Acquisitions

S2 Capital Acquires 642-Unit Apartment Complex in Grand Prairie, Texas

by Taylor Williams September 27, 2023

GRAND PRAIRIE, TEXAS — Locally based investment firm S2 Capital has acquired Silverbrook, a 642-unit apartment complex located in the central metroplex city of Grand Prairie. According to Apartments.com, Silverbrook offers one-, two- and three-bedroom apartments and amenities such as a pool, business center, fitness center, resident clubhouse, tennis court, volleyball court and outdoor grilling and dining stations. Danny Baker and William Hubbard of CBRE represented the undisclosed seller in the transaction. Harry Krieger, also with CBRE, arranged acquisition financing through an undisclosed lender on behalf of S2 Capital.

September 27, 2023

Acquisitions Hospitality Texas

NewcrestImage, Dabu Group Buy 294-Room Hotel in Westlake, Texas

by Taylor Williams September 27, 2023

WESTLAKE, TEXAS — A joint venture between two Dallas-based companies, NewcrestImage and Dabu Group, has purchased the 294-room Marriott Dallas/Fort Worth Westlake hotel, located north of Fort Worth. The hotel offers amenities such as a concierge level with a private lounge, a fine dining restaurant, Starbucks coffee shop, outdoor pool, business center and approximately 15,000 square feet of meeting and event space. Miles Spencer and Parker Sherrill of Newmark represented the undisclosed seller in the transaction. The new ownership plans to implement a value-add program.

September 27, 2023

Acquisitions Affordable Housing Multifamily New Mexico Western

CPP Acquires Two Affordable Housing Communities in Albuquerque for $22.8M

by Amy Works September 27, 2023

ALBUQUERQUE, N.M. — Community Preservation Partners (CPP) has purchased Mountain View II and III, two affordable multifamily properties in Albuquerque, for $22.8 million. CPP plans to renovate the properties, which share a contiguous block, and operate the assets as one development. The seller was not disclosed. Built in 1967 and 1968 respectively, Mountain View II and III are located at 1515 and 1333 Columbia Drive SE, approximately four miles from downtown Albuquerque. In total, Mountain View Apartments offers 241 studio, one-, two- and three-bedroom layouts spread across multiple two-story, garden-style buildings and townhouses. Community amenities include central laundry facilities, off-street parking, a picnic area, playground and on-site management. CPP’s total development investment is approximately $65.8 million, which includes the purchase price and estimated per-unit renovation cost of $95,078. Along with extensive work to repair a burnt building, the total site renovation will bring modernization, ADC compliancy, energy efficiency and improved security to the community. Renovations are scheduled for completion in December 2024. Project partners include New Mexico Mortgage Finance Authority; KeyBank, which secured construction and debt financing through Freddie Mac; and R4, which will provide equity financing.

September 27, 2023

Acquisitions Arizona Industrial Western

Omega Produce Co. Sells 32,364 SF Industrial Space in Rio Rio, Arizona

by Amy Works September 27, 2023

RIO RIO, ARIZ. — Omega Produce Co. has completed the sale of an industrial space at 891 E. Frontage Road in Rio Rio. Grower Alliance Properties acquired the asset for $3.6 million. Jose Dabdoub of Cushman & Wakefield | PICOR represented the seller in the deal.

September 27, 2023

Acquisitions Industrial Loans Southeast Tennessee

JLL Arranges $40M Acquisition Financing for Alligood Industrial Park in Metro Nashville

by Hayden Spiess September 27, 2023

LEBANON, TENN. — JLL Capital Markets has arranged a $40 million loan for the acquisition of Alligood Industrial Park, a two-building industrial development located in Lebanon, roughly 30 miles east of Nashville. Totaling 410,370 square feet, the development features 32-foot clear heights, 135-foot truck courts, 76 dock doors and ESFR sprinklers. Aldon Cole, Brian Carlton and Brad Vansant of JLL secured the five-year, fixed-rate financing on behalf of the buyer, Pearlmark Real Estate.

September 27, 2023

Acquisitions Multifamily North Carolina Southeast

Capstone Brokers $13.5M Sale of Cottage Gardens Apartment Community in Greensboro, North Carolina

by Hayden Spiess September 27, 2023

GREENSBORO, N.C. — Capstone Cos. has brokered the $13.5 million sale of Cottage Gardens, an apartment community located in Greensboro. Built in 1960, the property totals 176 units. Ron Corrao, Eric Liebich, Josh Greenwald, Scott Fuller, Matt Weinstein and Dane Lozier of Capstone represented the undisclosed seller in the transaction. VanRock Real Estate was the buyer.

September 27, 2023

Acquisitions Office Texas

Colliers Negotiates Sale of 5,785 SF Office Building in Northwest Houston

by Taylor Williams September 27, 2023

HOUSTON — Colliers has negotiated the sale of a 5,785-square-foot office building located at 13623 Perry Road in northwest Houston. The single-story building was constructed on 2.6 acres in 2002. Tom Condon Jr. and John Grimsley of Colliers represented the undisclosed seller in the transaction. Kariliz Perez of Stone & Fields represented the buyer, Antelmo Investments, which plans to use the property as a funeral home. Lone Star Bank provided acquisition financing for the deal.

September 27, 2023

Acquisitions Midwest Office Ohio

Advertising Agency Curiosity Purchases Historic Building in Cincinnati for New Headquarters

by Kristin Harlow September 27, 2023

CINCINNATI — Advertising agency Curiosity has purchased a historic building near Cincinnati’s Over-the-Rhine neighborhood for an undisclosed price. The company plans to update the building, relocate its headquarters and add 32 new jobs. Founded in Cincinnati in 2012, Curiosity employs 68 full-time staff members. The building formerly served as the home of Chatfield College on Central Parkway. Cincinnati-based SHP will oversee architecture and design for the 16,200-square-foot project, which includes an expanded in-house content production studio. The Ohio Department of Development’s Ohio Tax Credit Authority approved a tax credit for the project. JobsOhio plans to provide assistance for the project after a final agreement is executed.

September 27, 2023

Acquisitions Michigan Midwest Retail

Marcus & Millichap Brokers $4.6M Sale of Two-Tenant Retail Property in Woodhaven, Michigan

by Kristin Harlow September 27, 2023

WOODHAVEN, MICH. — Marcus & Millichap has brokered the $4.6 million sale of a two-tenant retail property in Woodhaven, a southern suburb of Detroit. The asset is home to Office Depot and Five Below. Ashish Vakhariya, Seth Haron and Darin Gross of Marcus & Millichap represented the undisclosed seller. Dylan Wolf and Clayton Brown of Marcus & Millichap represented the cash buyer, which completed a 1031 exchange.

September 27, 2023

Acquisitions Illinois Midwest Multifamily

Interra Realty Arranges $2.2M Sale of Apartment Building in Chicago’s Old Town Neighborhood

by Kristin Harlow September 27, 2023

CHICAGO — Interra Realty has arranged the sale of a seven-unit apartment building in Chicago’s Old Town neighborhood for $2.2 million. The property, located at 1338 N. LaSalle St., was originally built in the 1880s and recently rehabilitated. Harrison Pinkus of Interra represented the undisclosed seller. Joe Smazal of Interra represented the private buyer, who assumed the debt from the seller.

September 27, 2023

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