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SRS Real Estate Partners Negotiates $8.2M Sale of Raising Cane’s-Occupied Property in San Bernardino

by Amy Works November 4, 2021

SAN BERNARDINO, CALIF. — SRS Real Estate Partners has arranged the sale of a restaurant building located at 1857 S. Tippecanoe Ave. in San Bernardino. An affiliate of Red Mountain Group sold the property to a San Diego-based high-net-worth investor for $8.2 million. Raising Cane’s Chicken Fingers occupies the 4,086-square-foot property, which was built in 2017 on 1.2 acres and has more than 11 years remaining on its absolute triple-net lease. Matthew Mousavi and Patrick Luther of SRS’s National Net Lease Group represented the seller, while Jim Casale of Lee & Associates represented the buyer in the deal. According to SRS Real Estate, the transaction is the highest price point for a Raising Cane’s property sold to date on a national basis.

November 4, 2021

1600-Desert-Surf-Circle-NE-Albuquerque-NM

Acquisitions Net Lease New Mexico Retail Western

Marcus & Millichap Brokers Sale of TopGolf-Leased Property in Albuquerque

by Amy Works November 4, 2021

ALBUQUERQUE, N.M. — Marcus & Millichap has arranged the sale of a retail building located at 1600 Desert Surf Circle NE in Albuquerque. A limited liability company acquired the asset for an undisclosed price. The name of the seller was not released. TopGolf occupies the 25,525-square-foot property, which was built in 2021, on a net-lease basis. Mark Ruble and Chris Lind of Marcus & Millichap’s Phoenix office, along with Matthew Reeves of the firm’s New Mexico office, handled the transaction.

November 4, 2021

Acquisitions Affordable Housing Multifamily New Jersey Northeast

Gebroe-Hammer Negotiates $113M Sale of Northern New Jersey Workforce Housing Portfolio

by Taylor Williams November 4, 2021

EAST ORANGE, N.J. — Locally based brokerage firm Gebroe-Hammer Associates has negotiated the $113 million sale of a 641-unit workforce housing portfolio in the Northern New Jersey community of East Orange. The portfolio consists of 10 transit-oriented properties that are all located within two miles of one another in the city’s downtown area. Milrose, a private investment group based in Central New Jersey, sold the portfolio to Spaxel. Joseph Brecher, David Oropeza and Niko Nicolaou of Gebroe-Hammer brokered the deal.

November 4, 2021

Acquisitions Industrial Mississippi Southeast Tennessee

Industrial Logistics Properties Trust Buys Three Industrial Assets in Metro Memphis for $100M

by Julia Sanders November 4, 2021

MEMPHIS, TENN. AND SOUTHAVEN, MISS. — Newton, Mass.-based Industrial Logistics Properties Trust, managed by The RMR Group, has purchased a portfolio of three industrial properties in the Memphis area for a total of $100 million. The three properties span a combined 1.3 million square feet. Casey Masters and Stewart Calhoun of Cushman & Wakefield brokered the transaction. The seller(s) was not disclosed. One of the properties includes a 246,564-square-foot industrial asset located at 481 Airport Industrial Drive in Southaven. The property was built in 2008 and includes 193 auto parking spaces and 40 trailer parking spaces. The next property was a 602,500-square-foot industrial asset located at 8474 Market Place Drive in Southaven. Built in 2004, the property features 251 auto parking spaces. Lastly, there was a 437,940-square-foot property situated at 6380 E. Holmes Road in Memphis. The property was built in 2004 and includes 767 auto parking spaces and 70 trailer parking spaces. The buildings were fully leased to five tenants at the time of sale. Additionally, the properties are located near several highways such as Interstates 69 and 78.

November 4, 2021

Acquisitions Alabama Retail Southeast

SRS Brokers $13.9M Sale of Retail Center in Metro Birmingham

by Julia Sanders November 4, 2021

HOOVER, ALA. — SRS Real Estate Partners’ Investment Properties Group has brokered the sale of Stadium Trace Village, a 33,625-square-foot retail center in Hoover. MAP Development sold the property for $13.9 million to Liberty Retail Properties. Boris Shilkrot, Kyle Stonis and Pierce Mayson of SRS’ Atlanta office represented the seller. The buyer was self-represented in the transaction. Built in 2019, Stadium Trace Village is shadow-anchored by Aldi, Duluth Trading Co. and UAB Medicine. The center is fully occupied by retailers such as OHenry’s Coffee, Edgar’s Bakery, Mooyah Burgers, Cookie Cutters, Taco Mama and Super Chix. Located at 5220 Peridot Place, the property has access to Interstate 459 and is situated directly across from Brookwood Baptist Health Center. The property is part of a master-planned mixed-use development that was approved by Hoover’s City Council to be the city’s first open container entertainment district. The development is also set to include two hotels and a 1,000-seat amphitheater.

November 4, 2021

Acquisitions Indiana Michigan Midwest Retail

First Merchants Bank Agrees to Acquire Level One Bank for $323.5M

by Kristin Harlow November 4, 2021

MUNCIE, IND. AND FARMINGTON HILLS, MICH. — Muncie-based First Merchants Corp. (NASDAQ: FRME) and Farmington Hills-based Level One Bancorp Inc. (NASDAQ: LEVL) have signed a definitive merger agreement by which Level One will merge into First Merchants in a stock and cash transaction valued at approximately $323.5 million. The transaction is expected to close in the first half of 2022. The combined company, conducting its banking business as First Merchants Bank, expects to complete its system integration during the third quarter of 2022. First Merchants will have assets of roughly $17.6 billion and will remain the second largest financial holding company headquartered in Indiana. The combined company will operate 122 banking offices across Indiana, Michigan, Ohio and Illinois.

November 4, 2021

Acquisitions Georgia Retail Southeast

Halpern Enterprises Acquires 80,773 SF Retail Property in Metro Atlanta

by Julia Sanders November 3, 2021

MCDONOUGH, GA. — Halpern Enterprises Inc. has acquired McDonough West, an 80,773-square-foot shopping center in McDonough. Harbour Retail Partners was the seller. The sales price was not disclosed. Built in 2000, McDonough West was 92 percent leased at the time of sale and anchored by a 30,000-square-foot Goodwill Store and Donation Center. The neighborhood retail center includes tenants such as Planet Fitness, Dollar Tree, Subway and Cato, along with a Delta Community Credit Union located on an outparcel at the front of the property. Located at 250 Jonesboro Road, McDonough West is situated at the intersection of Jonesboro Road and McDonough Parkway, adjacent to Kroger-anchored McDonough Crossing Shopping Center.

November 3, 2021

Acquisitions Multifamily Texas

Newmark Brokers Sale of 280-Unit Cordevalle Apartments in Metro Austin

by Taylor Williams November 3, 2021

ROUND ROCK, TEXAS — Newmark has brokered the sale of Cordevalle, a 280-unit apartment community located in the northern Austin suburb of Round Rock. Built in 2014, the property offers a mix of one- and two-bedroom units averaging 789 square feet. Amenities include a pool, fitness center, business center, clubhouse, outdoor kitchen with grilling areas and a dog park. Patton Jones and Andrew Dickson of Newmark represented the seller, Internacional, in the transaction. The buyer and sales price were not disclosed.

November 3, 2021

Acquisitions Georgia Multifamily Southeast

Grubb Properties Sells Apartment Community in Savannah for $29M

by Julia Sanders November 3, 2021

SAVANNAH, GA. — Charlotte-based Grubb Properties has sold Sterling Bluff, a 216-unit garden-style apartment community in Savannah, to Miami-based PIA Residential for $29 million. Nelson Abels and Mike Kemether of Cushman & Wakefield represented the seller in the transaction. Brian Kochan and John Westby-Gibson of Newmark originated a $20 million Fannie Mae acquisition loan for PIA Residential. The loan has a 10 year term. Located at 201 West Montgomery Cross Road on 11.3 acres, Sterling Bluff is a two-story complex that was 99 percent occupied at the time of sale. Built in 1977, the property offers one-, two- and three-bedroom floorplans with a range of 1,045 square feet up to 1,336 square feet. Community amenities include a swimming pool, BBQ grilling stations, fitness center, pet park and play area, playground and a poolside lounging area. The property is located about 6.5 miles from downtown Savannah, 2.8 miles from a Publix and right next to Hunter Golf Club. In addition, Savannah features employers such as Gulfstream Aerospace, International Paper Mitsubishi-Hitachi Power Systems, the Port of Savannah and the Army Corps of Engineers. PIA Residential plans to invest approximately $1.4 million into upgrading the apartment community, including putting in new appliances, countertops, …

November 3, 2021

Acquisitions Colorado Healthcare Office Western

CBRE Arranges Sale of 57,250 SF Dry Creek Medical Office Building in Englewood, Colorado

by Amy Works November 3, 2021

ENGLEWOOD, COLO. — CBRE has brokered the sale of Dry Creek Medical Office Building, located at 125 Inverness Drive East in Englewood. Terms of the transaction were not released. Chris Bodnar, Lee Asher, Ryan Lindsley and Jordan Selbiger of CBRE Healthcare and Life Sciences Capital Markets partnered with Dann Burke, Stephani Gaskins and Anna Heiserman of CBRE’s Denver office to represent the undisclosed seller in the deal. Built in 2000, Dry Creek Medical Office Building features 57,250 square feet of space. At the time of sale, the property was 87 percent leased to a variety of tenants, including two surgery centers, imaging, OB/GYN, dentistry, ophthalmology, neurology, pain management and plastic surgery specialists.

November 3, 2021

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