HFF closes sale of Alexan Melrose in San Diego, CA area

Alexan Melrose Apartments, 1401 North Melrose Drive, Vista, CA

 

Hunter Combs

 SAN DIEGO, CA  -– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of Alexan Melrose, a 410-unit, Class A apartment community in the northern San Diego suburb of Vista, California.

HFF marketed the property exclusively on behalf of Trammell Crow Residential and its joint venture partner.  MG Properties Group purchased the asset free and clear of existing debt.

Alexan Melrose is situated on approximately 20 acres at 1401 North Melrose Drive about seven miles from beachfront recreation and close to two full-service grocery stores, downtown Vista Village and Del Oro Marketplace. 

Completed in 2015, the three-story, garden-style community has one-, two- and three-bedroom units averaging 985 square feet with best-in-class finishes such as quartz countertops in the kitchens and baths, European-style cabinetry, stainless steel appliances, hardwood-style flooring, in-unit washers and dryers, soaking tubs and attached garages and carports. 

Community amenities include a resort-style pool and spa with cabanas, fire pit and grills; state-of-the-art fitness facility with kids’ entertainment suite; lounge with kitchen, billiards and gaming system; clubhouse with gourmet kitchen, coffee bar and flat screen TV; dog park and dog washing station; community garden; and outdoor tot lot.  The community is 97 percent occupied.

Sean Deasy

The HFF investment sales team was led by director Hunter Combs and senior managing director and co-head of the national multi-housing investment sales platform, Sean Deasy.

“This was a unique opportunity to acquire 410 highly-amenitized, transit-oriented units in the supply constrained submarket of Vista,” Combs said.  “Alexan Melrose is well-positioned for long-term growth resulting from its strategic location along the North County Sprinter line, giving residents a convenient commute to emerging downtown Vista and Cal State San Marcos.

“ Additionally, the property is near two of the State Route 78 corridor’s top employment hubs, Oceanside and Vista, with approximately 30,000 highly skilled jobs within industries such as life science, pharmaceuticals, action sports and information and communication technologies.”

 For a complete copy of the company’s news release, please contact:

Olivia Hennessey

Public Relations Specialist

HFF | 9 Greenway Plaza, Suite 700 | Houston, Texas 77046

tel 713.852.3403 | fax 713.527.8725 | hfflp.com

ohennessey@hfflp.com

http://tcr.com

Core5 Industrial Partners Sells Initial Metro Atlanta Development

Core5 Logistics Center at Shugart Farms, Metro Atlanta, GA

ATLANTA, GA – Atlanta-based Core5 Industrial Partners announced the recent sale of their initial development in Metro Atlanta, 873,800-square-foot Core5 Logistics Center at Shugart Farms, to a private institutional investor.

 The high cube logistic facility completed construction in early 2017 and is fully leased on a long-term basis to The Duracell Company, a wholly-owned subsidiary of Berkshire Hathaway.

Lisa Ward

“The location, building quality, site functionality and the tenant were all key elements which made this asset highly sought after by investors,” stated Lisa Ward, Senior Vice President and Managing Director for Core5.

“We are delighted with the results of our first investment in Metro Atlanta. Core5 is very bullish on the market and has another 4.8 million square feet in seven projects under construction or in the immediate pipeline around the city. We continue to see significant demand from large-scale users in the metro area with absorption outpacing supply.”

Chris Riley

Core5 was represented on the investment sale by Chris Riley, Frank Fallon and Trey Barry of CBRE National Partners.

“Core5 Logistics Center at Shugart Farms was one of the best industrial investment offerings in the country and achieved pinnacle pricing for the Atlanta market,” noted Chris Riley of CRBE National Partners.

Core5 Industrial Partners is an industrial real estate property company with expertise in development and acquisition of Class-A industrial properties throughout the United States. Headquartered in Atlanta, Georgia and named for its five core business principles, Core5 was capitalized in 2015 by Kajima USA Group following the sale of their $2 billion-dollar portfolio, IDI, to Brookfield.

With current development activity totaling over 7.5 million square feet in Atlanta, Chicago, Dallas, Los Angeles/Inland Empire, Memphis and South Florida, Core5 expansion plans include the key logistic hubs throughout the US.

Frank Fallon

For more information on Core5 Industrial Partners, visit www.c5ip.com.

Located in six key logistics hubs across the country, CBRE National Partners is the national market share leader in industrial investment sales transacting more than 132 million square feet in 2016. The Southeast team has been responsible for $18.2 billion in transactions nationwide.

For a complete copy of the company’s news release, please contact:

RITA SKAGGS

RED DART Real Estate Consulting

404.788.3231

rita@reddart.co

Westwood Financial Acquires Trader Joe’s Anchored Shopping Center in Charlotte, NC

The Arbors at Mallard Creek Shopping Center, Charlotte, NC

Joe Dykstra

Charlotte, NC (June 26, 2017) – Westwood Financial LLC, a Los Angeles-based owner-operator of high-quality shopping centers with a portfolio totaling over $1.5 billion throughout the U.S., has acquired The Arbors at Mallard Creek, a 55,323 square-foot, Trader Joe’s-anchored neighborhood center in Charlotte, North Carolina for $25.1 million.

“Trader Joe’s is one of the strongest and fastest growing specialty grocers in the nation today, outperforming other fresh format and traditional grocery stores in sales per square foot,” says Joe Dykstra, Co-CEO of Westwood Financial.

“This retailer has created great customer loyalty, which we have experienced for many years in California, while differentiating itself by delivering a unique shopping experience and quality at a reasonable price point because 80 percent of its store merchandise consists of proprietary brands.

“With 464 stores in highly educated and affluent locations throughout the U.S., Trader Joe’s is a strong anchor-tenant at neighborhood centers such as The Arbors.”

98 percent occupied at acquisition, the center boasts a high-quality tenant mix of 19 national and regional specialty retailers, including Petco and Massage Envy, as well as restaurants such as Hickory Tavern, Zoë’s Kitchen, and more.

Randy Banchik

“This center has commanded historically high renewal rates and strong leases with scheduled rental increases, providing stable cash flow and upside potential,” continues Dykstra. 

“As one of the primary retail centers in Charlotte with the only Trader Joe’s in a 10-mile radius, the asset faces limited competition and will continue to perform extremely well over time.”

Located in the University City neighborhood of Charlotte, home to over 20 Fortune 500 companies, The Arbors at Mallard Creek serves a highly educated and affluent community. 

The average household income in a one-mile radius is $120,727, and population growth is projected to increase 2.24% over the next four years.

“Charlotte has emerged as a financial powerhouse and currently ranks as the second largest financial center in the country,” explains Co-CEO Randy Banchik. “The market has demonstrated rapid growth and strong employment gains across all sectors, especially in the financial industry. Based on these fundamentals, this retail center is well-positioned to cater to local businesses and nearly 90,000 employees within a five-mile radius.”

Casey Rosen

Banchik notes that the property is located in close proximity to the University Research Park, and about four miles away from the University of North Carolina, Charlotte, serving as the primary daily needs center for employees and students throughout the area. 

The region’s highly educated and affluent demographic translates to enormous consumer buying power and will continue to drive strong demand for this retail asset, according to Banchik.

Grocery-anchored, necessity retail centers in densely populated areas are enjoying high demand and resiliency in the midst of the evolving retail landscape, according to Banchik.

Mike Burkard

“As the retail landscape continues to evolve, daily needs centers have proven to be resilient to pressures facing traditional brick-and-mortar retailers,” adds Banchik. 

“This asset boasts a variety of internet resistant tenants, insulating it from factors such as the rise of online shopping. Overall, this acquisition is well-aligned with our strategy of targeting daily needs centers with high-quality tenants that can cater to the demands of today’s consumers.”

The Arbors at Mallard Creek is located at 2121 E. Arbors Drive in Charlotte, North Carolina. The property is situated at the intersection of Mallard Creek Church Road and Senator Royall Drive, a mile away from the I-85 freeway, and is visible to 43,000 vehicles per day.

Mike Burkard and Casey Rosen at CBRE | National Retail Partners represented both the buyer and seller in this transaction.

For a complete copy of the company’s news release, please contact:

Lauren Burgos / Lexi Astfalk

Brower, Miller & Cole

(949) 955-7940

LBurgos@browermillercole.com

www.westfin.com.