LUBBOCK, TEXAS — EXP Realty Advisors, a boutique investment sales firm focused on retail assets, has brokered the sale of The HUB, a 50,196-square-foot shopping center in Lubbock. Situated on 5.5 acres, the center houses tenants such as Tea2Go, Cyclebar and Urban Brick’s Pizza. Andrew Greenberg of EXP Realty Advisors represented the buyer, a 1031 exchange investor, in the transaction. Coldwell Banker represented the seller, a California-based investor. Both parties requested anonymity.
HOUSTON — Berkadia has arranged the sale of Magnolia Grove, a 268-unit apartment community in Houston’s Southbelt/Ellington neighborhood. Built in 1984, the property features one- and two-bedroom units and amenities such as a pool, fitness center, resident clubhouse and outdoor grilling area. Ryan Epstein, Jennifer Ray and Scott Bray of Berkadia represented the seller, Dallas-based Lantower Residential, in the transaction. John Koeijmans and Austin Blankenship of Berkadia arranged a 10-year, floating-rate acquisition loan through Freddie Mac on behalf of the Dallas-based buyer.
ATLANTA — A joint venture between The Preiss Co. and Investcorp has acquired Signature West Midtown, a 525-bed student housing community located near the Georgia Tech campus in Atlanta. The property offers one-, two-, three-, four- and five-bedroom units with bed-to-bath parity. Shared amenities include a resort-style swimming pool, sundeck, rooftop lounge, 24-hour fitness center, cyber cafe, ride-share lounge and bicycle storage alongside 10,500 square feet of retail. The seller and terms of the transaction were not disclosed.
NORFOLK, VA. — S.L. Nusbaum Realty Co. has negotiated the sale of Little Creek Marketplace, a 49,161-square-foot retail property in Norfolk. SWNC I LLC, a retail real estate fund led by Shannon Waltchack, acquired the center for an undisclosed price. Little Creek Marketplace was 97 percent leased at the time of sale to tenants including Verizon Wireless, Navy Federal Credit Union, Applebee’s, Wing Stop, Fuddruckers, Cookies and Cakes of Virginia, Beltone, Leisure Dental, The UPS Store, Hair Cuttery and Great Clips. The property is situated at the intersection of Little Creek Road and Tidewater Drive, six miles north of downtown Norfolk. Bill Overman and John Wessling of S.L. Nusbaum represented the buyer in the transaction. Doug Aronson, also with S.L. Nusbaum, represented the undisclosed seller. S.L. Nusbaum and Shannon Waltcheck will provide property management services and Chris Hucke of S.L. Nusbaum will be the leasing agent on the property for the new ownership.
MONCKS CORNER AND GOOSE CREEK, S.C. — Berkadia has arranged the sale of Epson Oaks in Moncks Corner and Churchill Apartments in Goose Creek. South Carolina-based KAH LLC sold the two garden-style properties for a combined $17.8 million to Texas-based Napali Capital. Epson Oaks is located at 2000 Epson Plantation Drive, 35 miles north of downtown Charleston. The 72-unit property offers two- and three-bedroom floor plans. Churchill Apartments, situated at 601 Old State Road about 20 miles north of downtown Charleston, also comprises 72 units offering two- and three-bedroom floor plans. Mark Boyce and Blake Coffey of Berkadia represented the seller in the transaction. Richard Levine of Berkadia originated a $12.9 million Fannie Mae acquisition loan on behalf of Napali Capital.
COLUMBUS, OHIO — Walker & Dunlop Inc. has acquired MSF Real Estate Capital, an independent commercial real estate finance firm. MSF services approximately $925 million of life insurance company loans, substantially all of which will be added to Walker & Dunlop’s servicing portfolio prior to the end of the first quarter. With the acquisition, Walker & Dunlop has expanded its debt brokerage team to Columbus. Jeffrey Morris, Chad Kiner, Scott Moore and A.J. Mangan will spearhead Walker & Dunlop’s first office in the Columbus market. Founded in 1984, MSF has tripled the size of its full-service commercial real estate mortgage banking firm over the past decade. Collectively, the team has closed more than $10 billion in transaction volume throughout their careers.
ELGIN, ILL. — MLL Capital has purchased a 95,043-square-foot medical office building located at 1435 N. Randall Road in Elgin. The purchase price and seller were undisclosed. The five-story property is located near I-90 on the campus of the Advocate Sherman Hospital. Both the building and connected hospital were constructed in 2009. Jonathan Swindle and Kyle Arnold of Waveland Property Group have been named leasing agents for the property. Boston-based MLL Capital was founded in 2016 and focuses its investments on medical office, laboratory and life sciences properties.
ENGLEWOOD, COLO. — Westcore has purchased Dove Valley Business Center, a warehouse facility located at 14101 E. Otero Ave. in Englewood. Chicago-based Brennan Investment Group sold the property for $23 million. The newly constructed asset features 149,652 square feet of Class A warehouse space. At the time of sale, the facility was 50 percent leased. Westcore plans to add approximately 1,000 square feet of speculative office space to the building. Westcore was self-represented, while Bo Mills of JLL, along with Tyler Reed and Dominic DiOrio of Stream Realty Partners, represented the seller in the deal.
ORANGE COUNTY, CALIF., AND COLORADO SPRINGS, COLO. — Faris Lee Investments has arranged the sales of two retail properties located in Southern California and Colorado Springs. In the first deal, an undisclosed seller divested of Brea Center, a grocery-anchored shopping center in Orange County. An undisclosed buyer acquired the asset for $17.6 million. Current tenants include Vons, Bank of America, Pet Wants, Aulestics and Painted Nest. Don MacLellan, Rick Chichester and Jeremy Warren of Faris Lee Investments represented the seller in the transaction. In the second deal, Sabal Capital Group completed the sale of Carefree Shopping Center, a grocery-anchored neighborhood center in Colorado Springs. An undisclosed buyer acquired the property for $8.5 million. At the time of sale, the property was 62 percent occupied by a variety of tenants, including Save-a-Lot, Family Dollar, Carefree Chiropractic, Appliance Outlet, Pizza Hut and a laundry lounge. MacLellan, Chichester, Warren and Phil Ramming of Faris Lee represented the seller in the transaction.
SAN DIEGO — Location Matters has arranged the sale of a retail asset located at 3930-3940 and 3946-3964 Fifth Ave. in San Diego’s Hillcrest neighborhood. Paragon Real Estate Investments acquired the property for $13.3 million. Situated on four parcels, the 28,528-square-foot building is located on a 32,839-square-foot lot. At the time of sale, three restaurant tenants fully occupied the retail portion of the property: Snooze American Eatery, Lemonade and India Palace. The building also offers seven residential units on the second level, all of which were occupied at the time of sale. Mike Spilky of Location Matters represented the undisclosed seller and buyer in the deal.
