CINCINNATI — Faropoint has acquired an 80,000-square-foot industrial facility in Cincinnati for an undisclosed price. The building sits on 5.5 acres at 10021 Commerce Drive. Built in 1979, the single-tenant property features clear heights ranging from 16 to 20 feet, as well as two dock-high doors and three drive-in doors. The tenant uses the space for both manufacturing and distribution. Rod MacEachen and Jared Wagoner of SqFt Commercial represented Faropoint in the transaction. AIC Ventures was the seller. Founded in 2012, Memphis, Tenn.-based Faropoint owns more than 250 industrial properties totaling over 20 million square feet.
TAMPA, FLA. — Tampa-based Sila Realty Trust Inc. has sold 29 data centers across 18 states to Mapletree Industrial Trust, an industrial REIT listed on the Singapore Exchange. The sales price was approximately $1.3 billion. The transaction is expected to be completed in one or more closings during the third quarter of 2021. In total, the data center portfolio spans 3.3 million square feet of net leasable area. The portfolio is 87.8 percent leased to 32 tenants, including Fortune Global 500 and publicly traded companies with investment-grade credit. Only 1.7 percent of the leases are expiring in the next three financial years. Sila’s fiscal year ends on December 31st. About 89.4 percent of the leases in the portfolio have yearly rental escalations in the 1.5 percent to 3 percent range. With this acquisition, Mapletree Industrial Trust will have presence in 13 of the top 15 data center markets. Sila Realty Trust is a public non-traded real estate investment trust.
DURHAM, N.C. — Magma Equities and Viking Partners have acquired University Apartments, a 359-unit multifamily community near Duke University in Durham, for $42.4 million. The seller was not disclosed. Located on 12 acres at 1500 Duke University Road, University Apartments features studio, one- and two-bedroom units across 20 two- and three-story residential buildings. Community amenities include two 24-hour fitness centers, two swimming pools with sundecks, grills and an outdoor fireplace. Magma and Viking plan to initiate a capital improvement plan to upgrade both the unit interiors as well as the community areas. For the Manhattan Beach, Calif.-based Magma firm, University Apartments is the fifth acquisition in the Raleigh-Durham metro area this year alone and increases the company’s local multifamily portfolio to more than 3,600 units. Viking Partners is a Cincinnati-based private equity real estate investment firm.
CHARLESTON, S.C. — The Montford Group and Opterra Capital have purchased 170 Meeting Street, a 30,000-square-foot office building located in downtown Charleston. The seller and sales price were not disclosed. The five-story property has floor-to-ceiling windows and is fully leased to tenants including Regions Bank and Regus. Currently, Montford Group and Opterra Capital plan to keep the office as is, having a goal to maintain the business banking district in downtown Charleston. Marc Knight and his team at First Reliance Bank secured an undisclosed amount of acquisition financing on behalf of the buyers. Joe Keenan and Trad Dyches of Palmetto Commercial brokered the sale.
CINCINNATI — An affiliate of Next Realty LLC has acquired the Kings Automall Shopping Center, a 67,000-square-foot retail center in Cincinnati. The property is home to tenants such as Planet Fitness, Mirage Restaurant, Play it Again Sports, Salon Concepts, Penn Station, LensCrafters, Samarkand Food Market, Kings Ford, Queens Nails and Your CBD Store. There is currently one 1,400-square-foot vacancy. The acquisition marks Next’s first purchase in Cincinnati. The seller and sales price were undisclosed.
KILLEEN, TEXAS — Greysteel has brokered the sale of Summerlyn Apartments, a 200-unit multifamily property located in the Central Texas city of Killeen. Built in 1974, the property offers one- and two-bedroom units and amenities such as a pool, fitness center, basketball and volleyball courts and outdoor picnic areas. Andrew Hanson, Doug Banerjee and Chris Castillo of Greysteel represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
SAN DIEGO — Rockefeller Group has completed the disposition of Airway Industrial Park, a distribution center located in San Diego’s Otay Mesa submarket. The buyer was a fund managed by Black Creek Group, which Ares Management acquired on July 1. The price was not disclosed. Situated on 7.8 acres at 8150 Airway Road, the property offers 135,623 square feet of industrial space. Airway Industrial Park features 32-foot clear heights, a 185-foot truck yard, truck trailer parking and an efficient office design, as well as 137 auto parking spaces. The project team included Ware Malcomb, Kimley-Horn & Associates and Dempsey Construction.
PENNSAUKEN, N.J. — Wharton Industrial, a division of New York City-based development and investment firm Wharton Equity Partners, has acquired a 153,400-square-foot portfolio in the Southern New Jersey community of Pennsauken. The portfolio consists of three buildings that are located within the 1.1 million-square-foot Twinbridge Industrial Park and that were 100 percent leased at the time of sale. Tom Palumbo and Bill Sitar of Sitar Realty brokered the deal.
WICHITA FALLS, TEXAS — Lee & Associates has arranged the sale of a 458,810-square-foot industrial property located on a 97.1-acre site in Wichita Falls, about 115 miles northwest of Fort Worth. According to LoopNet Inc., the property was built in 1978 and features 21- to 45-foot clear heights and 12 dock-high doors. Nathan Denton, Reid Bassinger and Trey Fricke of Lee & Associates represented the seller, an entity doing business as 8600 Central Venture, in the transaction. Michelle Hudson and Tom Hudson of Hudson Peters Commercial represented the buyer, Panda High Plains.
TAMPA, FLA. — Plaza Advisors has arranged the sale of Horizon Park, a 215,713-square-foot shopping center located at 3904 W Hillsborough Ave. in Tampa. An entity doing business as CRP II – Horizon Park LLC sold the property for $21.9 million. The buyer was not disclosed. Jim Michalak and Keith Nurre of Plaza Advisors represented the seller and were the only brokers involved in the transaction. Built in 1971, Horizon Park was renovated in 1980 and 1988 and was 86 percent leased at the time of sale. In 2011, Plaza Advisors arranged the sale of the center to the seller for $18.9 million. The shopping center’s anchor tenants include dd’s Discount, Conn’s Home Plus, Northern Tool + Equipment and Guitar Center. Additional tenants include Dollar General, Pizza Hut, Metro PCS, Amscot and Sally Beauty, as well as two outparcels occupied by Wells Fargo, Optical Outlets and Applebee’s.