CHICAGO AND NEW YORK CITY — Brennan Investment Group and Arch Street Capital Advisors have sold a four-building industrial portfolio with a combined square footage of 2.3 million square feet. The properties in the portfolio are located in Bellingham, Mass.; Lawrenceville, Ga.; Butner, N.C.; and Frederick, Md. The buyers, two unnamed, privately held institutional real estate investment firms, purchased the properties for an undisclosed price. BlueLinx Corp., a distributor of building and industrial products in the United States, is the sole occupant of all four facilities. The company operates through a broad network of distribution centers and is based in Atlanta. Brennan Investment and Arch Street originally acquired the portfolio in a joint venture in 2018. The firms stated they are seeking net-leased properties in their joint investment vehicle USIPA III. Brennan Investment is a Chicago-based, private real estate investment firm that acquires, develops and operates industrial properties. Arch Street Capital Advisors is a full-service real estate investment and advisory firm based in New York City.
GRAFTON, WIS. — Yamato Corp., a provider of automatic, commercial and industrial weighing solutions, has purchased a 96,500-square-foot industrial property located at 1272 Dakota Drive in Grafton, about 20 miles north of Milwaukee. The purchase price was undisclosed. Yamato is relocating from a 35,347-square-foot space at 6303 Eastwood Court in Mequon, Wis. Mitchell Starczynski and Curt Pitzen of Newmark represented Yamato in the transaction. Rexnord Industries LLC was the seller.
TUCSON, ARIZ. — An affiliate of Los Angeles-based Portal Investment Management has purchased Rolling Hills Square, a grocery-anchored shopping center located in Tucson. Cincinnati-based Phillips Edison & Co. sold the property for an undisclosed price. Situated on 12.3 acres at the southwest corner of Kolb and Golf Links roads, Rolling Hills Square features 114,102 square feet of retail space. At the time of sale, the property was 96.2 percent occupied with Fry’s Food & Drug as the anchor tenant. Michael Hackett and Run Schubert of Cushman & Wakefield in Phoenix represented the seller and worked with the buyer to obtain acquisition financing for the asset.
EL CENTRO, CALIF. — CareTrust REIT Inc. (NASDAQ: CTRE) has acquired El Centro Post-Acute Center, a 123-bed skilled nursing facility located adjacent to the El Centro Regional Medical Center. El Centro is located in Imperial County near the border with Mexico. The facility has been added to CareTrust’s existing master lease with San Diego-based Bayshire Senior Communities, which sourced the off-market transaction and turned to CareTrust to finance and close the deal. Terms of the transaction were not disclosed. Scott Kirby, Bayshire’s CEO, found the El Centro opportunity after the facility had fallen out of contract with a previous buyer. “The seller had aggressive timing expectations after suffering through significant turnover within their management team, a recent COVID outbreak, the general fatigue of operating the facility for 20 years and a sale transaction that went south,” says Kirby. Dave Sedgwick, CareTrust’s president and chief operating officer, notes that Imperial County appears to be significantly under-bedded, with only 250 skilled nursing beds to absorb the 9,500 annual discharges from its two hospitals and over 25 percent of local Medicare referrals being sent more than an hour away to Yuma and San Diego. Care Trust has committed $150,000 for initial capital improvements to …
BRODHEADSVILLE, PA. — Marcus & Millichap has arranged the sale of Brodheadsville Self Storage, a 269-unit facility located on a 4.4-acre site about 30 miles north of Allentown. Built in 2003, the facility spans 38,550 net rentable square feet of non-climate-controlled space and includes 24 rentable parking spaces. Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller, a limited liability company, and procured the undisclosed buyer in the transaction. Sean Beuche of Marcus & Millichap assisted in closing the deal as the broker of record.
TUCKER, GA. — JLL Capital Markets has brokered the $20 million sale of Cofer Crossing, a 136,139-square-foot shopping center located 20 miles outside of Atlanta in Tucker. Kroger and HomeGoods anchor the fully leased center. Jim Hamilton, Brad Buchanan and Taylor Callaway of JLL represented the seller, a partnership between Site Centers Corp. and Madison International Realty. A private buyer based in Ontario, Calif., acquired the asset in a 1031 exchange. Hanley Investment Group’s Ed Hanley and Kevin Fryman, along with ParaSell Inc., represented the buyer in the transaction.
ST. PETERSBURG, FLA. — Limestone Asset Management, via a joint venture with its parent company Orion Real Estate Group, has sold a 23,031-square-foot retail and office center in the Tampa Bay area for $5.3 million. Located at 1914 4th St. N in St. Petersburg, the property was 100 percent leased at the time of sale to six tenants, including Outback Steakhouse and Panera Bread. Ben Mallah of Equity Management Partners Inc. purchased the property in a 1031 exchange. Mark Shellabarger and Ari Ravi of CBRE represented Limestone and Orion, both real estate investment firms based in Miami, in the transaction. Limestone Asset Management originally purchased the property in June 2016 for $2.9 million.
DALLAS — Dogwood Industrial Partners, a division of San Francisco-based TPG Real Estate Partners, has acquired Turnpike 3 and Turnpike 4, two industrial properties totaling approximately 600,000 square feet in West Dallas. The buildings are located along the Interstate 30 corridor. Locally based development and investment firm Billingsley Co. sold the assets to Dogwood Industrial for an undisclosed price. Dallas-based Holt Lunsford Commercial brokered the deal.
MEDINA, OHIO — SVN Summit Commercial Real Estate Advisors has brokered the $6.7 million sale of Jefferson Villa Apartments in Medina, about 33 miles south of Cleveland. The garden-style, luxury apartment property features 60 units and is located on the corner of North Jefferson Street and Reagan Parkway. The community was fully occupied at the time of sale. Jerry Fiume of SVN brokered the sale. A local investor sold the asset to CR Medina LLC.
HESPERIA, CALIF. — CBRE has arranged the sale of Eagle Plaza, a shopping center located at 15776 Main St. in Hesperia. A Texas-based private buyer acquired the asset for $5.4 million. Alan Krueger and Vanessa Haddad of CBRE represented the seller, a private local investor, in the deal. Totaling 39,877 square feet, Eagle Plaza is occupied by five tenants, including a donut shop, laundromat and sandwich store that have occupied the property since it opened in 1989. The other two tenants are government-funded school district operations.