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Brixton Capital Divests of Rainbow Plaza Shopping Center in Las Vegas for $63.7M

by Amy Works December 16, 2021

LAS VEGAS — Brixton Capital has completed the sale of Rainbow Plaza, a dual grocery-anchored shopping center in Las Vegas. An undisclosed buyer acquired the asset for $63.7 million. Rob Ippolito of Newmark represented the seller in the deal. Located on the corner of Rainbow Avenue and Charleston Boulevard, Rainbow Plaza features 259,980 square feet of retail space. At the time of sale, the property was 94 percent occupied by credit, internet-resistant tenants, including Albertsons, Ross Dress for Less, The Home Depot, Sprouts Farmers Market, Goodwill, EOS Fitness and Chase Bank. The weighted average tenture of Rainbow Plaza tenants exceeds 15 years with more than 37 percent of the existing tenants having been at the center for more than 25 years.

December 16, 2021

Acquisitions Industrial Midwest Ohio

Aurora Industrial Acquires 2.9 MSF Industrial Portfolio in Metro Cleveland

by Kristin Harlow December 16, 2021

CLEVELAND — Aurora Industrial LLC has acquired a 15-property industrial portfolio spanning approximately 2.9 million square feet in metro Cleveland for an undisclosed price. CBRE represented the seller, Premier Development Partners, which acquired or developed the portfolio over the past 15 years. A key property is 51 East Hines Hills Road in Boston Heights. The building serves as the global headquarters and largest distribution and warehousing hub for home furnishings retailer Arhaus Inc. BTG Pactual Strategic Capital, Morning Calm Management LLC and Grupo Patio launched Aurora Industrial, which targets acquisitions of Midwest industrial real estate. The company owns 25 properties totaling more than 4.5 million square feet.

December 16, 2021

Acquisitions California Multifamily Western

McMillin Divests of Apartment Complex in San Diego’s Little Italy for $64.4M

by Amy Works December 15, 2021

SAN DIEGO — McMillin has completed the disposition of Eighteen Ten State Street, a Class A multifamily property located at 1810 State St. in San Diego’s Little Italy neighborhood. An undisclosed buyer acquired the asset for $64.4 million, or $650,500 per unit. The eight-story property offers 99 units with wood-plank style flooring, floor-to-ceiling windows, bay and city skyline views, nine-foot ceilings, walk-in closets, in-unit laundry, quartz countertops, stainless steel appliances and average floor plan sizes of 721 square feet. Community amenities include a village patio, sky spa, hotel-inspired lobby and horizon lounge. Darcy Miramontes, Kip Malo, Tim Wright and Bharat Madan of JLL Capital Markets Investment Sales and Advisory team represented the seller in the deal.

December 15, 2021

Acquisitions Office South Carolina Southeast

CBRE Arranges $12.6M Sale of Medical Office Building in Charleston

by Julia Sanders December 15, 2021

CHARLESTON, S.C. — CBRE has arranged the sale of a 30,677-square-foot medical office building in Charleston. An entity doing business as JEMO – Wesley LLC purchased the property from an entity known as 615 Wesley Drive LLC for $12.6 million. Charles Carmody and Ryan Carmody of CBRE represented the seller in the transaction. Built in 2002, the three-story property provides free onsite parking. Located at 615 Wesley Drive, the property is situated at the intersection of Highway 17, Highway 61 and Wesley Drive. The property is roughly three miles from downtown Charleston and 11 miles from Charleston International Airport.

December 15, 2021

Acquisitions Midwest Minnesota Office

Noteworthy Purchase: Schmitt Music Acquires 92,000 SF Office Building in Bloomington, Minnesota

by Kristin Harlow December 15, 2021

BLOOMINGTON, MINN. — Schmitt Music has acquired a 92,000-square-foot office building in Bloomington for its new headquarters. The purchase price was undisclosed. Located at 7800 Picture Drive, about 12 miles south of Minneapolis, the property offers office, showroom and training space as well as an area for a repair center. Schmitt Music was formerly headquartered in Brooklyn Center. Dan Larew and Chris Hickok of JLL represented the seller, Shutterfly/Lifetouch.

December 15, 2021

Acquisitions Arizona Multifamily Western

Baron Properties Sells Arrowhead Ranch Apartments in Glendale to Decron Properties for $101.5M

by Amy Works December 14, 2021

GLENDALE, ARIZ. — Baron Properties has completed the disposition of Arrowhead Ranch by Baron, a multifamily asset in Glendale. Decron Properties acquired the community for $101.5 million, or $396,484 per unit. Built in 1996 on 16 acres, Arrowhead Ranch at Baron features 256 apartments with large windows, white Shaker-style cabinetry, breakfast bars, full-size washers/dryers and garden-style soaking tubs. Select units offer gas fireplaces and lake views. Community amenities include two resort-style swimming pools, spas with expansive sundecks and lake views. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in deal.

December 14, 2021

Acquisitions Georgia Retail Southeast

CBRE Brokers Sale of 82,097 SF Shopping Center in Atlanta’s Central Perimeter District

by Julia Sanders December 14, 2021

ATLANTA — CBRE National Retail Partners has brokered the sale of Park Place, an 82,097-square-foot retail property in Atlanta’s Central Perimeter district. Edens purchased the property from Atlanta-based Coro Realty Advisors for an undisclosed amount. Chris Decoufle, Kevin Hurley and Matt Karempelis of CBRE represented the seller in the transaction. Located at 4505 Ashford Dunwoody Road, Park Place is located directly across from Perimeter Mall at the intersection of Ashford Dunwoody Road and Perimeter Center West. Built in 1978, the property is anchored by Alon’s Bakery and Market, Fidelity Investments and Jared Galleria of Jewelry. The property was 92.2 percent occupied by tenants such as Allen Edmonds, Expedia Travel, Balance Salon and The Brass Tap.

December 14, 2021

Acquisitions Multifamily Southeast Tennessee

LawlerWood Sells Multifamily Property in Downtown Knoxville for $6.6M

by Julia Sanders December 14, 2021

KNOXVILLE, TENN. — LawlerWood has sold Tyson Court, a 30-unit multifamily property located in downtown Knoxville. Daniel Odle and Sam Harrell represented the seller, an entity known as Tyson Court LLC, internally in the transaction. An entity known as Tyson Court Apartments LLC purchased the property for $6.6 million. Built in 2019, Tyson Court offers studio, one- and two-bedroom floorplans. Units feature quartz countertops, modern cabinetry, stainless steel appliances and washer and dryers in each unit. The property also has on- and off-street parking for all units. The property was fully occupied at the time of sale. Located at 140 Jennings Ave., the property is situated off of North Central Street close to retailers and restaurants such as Wicked Chicken, Chivo Taqueria, Emilia, K Brew, Knox Food Park and Marble City Market, a food court. Additionally, the property is two miles from the University of Tennessee.

December 14, 2021

Acquisitions Illinois Industrial Midwest

Dayton Street Partners Sells 208,000 SF Distribution Center in Morton Grove, Illinois

by Kristin Harlow December 14, 2021

MORTON GROVE, ILL. — Dayton Street Partners has sold a 208,000-square-foot distribution center in Morton Grove, about 16 miles northwest of Chicago. The sales price was undisclosed. The property, located at 6123 Monroe Court, features a clear height of 28 feet, 17 loading docks, three drive-in doors, parking for 150 cars and 1.5 acres of trailer parking. The facility was fully leased at the time of sale to five tenants. Dayton Street acquired the asset in 2016 and updated its façade, repaved the parking lots, installed a new roof and added new signage. Michael Caprile, Zach Graham and Ryan Bain of CBRE represented Dayton Street in the sale. Brookfield Property Group was the buyer.

December 14, 2021

Acquisitions Florida Industrial Southeast

Cushman & Wakefield Arranges $27.3M Sale of Distribution Center in Lakeland, Florida

by Julia Sanders December 13, 2021

LAKELAND, FLA. — Cushman & Wakefield has arranged the sale of McLane Distribution Center, a 211,113-square-foot distribution center located in Lakeland. The property is fully leased to the McLane Co. Inc., a supply chain services company. Mike Davis, Rick Brugge, Rick Colon, Zachary Eicholtz, Chloe Strada and Dominic Montazemi of Cushman & Wakefield represented the seller, Morris Realty Co., in the transaction. New York-based Brookfield Properties acquired the building for $27.3 million. Located at 2929 Old Tampa Highway, the McLane Distribution Center is situated 30.6 miles east of Tampa and 58.3 miles west of Orlando. The property is also 3.4 miles from downtown Lakeland, and is situated near retailers such as Lakeland-based Publix, Silver Moon Swap Shop Flea Market and a Shell gas station. Built in 1973, the building includes clear heights up to 28 feet, 35-foot x 40-foot column spacing and ample dock-high loading.

December 13, 2021

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