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Lee & Associates Arizona Arranges Sales of Two Industrial Properties in Phoenix

by Amy Works February 28, 2019

PHOENIX — Lee & Associates Arizona has brokered the sales of two industrial assets in Phoenix for a combined total of $13.8 million. In the first deal, TWT Real Estate Investments sold a dock-high distribution building to Layman Properties – East University Drive LLC for $8.5 million, or $63.08 per square foot. Located at 2020 E. University Drive, the facility features 134,375 square feet of space and is occupied by Arizona Wholesale Supply and Iron Mountain. Arizona Wholesale Supply built the facility in 1967 for itself with the opportunity to lease a portion out for income. Andrew Ogan of Lee & Associates Arizona represented the buyer and seller. Wells Fargo Real Estate Capital Markets provided $3 million in financing. In the second transaction, Layman Properties LLC acquired a three-building office and industrial project from One Deer Valley JV LLC for $5.3 million, or $109.85 per square foot. Located at One W. Deer Valley Road, the asset includes a 21,181-square-foot office building and two 13,261-square-foot industrial buildings. At the time of sale, the property was 100 percent leased. Ogan represented the buyer, while Matt Hobaica, also of Lee & Associates Arizona, represented the seller.

February 28, 2019

Acquisitions Development Georgia Multifamily Office Southeast

Alliance Residential Buys Vacant Office Park in Metro Atlanta, Plans Multifamily Community

by John Nelson February 27, 2019

NORCROSS, GA. — Alliance Residential has acquired the former WestRock office campus in the northeastern Atlanta suburb of Norcross. The vacant site has eight office buildings, of which two will be preserved and transformed into 90 residential units and coworking space in Alliance Residential’s planned Broadstone Norcross apartment community. Alliance Residential will construct two four-story buildings that will house 200 rental units. The project will also include a half-acre park. The 12-acre site is located at 504 Thrasher St., two blocks south of downtown Norcross and about 19 miles northeast of downtown Atlanta. The community is expected to be open to residents in 2020.

February 27, 2019

Acquisitions Industrial Southeast Tennessee

Sealy & Co. Acquires 124,800 SF Industrial Facility Near Memphis

by John Nelson February 27, 2019

COLLIERVILLE, TENN. — Sealy & Co. has acquired a 124,800-square-foot distribution center in Collierville. The asset, located at 500 Distribution Parkway, is situated on seven acres about 30 miles east of downtown Memphis. The property features a rear-load configuration and 22 dock doors. Jason Gandy and Scott Sealy Jr. of Dallas-based Sealy worked with Hank Martin of NAI Saig Co. in arranging the sale. The sales price and seller were not disclosed.

February 27, 2019

Acquisitions California Multifamily Retail Western

Levin Johnston Brokers Two Property Sales in the California’s East Bay Totaling $23.4M

by Amy Works February 26, 2019

HAYWARD AND SAN LEANDRO, CALIF. — Levin Johnston of Marcus & Millichap has directed two property sales, totaling $23.4 million, in the East Bay area of San Francisco. In the first deal, Levin Johnston, Adam Levin and Eymon Binesh of Marcus & Millichap brokered the acquisition of Stratford Village Center, located at 1641-1645 Industrial Parkway West in Hayward. A private buyer acquired the property for $12.9 million. Originally constructed in 2003 and 2004, Stratford Village Center features 40,852 square feet of retail space. At the time of sale, the property was 100 percent occupied by a variety of tenants, including Starbucks Coffee, Subway, Fremont Bank, Straw Hat Pizza, DaVita Inc., Select Staffing, CosmoProf and Manheim Inc. In the second transaction, Levin and Johnston represented the buyer and seller, both local apartment owners, in a $10.5 million multifamily transaction. Located at 15977 Maubert Ave. in San Leandro, The Maubert Apartments is a garden-style apartment community comprising four buildings offering a total of 34 apartments in a mix of two-bedroom/two-bath and one-bedroom/one-bath flats. On-site amenities include a gated and secured entryway, private balconies, assigned covered parking and on-site laundry.

February 26, 2019

Acquisitions California Multifamily Western

Trion Properties Sells 97-Unit Willow Glen Apartments in San Diego for $17.9M

by Amy Works February 26, 2019

SAN DIEGO — Trion Properties has completed the disposition of Willow Glen Apartments, located in the Rolando/College Area submarket of San Diego. Bernard Xavier acquired the property for $17.9 million. Located at 3635 College Ave., Willow Glen Apartments features 97 units, high-speed internet and free Wi-Fi for residents. Trion purchased the property in June 2015 for $9.6 million and implemented $2.2 million in capital improvements and rebranding. Renovations included the installation of quartz countertops, stainless steel appliances and new cabinetry in each of the units. Exterior upgrades include a revamped façade with new paint, as well as the integration of low-water and drought-tolerant landscaping to minimize operating costs and improve the sustainability of the property. Peter Scepanovic and Corey McHenry of Colliers International represented the seller in the deal.

February 26, 2019

Acquisitions Midwest Retail Wisconsin

Lamar Cos. Acquires 216,785 SF Shopping Center in Madison, Wisconsin

by Kristin Harlow February 26, 2019

MADISON, WIS. — Lamar Cos., in conjunction with Real Capital Solutions, has acquired East Town Plaza in Madison for an undisclosed price. The 216,785-square-foot shopping center is 83 percent leased. Tenants include Burlington, Marshalls, Ross Dress for Less, Jo-Ann Fabrics, DSW, Ulta and Party City. The property, built in 1999, is positioned along East Washington Avenue. The seller was not disclosed.

February 26, 2019

Acquisitions Illinois Midwest Multifamily Seniors Housing

Blueprint Brokers Sale of Supportive Living, Skilled Nursing Campus in Illinois

by Kristin Harlow February 26, 2019

MT. CARMEL, ILL. — Blueprint Healthcare Real Estate Advisors has brokered the sale of a nonprofit healthcare campus in Mt. Carmel, located in the southern part of the state along the Indiana border. Arkansas-based General Baptist Health Care sold the property. The buyer was CareTrust REIT and its regional operating partner, WLC Management Firm. Although the price was not disclosed, Blueprint reports the purchase price translated to approximately $70,000 per licensed bed. The campus is made up of two adjacent healthcare buildings: Oakview Heights, a 90-bed skilled nursing and long-term care facility, and Oakview Villa, a 38-bed supportive living facility offering affordable assisted living services. Since acquiring the propertyin 1981, ownership continuously expanded the campus, adding a secure memory care unit, rehabilitation facility and supportive living building. Michael Segal and Josh Salzman of Blueprint handled the transaction.

February 26, 2019

Acquisitions Hospitality Indiana Midwest

Marcus & Millichap Arranges $5.3M Sale of Best Western Hotel in Indiana

by Kristin Harlow February 26, 2019

FORT WAYNE, IND. — Marcus & Millichap has arranged the sale of the Best Western Plus Fort Wayne Inn & Suites for $5.3 million. The 62-room hotel is located at 5926 Cross Creek Blvd. Built in 2000, the three-story property features a pool, spa and fitness center. Ebrahim Valliani, Michael Klar, Allan Miller and Chris Gomes of Marcus & Millichap marketed the property on behalf of the seller and represented the buyer. Josh Caruana assisted in closing the transaction as the broker of record in Indiana.

February 26, 2019

Acquisitions Multifamily North Carolina Southeast

Berkadia Arranges $14.3M Sale of Apartment Complex Near Greensboro

by Alex Tostado February 25, 2019

BURLINGTON, N.C. — Berkadia has arranged the $14.3 million sale of Summerlyn Place, a 140-unit garden-style apartment complex in Burlington. The property was 96 percent occupied at the time of the sale, selling for $101,768 per unit. Built in 1998, Summerlyn Place offers a car care center, tennis courts, clubhouse, swimming pool, playground and a dog park. The asset is situated about 19 miles east of downtown Greensboro. Mark Boyce, Blake Coffey, Andrew Mays and Paul Vetter of Berkadia represented the New York-based seller in the transaction. The buyer is based in New Jersey.

February 25, 2019

Acquisitions California Multifamily Seniors Housing Western

Blueprint Negotiates Sale of 145-Bed Seniors Housing Community in Lodi, California

by Amy Works February 25, 2019

LODI, CALIF. — Blueprint Healthcare Real Estate Advisors has arranged the sale of The Ashley Place, a 145-bed assisted living community in Lodi, located south of Sacramento and east of San Francisco. A single-asset owner-operator seeking to exit seniors housing sold the property for an undisclosed price. The buyer was a joint venture between a Northern California-based operator and Atlantis Senior Living. The property does not currently offer memory care, so was marketed as a value-add opportunity for prospective buyers. Blueprint’s Jacob Gehl and Scott Frazier led the transaction.

February 25, 2019

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