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Sun Commercial Real Estate Brokers $6.5M Sale-Leaseback of Office Property in Las Vegas

by Amy Works August 14, 2018

LAS VEGAS — Sun Commercial Real Estate has arranged the sale-leaseback of Windmill Place, an office property located at 370 E. Windmill Lane in Las Vegas. MSA Engineering Consultants sold the property to an East Coast-based buyer for $6.5 million, or $299 per square foot. The seller signed a new 10-year lease at closing for the 21,638-square-foot building. In operation since 1978, MSA Engineering is licensed in 40 states. Cathy Jones, Jessica Cegavske, Roy Fritz, Paul Miachika and Taylor Vasquez of Sun Commercial’s Investment Service Group brokered the transaction.

August 14, 2018

Acquisitions Arizona Retail Western

Store Capital Corp. Acquires Big-Box Retail Building in Arizona for $3.4M

by Amy Works August 14, 2018

CHANDLER, ARIZ. — Scottsdale-based Store Capital Corp. has purchased a big-box retail property located at 1200 N. Alma School Road in Chandler. Five Sons Furniture AZ LLC sold the building for $3.4 million. Ray Cashen of Cashen Realty Advisors represented the seller in the deal. Situated on 6.8 acres, the property features 62,286 square feet of space. VASA Fitness, the tenant, plans to invest $3 million in improvements at the property to convert it into a state-of-the-art health club facility.

August 14, 2018

Acquisitions Florida Retail Southeast

Time Equities Acquires Shopping Center in Southwest Florida for $15.5M

by Camren Skelton August 13, 2018

INVERNESS, FLA. — Time Equities Inc. (TEI) has acquired Citrus Center, a 142,196-square-foot shopping center in Inverness, for $15.5 million. Casey Rosen and Dennis Carson of CBRE arranged the transaction on behalf of the seller, an affiliate of McKinley Cos. TEI’s Ami Ziff, Jonathan Kim and Adam Levitt represented the company internally. T.J. Maxx anchors Citrus Center, which was 98 percent leased at the time of sale. Additional tenants include Regal Cinemas and Office Max. Bealls Outlet shadow-anchors the center.

August 13, 2018

Acquisitions California Retail Western

Cushman & Wakefield Arranges $15.3M Sale of 121,296 SF Retail Center in Santa Cruz County

by Amy Works August 13, 2018

SCOTTS VALLEY, CALIF. — Cushman & Wakefield has arranged the sale of Scotts Village, a neighborhood shopping center in Scotts Valley. McNellis Partners acquired the property from The Pratt Co. for $15.3 million. Located at 227-259 Mt Hermon Road, the 121,296-square-foot property was developed in 1984. Current tenants include Safeway, CVS/pharmacy, Chase Bank, McDonald’s and Taco Bell. Dan Wald and Don LeBuhn (The Wald|LeBuhn Team) of Cushman & Wakefield represented the seller, while the buyer was self-represented the in the deal.

August 13, 2018

Acquisitions Hospitality Pennsylvania

Neema Hospitality Acquires Fairfield Inn & Suites, Holiday Inn Express & Suites Near Pittsburgh

by David Cohen August 10, 2018

SLIPPERY ROCK AND CANONSBURG, PA. — Neema Hospitality has acquired the Fairfield Inn & Suites in Slippery Rock and the Holiday Inn Express & Suites in Canonsburg. The sales price was undisclosed. The 75-room Fairfield Inn & Suites is located north of Pittsburgh nearby Slippery Rock University. Amenities include complimentary hot breakfast, free Wi-Fi, in-room microwaves and an indoor pool. The 90-room Holiday Inn Express & Suites is located south of Pittsburgh in Canonsburg. The hotel’s rooms offer microwaves, refrigerators, 42-inch flat-screen TVs and free breakfast and Wi-Fi. The hotel also features a heated indoor pool and more than 1,600 square feet of meeting space.

August 10, 2018

Acquisitions Industrial Texas

Brennan Acquires 12-Building Industrial Park in Northwest Houston

by Taylor Williams August 9, 2018

HOUSTON — Chicago-based Brennan Investment Group LLC has acquired Hempstead Business Park, a 12-building industrial property located at 10612-10616 Hempstead Highway in northwest Houston. The buildings total 133,850 square feet and were 92 percent occupied at the time of sale. The seller was not disclosed.

August 9, 2018

Acquisitions Development New York Northeast

Cushman & Wakefield Brokers $8M Sale of Development Site in Long Island City

by David Cohen August 9, 2018

NEW YORK CITY — Cushman & Wakefield has brokered the $8 million sale of a 49,790-buildable-square-foot development site in Long Island City. Stephen R. Preuss, Denise Prevete-Tempone and Andreas Efthymiou of Cushman & Wakefield represented both the buyer, Midpiece 9th Street LLC., and the seller, J&N Development, in the transaction. The property is located at 3823-3829 9th St.

August 9, 2018

Acquisitions Georgia Office Southeast

NKF Capital Markets Brokers $73.3M Sale of Office Campus in Metro Atlanta

by Camren Skelton August 9, 2018

KENNESAW, GA. — NKF Capital Markets has brokered the $73.3 million sale of TownPark Commons, a 350,000-square-foot office campus in Kennesaw, located roughly 27 miles northwest of Atlanta. Matt Tritschler of NKF Capital Markets arranged the transaction on behalf of the buyer, Adventus Opportunity Fund. Eastdil Secured represented the seller, TSP TownPark LLC. TownPark Commons includes four, four-story buildings located within the TownPark mixed-use development. The buildings were constructed in 1997 and 1998. TownPark Commons was 99 percent leased at the time of sale to tenants such as Enercon Services, INVISTA and HCC Life Insurance Co.

August 9, 2018

Acquisitions Multifamily North Carolina South Carolina Southeast

Berkadia Arranges Sales of Two Multifamily Assets in Carolinas for $47.7M

by Camren Skelton August 9, 2018

BELMONT, N.C. AND NORTH CHARLESTON, S.C. — Berkadia has arranged the sales of two multifamily communities located in Belmont and North Charleston. In Belmont, roughly 14 miles west of Charlotte, Berkadia arranged the $16.7 million sale of Abbey Court, a 176-unit community. Texas-based Napali Capital LLC acquired the asset from Raleigh-based American Residential Investment Management. The community includes one- and two-bedroom units and features a pool, playground, grilling and picnic area and a laundry facility. In North Charleston, Berkadia arranged the $31 million sale of Legends at Charleston Park, a 232-unit community that includes a mix of one- to three-bedroom units. Memphis, Tenn.-based Fogelman Properties acquired the asset from Macon, Ga.-based United Residential Properties. The community features a playground, barbecue station, clubhouse, fitness center, pool and garages. Mark Boyce and Blake Coffey of Berkadia represented the sellers in both transactions.

August 9, 2018

Acquisitions Midwest Retail South Dakota

Marcus & Millichap Brokers $4.3M Sale of Retail Center in Rapid City, South Dakota

by Kristin Harlow August 9, 2018

RAPID CITY, S.D. — Marcus & Milichap has brokered the sale of Northgate Plaza in Rapid City for $4.3 million. The 173,678-square-foot retail center is located at 1111 E. North St. Kmart and Family Dollar anchor the property, which is 74 percent occupied. Karly Iacono of Marcus & Millichap represented the seller, a private investor, and the buyer, a developer.

August 9, 2018

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