PHOENIX — KKR has acquired 101 at Van Buren, a newly constructed industrial park in Phoenix’s Southwest Valley industrial submarket. A real estate fund advised by Crow Holdings Capital and Seefried Industrial Properties sold the asset for $90 million. Completed in June 2022, the two-building park features more than 600,000 square feet of multi-tenant industrial space. The buildings feature 135-foot truck courts and 36-foot clear heights. With this acquisition, KKR now owns nearly 3 million square feet of industrial space across the Phoenix market.
EL SEGUNDO, CALIF. — Montana Avenue Capital Partners has completed the sale of 621 Hawaii Street, a two-story creative office building in El Segundo. BLT Enterprises acquired the asset for $27.3 million. Sean Fulp, Ryan Plummer, Mark Schuessler and Geoff Ludwig of Newmark’s private capital group represented the seller in the deal. At the time of sale, the property was 100 percent leased to Nexon America. The building serves as the North American headquarters of Nexon Co. Ltd., the parent company, which is South Korea’s largest video game developer and publicly traded in Japan.
PLANTATION, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the $22.3 million sale of Plantation Crossings, a 70,369-square-foot shopping center located in the South Florida city of Plantation. Kirk Olson and Drew Kristol of IPA, along with Barry Wolfe of Marcus & Millichap, represented the seller, an entity doing business as Plantation Crossings LLC, and procured the buyer, Azora Exan – USA, in the transaction. The property was developed in 1999 and is home to tenants including Aldi, My Salon Suite, Sherwin-Williams, Concentra Health, Fitness System and Family Eye Center.
CHARLOTTE, N.C. — Equus Capital Partners Ltd. has sold The Rotunda, a four-story, 234,670-square-foot office building located in Charlotte’s SouthPark submarket. An institutional real estate investment fund manager based in Atlanta purchased the property for an undisclosed price. Ryan Clutter and Chris Lingerfelt of JLL represented the metro Philadelphia-based seller, which sold the property via its Equus Investment Partnership X LP investment vehicle. Equus purchased The Rotunda in 2017 and completed a $4.5 million renovation in 2019 that comprised upgrades to the restrooms, main building lobby, upper floor elevator lobbies, elevator cab interiors, lighting in the portico, cooling tower replacement, creating a new amenity space and activating a 4,500 square-foot outdoor patio on the building’s south side that overlooks Symphony Park. Built in 1998, The Rotunda features a two-level parking deck, conference center, outdoor seating areas, onsite property management and a restaurant, Village Tavern.
BOSTON — Cushman & Wakefield has brokered the $107.5 million sale of Yard 5, a 196,000-square-foot industrial property in Boston’s Hyde Park neighborhood. The three-building property, which features clear heights of 28 feet and includes two undeveloped parcels totaling seven acres, was fully leased at the time of sale. Dave Pergola, Brian Doherty, Pete Rogers, Rob Byrne and Jim Murphy of Cushman & Wakefield represented the seller, First Highland Management & Development, in the transaction. Intercontinental Real Estate Corp. purchased the asset.
MIDDLETOWN, OHIO — Marcus & Millichap has arranged the $2.7 million sale of a 78,100-square-foot industrial building in Middletown, about 35 miles north of Cincinnati. The property is home to multiple tenants. Joshua Baker, Craig Fuller, Erin Patton and Scott Wiles of Marcus & Millichap represented the seller, an Ohio-based local investor. The team also procured the buyer, a New York City-based investment group.
MORENO VALLEY, CALIF. — Gateway Co. has completed the disposition of a retail building at the Towngate Promenade in Moreno Valley. A private party acquired the asset for $2.8 million. The buyer will use the 13,000-square-foot building to accommodate a Kids Empire franchised location. Kids Empire encourages healthy, happy active play for children of all ages and features age-appropriate play structures, climbing walls, slides and rides. Headquartered in Southern California, Kids Empire currently has more than 30 locations in 10 states across the country. Located at 12650 Day St., the Kids Empire indoor playground location is slated to open in 2023. Pablo Velasco and Albert Lopez of Progressive Real Estate Partners represented the seller in the deal.
CARY, N.C. — An affiliate of Walton Street Capital LLC has originated a $69.8 million acquisition loan for Aventura Crossroads, a 344-unit apartment community located at 1010 Legacy Village Drive in Cary, a suburb of Raleigh. The borrower is a partnership between The Bainbridge Cos. and Virtus Real Estate Capital. Built in 2009, Aventura Crossroads was 98 percent occupied at the time of sale. The garden-style community features one-, two- and three-bedroom units averaging 1,154 square feet. Amenities include a recently renovated clubhouse, upgraded fitness center, pet spa and an outdoor pool. The seller and sales price were not disclosed.
NEWPORT, KY. — BC Wood Properties, a value-add shopping center investment firm based in Lexington, Ky., has purchased two retail centers in Newport, a suburb of Cincinnati. The adjacent assets, Newport Shopping Center and Newport Plaza, total 429,399 square feet. Newport Shopping Center’s tenant roster includes Newport Racing & Gaming, Crunch Fitness, Family Dollar, Dollar General, Cricket Wireless, H&R Block and GNC. Newport Plaza’s tenants include Fresh Thyme, Planet Fitness, Ace Hardware and Dollar Tree. Both centers also house several locally based stores and restaurants. BC Wood acquired the centers via its investment vehicle BC Wood Real Estate Fund III. The seller and sales price were not disclosed. With this acquisition, BC Wood now owns and operates 10 shopping centers in Kentucky.
TROY, TEXAS — Marcus & Millichap has brokered the sale of Trojan Self Storage, a 580-unit facility in Troy, located south of Waco in Central Texas. The facility spans 87,480 net rentable square feet. Brandon Karr of Marcus & Millichap represented the buyer and seller, both of which were private investors that requested anonymity, in the transaction.