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Stan Johnson Co. Brokers $12.7M Sale of Manufacturing Facility in Salem, Virginia

by Julia Sanders March 9, 2021

SALEM, VA. — Stan Johnson Co. has brokered the sale of a single-tenant manufacturing facility in Salem fully leased to the Mack Trucks division of parent company AB Volvo Group, which is a manufacturer of trucks, buses, construction equipment and marine and industrial engines. Rob Gemerchak of Stan Johnson marketed the 280,900-square-foot property on behalf of the undisclosed seller, an individual investor based in Virginia. The undisclosed buyer, a private equity partnership based in Buenos Aires, Argentina, bought the property for $12.7 million. Located at 6450 Technology Drive, the facility launched production in 2020 and serves as Mack Trucks’ only medium-duty assembly plant in the country. The property, originally built in 1997 on 134 acres, is located along Interstate 81 just west of Roanoke and offers access to Interstates 64 and 77. The property is less than 50 miles from Volvo’s truck manufacturing facility in Dublin, Va. Property amenities include 18- to 21-foot clear heights, 11 dock doors with two drive-in doors, a sprinkler system and 400-plus parking spaces.

March 9, 2021

Acquisitions Multifamily Southeast Virginia

Capital Square 1031 Acquires Multifamily Community in Metro D.C.

by Julia Sanders March 9, 2021

GAINESVILLE, VA. — Capital Square 1031 has acquired SomerHill Farms, a 140-unit multifamily community in Gainesville, a suburb of Washington, D.C. Located at 7351 Yountville Drive, the community is situated on 18.8 acres. Constructed in 2006, SomerHill Farms features six three- and four-story residential buildings and one clubhouse. The community includes one-, two- and three-bedroom units ranging in size from 786 square feet to 1,446 square feet. Community amenities include a clubhouse, outdoor pool, dog park, fitness center, tot lot and community garden. Capital Square 1031 acquired the property via an investment vehicle that seeks to raise $23.2 million in equity from accredited investors and has a minimum investment threshold of $50,000. The seller and sales price were not disclosed. Capital Square 1031 is a national real estate firm specializing in real estate investments, including Delaware statutory trusts for 1031 exchanges and qualified opportunity zone funds for tax deferral and exclusion.

March 9, 2021

Acquisitions Florida Retail Southeast

Marcus & Millichap Arranges $2.6M Sale of Tampa Bay Retail Property

by Julia Sanders March 9, 2021

ST. PETE BEACH, FLA. — Marcus & Millichap has arranged the $2.6 million sale of Mulligan’s Plaza, a 18,750-square-foot retail property located in St. Pete Beach. Evan Cannan and James Medefind of Marcus & Millichap marketed the property on behalf of the seller, a private investor known as Mulligans Plaza LLC. Cannan and Medefind also represented and secured the undisclosed buyer, a private investor. According to Cannan, the property was closed at full list price and at a 5 percent cap rate. Mulligan’s Plaza is located at 9524 Blind Pass Road, approximately 27 miles from Tampa International Airport.

March 9, 2021

Acquisitions Indiana Midwest Multifamily

Triad Real Estate Partners Arranges Sale of Three Multifamily Properties in Indianapolis

by Kristin Harlow March 9, 2021

INDIANAPOLIS — Triad Real Estate Partners has arranged the sale of three multifamily properties in Indianapolis for an undisclosed price. The Delaware Apartments, built in 2016, features 47 units and 8,920 square feet of fully leased commercial space. It is situated just north of downtown Indianapolis in the Fall Creek Place neighborhood. The second property is 632 MLK. The four-story asset, built in 2016, features 30 units with 42 beds. It is situated near the Indiana University-Purdue University Indianapolis (IUPUI) campus. The third asset is The California Townhomes. The four contiguous townhomes are also located near the IUPUI campus. The seller for all three assets was Cedarview Management, a private owner and operator based in Bloomington, Ind. The buyers included a local group, a Miami-based investment group and a California-based private investor.

March 9, 2021

Acquisitions Arizona Development Multifamily Western

Embrey Partners Acquires Land Site for 266-Unit The Quincy at Kierland Multifamily Project in Phoenix

by Amy Works March 8, 2021

PHOENIX — San Antonio-based Embrey Partners has purchased a land site for the development of The Quincy at Kierland, an apartment community located on Scottsdale Road in Phoenix. The six-story, podium-style project will feature 266 apartments, access to the 101 Loop and walkability to Kierland Commons, Scottsdale Quarter, The Promenade and the Westin Kierland Resort and Spa. The property’s clubhouse and first units are scheduled to open in early 2023, with full project completion later in the year. Amenities at the development will include a clubhouse with game room and business center; fitness studio with on-demand technology and yoga room; cyber-lounge with coffee bar; conference room; and structured parking. Additionally, the community will feature a resort-style pool, outdoor grilling areas and fireplace, a landscaped courtyard and dog spa. Unit interiors will include contemporary kitchens with backsplashes, under-cabinet lighting, quartz countertops, stainless steel appliances, gas ranges, side-by-side counter-depth refrigerators in two-bedroom plans and custom cabinetry. Some floor plans also feature nine- to 10-foot ceilings, walk-in closets, linen closets with built-in shelving, soaking tubs, walk-in showers and private outdoor patios and balconies. Frost Bank is serving as lender for the project.

March 8, 2021

Acquisitions Multifamily Texas

Marcus & Millichap Arranges Sale of 220-Unit Fielder’s Glen Apartments in Arlington

by Taylor Williams March 8, 2021

ARLINGTON, TEXAS — Marcus & Millichap has arranged the sale of Fielder’s Glen, a 220-unit apartment community in Arlington. The property consists of 15 buildings on a 10.5-acre tract. Amenities include a pool, fitness center, clubhouse, laundry facilities and a courtyard. Al Silva of Marcus & Millichap represented the seller, a Colorado-based partnership, and procured the buyer, a private investment company based in Canada. The new ownership plans to implement a multimillion-dollar renovation.

March 8, 2021

Acquisitions Illinois Industrial Midwest

Pinnacle Systems Relocates from Saint Charles to Batavia, Illinois

by Kristin Harlow March 8, 2021

BATAVIA, ILL. — Pinnacle Systems Inc. has sold its 33,113-square-foot industrial facility located at 3715 Swenson Ave. in Saint Charles for $2.3 million. The safety equipment supplier then purchased a 16,095-square-foot industrial building located at 1510 Hubbard Ave. in Batavia for $915,000. David Friedland, Michael Magliano and Michael Manna of Cushman & Wakefield represented Pinnacle in both transactions. The new building is better suited to the current needs of Pinnacle, according to Manna.

March 8, 2021

Acquisitions Multifamily New Jersey Northeast

CBRE Negotiates $25.5M Sale of Multifamily Development Site in Jersey City

by Taylor Williams March 8, 2021

JERSEY CITY, N.J. — CBRE has negotiated the $25.5 million sale of a multifamily development site consisting of three parcels totaling 7.2 acres in Jersey City. Charles Berger, Elli Klapper, Mark Silverman, Thomas Mallaney, Bill Waxman and Kevin Dudley of CBRE represented the seller, Alpha Assembly Solutions Inc., in the transaction. The buyer was Route 440 Owner LLC. Specific plans for the new development were not disclosed.

March 8, 2021

Acquisitions Georgia Multifamily Southeast

Alliance Residential Acquires 74.9 Acres in Jefferson, Georgia for New Multifamily Development

by Julia Sanders March 8, 2021

JEFFERSON, GA. — Alliance Residential Co. has acquired 74.9 acres at 575 Concord Road in Jefferson for the development of Prose Concord, a new multifamily property totaling 300 units. This property will be Alliance Residential’s first launch of Prose in the Southeast. Construction will begin on Prose Concord this year with an expected completion date of March 2022. Architect Hensley Lamkin Rachel Inc. is designing the development. Prose Concord will include one- and two-bedroom apartment units averaging 1,008 square feet. Apartments will feature stainless steel appliances, wood plank-style flooring, walk-in closets, storage and dining-sized kitchen islands. Community amenities will include a fitness center, coworking spaces, pet park and a 24/7 package concierge,. The multifamily community will be located on the northeast side of Atlanta, close to many industrial spaces. Over the past few years, 18 million square feet of industrial warehouse and distribution space has been delivered within a five-mile radius of Prose Concord. Another four million square feet of industrial space is currently under development. Recently, Amazon and Walmart leased 800,000 and 1 million square feet of space, respectively, within a few miles of Prose Concord.

March 8, 2021

Acquisitions Midwest Missouri Multifamily

JLL Brokers Sale of 525-Unit Multifamily Portfolio in St. Louis

by Kristin Harlow March 5, 2021

ST. LOUIS — JLL Capital Markets has brokered the sale of a two-property, 525-unit multifamily portfolio in St. Louis for an undisclosed price. The properties include Cortona at Forest Park and Encore at Forest Park. Completed in 2014, Cortona offers studio, one- and two-bedroom floor plans. Amenities include a dog park, courtyard, outdoor grill area and a clubhouse with a fitness center, coffee bar, pool table, shuffleboard and business center. Encore at Forest Park, completed in 2018, consists of studio, one-, two- and three-bedroom units. Amenities include a pool, grilling area, dog park, pet spa and fitness center. Kevin Girard and Matthew Lawton of JLL represented the undisclosed seller. Mike Donovan of Balke Brown Transwestern led the local team that co-brokered the sale. The portfolio sold to an institutional buyer.

March 5, 2021

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