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CBRE Arranges Sale of 176,601 SF Northchase at Midtown Office Park in Raleigh

by John Nelson November 18, 2022

RALEIGH, N.C. — An entity doing business as JPB Raleigh Holdings LLC has sold Northchase at Midtown, an office park comprising two buildings totaling 176,601 square feet at 6501 and 6601 Six Forks Road in Raleigh. Ben Kilgore, Chandler Hawkins and Leslie Holmes of CBRE, along with with NAI Tri Properties’ Jimmy Barnes, represented the seller in the transaction. Rachael Gaston and Sesha Debnam of Debnam Commercial Real Estate represented the buyer, local investor Dean Debnam. The sales price was not disclosed. Fully renovated in 2014 and 2015, Northchase at Midtown was 95 percent leased at the time of sale to companies including Merz North America, Globant, Redline and HITT Construction.

November 18, 2022

Acquisitions Georgia Industrial Office Southeast

Atlanta Property Group Acquires Three Industrial Facilities, One Office Asset in Metro Atlanta for $48.7M

by John Nelson November 17, 2022

KENNESAW, GA. — Atlanta Property Group (APG) has acquired three industrial facilities and one office property in the northwest Atlanta suburb of Kennesaw for $48.7 million. The seller was not disclosed. The portfolio comprises three warehouse facilities totaling 305,000 square feet located near Chastain Road and I-75. The rear-load buildings, which were constructed in the mid-1990s, feature 24-foot clear heights and were fully leased at the time of sale to six tenants. The lone office property spans 72,000 square feet and was 73 percent leased at the time of sale. Built in 2000, the property is situated near Kennesaw State University and the I-75/I-575 interchange. Austin Chase and Grace Thompson of APG are handling leasing of the office building.

November 17, 2022

Acquisitions Life Sciences North Carolina Southeast

Goldman Sachs, Lincoln Harris Purchase 445,000 SF Life Sciences Campus in Durham

by John Nelson November 17, 2022

DURHAM, N.C. — A joint fund managed by Goldman Sachs Asset Management and Lincoln Harris is acquiring TBC, a 445,000-square-foot life sciences property located on Stirrup Creek Drive in Durham. Previously owned in part by Lincoln Harris, the campus is part of the Triangle Business Center and adjacent to Research Triangle Park. Tenants at the property, which comprises five single-story buildings, include DuPont, Carsgen Therapeutics, Brightview Technologies, HemoSonics and Charles River Labs. The campus also includes a newly completed, 14,000-square-foot amenity center featuring a fitness center, outdoor recreational space, shower facilities and lounge and conference space. The seller and terms of the transaction were not disclosed.

November 17, 2022

Acquisitions Arkansas Multifamily Southeast

Weidner Acquires 337-Unit Apartment Community in Rogers, Arkansas

by John Nelson November 17, 2022

ROGERS, ARK. — Weidner Apartment Homes has purchased 49 West Apartments, a multifamily community comprising 325,507 square feet of rentable space in the northwestern Arkansas city of Rogers. Built in 2020, the property sits on 20.7 acres and features 337 units in one- and two-bedroom layouts. Amenities at the community — which was built by S+K Development — include a clubhouse, fitness center, indoor and outdoor lounges, pool, onsite fishing pond, pet washing stations and play area, valet trash services and a basketball court. The sales price was not disclosed.

November 17, 2022

Acquisitions Arizona Loans Multifamily Western

NewPoint Real Estate Capital Funds $105M Loan for Multifamily Acquisition in Scottsdale, Arizona

by Amy Works November 17, 2022

SCOTTSDALE, ARIZ. — NewPoint Real Estate Capital has provided a $105 million bridge loan to facilitate the purchase and lease-up of SeventyOne15 McDowell, an apartment community in Scottsdale. John DeWitt of NewPoint originated the financing, which features a two-year, interest-only loan term with three one-year extension options. Built in 2022, SeventyOne15 McDowell features 274 apartments, a swimming pool with private cabanas, rooftop lounge with fire pits, two-story fitness center, electric vehicle charging stations, direct access parking garage and a clubhouse with a kitchen, billiards and lounge seating. Units feature smart-home access and thermostats, pendant lighting, washers and dryers, gourmet kitchens, wine fridges and walk-in closets in select units.

November 17, 2022

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Arranges Sales of Three San Antonio Self-Storage Facilities Totaling 650 Units

by Taylor Williams November 17, 2022

SAN ANTONIO — Marcus & Millichap has arranged the sales of three self-storage facilities in San Antonio totaling 89,815 net rentable square feet across 650 units. The properties include Comal Ridge Self Storage, located at 23995 Bat Cave Road; Garden Ridge Self Storage, located at 22480 FM 3009; and Palo Alto Self Storage, located at 9018 Poteet Jourdanton Freeway Access Road. Jon Danklefs of Marcus & Millichap represented the three limited liability companies that sold the assets in the transactions. Each facility was purchased by a different buyer, with all parties requesting anonymity.

November 17, 2022

Acquisitions Industrial Midwest Ohio

Matthews Arranges $9M Sale of Industrial Building in Elyria, Ohio

by Kristin Harlow November 17, 2022

ELYRIA, OHIO — Matthews Real Estate Investment Services has arranged the $9 million sale of a 256,595-square-foot industrial building in Elyria, a southwest suburb of Cleveland. The property sits on 15.5 acres at 860 Garden St. Matt Kovesdy and Jonah Yullish of Matthews represented the seller, a local partnership that purchased the property in the early 2000s as a value-add opportunity. The buyer, Dura-Line, is also a tenant at the facility. Dura-Line elected to purchase due to the building’s importance to its operations, according to Matthews. The transaction closed at $500,000 above the listing price.

November 17, 2022

Acquisitions Retail Texas

CBRE Arranges Sale of 214,625 SF Lake Air Shopping Center in Waco

by Taylor Williams November 16, 2022

WACO, TEXAS — CBRE has arranged the sale of Lake Air Shopping Center, a 214,625-square-foot retail property in Waco. At the time of sale, the center was 85 percent leased to tenants such as Dollar Tree, Melrose, Tuesday Morning, Twin Liquors, AT&T, Starbucks Coffee and Domino’s Pizza. Blaine Dozier, Jim Batjer, Chris Cozby, Mark Witcher and Harrison Tye of CBRE represented the undisclosed seller in the transaction. Clay Fuller of Coldwell Banker Commercial assisted in closing the deal. The buyer was also not disclosed.

November 16, 2022

Acquisitions Florida Multifamily Southeast

Lerner Enterprises Purchases Parc at Gatlin Commons Apartments in Port St. Lucie, Florida for $65M

by John Nelson November 16, 2022

PORT ST. LUCIE, FLA. — Lerner Enterprises, a Rockville, Md.-based multifamily developer and manager owned by Washington Nationals’ principal owner Mark Lerner, has purchased Parc at Gatlin Commons, a 200-unit apartment community in Port St. Lucie. Miami-based JSB Capital sold the property to Lerner for $65 million. Aaron Jungreis of Rosewood Realty represented the buyer and seller in the transaction. Built in 2020, Parc at Gatlin Commons features a pool, fitness center, pet play area and a basketball court. The community is located on a 14.4-acre site at 1900 Aledo Lane in Port St. Lucie’s Newport Isles neighborhood. Rental rates range from $1,800 to $2,970, according to Rosewood Realty.

November 16, 2022

Acquisitions California Multifamily Western

Olympus Property Buys 272-Unit The Residences at Escaya in Chula Vista, California

by Amy Works November 16, 2022

CHULA VISTA, CALIF. — Olympus Property has acquired The Residences at Escaya, a multifamily community located in Chula Vista, between downtown San Diego and the Mexico border. Terms of the transaction were not released. Situated in the Otay Ranch neighborhood, The Residences at Escaya features 272 apartments, private garage and carport parking, a 30,000-square-foot walkable retail village, swimming pool, fitness center, clubhouse, outdoor lounge and barbecue area. Units range from 784 square feet to 1,560 square feet and offer quartz countertops, stainless steel appliances, full-height tile backsplashes, wood-style plank flooring, in-unit washers/dryers and ocean views from select units.

November 16, 2022

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