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Acquisitions

McGregor-Village-Apartments-Wilton-New-York
AcquisitionsMultifamilyNew YorkNortheast

Adirondack Capital Partners Negotiates $30.7M Sale of Apartment Complex in Wilton, New York

by Taylor Williams

WILTON, N.Y. — Regional brokerage firm Adirondack Capital Partners has negotiated the $30.7 million sale of McGregor Village Apartments, a 212-unit multifamily complex in Wilton, about 40 miles north of Albany. McGregor Village offers one- and two-bedroom units and amenities such as a fitness center, clubhouse and a playground. Michael Hunter Coghill and Chad Sinsheimer of Adirondack Capital Partners represented the buyer, New York-based investment firm Elar Group, in the transaction. The seller, Bruce Tanski Construction, was self-represented.

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AcquisitionsNortheastPennsylvaniaRetail

Marcus & Millichap Brokers $10.6M Sale of Metro Pittsburgh Shopping Center

by Taylor Williams

BRIDGEVILLE, PA. — Marcus & Millichap has brokered the $10.6 million sale of The Crossings at South Fayette, a 38,203-square-foot shopping center in Bridgeville, a southwestern suburb of Pittsburgh. The center comprises a freestanding grocery store of anchor tenant ALDI, a drive-thru strip occupied by Starbucks and Chipotle Mexican Grill and a multi-tenant strip that is home to Sola Salon Studios, Jimmy John’s, Elevation Medical Weight Loss, Brentwood Bank and Radiance at Fluhme. Dean Zang and David Crotts of Marcus & Millichap represented the seller, a local family, in the transaction. Zang and Crotts also procured the buyer, San Diego-based investment firm The Niki Group.

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AcquisitionsFloridaRetailSouth CarolinaSoutheast

Bain Capital, 11North Partners Acquire Southeast Shopping Center Portfolio for $395M

by John Nelson

BOSTON AND NEW YORK CITY — A joint venture between Bain Capital and 11North Partners has acquired a portfolio of 10 open-air retail centers in Florida and South Carolina for $395 million. Danny Finkle, Jorge Portela and Kim Flores of JLL represented the seller, PGIM Real Estate. The properties — which are located across the submarkets of Fort Lauderdale, Orlando, Tampa, Palm Beach and Charleston — include Sawgrass Square, Plantation Promenade, Miramar Commons, Rolling Oaks, Promenade at Poinciana, Solivita Marketplace, New Tampa Center, Lake Worth Plaza, Garden Shops at Boca and Point Hope Commons. The acquisition spans more than 1 million square feet and follows the joint venture’s recent purchase of three open-air lifestyle retail centers in Oklahoma City for $212 million. Publix anchors seven of the retail centers. The portfolio was more than 93 percent leased at the time of sale to tenants including Bank of America, Chipotle, Starbucks Coffee, Chick-fil-A, Jersey Mike’s and McDonald’s.

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AcquisitionsIndustrialNew JerseyNortheast

Ridgecut Road Buys 5.8-Acre Industrial Outdoor Storage Facility in Fairfield, New Jersey

by Taylor Williams

FAIRFIELD, N.J. — Regional investment firm Ridgecut Road has purchased a 5.8-acre industrial outdoor storage (IOS) facility in the Northern New Jersey community of Fairfield. The property address was not disclosed. The facility features a 35,000-square-foot warehouse and maintenance facility with 26- to 30-foot clear heights and three oversized drive-in doors, as well as a two-story, 10,000-square-foot office building. Nicholas Stefans and Jason Lundy of JLL brokered the sale of the property. Michael Klein, Max Custer and Kevin Badger, also with JLL, arranged an undisclosed amount of acquisition financing for the deal.

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5435-5445-Balboa-Blvd-Encino-CA
AcquisitionsCaliforniaLee & AssociatesOfficeWestern

Elysian Housing, Capstone Equities Buy California Office Building for $20.6M, Plan Affordable Housing Conversion

by Amy Works

ENCINO, CALIF. — Elysian Housing and Capstone Equities have acquired an office building located at 5435-5445 Balboa Blvd. in Encino from 5435 Balboa LLC for $20.6 million. The buyers will convert the 74,947-square-foot office building into The Oaks on Balboa, an affordable housing community offering 117 studio and one-bedroom apartments. Darren Casamassima and Scott Romick of Lee & Associates LA North/Ventura represented the seller and buyer in the deal.

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6770-N-Brawley-Ave-Fresno-CA
AcquisitionsCaliforniaRetailWestern

Hanley Investment Group Arranges $4.6M Sale of Multi-Tenant Retail Pad Site in Fresno, California

by Amy Works

FRESNO, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $4.6 million sale of a 7,052-square-foot multi-tenant retail pad site located at 6770 North Brawley Ave. in Fresno. A Dutch Bros Coffee drive-thru anchors the property, which is situated within the River Oak Plaza shopping center. Built in 2019 on 1.3 acres, the building is fully leased to four additional tenants including West Coast Sourdough, WaBa Grill, Sport Clips and Organic Nails & Spa. Sean Cox and Bill Asher of Hanley Investment Group represented the seller, California Gold Development Corp., in the transaction. Vicky Casey of Casey & Associates represented the buyer, a Visalia, Calif.-based private investor. Hanley Investment Group has sold 96 coffee-related retail properties totaling $357 million across the U.S. in the past two years, including 11 Dutch Bros Coffee shops in the past 12 months.

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1835-W-120th-Ave-Westminster-CO
AcquisitionsColoradoNet LeaseRestaurantRetailWestern

Pinnacle Brokers $2.1M Sale of Starbucks-Occupied Retail Property in Westminster, Colorado

by Amy Works

WESTMINSTER, COLO. — Pinnacle Real Estate Advisors has arranged the purchase of a freestanding, single-tenant retail property located at 1835 W. 120th Ave. in Westminster. Surreal Holdings acquired the asset for $2.1 million. Starbucks Coffee occupies the 2,162-square-foot property, which includes a drive-thru, on a net-lease basis. Elizabeth Morgan, Cody Stambaugh and Kyle Moyer of Pinnacle’s MorganStambaugh Group represented the buyer, while David Wirgler of Northmarq represented the undisclosed seller.

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AcquisitionsArizonaRetailWestern

LMG Investments Sells 12,900 SF BV Shoppes Retail Center in Tucson, Arizona

by Amy Works

TUCSON, ARIZ. — LMG Investments has completed the disposition of BV Shoppes, a retail center in Tucson, to JP Family Trust for $2 million. Located at 2920-2932 E. Broadway Blvd., BV Shoppes offers 12,900 square feet of retail space. Dave Hammack of Cushman & Wakefield | PICOR represented the seller, while Jeramy Price of Volk Co. represented the buyer in the transaction.

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AcquisitionsIowaMidwestMultifamily

CBRE Brokers Sale of 1,610-Unit Apartment Portfolio in Metro Des Moines

by Kristin Harlow

DES MOINES, IOWA — CBRE has brokered the sale of the Wings 914 Portfolio, a collection of six multifamily properties totaling 1,610 units in metro Des Moines. The transaction marks the largest multifamily deal ever recorded in the state of Iowa, according to CBRE. Cy Fox, Matt Bukhshstaber, Ray Hamilton and Clark Matthews of CBRE represented the undisclosed seller, which directed a significant portion of the assets to charitable causes through the National Christian Foundation. The properties were built between 1988 and 2015. Further details were not provided.

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AcquisitionsCompany NewsDistrict of ColumbiaGeorgiaMarylandMultifamilySoutheastTop StoriesVirginia

Elme Communities Agrees to Sell Multifamily Portfolio to Cortland for $1.6B as Part of Liquidation Plan

by John Nelson

BETHESDA, MD. AND ATLANTA — Elme Communities (NYSE: ELME), a Maryland-based multifamily owner-operator that previously operated as WashREIT, has entered into a purchase and sale agreement with an affiliate of Cortland Partners, an Atlanta-based multifamily investment and management firm. Under the terms of the transaction, Elme would sell 19 apartment communities to Cortland for $1.6 billion in an all-cash deal. “We are pleased to have reached an agreement with Cortland that recognizes the greater value of these 19 Elme communities and their long-term potential when coupled with Cortland’s economies of scale,” says Paul McDermott, president and CEO of Elme. “We believe Cortland will be an excellent steward of the properties and that this sale will facilitate a seamless transition of ownership, enabling continuity of operations for our residents and community teams.” Steven DeFrancis, CEO of Cortland, said that the portfolio will grow the company’s presence in the Washington, D.C., region and in its home state of Georgia.  “We’re excited to welcome these communities into the Cortland family and deliver the exceptional living experience residents have come to expect from our brand,” says DeFrancis. The properties include: Goldman Sachs & Co. LLC and Jones Lang LaSalle Securities LLC are acting as …

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