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Macerich Co. Sells La Encantada Lifestyle Center in Tucson for $165.2M

by Amy Works September 23, 2021

TUCSON, ARIZ. — Macerich Co. has completed the disposition of La Encantada, an open-air lifestyle center in Tucson. A group of local investors acquired the property for $165.2 million. JLL Capital Markets arranged a $102 million acquisition loan for the buyer. Completed in 2003, La Encantada offers 246,256 square feet of retail space. At the time of sale, the property was 93 percent leased. Current tenants include Crate & Barrel, Tiffany & Co., West Elm, Anthropologie, Athleta, Lululemon, Pottery Barn, Madewell, Warby Parker, Williams-Sonoma, Bluemercury, Barre 3, Core Health & Fitness, Fuchsia Spa and Laseraway, AJ’s Fine Foods, RA Sushi Bar and Restaurant, North Italia and Blanco Tacos + Tequila. Patrick Dempsey of JLL Capital Markets Investment Sales and Advisory represented the seller in the deal. Jeremy Womack and Zane Coffman of JLL Capital Markets Debt Advisory team represented the new owner in the acquisition financing.

September 23, 2021

Acquisitions Multifamily Texas

Stratus Properties Agrees to Sell Santal Apartments in Austin for $152M

by Taylor Williams September 23, 2021

AUSTIN, TEXAS — Locally based REIT Stratus Properties has entered into an agreement to sell The Santal, a 448-unit apartment community in Austin’s Barton Creek neighborhood, for $152 million. The sales price equates to roughly $339,000 per unit. The property, which was fully occupied at the time of sale, was constructed in phases between 2015 and 2019. Units feature one-, two- and three-bedroom floor plans and are furnished with hardwood floors, quartz countertops, stainless steel appliances, individual washers and dryers and private balconies. In addition, The Santal offers multiple pools, fitness centers and resident lounges, as well as a bark park and dog wash station, package lockers and electric vehicle charging stations. The buyer was undisclosed. The deal is expected to close in the fourth quarter.

September 23, 2021

Acquisitions Illinois Midwest Multifamily

Colliers Brokers $16.3M Sale of Mobile Home Community in Springfield, Illinois

by Kristin Harlow September 23, 2021

SPRINGFIELD, ILL. — Colliers International has brokered the sale of Woodland Acres Mobile Home Community in Springfield for $16.3 million. Totaling 231 units on more than 50 acres, the property is located at 3500 N. Dirksen Parkway. The community is 94 percent occupied with average rents of $373 per month. Michael Nissley of Colliers represented the seller, Ronald Coleman. Flagship Communities REIT was the buyer. The purchase marks Flagship’s entrance into the Illinois market.

September 23, 2021

Acquisitions Massachusetts Northeast Office

JLL Negotiates $35.5M Sale of Metro Boston Office Building

by Taylor Williams September 23, 2021

SOMERVILLE, MASS. — JLL has negotiated the $35.5 million sale of a 58,156-square-foot office building in the Boston suburb of Somerville. The three-story building was originally constructed in 1870 and was fully leased to FormLabs, a manufacturer of 3-D printing products and technology, at the time of sale. Coleman Benedict and Scott Carpenter of JLL represented the seller, funds advised by a subsidiary of Columbia Property Trust, in the transaction. The duo also procured the buyer, a partnership between Synergy Investments and Independencia Asset Management.

September 23, 2021

Acquisitions Florida Multifamily Southeast

Newmark Brokers $95.5M Sale of Multifamily Community in Orlando

by Julia Sanders September 22, 2021

ORLANDO, FLA. — Newmark has brokered the sale of Alta Headwaters, a 328-unit multifamily community located at 4000 Headwaters Way in Orlando that will be rebranded as Luma Headwaters. Wood Partners sold the property to Waypoint Residential for $95.5 million. Scott Ramey, Patrick Dufour and Brad Downing of Newmark represented the seller in the transaction. Matthew Williams and Kyle Schlitt of Newmark arranged a $41.3 million Freddie Mac acquisition loan for Waypoint Residential. Built in 2020, Luma Headwaters is a four-story, 314,583-square-foot apartment community. The units include stainless steel appliances, soft-close kitchen cabinetry with under-cabinet lighting, full-sized washers and dryers, quartz countertops and wood-style planking. Community amenities include a saltwater pool with sundeck and private cabanas, a covered poolside pavilion, a 24/7 fitness center, clubhouse and game room with billiards lounge and an elevator. Luma Headwaters is located about 16 miles from downtown Orlando and approximately 7.8 miles from Walt Disney World.

September 22, 2021

Acquisitions Georgia Industrial Southeast

JLL Arranges Sale of 1.1 MSF Bulk Distribution Facility in Metro Atlanta

by Julia Sanders September 22, 2021

MCDONOUGH, GA. — JLL Capital Markets has arranged the sale of a fully leased bulk distribution facility totaling 1.1 million square feet within PNK Park Southern Gateway at Lambert Farms in McDonough, about 30.5 miles south of Atlanta. Britton Burdette, Matt Wirth, Dennis Mitchell and Mitchell Townsend of JLL represented the seller, PNK Group. KKR via the KKR Real Estate Select Trust Inc. acquired the property for an undisclosed price. The distribution facility is part of the 260-acre PNK Park Southern Gateway at Lambert Farms. The industrial park is situated about 25 miles south of Hartsfield-Jackson Atlanta International Airport. The property features walking and biking trails, electric vehicle charging stations, two food truck courts with seating areas and two points of access to Interstate 75. The building was 100 percent triple-net-leased at the time of sale to two tenants, a publicly traded direct-to-consumer mattress company and a logistics and supply chain company. Completed in 2020, the cross-dock building features 40-foot clear heights, LED lighting, ESFR fire protection and two 190-foot truck courts.

September 22, 2021

Acquisitions Florida Retail Southeast

Private Investor Purchases Crossroads Center Retail Property in Margate, Florida for $10.7M

by Julia Sanders September 22, 2021

MARGATE, FLA. — Investor and president of Current Capital Management, Todd Nepola, has purchased the Crossroads Center in Margate for $10.7 million. SW Global Inc was the seller. Located at 5000 Coconut Creek Parkway, the Crossroads Center has 84,500 square feet of space with tenants including Dollar General and Hollywood Institute of Beauty. A new lease was just signed with Chen Medical for a 7,400-square-foot space in the center. The center was built in 1983. Harry Chas Chaskalson of NEG Property brokered the sales transaction. Southstate Bank provided a $9 million loan with $7.3 million used to fund the sales transaction and the remainder held back for renovations on the center. The planned renovations include painting and minor remodeling of the center, as well as landscape, signage and lighting improvements. Current Capital Management has now acquired over 400,000 square feet of commercial centers in south Florida since 2020 and has purchased five properties in just over 18 months.

September 22, 2021

Acquisitions Georgia Multifamily Southeast

Partnership Acquires 270-Unit Bellevue at Avondale in Decatur, Georgia

by Julia Sanders September 22, 2021

DECATUR, GA. — Nicholas Residential via the fund, Nicholas SunTx RE Partners II, and in cooperation with Hughes Capital Partners, has acquired Bellevue at Avondale, a 270-unit apartment community in Decatur. The seller and sales price were not disclosed. Built in 2020, Bellevue at Avondale was previously named Alexan Avondale. The property features studio, one- and two-bedroom apartment homes. Community amenities include a swimming pool, fitness facility, podcast studio and maker’s studio. Nicholas Residential’s subsidiary, Bellevue Living, will manage the community.

September 22, 2021

Acquisitions Industrial Michigan Midwest Ohio Self-Storage

SpareBox Storage Acquires 28 Self-Storage Properties in Michigan, Ohio

by Kristin Harlow September 22, 2021

MICHIGAN AND OHIO — SpareBox Storage has acquired 28 self-storage properties in Michigan and Ohio for an undisclosed price. The acquisition marks the addition of 1.9 million net rentable square feet to SpareBox’s portfolio and is the largest purchase for the company to date. SpareBox’s portfolio now includes 91 facilities and 5.6 million square feet of rentable space. Launched in 2020, SpareBox is sponsored by Rizk Ventures, an investment platform with a focus on real estate, technology and healthcare. Aaron Swerdlin and Kenneth Cox of Newmark’s self-storage group represented the undisclosed seller in the transaction.

September 22, 2021

Acquisitions Arizona Office Western

Shorenstein Properties Buys 446,000 SF Fountainhead Office Plaza in Tempe, Arizona

by Amy Works September 22, 2021

TEMPE, ARIZ. — Shorenstein Properties has acquired Fountainhead Office Plaza, an office property located in Tempe. Terms of the transaction, including the name of the seller and acquisition price, were not released. Built in 2011, the two-building asset features 446,000 square feet of Class A office space, as well as a six-story standalone parking facility. The LEED Gold-certified six- and 10-story buildings offer floor plates averaging approximately 28,000 square feet. On-site amenities include a large café, fitness center with showers and lockers and an outdoor gathering area surrounding a large pond.

September 22, 2021

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