sales_and_leases

Cushman & Wakefield Arranges $10.2M Sale of Grocery-Anchored Center in Phoenix

by Nellie Day October 16, 2017

PHOENIX — Cushman & Wakefield has arranged the $10.2 million sale of Covington Plaza, a Bashas’-anchored shopping center in Phoenix. Michael Hackett and Ryan Schubert of Cushman & Wakefield represented the seller, an entity formed by CW Capital, in the transaction. Dallas-based Covington Plaza LLC acquired the asset. In addition to Bashas’, the 105,574-square-foot center was 87.4 percent leased at the time of sale to tenants including Domino’s Pizza, State Farm Insurance, Firestone Auto and Dairy Queen.

October 16, 2017

Arizona Multifamily Seniors Housing Western

TransEquity Development Buys 5.7 Acres in Arizona for Assisted Living Community

by Nellie Day October 16, 2017

AVONDALE, ARIZ. — TransEquity Development has purchased a 5.7-acre site in the Phoenix suburb of Avondale for $600,000. The developer plans to build an assisted living and memory care community on the vacant plot. A land speculator acquired the site more than 20 years ago, but was unable to close a sale of the property since then. The plot is located just south of I-10 and is near large retailers like Walgreens, Wal-Mart, Target and JCPenney. Judy Jones of SVN Desert Commercial Advisors brokered the transaction on behalf of the seller. The transaction was handled by Vickie Etherton with Landmark Title Assurance Agency. Construction of the assisted living community is expected to begin immediately.

October 16, 2017

Arizona Retail Western

Velocity Signs Two Retailers to 48,000 SF Vacant Storefront in Phoenix

by Nellie Day October 16, 2017

PHOENIX — Velocity Retail Group has signed two new retailers to a vacant big box site formerly occupied by Fry’s Food & Drug in Phoenix. The 48,000-square-foot store will be split to accommodate two retailers. Marshalls will occupy 23,475 square feet and Michaels will lease 25,324 square feet. Dave Cheatham and Darren Pitts of Velocity Retail and Jeff Dinsmore of JLL represented Fry’s in the lease transaction. Greg Laing and Dan Gardiner of Phoenix Commercial Advisors represented Marshalls and Michaels. The building will be remodeled, and the tenants are expected to open by the fourth quarter of 2018.

October 16, 2017

Retail Texas

Mimco Acquires 200,000 SF Shopping Center in San Antonio

by Taylor Williams October 13, 2017

SAN ANTONIO — El Paso-based investment firm Mimco Inc. has acquired City Base Landing, a 200,000-square-foot shopping center located at the intersection of Interstate 37 and SE Military Drive in San Antonio. Built in 2005 and shadow-anchored by Walmart and Sam’s Club, the center houses more than 40 tenants, including Best Buy, Office Depot, Chick-fil-A, AT&T and Chili’s. With this transaction, Mimco’s portfolio of shopping centers in San Antonio now totals more than 1.5 million square feet.

October 13, 2017

Florida Multifamily Southeast

Federal Capital Partners Acquires Apartment Asset in Tampa for $24.1M

by Camren Skelton October 13, 2017

TAMPA, FLA. — Federal Capital Partners (FCP) has acquired The Commons Apartments, a 200-unit multifamily community in Tampa, for $24.1 million. Matt Mitchell and Zach Nolan of HFF represented the undisclosed seller in the transaction. HFF’s Elliott Throne and Preston Reid secured acquisition financing on behalf of FCP. Located off Dale Mabry Highway, The Commons offers two-, three- and four-bedroom units. Community amenities include a barbeque and picnic area, playground, dog park, clubhouse and a swimming pool. FCP will use the financing to implement a capital improvement program, including converting the leasing office into a gym and adding washers and dryers to individual units.

October 13, 2017

Industrial South Carolina Southeast

SunCap Sells 230,000 SF Industrial Building in Upstate South Carolina for $18.5M

by Camren Skelton October 13, 2017

MOORE, S.C. — SunCap Property Group has sold Magna Distribution Center, a 229,950-square-foot warehouse and distribution facility in Moore, roughly 30 miles east of Greenville. A private investor purchased the asset from SunCap for $18.5 million. Chris Norvell and Patrick Nally of HFF represented SunCap in the transaction. Constructed this year, Magna Distribution Center is a build-to-suit for Magna Seating of America Inc., an automotive seating manufacturer. The building has an expansion capacity of 50,000 square feet and features 214,500 square feet of production space, 15,500 square feet of office space, LED lighting, 50- by 50-foot column spacing, 32-foot clear heights, 30 dock-high doors, 13 knock-out panels, 20 trailer stalls and 250 parking spaces. Situated within the 882-acre Tyger River Industrial Park North, Magna Distribution Center is in the Route 290 Industrial submarket, roughly 10 miles from the BMW manufacturing plant in Greer.

October 13, 2017

Kentucky Multifamily Southeast Student Housing

Campus First Acquires 649-Bed Student Housing Community Near University of Kentucky

by Camren Skelton October 13, 2017

LEXINGTON, KY. — Campus First Student Living, CF Real Estate Services’ student housing development and management division, has acquired The LEX, a 649-bed student housing project located near the University of Kentucky campus. The seller and sales price were not disclosed. The mid-rise property is walkable to campus and downtown Lexington. The property opened in 2009 with 266 units and contains 23,444 square feet of retail space. Atlanta-based Campus First is planning $2.5 million in renovations for the property, and estimates the work will begin prior to the 2018-19 academic year. The renovation will include the addition of VIP suites that will have granite countertops, stainless steel appliances, new kitchen hardware, subway-style tile backsplashes and new lighting. The clubhouse and office space will also be renovated, adding private study rooms, shared conference rooms and a new fitness studio and center.

October 13, 2017

Retail Texas

EDGE Brokers Sale of 67,486 SF Retail Property in Dallas

by Taylor Williams October 13, 2017

DALLAS — EDGE Realty Capital Markets has brokered the sale of Parkway Corners, a 67,486-square-foot retail property located at the corner of Dallas North Tollway and Dallas Parkway in Dallas. Brandon Beeson and Brandon Crow of EDGE represented the seller, Greenway-Parkway Corners LP, in the transaction. EMD Group LLC purchased the asset for an undisclosed price.

October 13, 2017

Retail Texas

Marcus & Millichap Arranges Sale of 33,000 SF Retail Asset in McAllen

by Taylor Williams October 13, 2017

MCALLEN, TEXAS — Marcus & Millichap has arranged the sale of a 33,000-square-foot, net-leased retail property located at 4037 W. Expressway 83 in McAllen. The property is leased to Tru Fit Athletic Clubs and is positioned in-line with a multi-tenant shopping center. Philip Levy and Blake Davis of Marcus & Millichap represented the seller, a private investor, in the transaction. An unidentified REIT purchased the asset in an all-cash deal for an undisclosed price.

October 13, 2017

The-Center-Corporate-Drive-Burlington-MA

Massachusetts Northeast Office

Spear Street Capital Acquires 487,000 SF Office Campus in Burlington, Massachusetts

by Amy Works October 13, 2017

BURLINGTON, MASS. — Spear Street Capital has purchased The Center at Corporate Drive, a four-building office campus located at 10, 25, 30 and 35 Corporate Drive in Burlington. The Davis Companies, in a joint venture with Principal Real Estate Investors, sold the 487,000-square-foot campus for an undisclosed price. At the time of sale, the property was 94 percent leased. The sellers originally purchased the property in September and implemented a $8 million capital improvement plan at the property. Along with architectural firm CBT, the joint venture renovated the park into a Class A office campus featuring a state-of-the-arts amenities hub and extensive outdoor green space and patio area. On-site amenities include a 7,850-square-foot cafeteria with flexible conference space; a 2,100-square-foot fitness center with yoga room, new showers and locker facilities; and a 4,500-square-foot outdoor patio with green space and numerous collaboration areas with Wi-Fi connectivity.

October 13, 2017

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