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Fogelman, Thackeray Purchase 150-Unit Legacy at Lanier Apartments in Gainesville, Georgia

by Julia Sanders July 14, 2021

GAINESVILLE, GA. — Fogelman Properties, in a joint venture with Dallas-based Thackeray Partners, has purchased the Legacy at Lanier apartments in Gainesville. The sales price and seller were not disclosed. Built in 2004, Legacy at Lanier is a 150-unit multifamily community that offers one-, two- and three-bedroom apartment homes. The property was 98 percent occupied at the time of sale with rental rates ranging from $850 to $1,275. The new ownership will undertake community upgrades including the addition of a new fitness center, renovations to the clubhouse, pool area and all unit interiors. Located at 1750 Columns Drive, the property is situated nine miles away from Lake Lanier. The apartment transaction marks the 12th acquisition for the Fogelman-Thackeray partnership, now totaling more than 3,000 units.

July 14, 2021

Acquisitions Industrial Iowa Midwest

Phoenix Investors Acquires 364,000 SF Manufacturing Facility in Iowa City

by Kristin Harlow July 14, 2021

IOWA CITY, IOWA — Phoenix Investors has acquired a 364,000-square-foot manufacturing and distribution center in Iowa City for an undisclosed price. The property is located at 2500 Highway 6 East. Phoenix acquired the asset from International Automotive Components, which used the facility for manufacturing of various automotive parts. The property features 19 loading docks, three drive-in doors and clear heights ranging from 25 to 37 feet. Phoenix now owns more than 2 million square feet of industrial assets in the state of Iowa.

July 14, 2021

Acquisitions Industrial Retail Self-Storage Washington Western

Marcus & Millichap Arranges $10.7M Sale of Self-Storage Facility, Retail Building in Kent, Washington

by Amy Works July 14, 2021

KENT, WASH. — Marcus & Millichap has brokered the sale of Glacier West Self Storage and Napa Auto Parts Store, located at 1415 and 1407 Central Ave. S in Kent. The transaction includes a 45,400-square-foot self-storage facility and a 6,000-square-foot NAPA Auto Parts Store. A limited liability company sold the asset to an undisclosed buyer for $10.7 million. Built in 2001 on three acres, the 10-building self-storage facility features 134 climate-controlled units and 183 drive-up units without climate control. Christopher Secreto of Marcus & Millchap’s Seattle office represented the seller in the transaction.

July 14, 2021

Acquisitions Georgia Multifamily Southeast

ZMR Capital Acquires Multifamily Community in Metro Atlanta for $40.1M

by Julia Sanders July 13, 2021

MABLETON, GA. — ZMR Capital has acquired Upland Townhomes, a 348-unit multifamily community in metro Atlanta in Mableton, for $40.1 million. The seller was not disclosed. Located at 6850 Mableton Parkway, Upland Townhomes offers a mix of one-, two- and three-bedroom townhomes. Approximately half of the homes were recently upgraded, and ZMR is planning a capital improvement program to update the remainder of the units. Planned upgrades include stone countertops, new cabinetry, upgraded lighting and plumbing fixtures, new vinyl plank flooring and stainless appliances. Community improvements will include the addition of a new clubhouse that will include a business center and fitness center and upgrades to the playground, a dog park and grilling areas. ZMR Capital is a Tampa-based real estate investment firm. Upland is ZMR’s third acquisition in the metro Atlanta area over the past three years and brings the firm’s Atlanta portfolio to just under 1,000 units. The company is looking to invest approximately $250 million in metro Atlanta over the next 24 to 36 months.

July 13, 2021

Acquisitions Georgia Retail Southeast

Principal Real Estate Investors Sells Kroger-Anchored Retail Center in Metro Atlanta for $20.8M

by Julia Sanders July 13, 2021

ROSWELL, GA. — Principal Real Estate Investors has sold Coleman Village, a 90,981-square-foot, Kroger-anchored shopping center in Roswell. Jim Hamilton, Brad Buchanan and Andrew Michols of JLL represented the seller in the transaction. The Georgetown Co. acquired the property for $20.8 million. Situated on 12.2 acres at 800 Marietta Highway, Coleman Village was 97 percent leased at the time of sale. The tenant roster includes Starbucks, El Porton Mexican Restaurant, Attitude Fitness and Mavis Tire. Principal Real Estate Investors manages or sub-advises $90.3 billion in commercial real estate assets and is based in Des Moines, Iowa. The Georgetown Co. is a New York-based, privately held real estate firm.

July 13, 2021

Acquisitions North Carolina Office Southeast

Northpond Partners Acquires Packard Place Office Building in Downtown Charlotte for $15.4M

by Julia Sanders July 13, 2021

CHARLOTTE, N.C — Northpond Partners has acquired Packard Place, a five-story creative office building located at 222 South Church St. in downtown Charlotte. Dunn Mileham and David Morris of Trinity Partners arranged the transaction on behalf of the seller, Packard Place Properties LLC, an entity owned by Sara and Dan Roselli. The sales price was $15.4 million. After purchasing the 95,128-square-foot property in 2010, Sara and Dan Roselli founded The Garage at Packard Place, a nonprofit focused on providing Charlotte’s start-up and entrepreneurial community with technical, educational and business support. Currently 60 percent leased, Packard Place has served as home to the Arts & Science Council, Insight Enterprises, DealCloud, Sunlight Financial, Not Just Coffee and Ink n Ivy. Northpond has selected architectural firm Gensler to lead the design for the property’s comprehensive common area renovations. Potential plans include the creation of an open lobby allowing for tenant connection and collaboration. Capital improvements are expected to begin later this year and be completed in second-quarter 2022. Northpond has retained Maddy Howey and Tim Arnold of Trinity Partners to lease the property. Additionally, Trinity Partners will manage the property. Northpond Partners is a Chicago-based real estate investment firm. This property is Northpond’s …

July 13, 2021

Acquisitions Florida Retail Southeast

Franklin Street Arranges $6.3M Sale of Davie Plaza Shopping Center in South Florida

by Julia Sanders July 13, 2021

DAVIE, FLA. — Franklin Street has arranged the $6.3 million sale of Davie Plaza, a 24,623-square-foot shopping center located in Davie. Greg Matus and Jonathan De Maa of Franklin Street represented a local private investor in acquiring the property. An entity doing business as Davie Investments LLC was the seller. Located at 7110-7162 Stirling Road in South Florida’s Broward County, Davie Plaza is situated on the corner of Stirling and Davie roads and is surrounded by neighboring retail plazas, as well as several multifamily development projects. The 1970s-era property was 100 percent leased at the time of sale to tenants including anchor Boost Mobile. The center includes a retail outparcel ground-leased to McDonald’s.

July 13, 2021

Acquisitions Illinois Industrial Midwest

Brown Commercial Group Negotiates $2.3M Sale of Industrial Portfolio in O’Hare Submarket

by Kristin Harlow July 13, 2021

ELK GROVE VILLAGE, ILL. — Brown Commercial Group has negotiated the $2.3 million sale of a three-building industrial portfolio in Chicago’s O’Hare submarket. The properties are located at 825 Touhy Ave., 855 Touhy Ave. and 875 Touhy Ave. in Elk Grove Village. All three buildings are leased on a long-term basis by Centech Plastics Inc., a plastic injection molding company. Mason Hezner of Brown represented the seller, a private investor. John Joyce and Danny Vanecko of SVN Chicago Industrial represented the buyer, Sawmill Property Co.

July 13, 2021

Acquisitions California Loans Multifamily Western

CBRE Global Investors Closes $41.5M Loan for Elevate Long Beach Apartments in California

by Amy Works July 13, 2021

LONG BEACH, CALIF. — A fund sponsored by CBRE Global Investors has closed on a $41.5 million loan the acquisition of Elevate Long Beach Apartments, a multifamily property located in Long Beach. The borrower is Los Angeles-based investment firm Gelt. The floating-rate loan has an initial term of three years, which can be extend up to two additional years, and includes future funding to finance the sponsor’s business plan. Brandon Smith, Annie Rice and David Pelaia of JLL Capital Markets in Los Angeles arranged the loan for the borrower. Located at 225 W. Third St., Elevate Long Beach (formerly known as Sofi on Third) features 160 apartments in a mix of studio, one- and two-bedroom units. Community amenities include a rooftop sundeck with grilling stations, 24-hour fitness center, swimming pool, resident lounge and secured subterranean parking garage.

July 13, 2021

Acquisitions California Industrial Western

Stos Partners Buys 125,000 SF Multi-Tenant Industrial Facility in Simi Valley, California

by Amy Works July 13, 2021

SIMI VALLEY, CALIF. — Stos Partners has purchased a multi-tenant industrial property located at 2320-2380 Shasta Way in Simi Valley. An undisclosed seller sold the asset for $20 million in an off-market transaction. Dan Cherrie of CBRE represented Stos Partners in the acquisition. At the time of sale, the 125,000-square-foot property was 94 percent leased to a diverse base of long-term tenants. The buyer plans to implement capital improvements at the property including mechanical system upgrades, parking lot repaving and fresh paint on both the exteriors and interiors.

July 13, 2021

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