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Stambul Acquires Historic Walgreens Building in Downtown Miami for $19.8M, Plans Redevelopment

by Camren Skelton July 25, 2018

MIAMI — Stambul, a Miami-based full-service construction and development firm, has acquired the Historic Walgreens Building in downtown Miami for $19.8 million. Located at 200 E. Flagler St., the building most recently housed La Epoca, a department store that closed in 2016. Habitat Development Corp., an entity owned by the Alonso family, sold the asset. Mika Mattingly and Gerard Yetming of Colliers International arranged the transaction on behalf of both parties. Stambul, which also restored the nearby Langford Hotel, plans to redevelop the building with high-end retail, dining and entertainment options. A construction timeline for the project was not disclosed. Built in 1936, the Art Deco-style building was the first Walgreens in Florida and the pharmacy chain’s third location outside of Chicago. The building is listed on the National Register of Historic Places and has also earned a historical designation from the City of Miami. Daniel Peña, a principal of Stambul, is also leading the restoration of the Old United States Post Office and Courthouse in downtown Miami. The redeveloped building will house Biscayne Brewing Co.

July 25, 2018

Acquisitions Arizona Healthcare Office Western

Kidder Mathews Brokers $4.4M Sale of Medical Offices in Tucson

by Amy Works July 25, 2018

TUCSON, ARIZ. — Kidder Mathews has arranged the purchase of Desert Sun Medical Center located at 7140 E. Rosewood St. in Tucson. Cypress West Realty Partners acquired the property for $4.4 million. The center features 15,038 square feet of medical office space. The seller was not disclosed. Fletcher Perry and Darren Tappen of Kidder Mathews represented the buyer in the off-market transaction.

July 25, 2018

Acquisitions California Multifamily Western

Luxo II Apartment Homes Acquires 40-Unit Complex in San Diego for $21.3M

by Amy Works July 24, 2018

SAN DIEGO — Luxo II Apartment Homes has purchased Villa Cusma, a 40-unit apartment complex at 1907 Columbia St. in San Diego’s Little Italy neighborhood. The price was $21.3 million, more than $500,000 per unit. Raymond Choi of Marcus & Millichap represented the seller, 1907 Columbia St. LLC, and procured the buyer in the all-cash transaction. Built in 2012, Villa Cusma features 24 one-bedroom/one-bath apartments, one two-bedroom/one-bath unit and 15 two-bedroom/two-bath apartments. Additionally, the property features a a gated subterranean parking garage and a 2,475-square-foot, ground-floor retail space leased to Harumama, a sushi and ramen restaurant.

July 24, 2018

Acquisitions Industrial Nevada Western

RealComm Advisors Facilitates $2.4M Sale of Industrial Property in North Las Vegas

by Amy Works July 24, 2018

NORTH LAS VEGAS — RealComm Advisors has arranged the sale of an industrial property located at 3890 E. Craig Road in North Las Vegas. Goldfish West LLC acquired the property from Walritz LLC for $2.4 million. Mike De Lew and Greg Pancirov of RealComm Advisors represented the seller and buyer in the deal.

July 24, 2018

Loans Multifamily Seniors Housing Washington Western

Live Oak Bank Provides $2.2M Acquisition Financing for Boutique Assisted Living Community Near Seattle

by Amy Works July 24, 2018

SEATTLE — Live Oak Bank has provided a $2.2 million loan for the acquisition of an assisted living community in a northern suburb of Seattle. The community features 12 beds across two adjacent buildings. The boutique community has monthly rents between $6,000 and $10,000. A husband-and-wife team, one of which is a longtime employee at the community, acquired the property from an undisclosed seller. The SBA loan features 90 percent loan-to-cost ratio.

July 24, 2018

Acquisitions Lee & Associates Office South Carolina Southeast

Lee & Associates Arranges $69M Sale of Business Park in North Charleston

by Camren Skelton July 24, 2018

NORTH CHARLESTON, S.C. — Lee & Associates has brokered the $69 million sale of Aviation Business Park, a 342,042-square-foot business park located along Interstate 29 in North Charleston. The property includes seven buildings and is situated on 29 acres. Bob Nuttall and Reid Davis of Lee & Associates arranged the transaction on behalf of the buyer, Greenville Corporate LLC. The seller, Rushmark Properties, was represented internally. Aviation Business Park was developed in 2001 and is home to tenants including DHL, HITT Contracting, Samet Corp., Secure Missions, Centurum and Nolan Transportation.

July 24, 2018

Acquisitions North Carolina Office Southeast

FCP Sells Historic Three-Building Office Campus in Downtown Durham for $27.3M

by Camren Skelton July 24, 2018

DURHAM, N.C. — Federal Capital Partners (FCP) has sold Venable Center, a three-building office campus located at the intersection of South Roxboro and Pettigrew streets in downtown Durham. The News & Observer reports the former tobacco mill property sold for $27.3 million. Scot Humphrey, Ryan Clutter, Chris Lingerfelt and Zack Drozda of HFF represented FCP in the transaction. A joint venture between Wheelock Street Capital, SLI Capital and Trinity Capital Advisors acquired the buildings. FCP originally purchased Venable Center in 2016 for $18 million and completed several building and site improvements. Biotechnology company Precision Biosciences is headquartered at Venable Center and is the property’s largest tenant. The property was originally constructed in 1905 and is listed on the National Register of Historic Places.

July 24, 2018

Acquisitions Alabama Multifamily Southeast

Transcontinental Realty Investors Acquires 200-Unit Multifamily Community on Alabama’s Gulf Coast

by Camren Skelton July 24, 2018

GULF SHORES, ALA. — Transcontinental Realty Investors Inc., along with its wholly owned subsidiary, Abode Properties, has acquired the Villas at Bon Secour, a 200-unit apartment community in Gulf Shores, a city on Alabama’s Gulf Coast. The Dallas-based real estate investment firm secured a Freddie Mac loan for the acquisition. The name of the seller and sales price were not disclosed. The community includes a mix of one- and two-bedroom units ranging from 648 to 990 square feet. Community amenities include a business center, dog park, clothes care center, fitness center and a resort-style pool. The Villas at Bon Secour is located less than five miles from the beach and within one mile of The University of South Alabama’s Gulf Coast campus.

July 24, 2018

Acquisitions Georgia Retail Southeast

CBRE Negotiates $12.3M Sale of Walgreens-Anchored Center in Atlanta

by Camren Skelton July 24, 2018

ATLANTA — CBRE has negotiated the $12.3 million sale of Shops at Cascade & Fairburn, a 45,279-square-foot shopping center located at 3752 Cascade Road and 1195 Fairburn Road in Atlanta. Chris Decouflé, Craig Taylor, Kevin Reavey and Kevin Hurley of CBRE represented the seller, GDC Cascade LLC, in the transaction. The buyer was 1195 Fairburn Road LLC. A freestanding Walgreens anchors the Shops at Cascade & Fairburn, which was constructed in 2004. The center was 91.2 percent leased at the time of sale to tenants including Workout Anytime, Great Expressions Dental, Metro PCS and Domino’s Pizza.

July 24, 2018

Acquisitions Georgia Multifamily Southeast

Cushman & Wakefield Arranges $30M Sale of Multifamily Community South of Atlanta

by Camren Skelton July 23, 2018

COLLEGE PARK, GA. — Cushman & Wakefield has arranged the $30 million sale of The Parc at 1875, a 352-unit apartment community in College Park, roughly four miles south of Hartsfield-Jackson Atlanta International Airport. Tyler Averitt and Nathan Swenson of Cushman & Wakefield arranged the transaction on behalf of the sellers, Sage Equities and M. Banks Realty Partners. Two Waters Capital Management acquired the property. Constructed in 1988, The Parc at 1875 features a car care center, fitness center, pet walk and care stations, playground, sports court and a swimming pool.

July 23, 2018

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