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JLL Brokers $19.9M Sale of Publix-Anchored Shopping Center in Gulf Breeze, Florida

by Julia Sanders April 23, 2021

GULF BREEZE, FLA. — JLL Capital Markets has arranged the $19.9 million sale of Tiger Point Pavilion, a 66,279-square-foot neighborhood shopping center anchored by Publix in the coastal Pensacola-area community of Gulf Breeze. Brad Peterson, Whitaker Leonhardt and Tommy Isola of JLL represented the seller, a joint venture between MAB American and DRA Advisors, in the transaction. Pasadena, Calif.-based ExchangeRight is the buyer. Completed in 2018, the 98 percent-leased Tiger Point Pavilion has national and local tenants, including Aspen Dental, AT&T, Dickey’s Barbeque Pit, Great Clips and Select Physical Therapy. With an attached drive-thru pharmacy, the Publix and the adjacent Publix Liquors store account for approximately 57 percent of the rental income at the property, according to JLL. The retail center is located at 1430 Tiger Park Lane.

April 23, 2021

Acquisitions North Carolina Office Southeast

Crescent Communities Buys 84,800 SF One University Place Office Building in Charlotte’s University Submarket

by Julia Sanders April 23, 2021

CHARLOTTE, N.C. — An affiliate of Crescent Communities has purchased One University Place, an 84,800-square-foot suburban office building located in Charlotte’s University office submarket. Dunn Mileham and David Morris of Trinity Partners handled the transaction on behalf of the seller, an affiliate of Chicago-based Origin Investments, located in Chicago, Ill. According to the Charlotte Business Journal, the price was nearly $12.8 million. One University Place was 86 percent leased at the time of sale. The office building is situated on six acres near the J.W. Clay and UNCC Lynx Blue Line stations. After purchasing the office building in 2015, Origin executed a capital improvement plan that transitioned the late-80s office building to a more modern design. Crescent Communities has retained Trinity Partners to continue providing leasing and management services at One University Place.

April 23, 2021

Acquisitions Connecticut Multifamily Northeast

Northeast Private Client Group Brokers Sale of 52-Unit Multifamily Asset in Hamden, Connecticut

by Kristin Harlow April 23, 2021

HAMDEN, CONN. — Northeast Private Client Group (NEPCG) has brokered the sale of Willow Woods Apartments, a 52-unit multifamily asset in Hamden, located outside of New Haven. The sales price was $6.4 million, or approximately $126,000 per unit. The property was built in 1973 and features one-, two- and three-bedroom residences with flat- and townhouse-style configurations. Bradley Balletto, Jeff Wright, Rich Edwards, Robert Paterno and John Lockhart of NEPCG represented the buyer and seller, both of which requested anonymity, in the deal.

April 23, 2021

Acquisitions Georgia Industrial Loans Southeast

Ready Capital Closes $15.4M Acquisition Financing for Industrial Property in Atlanta

by Julia Sanders April 23, 2021

ATLANTA — Ready Capital has closed a $15.4 million loan for the acquisition, renovation and lease-up of an approximately 520,000-square-foot, Class B industrial property in the North Clayton/Airport submarket of Atlanta. Upon acquisition, the sponsor will implement a capital improvement plan to upgrade the property, with improvements including lighting upgrades, parking lot resurfacing and painting. The non-recourse, interest-only loan features a 36-month term, floating interest rate, two extension options, flexible prepayment and a facility to provide future funding for capital expenditures, tenant leasing costs and interest and carry shortfalls. The buyer plans to lease the property aggressively to maximize occupancy at market-rate rents.

April 23, 2021

Acquisitions Arizona Loans Multifamily Western

NorthMarq Negotiates $11.3M Sale of Glen Arbor Apartments in Phoenix

by Amy Works April 23, 2021

PHOENIX — NorthMarq’s Phoenix office has brokered the sale of Glen Arbor Apartments, a multifamily property located at 2250 W. Glendale Ave. in Phoenix. An affiliate of APRA Capital acquired the asset for $11.3 million. Built in 1973 and expanded in 2018, Glen Arbor features 87 apartments in a mix of studio, one-, and two-bedroom units. Trevor Koskovich, Bill Hahn, Jesse Hudson and Ryan Boyle of NorthMarq represented the undisclosed seller in the deal. Additionally, NorthMarq’s Phoenix team of Brandon Harrington, Bryan Mummaw and Tyler Woodard secured $10.1 million in acquisition financing for the buyer.

April 23, 2021

Acquisitions Healthcare Office Washington Western

Marcus & Millichap Arranges $7.8M Sale of Medical Office Building in Spokane Valley, Washington

by Amy Works April 23, 2021

SPOKANE VALLEY, WASH. — Marcus & Millichap has arranged the sale of Vivacity Care Center, a medical office property located at 16009 E. Indiana Ave. in Spokane Valley. An undisclosed developer sold the asset to a limited liability company for $7.8 million. Built in 2020, the net-leased property features 12,000 square feet of medical office space. The property is long-term leased, with annual rent increases, to the tenant, which is corporate guaranteed by Permera Blue Cross. Clayton Brown, Christopher Edwards and Ruthanne Romero of Marcus & Millichap’s Seattle office represented the seller and the buyer in the deal.

April 23, 2021

Acquisitions California Retail Western

Faris Lee Brokers $2.9M Sale of Retail Property in Los Angeles’ Los Feliz Neighborhood

by Amy Works April 23, 2021

LOS ANGELES — Faris Lee Investments has arranged the sale of a freestanding retail building located at 1824 Hillhurst Ave. in Los Feliz, a neighborhood in Los Angeles. The asset sold for $2.9 million. The names of the seller and buyer were not released. Situated at the intersection of Hillhurst and Russell avenues, the property features a private parking lot and patio space.Tyler Strauss and Jeff Conover of Faris Lee Investments represented the seller in the deal. The property formerly house Ample Hills Creamery, which closed its doors in early 2020, according to Eater LA.

April 23, 2021

Acquisitions Office Texas

West Star Marketing Brokers Sale of 142,000 SF Office/Warehouse Building in Houston

by John Nelson April 23, 2021

HOUSTON — Montgomery, Texas-based West Star Marketing Group has brokered the sale of a 142,000-square-foot office/warehouse building located on an 8.3-acre site within Westchase Business Park in Houston. The property is situated along Richmond Avenue in Houston’s Westchase district. A partnership between ABE Richmond LLC and Pinnacle West LLC purchased the asset from Houston-based Miracles Inc. for an undisclosed price. Tom Clarkson of West Star brokered the deal.

April 23, 2021

Acquisitions Healthcare Office Texas

Rycore Capital Acquires 58,517 SF Medical Office Building in Houston

by John Nelson April 23, 2021

HOUSTON — An affiliate of locally based investment firm Rycore Capital has acquired Bellaire Medical Plaza, a 58,517-square-foot medical office building located near the Texas Medical Center in Houston. The sale included a 3.6-acre parcel for future development. Kevin McConn and Brian Bacharach of JLL represented the seller, Ridgeline Capital Partners, in the transaction. Matt Kafka and Cameron Cureton of JLL arranged acquisition financing on behalf of Rycore Capital. The property was 88 percent leased at the time of sale to tenants such as UT Physicians, Quest Diagnostics, LabCorp. and Harris Health System.

April 23, 2021

Acquisitions Illinois Midwest Multifamily

Shopoff Purchases Three Manufactured Housing Communities in North Central Illinois

by Kristin Harlow April 23, 2021

BOURBONNAIS, LINCOLN AND MARSEILLES, ILL. — Shopoff Realty Investments has purchased a three-property, 611-lot manufactured housing portfolio in North Central Illinois for an undisclosed price. The properties include Oak Creek Estates in Bourbonnais, Lincoln Terrace in Lincoln and Belle Aire in Marseilles. Shopoff says it plans to create value by streamlining operations across the three communities, making physical improvements where needed and addressing vacancies. Currently, there are 112 lots vacant across the properties. California-based Shopoff is a value-add real estate investor.

April 23, 2021

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