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Acquisitions

1300-E-Valley-Blvd-Alhambra-CA
AcquisitionsCaliforniaRestaurantRetailWestern

SBH Real Estate Group Divests of Raising Cane’s-Occupied Property in Alhambra, California for $8.2M

by Amy Works

ALHAMBRA, CALIF. — SBH Real Estate Group has completed the disposition of the ground lease for a single-tenant restaurant building in Alhambra. A Southern California-based private investor acquired the asset for $8.2 million. Raising Cane’s Chicken Fingers occupies the 3,957-square-foot property, which is situated on 1.4 acres at 1300 E. Valley Blvd. The newly developed building features the restaurant’s latest prototype design and opened for business in June 2022. The property offers a double drive-thru and includes a 704-square-foot outdoor patio area. Matthew Mousavi and Patrick Luther of SRS Real Estate Partners’ National Net Lease Group represented the seller, Eric Silverman of SBH Real Estate Group, while Voit represented the buyer in the deal. Ben Townsend and Matt Marlin of SRS’ debt and equity group procured acquisition financing for the buyer.

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AcquisitionsMultifamilyNorthmarqTexas

Northmarq Arranges Sale of 217-Unit Verge Apartments in North Dallas

by Taylor Williams

DALLAS — Northmarq has arranged the sale of Verge Apartments, a 217-unit multifamily property in North Dallas. Built in 1980, the complex houses studio, one- and two-bedroom units with an average size of 700 square feet. Amenities include two pools, outdoor grilling and dining areas, a fitness center, business center and onsite laundry facilities. Taylor Snoddy, Charles Hubbard, Eric Stockley and Philip Wiegand represented the seller in the transaction. Patrick Elliott and Lauren Bresky, also with Northmarq, originated Freddie Mac acquisition financing on behalf of the buyer. Both parties requested anonymity.

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AcquisitionsIndustrialTexas

Apricus Realty Capital Buys Three Outdoor Industrial Storage Sites in Houston

by Taylor Williams

HOUSTON — Dallas-based investment firm Apricus Realty Capital has purchased three outdoor industrial storage sites totaling approximately 70,000 square feet in Houston. The sites comprise five buildings on a combined four acres in the city’s Northwest Inner Loop submarket. Apricus Realty Capital acquired the assets in a joint venture with institutional investment firm Alex Brown Realty. The seller and sales price were not disclosed.

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AcquisitionsNew YorkNortheastRetail

Regal Ventures Acquires Manhattan Retail, Parking Condo for $35.2M

by Taylor Williams

NEW YORK CITY — Locally based investment firm Regal Ventures has acquired a 37,165-square-foot retail and parking condo located at 897 Eighth Ave. in Manhattan’s Hell’s Kitchen neighborhood. The sales price was $35.2 million. The property’s retail component is 15,893 square feet, and the parking space spans 21,272 square feet. Regal Ventures acquired the property in partnership with Morrison Street Capital from Prudential Financial.

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AcquisitionsConnecticutMultifamilyNortheast

Chozick Realty Negotiates $13M Sale of Multifamily Property in Suffield, Connecticut

by Taylor Williams

SUFFIELD, CONN. — Locally based brokerage firm Chozick Realty has negotiated the $13 million sale of Suffield West, an 84-unit multifamily property located in Hartford County. The property was built on 10 acres in 1968. Tess Cullen and Jordan Pinto of Chozick Realty represented the seller, an entity doing business as Suffield West Apartments LLC, in the transaction, and procured the undisclosed buyer.

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AcquisitionsMultifamilyNew YorkNortheast

Ariel Property Advisors Arranges $5.7M Sale of Brooklyn Apartment Building

by Taylor Williams

NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has arranged the $5.7 million sale of a 35-unit apartment building located in the Bay Ridge area of Brooklyn. The four-story building houses four studios, 30 one-bedroom units and one three-bedroom residence. Stephen Vorvolakos, Sean Kelly and Lawrence Sarn of Ariel Property Advisors brokered the deal. Both the buyer and seller requested anonymity.

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AcquisitionsMidwestMissouriRetail

Colliers Brokers $32M Sale of Twin Creeks Shopping Center in Kansas City

by Kristin Harlow

KANSAS CITY, MO. — Colliers has brokered the sale of Twin Creeks Shopping Center in Kansas City for $32 million. The 257,450-square-foot property is located along North Madison Avenue. The center is 99 percent leased to 14 tenants, including Kohl’s, Ross Dress for Less, Ulta, Petco, Five Below, Famous Footwear, Bath & Body Works, Spectrum and AT&T. A Target store at the property was not included in the sale. El Warner, Charley Simpson, Caitlin Zirpolo and Drew Quinn of Colliers represented the seller, an entity doing business as AREP III BT LLC. Buyer information was not provided.

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AcquisitionsIllinoisMidwestOffice

Marcus & Millichap Arranges $6.2M Sale of Rasmussen University-Occupied Property in Suburban Chicago

by Kristin Harlow

ROMEOVILLE, ILL. — Marcus & Millichap has arranged the sale of a 25,000-square-foot property occupied by Rasmussen University in the Chicago suburb of Romeoville for $6.2 million. The net-leased asset at 1400 W. Normantown Road was constructed as a build-to-suit for the university in 2009. Peter Doughty and Brent Holder of Marcus & Millichap represented the seller, a California-based private investor that had purchased the property through a 1031 exchange. The duo also represented the buyer, a New York-based private investor. American Public Education acquired Rasmussen University in 2021.

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AcquisitionsIndustrialSoutheastTennessee

Colliers Arranges Sale of 689,614 SF Distribution Center in Chattanooga

by John Nelson

CHATTANOOGA, TENN. — Colliers has arranged the sale of a 689,614-square-foot, single-tenant distribution center located at 960 Wauhatchie Pike in Chattanooga. New York-based W. P. Carey purchased the single-tenant property from locally based logistics firm Kenco Group for an undisclosed price. Tyler Ziebel, Jack Rosenberg, Fred Regnery, Todd Steffan and Andy Cates of Colliers brokered the deal. The property is fully leased to Chattem Chemicals Inc., a subsidiary of the French multinational pharmaceutical company Sanofi Aventis. The company recently signed a long-term lease extension at the facility, which W. P. Carey plans to expand by 120,000 square feet. The warehouse currently features 79 docks, 30-foot clear height ceiling and 10,000 square feet of office space. Once the $18 million expansion is complete, the facility will be Sanofi Aventis’ largest distribution facility in the world, according to Colliers.

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AcquisitionsRetailSoutheastVirginia

First National Realty Partners Acquires Home Depot-Anchored Shopping Center in Manassas, Virginia

by John Nelson

MANASSAS, VA. — First National Realty Partners LLC has acquired Promenade at Manassas, a 287,000-square-foot shopping center that was built in 1995 in Manassas. A 107,000-square-foot Home Depot anchors the property, which is situated 31 miles west of Washington, D.C., at the intersection of I-66 and Sudley Road. Other tenants include a 43,000-square-foot local international grocer, Oh! Market, as well as Ashley Home Furniture, Planet Fitness, The Tile Shop and Sherwin-Williams. Ryan Sciullo of CBRE represented the undisclosed seller in the transaction. The sales price was not disclosed.

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