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Charleston-Plaza-Palo-Alto-Mountain-View-CA

Nuveen Real Estate Sells Charleston Plaza Retail Center in Silicon Valley for $71.8M

by Amy Works March 31, 2022

PALO ALTO AND MOUNTAIN VIEW, CALIF. — Nuveen Real Estate has completed the disposition of Charleston Plaza, a five-building retail center in Palo Alto and Mountain View. San Francisco-based Presidio Bay acquired the asset for $71.8 million. Situated on 10.9 acres at 2400-2470 Charleston Road, Charleston Plaza features 132,590 square feet of retail space. Completed in 2006, the property features four big box retail buildings and one pad site. Key tenants include PetSmart, Starbucks Coffee and Chipotle. Will Connors, Daniel Renz and Michael Manas of the JLL Capital Markets team represented the seller and procured the buyer in the deal.

March 31, 2022

Acquisitions Multifamily Southeast Virginia

Greysteel Arranges Sale of 40-Unit Multifamily Property in Woodbridge, Virginia

by Julia Sanders March 30, 2022

WOODBRIDGE, VA. — Greysteel has arranged the sale of Friendship Place Apartments, a 40-unit multifamily property in Woodbridge. Kyle Tangney and Max Goldstein of Greysteel represented the undisclosed seller. The sales price and buyer were also not disclosed. Built in 1963, Friendship Place offers one- and two-bedroom floorplans averaging 787 square feet. Community amenities include laundry facilities, and unit features include in-unit washers and dryers. Located at 14400 Gemstone Drive, the property is situated about 16 miles from Washington, D.C. and 45.6 miles from University of Maryland.

March 30, 2022

Acquisitions California Multifamily Western

Lowe, LaSalle Investment Divest of IDEA1 Multifamily Community in San Diego for $106M

by Amy Works March 30, 2022

SAN DIEGO — Lowe and LaSalle Investment Management have completed the disposition of IDEA1, a mid-rise apartment complex located at 895 Park Blvd. in San Diego’s East Village neighborhood. Fairfield acquired the property for $106 million. Built in 2017 by Lowe, LaSalle and I.D.E.A. Partners, the six-story IDEA1 features 295 apartments in a mix of studios, one- and two-bedroom units with 12-foot ceilings, dual-pane vinyl windows, full-size washers/dryers, stainless steel appliances, quartz countertops and an average size of 739 square feet. Community amenities include a glass IDEA Box that serves as a business center, coworking space and conference room that can transform into a giant screen for movies and concerts in the courtyard. Additional amenities include a rooftop clubroom, sundeck with outdoor barbecues and firepits, rooftop spa, 24-hour fitness center, the HUB flexible event space, onsite restaurants and an art gallery. The property also offers 5,533 square feet of retail space and 7,717 square feet of office space, as well as a five-story mural. Darcy Miramontes and Kip Malo of JLL Capital Markets represented the seller in the deal.

March 30, 2022

Acquisitions Michigan Midwest Retail

MKiezi Investments Acquires Oakland Mall in Troy, Michigan

by Kristin Harlow March 30, 2022

TROY, MICH. — Local developer MKiezi Investments has acquired Oakland Mall in Troy for an undisclosed price. CenterCal Properties was the seller. The mall, which opened in 1968, spans roughly 1.5 million square feet and is home to Macy’s, J.C. Penney and a former Sears store, which MKiezi acquired last year. Other retailers at the mall include Dick’s Sporting Goods and At Home. Hobby Lobby is scheduled to open later this year in a portion of the former Sears space. Longhorn Steakhouse will replace the former Logan’s Roadhouse space. MKiezi plans to make improvements to the mall entrances, restrooms and lighting. Redevelopment of the former Sears store is underway. MKiezi is working with Detroit-based GH+A Design Studios to envision future possibilities for the mall that may include family entertainment, dining, ghost kitchens, advanced retail distribution or activation of outdoor space.

March 30, 2022

Acquisitions California Office Western

Majestic Asset Management Divests of 88,334 SF Office Building in Westlake Village, California

by Amy Works March 29, 2022

WESTLAKE VILLAGE, CALIF. — Majestic Asset Management has completed the sale of 2829 Townsgate, a multi-tenant office building in Westlake Village. California Commercial Investment Cos. acquired the property for $27 million. Located at 2829 Townsgate Road, the property features 88,334 square feet of office space, occupied by 10 tenants. Kevin Shannon, Sean Fulp, Ryan Plummer and Mark Schuessler of Newmark represented the seller in the deal.

March 29, 2022

Acquisitions Retail Southeast Tennessee

SRS Brokers Sale of 262,847 SF Retail Property in Memphis

by Julia Sanders March 29, 2022

MEMPHIS, TENN. — SRS Real Estate Partners has brokered the sale of Cross Creek Shopping Center, a 262,847-square-foot retail property in Memphis. A New York-based entity doing business as Allied Development of Memphis LLC sold the property for an undisclosed price to Aspen Real Estate. Kyle Stonis and Pierce Mayson of SRS’ Investment Properties Group represented the seller in the transaction, and Aspen was self-represented. Cross Creek is shadow-anchored by The Home Depot and features tenants including Ross Dress for Less, Conn’s HomePlus, dd’s Discounts and Five Below. Located at 3505-3619 Riverdale Road, the property is situated 18.8 miles from downtown Memphis.

March 29, 2022

Acquisitions Florida Industrial Southeast

AGS Properties Acquires 112,000 SF Last-Mile Industrial Facility in Metro Tampa

by Julia Sanders March 29, 2022

GIBSONTON, FLA. — AGS Properties has acquired a newly constructed, last-mile delivery facility located within Tampa Regional Industrial Park in Gibsonton, about 15.6 miles from Tampa. Tampa Regional Industrial Park is a master-planned distribution park that totals 1.4 million square feet and includes tenants such as Republic National Distributing Co. and Siemens Corp. Mike Davis, Rick Brugge, Rick Colon, Dominic Montazemi, Zachary Eicholtz and Kayla Hankins of Cushman & Wakefield represented the undisclosed seller in the transaction. The sales price was not disclosed. Built in 2022, the facility totals 112,000 square feet and was fully leased at the time of sale to an unnamed e-commerce company. Property amenities include LED lighting, 32-foot minimum clear heights, a 9 per 1,000-square-foot parking ratio and direct access to Interstate 75, U.S. Highway 41 and the Port of Tampa. The facility also offers future development capabilities through a 44,000-square-foot expansion of the existing facility and construction of an additional 198,000-square-foot facility. Located at 13010 Bay Industrial Drive, the property is situated 25.4 miles from Tampa International Airport.

March 29, 2022

Acquisitions Multifamily Southeast Tennessee

Marcus & Millichap Arranges Sale of 200-Unit Apartment Community in Memphis

by Julia Sanders March 29, 2022

MEMPHIS, TENN. — Marcus & Millichap has arranged the sale of Ashton Hills Apartments, a 200-unit complex in Memphis. Bryan Sisk, David Dorris and Brad Barham of Marcus & Millichap represented the seller, an Iowa-based limited liability company. The team also secured the buyer, an investment group out of Denver. The sales price was not disclosed. Built in 1975, Ashton Hills offers one-, two- and three-bedroom floorplans with a unit size range of 580 to 1,044 square feet. Unit features include washer and dryer hookups, vinyl flooring and walk-in closets. Community amenities include a pool, package service, maintenance onsite, property manager onsite, business center and a playground. The seller previously made significant upgrades to the property, according to Marcus & Millichap. Located at 4183 Troost Drive on 12.6 acres, Ashton Hills is situated 20.6 miles from Memphis International Airport and 13.9 miles from downtown Memphis.

March 29, 2022

Acquisitions Midwest Ohio Retail

Marcus & Millichap Negotiates $2.2M Sale of Rite Aid-Occupied Property in Sandusky, Ohio

by Kristin Harlow March 29, 2022

SANDUSKY, OHIO — Marcus & Millichap has negotiated the $2.2 million sale of an 11,325-square-foot property net leased to Rite Aid in Sandusky, a city in northern Ohio located along Lake Erie. The property is located at 334 W. Perkins Ave. Rite Aid has roughly six years remaining on its lease. Erin Patton, Scott Wiles and Craig Fuller of Marcus & Millichap represented the Ohio-based private seller as well as the buyer, a Michigan-based limited liability company.

March 29, 2022

Acquisitions Multifamily Texas

Marlin Spring Acquires 452-Unit Centreport Lake Apartments in Fort Worth

by Taylor Williams March 29, 2022

FORT WORTH, TEXAS — Canadian investment firm Marlin Spring has acquired Centreport Lake Apartments, a 452-unit multifamily community in Fort Worth. According to Apartments.com, the property offers one-, two- and three-bedroom units that range in size from 673 to 1,394 square feet and amenities such as a pool, fitness center, business center and walking/biking trails. Global alternative investment firm H.I.G. Capital provided an undisclosed amount of acquisition financing for the deal.

March 29, 2022

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