INDIANAPOLIS — Canadian-based investor Granite REIT has acquired Buildings 1 and 4 within Hendricks Gateway Park in Indianapolis for an undisclosed price. The two buildings total 1.3 million square feet and are fully leased to MARS Petcare and LifeScience Logistics. Andrew Morris and Jeremy Woods of CBRE represented the seller, Atlanta-based Core 5 Industrial Partners. Hendricks Gateway Park is home to four buildings totaling nearly 3 million square feet.
CHATTANOOGA, TENN. — SRS Real Estate Partners has brokered the sale of East Ridge Crossing, a 58,950-square-foot, Food Lion-anchored shopping center in Chattanooga. Hancock White Columns Inc. purchased the property for an undisclosed price. Kyle Stonis and Pierce Mayson of SRS represented the undisclosed seller in the transaction. Tyler Matthews of Austin Sumner Properties represented Hancock White Columns. Built in 1988 and renovated in 2021, East Ridge Crossing was 91 percent leased at the time of sale to national retailers, including e-commerce-resistant service providers. The property is situated about seven miles southeast of downtown Chattanooga and just west of Interstate 75.
DORAL, FLA. — Marcus & Millichap has arranged the sale of Doral Park Centre, a 13,925-square-foot retail strip center in Doral. The property sold for $11 million, or $789.72 per square foot. Edward Romo and Scott Sandelin of Marcus & Millichap represented the seller, an affiliate of IRAS Group, a Miami-based real estate investment firm. Kristina Filippone of First City Realty Partners Inc. procured the undisclosed buyer. Built in 2017, Doral Park Centre is a seven-suite property that was fully leased at the time of sale to tenants including 5.11 Tactical Miami, PANNA New Latino Food, Ohana Sushi, 107 Beauty Bar & Spa and CKO Kickboxing. Located at 3887 NW 107th Ave., the property is situated 10 miles from Miami International Airport.
COLORADO SPRINGS, COLO. — Cushman & Wakefield has arranged the sale of Interquest I-IV, a four-building flex, office and healthcare portfolio located at 9925, 9945, 9950 and 9960 Federal Drive in Colorado Springs. An undisclosed seller sold the asset to a Denver-based private partnership for an undisclosed price. Aaron Johnson and Jon Hendrickson of Cushman & Wakefield represented the seller. Constructed in phases in 2001 and 2008/2009, the buildings offer a total of 241,232 square feet of flex, office and healthcare space. At the time of sale, the portfolio was 76 percent leased to a healthcare and technology tenants. Interquest I (9945 Federal Drive) and Interquest II (9925 Federal Drive) have LEED Silver certification.
NEW YORK CITY — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged a $35 million loan for the leasehold acquisition of 580 Broadway, a 141,645-square-foot office and retail building in Manhattan. Originally constructed in 1898, the 12-story building consists of 8,442 square feet of grade-level retail space, 7,292 square feet of below-grade retail space and 125,911 square feet of office space. Matthew Polci of Marcus & Millichap Capital Corp. and Steven Buchwald of IPA arranged the financing through Miami-based lender BridgeInvest. Justin Natalizio of The Anton Group negotiated the sale of the property via a long-term ground lease.
CARY, N.C. — Houston-based Serac Capital Partners has acquired 500 Gregson, a 106,047-square-foot office building in Cary, for $19.3 million. Ben Kilgore of CBRE represented the seller, Boston-based Albany Road Partners, in the transaction. Bill Dampier of Independent Financial provided an undisclosed amount of acquisition financing for the sale. The single-story building was originally a build-to-suit for American Airlines. The property is now 93 percent occupied by multiple tenants, including American Airlines. 500 Gregson is situated within MacGregor Park, a 108-acre business park with about 1 million square feet of office space. The park is about 97 percent occupied to public and private companies, including LORD Corp., ABB and Siemens.
NEW ALBANY, MISS. — Marcus & Millichap has brokered the sale of The Gardens Apartments, an 80-unit community in New Albany. David Dorris and Bryan Sisk of Marcus & Millichap represented the undisclosed seller and procured the New York City-based buyer. Built in 2004, The Gardens offers one- and two-bedroom floorplans. Community amenities include a pool, fitness center, playground, grill, picnic area, pet care and laundry facilities. Located at 910 Kings Creed Road on 5.6 acres, the property is situated 35.5 miles from the University of Mississippi in Oxford.
FORT LAUDERDALE, FLA. — Colliers has arranged the sale of a three-building warehouse and office complex totaling 20,820 square feet in Fort Lauderdale. Robert Listokin of Colliers represented the seller, an entity doing business as PRF Holdings LLC, and Levy Realty represented the undisclosed buyer. The sales price was $4 million. The property, dubbed the Southern Cross Portfolio, includes a 3,314-square-foot warehouse building, a 7,459-square-foot office/showroom/storage building and a 10,047-square-foot warehouse. PRF Holdings previously utilized the entire complex to manage its business. The buildings are situated adjacent to Lockhart Stadium and Fort Lauderdale Executive Airport.
MANHATTAN BEACH, CALIF. — California-based investment firm Magma Equities has acquired a portfolio of 1,361 multifamily units that are located across various major markets in Texas from Houston-based Hilltop Residential. The sales price was not disclosed, nor were the specific names and locations of the properties. Institutional Property Advisors, a division of Marcus & Millichap, brokered the sale. The deal represents Magma Equities’ initial foray into the Houston and San Antonio multifamily markets and boosts the firm’s holdings in Dallas-Fort Worth to more than 2,000 units.
ST. LOUIS — St. Louis-based ElmTree Funds has acquired seven industrial and office properties across the U.S. for approximately $800 million. The single-tenant, net-leased properties span 3.2 million square feet and are fully leased with a weighted average lease term of 13.7 years. The assets are in markets such as Minneapolis, Seattle and Raleigh. ElmTree, a real estate private equity firm that manages capital on behalf of institutional and private investors, made the acquisitions in the first quarter of 2022.
