BROOMALL, PA. — CBRE has arranged the $11.6 million sale of Marple Commons, a three-building, 57,760-square-foot medical office complex in Broomall, a western suburb of Philadelphia. Stephen Marzullo, Adam Silverman and Stephen Kriz of CBRE represented the seller, Pennsylvania-based Hudson Cos., in the transaction. The buyer was Maryland-based Thomas Park Investments. Marple Commons was 98 percent leased at the time of sale to tenants such as Premier Orthopaedics, Children’s Hospital of Philadelphia, Main Line Healthcare, Kidney Care Specialists and Labcorp.
NEW YORK CITY — Locally based brokerage firm Stav Equities has negotiated the $9 million sale of a multifamily development site located at 28 Herbert St. in Brooklyn’s Williamsburg neighborhood. The site is approved for the development of a 15-unit apartment building with ground-floor retail space and nine below-grade parking spots. Jacob Stavsky of Stav Equities brokered the deal in conjunction with Andrew Levine, Josh Lipton and Jax Hindmarch of Invictus Property Advisors. The buyer and seller were not disclosed.
GAINESVILLE, GA. — Global Real Estate Advisors (GREA) has brokered the $9.1 million sale of Cielo at Lanier Apartments, a multifamily community located at 3656 Browns Bridge Road in Gainesville, roughly 50 miles northeast of Atlanta. Built in 1985, the property features 66 units in one- and two-bedroom layouts. Taylor Brown and John A. Topping Jr. of GREA represented the seller, Zavala Capital, in the transaction. Ryan Haase of Magnitude CRE Capital Advisory acquired the property and plans to continue interior renovations.
INDIANAPOLIS — Montecito Medical has acquired a 34,369-square-foot medical office building in Indianapolis. The tenant is the Midwest Center for Joint Replacement, which uses the facility for orthopedic clinical care, orthopedic surgeries and physical therapy. The group maintains an additional location in Bloomington, Ind. The seller and sales price were not provided.
HAMMOND, IND. — Marcus & Millichap has brokered the $1.9 million sale of a two-property retail portfolio in Hammond, about 30 miles southeast of Chicago. The properties are located at 2739 169th Street and 902 Roby Drive. The property on Roby Drive is home to three tenants and a drive-thru and is situated near the Horseshoe Hammond Casino. The property on 169th Street is located near the Purdue University Hammond Campus. Mitchell Kiven and Nicholas Kanich of Marcus & Millichap represented the Indiana-based seller, which was the original developer of both properties. The duo also procured the buyer, a private investor based in the Southwest Chicago suburbs.
By Colin Grayson, Lument If you consider multifamily real estate assets to be a good investment, you are in good company. At mid-year, asset managers and private equity firms alone held an estimated $325 billion of levered dry powder set aside for this purpose, enough cash to finance nearly every acquisition closed in the United States in 2021, the highest investment sales volume on record. Despite nearly unanimous support for the asset class, however, multifamily transaction volume in the third quarter slumped year-over-year for the first time since the peak of the pandemic. The mainspring was a sharp rise in mortgage financing costs triggered by high inflation and the Federal Reserve’s commitment to raising rates to bring it under control. Generic rates for 65 percent loan-to-value (LTV) first mortgage debt stood on 5.71 percent at the end of November, representing an increase of 248 basis points since the beginning of the year. Even as financing costs soared, asset pricing changed very little. Initial net cash flow yields of transactions closed in the third quarter of 2022 averaged only 4.6 percent, according to Real Capital Analytics, an increase of 10 basis points from second-quarter 2022 levels. At the same time, cap …
AUSTIN, TEXAS — Seattle-based investment firm Security Properties has acquired Brightleaf at Lakeline, a 304-unit apartment complex in North Austin. Completed in 2022, Brightleaf at Lakeline consists of three buildings that house one- and two-bedroom units on a 12.3-acre site. Residences average 880 square feet and are furnished with stainless steel appliances, granite countertops and individual washers and dryers. Amenities include a pool, fitness center, clubhouse, business lounge, outdoor grilling and dining areas and a pet park. San Antonio-based multifamily owner-operator Embrey sold the property for an undisclosed price.
MAGNOLIA, TEXAS — Self-storage brokerage firm Versal has arranged the sale of Big League Storage, a 129-unit facility located about 45 miles northwest of Houston in Magnolia. The facility spans 22,800 net rentable square feet. Bill Bellomy, Michael Johnson, Logan Foster and Hugh Horne of Versal represented the seller, a Texas-based entity doing business as Big League Enterprises LLC, in the transaction. The team also procured a North Carolina-based limited liability company as the buyer.
NEW CANEY, TEXAS — Partners, the locally based investment and advisory firm formerly known as NAI Partners, has brokered the sale of a 36,240-square-foot industrial building in New Caney, a northeastern suburb of Houston. The facility sits on 9.3 acres at 22216 McCleskey Road. Zane Carman and Clay Pritchett of Partners represented the buyer, Quality Linings & Fabrication Inc., in the transaction. Pamela Morales of Keller Williams Commercial represented the undisclosed seller.
CINNAMINSON, N.J. — Colliers has brokered a 67,260-square-foot industrial sale-leaseback in the Southern New Jersey community of Cinnaminson. The property at 1450 Taylors Lane sits on four acres and features a clear height of 24 feet, nine loading docks and three drive-in doors. An affiliate of Massachusetts-based Northbridge Partners purchased the property from Actega North America, a provider of specialty coatings, inks and adhesives for a variety of industries. Richard Gorodesky of Colliers brokered the deal.