse facility in Fremont from Weiglein Properties, Sveiks Holdings and Glade Barne Holdings for $29 million. Situated on 6.3 acres at 42744 Boscell Road, the 93,385-square-foot warehouse features 6,886 square feet of office space, 26-foot clear heights, eight loading docks, 11 grade-level doors, 29 skylights with smoke vents and shades, dock-high and drive-in loading access, heavy power, 200 parking stalls and a 17,000-square-foot fenced-in, secured yard. The asset also offers 1.7 acres of unimproved surplus land. Balch Construction built the property, which Ross Reese designed, in 2000. At the time of sale, two tenants fully leased the property. Rick Keely and Greig Lagomarsino of Colliers represented seller, while Lagomarsino represented the buyer in the deal.

June 24, 2022

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