Monday, June 25, 2018

HFF announces $32 million sale of five-building industrial portfolio in Greensboro, NC

Patrick Nally
CHARLOTTE, NC –– HFF announces the $32.175 million sale of Airport Distribution Center, a fully leased, five-building industrial portfolio totaling 764,582 square feet in a premier airport location in Greensboro, North Carolina.

The HFF team represented the seller, Somerset Properties and Thackeray Partners.  

Situated on 40.96 acres at 202, 204, 206, 311-F and 311-G North Chimney Rock Road, Airport Distribution Center is minutes from Piedmont Triad International Airport (PTI) and the FedEx Mid-
Atlantic Hub, the carrier’s fifth largest U.S. hub. 

 The exceptional location provides easy access to a network of interstates, including 40, 85, 73 and 74.  The facilities were constructed between 1981 and 1987 and have each had significant capital improvements completed throughout the years, including ESFR sprinkler systems, T5 lighting, new dock levelers and updated office areas. 

 Airport Distribution Center’s front-loading facilities feature pre-engineered block construction, clear heights ranging from 24 to 35 feet and rail access to 316,532 square feet of space within buildings 311F and 311G.

Chris Norvell
The HFF investment advisory team representing the seller consisted of senior managing director Chris Norvell and director Patrick Nally.

Holliday GP Corp. (“HFF”) is a North Carolina licensed real estate broker.

 For more information, please contact:

HFF Digital Content/Public Relations Specialist
(713) 852-3420

Marcus & Millichap Arranges $7.8 Million Sale of 102-Unit Apartment Building in St. Petersburg, FL

Casey Babb
St. PETERSBURG, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Waterside Village, a 102-unit apartment property located in St. Petersburg, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $7,800,000.
The buyer, a private investor based in Largo, FL, was secured and represented by Luis Baez, CCIM, Casey Babb, CCIM, and Shawn Rupp, investment specialists in Marcus & Millichap’s Tampa office.

Luis Baez
“The buyer, who had existing holdings in the submarket, was attracted to the size of the property and the upside potential which will be born out of a moderate repositioning of the unit interiors and common area amenities”, says Babb. 
“The seller accepted the offer to purchase based on the strength of the buyer as well as the attractive deal terms which called for a 14-day due diligence period and a closing within 60 days with no financing contingency”, added Baez.
The Waterside Village community is in the city of St. Petersburg, within Pinellas County, the most densely populated county in the state of Florida. It is near several major employers. 

Shawn Rupp
The residents enjoy a number of local amenities along with beach access within a short drive. Waterside Village is located at 3600 49th Avenue North in St. Petersburg, Florida.

For more information, please contact:

Crystal Marino,
Ari Ravi
Regional Manager, Tampa
(813) 387-4700

Daum Commercial Completes Rapid Sale of 99,552-SF Industrial Property in Orange County, CA for $16.2 Million

99,552-SF Industrial Property in Brea, CA 

Chris Migliori
 Brea, CA  – DAUM Commercial Real Estate Services has completed the $16.12 million sale of a 99,552 square-foot industrial building in Brea, California, on behalf of the seller, SAME Investments, LLC.
The property was the only traditional industrial building of its size in North Orange County at the time it was placed on the market, according to Chris Migliori, Executive Vice President at DAUM’s Orange County Office.  
“Due to pent-up demand in the submarket, we had strong interest and three solid offers from a diverse group of REITs, private investors, and owner-users within just 10 days of the property being placed on the market,” Migliori explains. “Ultimately, we sold the building to a private investor that was in a $28 million dollar 1031 exchange. From start to finish, the sale cycle took approximately 120 days.”
Chuck Wilson and Brian Chastain at Colliers International represented LFT-Cliffwood, LLC as the buyer in the sale transaction and will market the building for lease to a single strong manufacturing/distribution tenant.

Chuck Wilson
The buyer intends to implement light renovations to the interior and exterior of the building before leasing. Due to lack of inventory in the region, the time it takes to lease up a quality industrial building in this market is 2 to 4 months, subject to the asking rate, Migliori notes.
“This was the right time for the seller to bring this property to market,” says Migliori. “There continues to be high demand for industrial product in Orange County, with vacancy rates posting at 1.4-percent in Q1 for the North County submarket, which further demonstrates the value of this asset as an investment property for the buyer.”
The property, constructed in 1974, recently underwent renovations that included the installation of a new state-of-the-art ENERGY STAR-rated “Cool Roof.”

Brian Chastain
The asset also features competitive amenities including 7,900 square feet of executive office space, four dock-high loading doors, one ground-level loading door, 22’-24’ minimum warehouse clearance, and a fenced yard.
The building offers direct access to the 57 Freeway and close proximity to the 91, 55 and Interstate 5 Freeways. The property is also located near several retail destinations, including the Brea Mall and Brea downtown district.
The industrial warehouse is located at 331-333 Cliffwood Park Street in Brea, California.

For more information, please contact:

 Lindsay Mackay / Elisabeth Manville
(949) 955-7940