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Duncan Brokers Sale of Historic Distillery Commons Complex in Louisville, Buyer Plans $75M Adaptive Reuse Project

by John Nelson November 15, 2022

LOUISVILLE, KY. — Duncan Commercial Real Estate (DCRE)/CORFAC International has brokered the sale of Distillery Commons, a historic distillery complex located at Lexington and Payne streets in Louisville’s Irish Hill neighborhood. The buyer, St. Louis-based Bamboo Acquisitions LLC, an affiliate of Intelica Commercial Real Estate, plans to redevelop the red-brick complex into a mixed-use project housing residences, offices, shops and restaurants. Barrel House Investments sold Distillery Commons to Bamboo for an undisclosed price. In 2019, the seller purchased the complex from Kinetic Properties, which had owned the site since the mid-1970s. The Courier-Journal reports that Distillery Commons operated as a bourbon warehouse that was constructed in the 1890s and that the proposed mixed-use development carries a price tag of $75 million. The City of Louisville recently condemned the rickhouse (Building 100 of the property), which was demolished last month.

November 15, 2022

Acquisitions Development Florida Retail Southeast

Philadelphia Phillies Purchase Distressed Shopping Center Near Metro Tampa Ballpark for $22.5M

by John Nelson November 15, 2022

CLEARWATER, FLA. — An affiliate of the Philadelphia Phillies has purchased the Clearwater Collection, a distressed shopping center spanning 13 acres at 21800 U.S. Highway 19 N in the Tampa suburb of Clearwater, for $22.5 million. The 134,362-square-foot property is located adjacent to BayCare Ballpark, a city-owned baseball arena that the Phillies lease for its Spring Training operations, as well as its Minor League Baseball affiliate team, the Clearwater Threshers. Control of the underlying land affords the Phillies the opportunity to plan for future redevelopment near the park. Michael Vullis of Avison Young was the court-appointed receiver of Clearwater Collection, which recently went into bankruptcy. Vullis and Avison Young colleagues John Crotty, Michael Fay, David Duckworth, Nick Robinson and Brian de la Fé represented the seller, an entity doing business as Clearwater Collection 15, in the transaction. Floor & Décor is the sole occupant of the shopping center and currently occupies 49 percent of the property’s leasable area.

November 15, 2022

Acquisitions Illinois Midwest Multifamily

Interra Realty Arranges $10.3M Sale of Apartment Building in Evanston, Illinois

by Kristin Harlow November 15, 2022

EVANSTON, ILL. — Interra Realty has arranged the sale of a 43-unit apartment building in Evanston for $10.3 million. Originally constructed in 1918, the property at 612 Sheridan Road was 95 percent occupied at the time of sale. There are 21 one-bedroom units, 13 two-bedroom units and nine three-bedroom units. Brad Feldman of Interra represented the buyer, a local real estate investor. Patrick Kennelly and Paul Waterloo of Interra represented the seller, a private family group that had owned the property for more than 80 years.

November 15, 2022

Acquisitions Multifamily New York Northeast

Alpha Realty Negotiates $24M Sale of Brooklyn Apartment Building

by Taylor Williams November 15, 2022

NEW YORK CITY — Locally based brokerage firm Alpha Realty has negotiated the $24 million sale of an 82-unit apartment building in the Crown Heights area of Brooklyn. The five-story building at 792 Sterling Place houses 30 studios, 34 one-bedroom units and 18 two-bedroom residences. Lev Mavashev of Alpha Realty represented the buyer and seller, both of which requested anonymity, in the off-market transaction. The deal traded at a cap rate of 6.4 percent.

November 15, 2022

Acquisitions California Industrial Western

Roxborough Group, Cress Capital Acquire 100,615 SF Industrial Building in Chino, California

by Amy Works November 15, 2022

CHINO, CALIF. — Affiliates of The Roxborough Group and Cress Capital have purchased an industrial property, located at 4331 Eucalyptus Ave. in Chino. Terms of the transaction were not released. Constructed in 2022, the 100,615-square-foot building features 28-foot clear heights, nine dock-high doors, eight grade-level doors and 2,000 amps of power. Richard Schwartz and Joey Reaume of Colliers assisted the partnership with the acquisition and will lead the marketing and leasing of the property.

November 15, 2022

Acquisitions Georgia Healthcare Office Southeast

CBRE Brokers Sale of 149,202 SF Northwest Medical Center in Atlanta

by John Nelson November 14, 2022

ATLANTA — CBRE has arranged the sale of Northwest Medical Center, four-story medical office building located in the Buckhead neighborhood of Atlanta. A joint venture between Harrison Street and HealthAmerica Realty Group sold the 149,202-square-foot property for an undisclosed price. Lee Asher, Zack Holderman, Jordan Selbiger, Trent Jemmett and Cole Reeth of CBRE represented the sellers and procured the buyer — Lincoln Advisors, an affiliate of Dallas-based Lincoln Property Company. The center was 81 percent leased at the time of sale, to tenants offering services including internal medicine, dermatology, gastroenterology, orthopedics, OB/GYN, physical therapy, dentistry, concierge medicine, oral surgery, ENT, plastic surgery, periodontics and imaging.

November 14, 2022

Acquisitions Multifamily Texas

Marcus & Millichap Brokers Sale of 312-Unit Mountain Valley Apartments in West Dallas

by Taylor Williams November 14, 2022

DALLAS — Marcus & Millichap has brokered the sale of Mountain Valley, a 312-unit apartment community in West Dallas. Built in 1969, the property primarily offers two- and three-bedroom units with an average size of 969 square feet. Amenities include a playground, basketball court and a pet park. Al Silva and Ford Braly of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

November 14, 2022

Acquisitions Colorado Retail Western

Dunton Commercial, Centre Point Buy Westminster Plaza Retail Center in Colorado for $20.1M

by Amy Works November 14, 2022

WESTMINSTER, COLO. — A joint venture between Dunton Commercial and Centre Point Properties has acquired Westminster Plaza, a shopping center in Westminster, from Slate Asset Management for $20.1 million. At the time of sale, the 98,975-square-foot Westminster Plaza was 95 percent occupied. Current tenants include VASA Fitness, Chipotle Mexican Grill, Buffalo Wild Wings, Dunkin’ Donuts and Rent-A-Center. Brad Lyons and Matt Henrichs of CBRE’s National Retail Partners represented the seller in the sale.

November 14, 2022

Acquisitions Illinois Midwest Multifamily

Matthews Negotiates $6.2M Sale of Chicago Multifamily Portfolio

by Kristin Harlow November 14, 2022

CHICAGO — Matthews Real Estate Investment Services has negotiated the $6.2 million sale of a five-property multifamily portfolio totaling 95 units in Chicago. The assets are located on the city’s West Side on North Waller, North Lotus, West Augusta, West Washington and North Central avenues. Finley Askin of Matthews represented both the seller, a local private investor, and the Brooklyn, N.Y.-based buyer.

November 14, 2022

Acquisitions Industrial South Carolina Southeast

JLL Arranges Sale of 450,033 SF Logistics Center in Graniteville, South Carolina

by John Nelson November 11, 2022

GRANITEVILLE, S.C. — JLL has brokered the sale of Global Avenue Logistics Center, a 450,033-square-foot, multi-tenant logistics facility located in the western South Carolina city of Graniteville. The facility, which comprises 30 acres, is located at 1043 Global Ave. within Sage Mill Industrial Park. Edgewater Ventures and Singerman Real Estate sold the property for an undisclosed price. Pete Pittroff, Britton Burdette, Patrick Nally, Dave Andrews and Zach Lloyd of JLL represented the sellers and procured the buyer, LM Real Estate Partners, in the transaction.

November 11, 2022

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