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Continental Realty Purchases Kroger-Anchored Shopping Center in Fayetteville, Georgia for $24.4M

by John Nelson May 4, 2022

FAYETTEVILLE, GA. — Continental Realty Corp. (CRC) has purchased Banks Crossing, a 255,101-square-foot shopping center in Fayetteville, a southern suburb of Atlanta. Baltimore-based CRC acquired the center, which is anchored by Kroger, for $24.4 million via its private equity fund. Newmark represented the seller, Nightingale Properties, in the transaction. Located at 100-240 Banks Crossing N., Banks Crossing is the third shopping center in CRC’s Georgia portfolio and was 91 percent leased at the time of sale to tenants such as JC Penney, Sally Beauty, Guitar Center and Planet Fitness. The shopping center was built in 1987 and renovated in 2013.

May 4, 2022

Acquisitions Florida Industrial Southeast

CBRE Brokers Sale of 692,000 SF Industrial Portfolio in South Florida

by John Nelson May 4, 2022

MIRAMAR, FLA. — CBRE has brokered the sale of a three-building, 692,000-square-foot industrial portfolio in the Broward County city of Miramar. Metro Chicago-based CenterPoint Properties purchased the properties for an undisclosed price. José Lobón, Trey Barry, Frank Fallon, Royce Rose and Tom O’Loughlin of CBRE represented the undisclosed seller in the transaction. The portfolio includes a 500,000-square-foot facility at 3701 Flamingo Road, an 83,200-square-foot property at 2601 SW 145th Ave. and a 108,800-square-foot building at 2701 SW 145th Ave. The facilities feature dock doors, drive-in doors, ESFR sprinkler systems and clear heights ranging from 24 to 34 feet. The assets were fully leased at the time of sale to six tenants.

May 4, 2022

Acquisitions Development Hospitality Multifamily South Carolina Southeast

Vivo Living Acquires Hotel in Port Royal, South Carolina for Multifamily Conversion

by John Nelson May 4, 2022

PORT ROYAL, S.C. — Vivo Living has purchased a hotel located at 1660 Ribaut Road in Port Royal, a coastal town situated north of Hilton Head, S.C. The California-based buyer plans to convert the hotel into an apartment community named Vivo Port Royal. This will be Vivo’s third adaptive reuse multifamily project in South Carolina. The property will feature a living room lobby with complimentary Wi-Fi, lounge areas, a pool and a fitness center. Vivo Living says that the property will command a 10 to 20 percent discount compared with market-rate rents in the trade area. The seller was not disclosed.

May 4, 2022

Acquisitions Multifamily Seniors Housing Washington Western

Cushman & Wakefield Negotiates Sale of 703-Unit Seniors Housing Portfolio in Vancouver, Washington

by Amy Works May 4, 2022

VANCOUVER, WASH. — Cushman & Wakefield has arranged the sale of three Class A seniors housing communities in the Portland, Oregon suburb of Vancouver. The 703-unit portfolio spans the care continuum with offerings of active adult apartments, independent living, assisted living and memory care services. The seller, Rood Investments, developed all three communities between 2001 and 2017 in well-amenitized urban areas. Cushman & Wakefield’s Rick Swartz, Jay Wagner, Aaron Rosenzweig, Dan Baker and Jack Griffin represented the seller in the transaction. The buyer and price were not disclosed.

May 4, 2022

Acquisitions Office Southeast Virginia

CoStar Group Purchases Office Building in Richmond for $20M

by John Nelson May 3, 2022

RICHMOND, VA. — CoStar Group Inc. has purchased a five-story, 117,448-square-foot office building in Richmond’s Manchester district. The locally based real estate information and analytics firm acquired the property for $20 million. The seller was not disclosed. Located at 901 Semmes Ave., the office building is situated across James River from CoStar’s planned corporate campus spanning 750,000 square feet. The property was vacant at the time of sale and was formerly anchored by SunTrust Bank (now Truist Financial Corp.), which relocated to an adjacent building. CoStar employs more than 1,200 people in the Richmond area. Over the next five to 10 years, CoStar expects to become the largest tech company and one of the largest private employers in Richmond.

May 3, 2022

Acquisitions Arkansas Multifamily Southeast

CLK Properties Buys 324-Unit Apartment Community in Jonesboro, Arkansas

by John Nelson May 3, 2022

JONESBORO, ARK. — CLK Properties has purchased Willow Creek, a 324-unit apartment community located at 6 Willow Creek Lane in Jonesboro. The seller, Montana-based Braxton Development, sold the property to CLK Properties for an undisclosed price. Aaron Jungreis and David Wildes of Rosewood Realty represented both the buyer and the seller in the transaction. Built in 2011 by Braxton Development, Willow Creek features 10 three-story buildings, as well as two resort-style swimming pools, a playground, two modern fitness centers and a clubhouse with a business center. Willow Creek is the second property in Jonesboro for CLK Properties, as the New York City-based firm purchased the 264-unit Landing at Greensborough Village last year. CLK Properties owns more than 19,000 apartments in its portfolio, including 2,300 in Memphis where the firm keeps a regional headquarters.

May 3, 2022

Acquisitions Alabama Industrial Southeast

GCP, Highline Purchase 404,000 SF Industrial Park Near Birmingham

by John Nelson May 3, 2022

ALABASTER, ALA. — Growth Capital Partners (GCP) and Highline Real Estate Partners have acquired Shelby West, a 404,000-square-foot industrial park in suburban Birmingham. The property represents the third investment for the GCP-Highline investment platform, which also includes strategic equity placements from the McWane Family and other third-party investors. The facilities at Shelby West include a 250,000-square-foot building at 175 Airview Lane and a 154,000-square-foot property at 1840 Corporate Woods Drive. The Airview building was built in 2006 and recently leased to MailSouth and AGC. The Corporate Woods building was built in 2009 and leased to The Home Depot and U.S. AutoForce. Adam Eason of Cushman & Wakefield | EGS Commercial Real Estate represented the seller in the transaction. Brad Moffatt of Cushman & Wakefield | EGS is handling the leasing at Shelby West. The sales price was not disclosed but the sellers were entities doing business as Shelby West Industrial Enterprises and Shelby West Industrial Enterprises II.

May 3, 2022

Acquisitions Industrial Southeast West Virginia

Time Equities Acquires 363,000 SF Industrial Building in Huntington, West Virginia

by John Nelson May 3, 2022

HUNTINGTON, W.VA. — Time Equities Inc. (TEI) has purchased a 363,000-square-foot industrial facility located at 550 27th St. in Huntington. Sierra Corp. sold the property to the New York City-based firm for $9 million. The property was fully leased at the time of sale to a combination of national, regional and local tenants. The facility is located adjacent to the CSX Transportation rail hub and the Port of Huntington, which is situated along the Ohio River. Sal Ramundo of Marcus & Millichap represented the seller in the transaction. Max Pastor and Brian Soto led the TEI acquisitions team internally.

May 3, 2022

California Industrial Loans Western

LongPoint Realty Partners Receives $52M Acquisition Loan for Van Nuys Industrial Park in Los Angeles

by Amy Works May 3, 2022

LOS ANGELES — JLL Capital Markets has secured $52 million in acquisition financing for Van Nuys Industrial Park, a value-add business park situated on 11.7 acres in the Van Nuys submarket of Los Angeles. The borrower is Boston-based Longpoint Realty Partners. The seller was not disclosed. Totaling 84,346 square feet, Van Nuys Industrial Park features four light industrial buildings constructed between 1963 and 1974, plus two land parcels totaling 3.8 acres used as outdoor storage lots for automobile and truck trailers. At the time of sale, the property was fully leased to six tenants. The buildings are located at 16300-16210, 16251, 16201, 16141, 16161 Raymer St. and 8085 Woodley Ave. Greg Brown and Peter Thompson of JLL Capital Markets placed the three-year, floating-rate, nonrecourse acquisition loan with Prime Finance.

May 3, 2022

Acquisitions Indiana Midwest Retail

Cooper Group Negotiates $7.3M Sale of Retail Property in Zionsville, Indiana

by Kristin Harlow May 3, 2022

ZIONSVILLE, IND. — The Cooper Commercial Investment Group has negotiated the $7.3 million sale of The Avenue at Bennett Farms, a two-building retail property in the Indianapolis suburb of Zionsville. The 12,969-square-foot development is home to Tropical Smoothie Café, Restore Hyper Wellness, Capriotti’s Sandwich Shop, Hand & Stone Massage, Garbanzo Mediterranean Fresh, Classic Cleaners and a freestanding Java House. Dan Cooper of Cooper Group represented the seller, a Midwest-based developer. He also procured the buyer, a Midwest-based private investment group. The asset sold at roughly 99 percent of the list price and a 5.9 percent cap rate.

May 3, 2022

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