sales_and_leases

The Shopping Center Group Arranges $20M Sale of Two Retail Centers in Metro Tampa

by Camren Skelton July 31, 2017

TAMPA AND DUNEDIN, FLA. — The Shopping Center Group has arranged the sale of two shopping centers in metro Tampa: Northbay Commerce Center in Tampa and Weathersfield Commons in Dunedin, roughly 25 miles west of Tampa. Anthony Blanco and Lynn De Marco of The Shopping Center Group represented the seller, a CMBS special servicer. An entity affiliated with Global Fund Investments purchased Northbay Commerce Center for $13.5 million, and an entity affiliated with Miami-based Jewell Capital acquired Weathersfield Commons for $5.8 million. Built in 2004, the 107,670-square-foot, Publix-anchored Northbay Commerce Center is located at the intersection of Race Track Road and West Hilllsborough Avenue. Shadow-anchored by Lowes Home Improvement, the 81 percent leased property is home to Youfit Health Club, Pizza Hut, Cracker Barrel and Leslie’s Pool Supplies. The 68,000-square-foot Weathersfield Commons is anchored by LA Fitness, which is backfilling the former Sweetbay Supermarket, and is situated at the intersection of Main and Virginia streets in Dunedin. Construction is underway on the property, with opening slated for January 2018.

July 31, 2017

Retail South Carolina Southeast

Preferred Apartment Communities Acquires 99,384 SF Shopping Center Near Columbia

by Camren Skelton July 31, 2017

IRMO, S.C. — Preferred Apartment Communities (PAC) has purchased Irmo Station, a 99,384-square-foot, Kroger-anchored shopping center in Irmo, roughly 12 miles northwest of Columbia. PAC acquired the asset through its wholly owned subsidiary New Market Properties LLC, and financed the acquisition using a $10.7 million, non-recourse loan from Nationwide Mutual Insurance Co. The loan features a fixed 3.9 percent interest rate and matures in 2030. Located approximately one mile off Interstate 26, Irmo Station is anchored by a 56,942-square-foot Kroger grocery store. The acquisition marks New Market Properties’ 34th grocery-anchored shopping center across seven states.

July 31, 2017

Georgia Multifamily Southeast Student Housing

FM Capital Purchases 528-Bed Student Housing Property Near Georgia Southern University

by Camren Skelton July 31, 2017

STATESBORO, GA. — FM Capital has acquired Campus Evolution Villages at Statesboro, a 528-bed student housing community near Georgia Southern University in Statesboro. FM Capital will rebrand the property as The Vault at Statesboro and install capital improvements including a new clubhouse and game room; new hot tub, cabanas, fire pits and grill stations by the pool; a dog park; new fitness center with video software; a computer room and two private study rooms. The sales price and seller were not disclosed.

July 31, 2017

California Retail Western

LBG Real Estate, Aviva Investors Acquire 1.1 MSF Regional Mall in Richmond, California

by Nellie Day July 31, 2017

RICHMOND, CALIF. — LBG Real Estate Cos. and Aviva Investors have purchased Hilltop Mall, a 1.1 million-square-foot regional mall located at 2200 Hilltop Mall Road in Richmond, for an undisclosed price. Originally developed in 1976 and renovated in 2007, a variety of tenants occupy the property, including Macy’s, Walmart, Sears and a 24-Hour Fitness. Glenn Wegener and Linda Simpson of NAI Global represented the undisclosed seller, while the buyer was self-represented in the transaction.

July 31, 2017

Industrial Texas

NAI Arranges 31,512 SF Industrial Lease in Houston

by Taylor Williams July 31, 2017

HOUSTON — NAI Partners has arranged a 31,512-square-foot industrial lease at 5114 Railroad St. in Houston. John Ferruzzo and Chris Kugle of NAI represented the landlord, 5114 Railroad LLC, in the lease negotiations. Travis Secor and Ryan Fuselier of JLL represented the tenant, Vac-One Services LLC, a vacuum and hydro-excavation services company.

July 31, 2017

Illinois Midwest Multifamily

MCM Acquires 509-Unit Multifamily Property in Mount Prospect, Illinois

by Kristin Harlow July 31, 2017

MOUNT PROSPECT, ILL. — Monument Capital Management (MCM), a division of A-ROD CORP, has acquired the Residences at 1550 in Mount Prospect, about 22 miles northwest of Chicago. The purchase price was not disclosed. The 509-unit multifamily property is situated on 20 acres at 1550 W. Dempster St. The property features one-, two- and three-bedroom garden and townhome units. MCM plans to upgrade select units and improve exterior landscaping. The firm’s sister company, Monument Real Estate Services, will manage the property.

July 31, 2017

Illinois Industrial Midwest

Entre Commercial Arranges Sale of 76,421 SF Industrial Building in Cary, Illinois

by Kristin Harlow July 31, 2017

CARY, ILL. — Entre Commercial Realty LLC has arranged the sale of a 76,421-square-foot industrial building in Cary, about 40 miles northwest of Chicago. The sales price was not disclosed. The property is located at 680 Industrial Drive. Illinois Lift Equipment Inc., a national equipment dealer providing forklifts and scissor lifts, purchased the property from Midwest Industrial Funds (MIF). The industrial investment and development company sold the building after completing extensive upgrades, including the demolition of over 20,000 square feet of a two-story oﬃce space; demolition of over 20,000 square feet of warehouse mezzanines, modernization of the truck docks; roof repairs; upgraded lighting; landscaping; parking lot replacement; and façade remodeling. Dan Jones, Mike DeSerto and Cory Kay of Entre Commercial represented MIF in both the original acquisition of the property and this sale. Steve Morken of Morken Associates represented the buyer in the transaction. In addition, Entre Commercial arranged a 25,000-square-foot lease at the property for Witt Management Group, a third-party provider of warehousing, order fulfillment and distribution.

July 31, 2017

Office Texas

Marcus & Millichap Negotiates Sale of 39,735 SF Office Building in Conroe

by Taylor Williams July 28, 2017

CONROE, TEXAS — Marcus & Millichap has negotiated the sale of Rivershire Plaza, a 39,735-square-foot office building located at 333 N. Rivershire Drive in Conroe. James Bell and Keith Lloyd of Marcus & Millichap marketed the property on behalf of the seller, and Nate Newman of Marcus & Millichap represented the buyer. Both parties requested anonymity.

July 28, 2017

Illinois Midwest Office

CenterCore Acquires 168,000 SF Office Complex in Lisle, Illinois

by Kristin Harlow July 28, 2017

LISLE, ILL. — CenterCore Properties LLC has acquired Corporetum Office Campus VI in Lisle for an undisclosed price. The 168,000-square-foot, Class A property is located at 550-650 Warrenville Road. The two-building complex features amenities such as a fitness center, conference center and on-site café. The property is currently 82 percent leased to tenants such as Fairway Mortgage, Primera Engineers, Circle K, United Healthcare and ABM Janitorial Services. Colliers International will continue to serve as the property manager and leasing agent for Corporetum VI. Winthrop Realty Liquidating Trust was the seller.

July 28, 2017

Retail South Carolina Southeast

Matthews Brokers $22M Sale of Retail Center Near Hilton Head

by Camren Skelton July 28, 2017

BLUFFTON, S.C. — Matthews Real Estate Investment Services has arranged the $22 million sale of Low Country Village, a 140,000-square-foot shopping center in Bluffton, roughly seven miles west of Hilton Head. Scott Henard of Matthews led the transaction on behalf of the seller, Retail Properties of America Inc. A private, California-based buyer acquired the property. At the time of sale, Low Country Village was fully leased to 14 tenants including Ross Dress for Less, Michaels, Cost Plus World Market, Big Lots and Pier 1 Imports. Constructed in 2001, the shopping center is situated between two Tanger Factory Outlet Centers.

July 28, 2017

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