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Colliers Brokers $51M Sale of South City Plaza Office Building in Boca Raton

by John Nelson October 12, 2022

BOCA RATON, FLA. — Colliers has brokered the $51 million sale of South City Plaza, a four-story, 179,837-square-foot office building located at 1515 S. Federal Highway in Boca Raton. Mark Rubin, Bastian Laggerbauer and Jake Stauber of the Colliers South Florida Investment Services team represented the seller, locally based Penn-Florida Cos., in the transaction. Maria Gomez of Powerful Real Estate represented the buyer, New York-based Renaissance Properties. The property is situated near another Penn-Florida project, Via Mizner, a $1.2 billion mixed-use development that features a Mandarin Oriental Hotel, luxury apartments, private condominium homes, retail space and a golf course spanning three towers that are all connected by a sky bridge.

October 12, 2022

Acquisitions Kentucky Multifamily Southeast

Capital Square Acquires 273-Unit Lyric at Norton Commons Apartments in Prospect, Kentucky

by John Nelson October 12, 2022

PROSPECT, KY. — Capital Square has purchased Lyric at Norton Commons, a 273-unit multifamily community located at 11210 Peppermint St. in Prospect, a suburb of Louisville. The Richmond-based investor purchased the property on behalf of CS1031 Lyric at Norton Commons Apartments DST, a Delaware statutory trust that seeks to raise $68 million in equity from accredited investors. The seller and sales price were not disclosed. Lyric at Norton Commons offers one-, two- and three-bedroom units averaging 956 square feet in size. Community amenities include a 24-hour fitness center, resort-style saltwater swimming pool with poolside cabanas, resident lounge with a complimentary gourmet coffee bar and business center, pet spa, indoor meditation space, movie room with stadium seating and multiple outdoor courtyards that feature lawn games and grills. The property is located within the 600-acre Norton Commons master-planned neighborhood, which features a 150-acre system of parks, squares, plazas, walking trails, recreational and civic amenities. The development is home to more than 90 businesses, including restaurants, shops, salons, a post office, three schools, YMCA and Saint Bernadette Church.

October 12, 2022

Acquisitions Healthcare North Carolina Office Southeast

Insite Properties, BentallGreenOak Purchase 60,000 SF Medical Office Building in Kannapolis, North Carolina

by John Nelson October 12, 2022

KANNAPOLIS, N.C. — Insite Properties and partner BentallGreenOak have acquired a 60,000-square-foot medical office building located at 201 Dale Earnhardt Blvd. in downtown Kannapolis, a suburb of Charlotte. The multi-tenant property was 65 percent leased at the time of sale to tenants including Atrium Health and Duke University. Charlotte-based Insite Properties will be providing property management and leasing services for the property. The seller and sales price were not disclosed. Built in 2013, the three-story medical office building is located within the North Carolina Research Campus, a 350-acre medical research center that houses departments from eight universities including Duke and University of North Carolina at Chapel Hill, the David H. Murdock Research Institute, private companies and entrepreneurs that all focus on research-and-development for food and nutritional science.

October 12, 2022

Acquisitions Massachusetts Multifamily Northeast

Heritage Cos. Sells Metro Boston Apartment Complex for $27.1M

by Taylor Williams October 12, 2022

REVERE, MASS. — Massachusetts-based investment firm The Heritage Cos. has sold Point of Pines, a 72-unit apartment complex in Revere, a northeastern suburb of Boston. According to Apartments.com, the five-story property was built in 1999 and offers two-bedroom units with an average size of 1,225 square feet. Amenities include a lounge and package handling services. Adam Dunn, Chris Phaneuf and Matt Olson of Berkadia represented The Heritage Cos. in the transaction. The buyer was Massachusetts-based Helge Capital.

October 12, 2022

Acquisitions Illinois Industrial Midwest

Blue West Capital Brokers Sale of 75,000 SF Warehouse in Arcola, Illinois

by Kristin Harlow October 12, 2022

ARCOLA, ILL. — Blue West Capital has brokered the $2.4 million sale of a 75,000-square-foot warehouse occupied by MasterBrand Cabinets in Arcola, a city in central Illinois. The tenant, which recently exercised an early lease extension option, stores raw materials at the property prior to them being assembled at a manufacturing plant 12 miles west in Arthur. Zach Wright and Robert Edwards of Blue West Capital represented the seller, a Midwest-based private equity real estate company. A local 1031 exchange investor was the buyer.

October 12, 2022

Acquisitions Colorado Industrial Office Western

Ivy Realty Sells 32,926 SF Flex Office Building in Boulder, Colorado

by Amy Works October 12, 2022

BOULDER, COLO. — Ivy Realty has completed the disposition of 6707 Winchester Circle, a single-story office/industrial building in Boulder. Evermore Partners acquired the asset for $8.8 million. Situated on 3.6 acres within Gunbarrel Tech Center, 6707 Winchester features 33,296 square feet of flex office space. Fully renovated in 2016, the property offers 28,832 square feet of office and lab space and 4,000 square feet of warehouse and distribution space. The warehouse space features three dock-high doors and one roll-up door. On-site amenities include a fitness center with showers and locker rooms, an outdoor patio with barbecue space, and bike storage. At the time of sale, the property was fully leased to four tenants, with life sciences companies comprising 33 percent of the rent roll. Larry Thiel, Jason Schmidt and Rob Key of JLL Capital Markets represented the seller in the transaction.

October 12, 2022

Acquisitions Retail Texas

Disney Investment Group Arranges Sale of 294,431 SF Retail Power Center in Odessa, Texas

by Taylor Williams October 11, 2022

ODESSA, TEXAS — Dallas-based brokerage firm Disney Investment Group has arranged the sale of Chimney Rock, a 294,431-square-foot retail power center located in the West Texas city of Odessa. Built in 2012 and expanded in 2016, Chimney Rock was 93 percent leased at the time of sale to tenants such as Academy Sports + Outdoors, Best Buy, Marshalls, Ulta Beauty, Petco, Northern Tool + Equipment, Mattress Firm, Kirkland’s and Longhorn Steakhouse. David Disney and Adam Crockett of Disney Investment Group represented the undisclosed seller and procured the buyer, Houston-based investment firm Fidelis, in the transaction.

October 11, 2022

Acquisitions Multifamily Single-Family Rental South Carolina Southeast

Blaze Capital, Cross Lake Sell 132-Unit Single-Family Rental Community in Summerville, South Carolina

by John Nelson October 11, 2022

SUMMERVILLE, S.C. — Blaze Capital Partners and Cross Lake Partners have sold Chamberlain Pines, a 132-unit single-family rental community in Summerville, a suburb of Charleston. The duo delivered the townhome-style property last year. The buyer and sales price were not disclosed. Chamberlain Pines features two-story townhomes averaging 1,685 square feet across three and four-bedroom rental units. All units feature attached garages, concrete backyard patios and private, fenced-in yards.

October 11, 2022

Acquisitions Illinois Midwest Restaurant Retail

Greenstone Partners Brokers $2.3M Sale of Starbucks-Occupied Property in Lakemoor, Illinois

by Kristin Harlow October 11, 2022

LAKEMOOR, ILL. — Greenstone Partners has brokered the $2.3 million sale of a newly constructed retail property occupied by Starbucks in Lakemoor, which is located in Northeast Illinois. The net-leased property sold at a cap rate of 4.55 percent and $1,029 per square foot, marking the lowest cap rate ever for a Starbucks property in Illinois, according to CoStar. The building is situated within the larger Lakemoor Commons, which is home to tenants such as Heartland Dental, Chipotle, Buona Beef and a multi-tenant retail center. Brewster Hague and Jason St. John of Greenstone represented the seller, a Chicago-area developer. The duo also procured the buyer, a private entity based in California completing a 1031 exchange.

October 11, 2022

Acquisitions California Office Western

Newmark Negotiates $30M Sale of Airport Plaza Office Park in Long Beach, California

by Amy Works October 11, 2022

LONG BEACH, CALIF. — Newmark has arranged the sale of Airport Plaza, a two-building office park in Long Beach. WCCP Airport Plaza L.B. LLC sold the asset to LB5000 LLC for $30 million. Located at 5000 and 5001 Airport Plaza Drive, the project features 126,219 square feet of multi-tenant office space. At the time of sale, Airport Plaza was fully leased to 19 tenants, including Federal Aviation Administration, Advanced Medical Management and NACA Logistics. The property is situated on a 2.7-acre plot, which has a 46-year ground lease in place with the City of Long Beach. Kevin Shannon, Ken White and Scott Schumacher of Newmark represented the seller in the deal.

October 11, 2022

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