Acquisitions

Marcus & Millichap Facilitates $23.4M Sale of Medical Office Building in Fort Walton Beach, Florida

by John Nelson January 24, 2025

FORT WALTON BEACH, FLA. — Marcus & Millichap has facilitated the $25.4 million sale of a 46,992-square-foot, multi-tenant medical office building in the Florida Panhandle city of Fort Walton Beach. Built in 2008, the three-story property is fully occupied by Orthopaedic Associates and Surgical Specialists ASC on a 15-year triple-net lease basis. Frank Roti, Brett Rodgers and Alex Sacks of Marcus & Millichap represented the seller, Emerald Coast Diversified Properties LLC, and procured the buyer, Montecito Medical Real Estate, in the transaction. Ryan Nee served as Marcus & Millichap’s broker of record in Florida for the deal.

January 24, 2025

Acquisitions Maryland Retail Southeast

Continental Realty Sells Shopping Center in Suburban Baltimore for $9.6M

by John Nelson January 24, 2025

GLEN BURNIE, MD — Continental Realty Corp. (CRC) has sold Governors Commons, a 129,242-square-foot shopping center in suburban Baltimore, for $9.6 million. The center is situated in the Baltimore suburb of Glen Burnie at 7311 Governor Richie Highway. Dean Zang and David Crotts of Marcus & Millichap represented CRC in the transaction. The buyer was not disclosed. CRC previously sold off three outparcels at Governors Crossing, giving the total gross sales price of the shopping center $20.6 million. CRC originally acquired the property in 2019 via its Continental Realty Fund V LP for $16.2 million. Founded in 1960, CRC currently owns and manages more than 8 million square feet of retail space across 13 states.

January 24, 2025

Acquisitions Multifamily Texas

DVO Real Estate Buys 312-Unit Apartment Community in Richardson, Texas

by Taylor Williams January 24, 2025

RICHARDSON, TEXAS — DVO Real Estate has purchased Sweetwater at Buckingham, a 312-uit apartment community in the northeastern Dallas suburb of Richardson. The property offers one-, two- and three-bedroom units with an average size of 889 square feet. Amenities include a pool, fitness center, business center and a playground. Drew Kile, Joey Tumminello, Michael Ware, Taylor Hill, William Hubbard, Cameron Purse and Shelby Clark of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller, REM Finance, in the transaction. The team also procured DVO as the buyer.

January 24, 2025

Acquisitions Retail Texas

Younger Partners Acquires 150,775 SF Shopping Center in Longview, Texas

by Taylor Williams January 24, 2025

LONGVIEW, TEXAS — Dallas-based Younger Partners Investments has acquired Longview Towne Crossing, a 150,775-square-foot shopping center located about 120 miles east of Dallas. PetSmart, Five Below and Old Navy anchor the center, which was built in 2008 and was 95.6 percent leased at the time of sale. Other tenants include James Avery, Cowboy Chicken, Sport Clips, Ulta Beauty, Crumbl Cookies, Sleep Number and Lane Bryant. Development firm Weber & Co. was the seller.

January 24, 2025

Acquisitions Office Texas

JLL Brokers Sale of 105,493 SF Office Building in West Houston

by Taylor Williams January 24, 2025

HOUSTON — JLL has brokered the sale of Ten West Plaza, a 105,493-square-foot office building in West Houston. The six-story, recently renovated building was 76 percent leased at the time of sale to tenants in industries such as oil and gas, construction, financial services and law. Marty Hogan led the JLL team that represented the seller, Los Angeles-based Parkview Financial, in the transaction. The buyer was an undisclosed private investor.

January 24, 2025

Acquisitions Massachusetts Multifamily Northeast

CBRE Brokers Sale of 133-Unit Boston Apartment Complex

by Taylor Williams January 24, 2025

BOSTON — CBRE has brokered the sale of a 133-unit apartment complex located in the Dorchester Lower Mills area of Boston. The site originally housed the Baker Chocolate Factory, and the building was converted to residential usage in the 1980s and subsequently renovated in 2008. Units come in studio, one- and two-bedroom floor plans and have an average size of 793 square feet. Amenities include a fitness center and a business center. Simon Butler, Biria St. John, John McLaughlin and Brian Bowler of CBRE represented the seller, a partnership created and operated by Makor Capital LLC, in the transaction. The team also procured the buyer, an affiliate of Wingate Multifamily LLC.

January 24, 2025

Acquisitions Loans Multifamily New Jersey Northeast

NewPoint Provides $17.7M in Acquisition Financing for Northern New Jersey Multifamily Property

by Taylor Williams January 24, 2025

SOMERSET, N.J. — NewPoint Real Estate Capital has provided $17.7 million in bridge-to-HUD financing for the acquisition of Brentwood Park, a 77-unit multifamily property located in the Northern New Jersey community of Somerset. Built in 2023, Brentwood Park consists of two four-story buildings that house studio, one- and two-bedroom units, as well as 3,125 square feet of commercial space. Matthew Meskill of NewPoint originated the financing, which was structured with a floating interest rate and a two-year initial term, on behalf of the undisclosed buyer. Adam Zweibel of Hudson Atlantic brokered the sale.

January 24, 2025

Acquisitions Arizona Multifamily Western

IMT Acquires 370-Unit Apartment Community in Phoenix

by Amy Works January 24, 2025

PHOENIX — Los Angeles-based IMT Capital, along with its affiliated property management company IMT Residential, has purchased Marquis at Desert Ridge from a national multifamily investor and operator for an undisclosed price. IMT will rebrand the community as IMT Desert Ridge. Built in 2014, the community features 370 one- and two-bedroom units with select upgrades, including wood-style plank flooring, quartz countertops in the kitchen and baths, stainless steel appliances, custom cabinetry with brushed nickel hardware, full-size washers/dryers, 9- to 14-foot ceilings, open-concept floor plans and private balconies or patios. Onsite amenities include a resort-style swimming pool and spa area with a sundeck lounge and cabanas, an outdoor kitchen and grill stations, a 24-hour fitness center, residential clubhouse with an entertaining kitchen, billiard room and a business center. Asher Gunter, Matt Pesch, Sean Cunningham and Austin Green of CBRE represented the seller in the transaction.

January 24, 2025

Acquisitions Industrial Massachusetts Northeast

Colliers Negotiates $2.7M Sale of Industrial Building in West Springfield, Massachusetts

by Taylor Williams January 24, 2025

WEST SPRINGFIELD, MASS. — Colliers has negotiated the $2.7 million sale of a 190,000-square-foot industrial building in West Springfield, about 90 miles west of Boston. The single-tenant building at 100 Palmer Ave. sits on 12.8 acres. According to LoopNet Inc., the property was built in 1920 and features seven dock-high loading doors and two grade-level loading doors. Christian Dietz and Bob Pagani of Colliers represented the seller, Westrock Container LLC, in the transaction. The buyer was JDZ Realty LLC.

January 24, 2025

Acquisitions Arizona Retail Western

Kidder Mathews Arranges $10.5M Sale of Rancho Encanto Retail Center in Phoenix

by Amy Works January 24, 2025

PHOENIX — Kidder Mathews has arranged the sale of Rancho Encanto, a grocery-anchored retail center in Phoenix. Dayanim Real Estate Corp. sold the asset to Junam Enterprises for $10.5 million. Located at 3434 W. Greenway Road, Rancho Encanto offers 70,439 square feet of retail space, with Smart & Final and Aaron’s as anchor tenants. Darren Tappen, Nathan Thinnes, Pete Beauchamp and Patrick Gardner of Kidder Mathews represented the seller and buyer in the deal. Following the sale, Junam Enterprises selected Kidder Mathews to manage the property.

January 24, 2025

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