HUTTO, TEXAS — Arizona-based developer Empire Group of Cos. has acquired 30.6 acres in the northern Austin suburb of Hutto for the construction of a 276-unit build-to-rent residential project. Josh Cameron and Hal Guggolz of Land Advisors Organization brokered the $11 million sale of the land. Village at Hutto Station will offer one-, two- and three-bedroom homes with private backyards, and residential amenities will include a pool, outdoor grilling areas, fitness center, walking paths, community clubhouse and a dog park. Construction is set to begin in the first quarter of 2023.
PLANTATION, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the $22.3 million sale of Plantation Crossings, a 70,369-square-foot shopping center located in the South Florida city of Plantation. Kirk Olson and Drew Kristol of IPA, along with Barry Wolfe of Marcus & Millichap, represented the seller, an entity doing business as Plantation Crossings LLC, and procured the buyer, Azora Exan – USA, in the transaction. The property was developed in 1999 and is home to tenants including Aldi, My Salon Suite, Sherwin-Williams, Concentra Health, Fitness System and Family Eye Center.
CHARLOTTE, N.C. — Equus Capital Partners Ltd. has sold The Rotunda, a four-story, 234,670-square-foot office building located in Charlotte’s SouthPark submarket. An institutional real estate investment fund manager based in Atlanta purchased the property for an undisclosed price. Ryan Clutter and Chris Lingerfelt of JLL represented the metro Philadelphia-based seller, which sold the property via its Equus Investment Partnership X LP investment vehicle. Equus purchased The Rotunda in 2017 and completed a $4.5 million renovation in 2019 that comprised upgrades to the restrooms, main building lobby, upper floor elevator lobbies, elevator cab interiors, lighting in the portico, cooling tower replacement, creating a new amenity space and activating a 4,500 square-foot outdoor patio on the building’s south side that overlooks Symphony Park. Built in 1998, The Rotunda features a two-level parking deck, conference center, outdoor seating areas, onsite property management and a restaurant, Village Tavern.
BOSTON — Cushman & Wakefield has brokered the $107.5 million sale of Yard 5, a 196,000-square-foot industrial property in Boston’s Hyde Park neighborhood. The three-building property, which features clear heights of 28 feet and includes two undeveloped parcels totaling seven acres, was fully leased at the time of sale. Dave Pergola, Brian Doherty, Pete Rogers, Rob Byrne and Jim Murphy of Cushman & Wakefield represented the seller, First Highland Management & Development, in the transaction. Intercontinental Real Estate Corp. purchased the asset.
FRANKLIN PARK, ILL. — DarwinPW Realty has brokered the sale of a 102,950-square-foot industrial building formerly occupied by Dean Foods in the Chicago suburb of Franklin Park for an undisclosed price. The 10-acre property is located at 3600 River Road. Constructed in 1954, the building features eight exterior docks, eight drive-in doors, outdoor storage, trailer parking and a 10,000-square-foot cooler. Jerry Sullivan of DarwinPW, along with Axiom Advisors, represented the seller, an entity doing business as NDSM Franklin Park LLC. Jeffrey Provenza of DarwinPW and Brian Carroll of JLL represented the private buyer. The site is ripe for redevelopment, according to Provenza.
MIDDLETOWN, OHIO — Marcus & Millichap has arranged the $2.7 million sale of a 78,100-square-foot industrial building in Middletown, about 35 miles north of Cincinnati. The property is home to multiple tenants. Joshua Baker, Craig Fuller, Erin Patton and Scott Wiles of Marcus & Millichap represented the seller, an Ohio-based local investor. The team also procured the buyer, a New York City-based investment group.
CHANDLER, ARIZ. — San Diego-based MG Properties has purchased 2150 Arizona Ave South Apartments I, a multifamily property in Chandler, for $107 million. Rebranded as 2150 Apartments, the community features one-, two- and three-bedroom floor plans. The number of units was not disclosed. Mark Forrester and Dan Cheyne with Berkadia represented the undisclosed seller in the deal. Chuck Christensen and Lowell Takahashi of Berkadia originated acquisition financing through Fannie Mae for the buyer.
MORENO VALLEY, CALIF. — Gateway Co. has completed the disposition of a retail building at the Towngate Promenade in Moreno Valley. A private party acquired the asset for $2.8 million. The buyer will use the 13,000-square-foot building to accommodate a Kids Empire franchised location. Kids Empire encourages healthy, happy active play for children of all ages and features age-appropriate play structures, climbing walls, slides and rides. Headquartered in Southern California, Kids Empire currently has more than 30 locations in 10 states across the country. Located at 12650 Day St., the Kids Empire indoor playground location is slated to open in 2023. Pablo Velasco and Albert Lopez of Progressive Real Estate Partners represented the seller in the deal.
GARDENA, CALIF. — SBH Real Estate has completed the sale of a triple-net leased retail asset located at 15015 Crenshaw Blvd. in Gardena. KOAM Property Investment purchased the property for $3.5 million. Super Star Car Wash signed a 25-year triple-net ground lease for the property. The location opened for business in early 2022 and the tenant has invested more than $3 million into the location. Jeremy McChesney of Hanley Investment Properties represented the seller, Eric Silverman of SBH Real Estate, while Frank Choi of Win Realty & Properties represented the buyer in the transaction.
MINNEAPOLIS AND TULSA, OKLA. — Commercial real estate capital markets platform Northmarq has agreed to acquire Stan Johnson Co., a Tulsa-based real estate brokerage and advisory firm, for an undisclosed price. The acquisition will include Stan Johnson’s affiliated debt services company, Four Pillars Capital Markets. Minneapolis-based Northmarq offers commercial real estate investors access to experts in debt, equity, investment sales and loan servicing. The company boasts an annual transaction volume of $33 billion and has 22 investment sales offices across 13 states. Stan Johnson Co. has closed nearly 7,500 transactions exceeding $45 billion in sales volume since it was founded in 1985. The firm focuses on investment sales transactions involving retail, office, industrial, healthcare and specialty properties. “This is an important milestone for our growing platform as our company now has investment sales professionals across the country that can service investors across all major asset classes,” says Jeffrey Weidell, CEO of Northmarq. “Adding this talented group of real estate professionals further establishes Northmarq as a full-service investment sales and capital markets platform.” Stan Johnson employs more than 100 brokerage professionals across 16 offices in 10 states, including Oklahoma, Arizona, California, Colorado, Georgia, Illinois, New York, Ohio, Oregon and Texas. “Our …