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SVN Desert Commercial Brokers $1.3M Sale of Apartment Complex in Phoenix

by Amy Works October 12, 2018

PHOENIX — SVN Desert Commercial Advisors has arranged the sale of a multifamily community, located at 717 E. Roeser Road in Phoenix. Luis Melendez sold the property to Shashikant Jogani with Pro Residential Services for $1.3 million, or $67,500 per unit. The 16,000-square-foot property features 20 two-bedroom apartments with individual meters for electricity. The buyer plans to implement a light renovation program to the property. Danny Lee of SVN Desert Commercial represented the seller and procured the buyer in the all-cash transaction.

October 12, 2018

Acquisitions Georgia Multifamily Southeast

Magnolia Capital Acquires 323-Unit Multifamily Property in Atlanta’s Central Perimeter Submarket

by Amy Works October 12, 2018

DUNWOODY, GA. — Magnolia Capital has purchased Flats at Perimeter Place, an apartment community located at 60 Perimeter Place in Dunwoody. Northwestern Mutual sold the property for an undisclosed price. Robert Stickel, Mike Kemether and Alex Brown of Cushman & Wakefield represented the seller in the deal. Situated in Atlanta’s Central Perimeter submarket, the 323-unit community features a rooftop lounge with a tennis court, grilling station and bocce ball court; resort-style swimming pool; fitness center with a yoga studio, cardio theater and fitness classes; and four electric car charging stations.

October 12, 2018

Acquisitions California Office Western

Harbor Associates Sells 37,090 SF Office Property in Southern California for $11.7M

by Amy Works October 11, 2018

LAKE FOREST, CALIF. — Harbor Associates has completed the sale of 71 at the Park, an office building located at 25371 Commercentre Drive in Lake Forest. An unidentified overseas buyer acquired the property for $11.7 million. The 37,090-square-foot property features abundant natural light, on-site amenities, a two-story lobby, exposed ceilings, flexible floor space and outdoor community areas. Anthony DeLorenzo, Gary Stache, Doug Mack, Jeff Carr and Brian Cole of CBRE represented the seller in the deal.

October 11, 2018

Acquisitions Florida Mixed-Use Southeast

DIX Sells 53-Acre Mixed-Use Development Site in Ormond Beach, Florida

by Amy Works October 11, 2018

ORMOND BEACH, FLA. — Lake Mary, Fla.-based DIX Developments has completed the sale of Halifax Town Center, a mixed-use development site located in Ormond Beach. Dixie 95 OBD, a company related to O2G Capital of Ontario, Canada, purchased the 53-acre site for an undisclosed price. Situated in the southeast quadrant of Interstate 95 and Old Dixie Highway, the fully developed site is ready for immediate construction with storm water retention, surfaced roadways and utilities. Halifax Town Center is part of the golf course community Halifax Plantation. The planned mixed-use development in Volusia County has gone through a transition in ownership in the past few years. John Kurtz of Stirling International Real Estate represented the seller in the deal.

October 11, 2018

Acquisitions Nevada Office Western

Marcus & Millichap Brokers $1M Sale of Office Building in Las Vegas

by Amy Works October 11, 2018

LAS VEGAS — Marcus & Millichap has arranged the sale of a professional office building in Las Vegas, located at 7866 W. Sahara Ave. within Coronado Bay Business Park. A local investor sold the property to a Nevada law firm for $1 million. The buyer plans to occupy the 4,850-square-foot building. Ryan McCullough and Tina Taylor of Marcus & Millichap represented the seller in the transaction.

October 11, 2018

Acquisitions Mississippi Multifamily Southeast

Berkadia Negotiates Sale of 144-Unit Multifamily Property in Metro Memphis

by Amy Works October 10, 2018

HORN LAKE, MISS. — Berkadia has arranged the sale of Mallard Creek Apartments, a multifamily community located at 7197 Mallard Creek Drive in Horn Lake, a Mississippi town situated 20 miles south of Memphis. Memphis-based WI Memphis acquired the property from North Kansas City, Mo.-based Maxus Realty Trust for an undisclosed price. Built in 1998, the property features 144 units in a mix of one-, two- and three-bedroom floorplans, all equipped with modern kitchens with white appliances, faux-wood flooring, washer/dryer hookups, patios or balconies, carpeting, walk-in closets and large bathrooms with a soaking tub. Communities amenities includes a swimming pool, professional landscaping and a playground. Patrick Jordan, Michael Sullivan, David Oakley and Alex Blagojevich of Berkadia represented the seller in the deal. The transaction included the assumption of a HUD 223(a)(7) loan.

October 10, 2018

Acquisitions Florida Mixed-Use Office Retail Southeast

Cushman & Wakefield Brokers $7.2M Sale of Mixed-Use Property in Miami’s Coconut Grove

by Amy Works October 10, 2018

MIAMI — Cushman & Wakefield has arranged the sale of a mixed-use building located at 3138 Commodore Plaza in Miami’s Coconut Grove neighborhood. A partnership between Terra and Banyan Street Capital purchased the property for $7.2 million, or $232 per square foot. Hollywood, Fla.-based MG|3 Development sold the property. Developed in 1986, the 31,000-square-foot, multi-tenant property features ground-floor retail space and three floors of offices, as well as on-site structured parking. Vacant at the time of sale, the property most recently housed the Academy of Arts & Minds charter school. Miquel Alcivar, Dominic Montazemi, Scott O’Donnell, Greg Miller and Jason Hochman of Cushman & Wakefield represented the seller in the deal.

October 10, 2018

Acquisitions Industrial Property Type Southeast Virginia

RLN Acquires 184,270 SF Industrial Building in Richmond for $2.1M

by Amy Works October 10, 2018

RICHMOND, VA. — RLN Co. has purchased an industrial property located at 1500 Commerce Road in Richmond. Keck Realty sold the property to RLN for $2.1 million. The buyer plans to utilize a portion of the 184,270-square-foot facility, which is situated on 9.4 acres, as the new Rental Works headquarters while leasing out the remaining space. Rental Works is a tool rental service based in Virginia’s Henrico County. Isaac DeRegibus of Cushman & Wakefield | Thalhimer represented the seller in the deal.

October 10, 2018

Acquisitions Office Texas

JLL Negotiates Sale of 151,000 SF Office Property in Houston

by Taylor Williams October 10, 2018

HOUSTON — JLL has negotiated the sale of a 151,000-square-foot vacant office property located at 6001 Rogerdale Road in Houston. The two-story building has served as a single-tenant corporate campus since it was built in 2008. Amenities include a café ad break rooms. Rudy Hubbard, Kevin McConn and Rick Goings of JLL represented the seller, Fort Worth-based 111 Realty OPO LLC, in the transaction. Curt Stanton of Axiom Advisory Group represented the buyer, St. Louis-based Emerson.

October 10, 2018

Acquisitions Northeast Pennsylvania Retail

PB Warminster Plaza LLC Acquires 128,544 SF Shopping Center Near Philadelphia

by David Cohen October 10, 2018

WARMINSTER, PA. — PB Warminster Plaza LLC has acquired Warminster Plaza, a 128,544-square-foot shopping center in Warminster. The sales price was undisclosed. The property is located approximately 27 miles from Philadelphia and is home to a tenant roster that includes SMG SportsPlex at Warminster, AAA, Lee’s Hoagie House, YMCA of Buck’s County, Kid’s First Swim Schools, Pearle Vision Center and Grand Buffett. Chris Munley and Michael DiCosimo of HFF represented the seller, Liberty Capital III, in the transaction.

October 10, 2018

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