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Acquisitions

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AcquisitionsConnecticutNortheastRetail

FNRP Buys 259,104 SF Shopping Center in West Hartford, Connecticut

by Taylor Williams

WEST HARTFORD, CONN. — New Jersey-based investment firm First National Realty Partners (FNRP) has purchased Bishops Corner, a 259,104-square-foot retail center located in West Hartford, roughly five miles outside of the state capital. Tenants at the center, which is anchored by a 59,000-square-foot Target, include Marshalls, HomeGoods, The Paper Store, Mattress Firm, Orangetheory Fitness, AT&T, Bank of America, TD Bank, Noodles & Co., GNC, Subway and Massage Envy. Paul Penman of Newmark represented the undisclosed seller in the transaction.

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AcquisitionsNew JerseyNortheastOffice

Treetop Acquires Northern New Jersey Office Building, Land Sites for $27M

by Taylor Williams

BRIDGEWATER, N.J. — New Jersey-based investment and development firm Treetop has acquired a 112,000-square-foot office building and two adjacent land sites in the Northern New Jersey community of Bridgewater for $27 million. The sites span a combined 27 acres. Elli Klapper, Charles Berger, Jeremy Wernick, Mark Silverman and Donald Sperling of CBRE represented the seller, Bridgemark Hospitality, in the transaction. Treetop plans to implement a value-add program at the existing building.

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AcquisitionsMixed-UseNew YorkNortheastTop Stories

JLL Brokers $825M Sale of Upper East Side Mixed-Use Portfolio in New York City

by Jeff Shaw

NEW YORK CITY — JLL has arranged the $825 million sale of three Upper East Side multifamily properties totaling 858 units. The properties include 29,275 square feet of commercial space and are part of a larger, five-property portfolio. Solow Building Co. sold the assets to GO Partners, a partnership between Black Spruce Management and Orbach Affordable Housing. Local developer RXR, along with Macquarie Capital Principal Finance and the Qatar Investment Authority, contributed a $261 million preferred equity investment to the deal. Sheldon H. Solow, a New York City real estate developer and investor, originally developed the portfolio. The properties included in the sale are the 234-unit One Sutton Place, located at 420 E. 61st St.; the 209-unit Two Sutton Place, located at 1113 York Ave., which includes 2,000 square feet of commercial space; and One East River Place, located at 525 E. 72nd St. and includes 27,275 square feet of commercial space. The average unit size at the properties is 989 square feet. Additionally, the portfolio offers some of the few black glass facade residential buildings within Manhattan. The 408-unit property 685 1st Ave. was the first asset to close within the larger portfolio, with JLL representing the seller. An …

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AcquisitionsFloridaMultifamilySoutheast

Newmark Negotiates $98M Sale of Luma Headwaters Apartments in Orlando

by John Nelson

ORLANDO, FLA. — Newmark has brokered the $98 million sale of Luma Headwaters, a 328-unit multifamily community located at 4000 Headwaters Way in Orlando. Scott Ramey, Brad Downing, Patrick Dufour, Paul Grant and Ryan Moody of Newmark represented the seller, Waypoint Residential, in the transaction. Newmark also arranged a Freddie Mac loan assumption process and secured additional financing on behalf of the buyer, Houston-based Venterra Realty. Matt Williams, Kyle Schlitt, Rob Wright and James Maynard of Newmark arranged the $5.7 million supplemental loan.

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AcquisitionsRetailSoutheastVirginia

Divaris Arranges $8.2M Sale of Yorktown Shopping Center in Virginia

by John Nelson

YORKTOWN, VA. — Divaris Real Estate’s Investment Sales Group has brokered the sale of The Villages at Kiln Creek, a 45,255-square-foot shopping center located in Yorktown, about 13 miles north of Newport News, Va. Jason Oliver, Rachel Salasky and George Fox of Divaris represented the seller, Glazer Properties, in the transaction. Liberty Investment Partners acquired the property for $8.2 million. The center was fully leased at the time of sale to tenants including Riverside Health System, Guitar Center and McCormick Paint. George Fox and Caroline Zarpas of Divaris will handle leasing at the center on behalf of Liberty Investment Partners.

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AcquisitionsFloridaMultifamilySoutheast

Northmarq Brokers Sale of 228-Unit Caroline Apartments in Lakeland, Florida

by John Nelson

LAKELAND, FLA. — Northmarq has arranged the sale of The Caroline, a recently completed apartment community comprising 228 units in Lakeland, roughly 40 miles east of Tampa. Luis Elorza, Justin Hofford and Kevin Mosher of Northmarq represented the buyer, Topaz Capital Group, which acquired the property for an undisclosed price. Located at 1906 Griffin Road, the community features units in one-, two- and three-bedroom layouts, with an average unit size of 1,161 square feet. Amenities include a clubhouse, pool, an outdoor kitchen and entertainment space, pet park, fitness center, playground and wetland boardwalk.

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AcquisitionsIndustrialSelf-StorageTexas

Marcus & Millichap Brokers Sale of 477-Unit Self-Storage Facility in San Antonio

by Taylor Williams

SAN ANTONIO — Marcus & Millichap has brokered the sale of Noah’s Ark Self Storage, a 477-unit facility located in the Stone Oak neighborhood of San Antonio. The facility was built on 1.2 acres in 2013 and spans 57,219 net rentable square feet. Dave Knobler and Charles LeClaire of Marcus & Millichap represented the seller, a locally based limited liability company, in the transaction. The duo also procured the buyer, a publicly traded REIT. Both parties requested anonymity.

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AcquisitionsMultifamilyTexas

CIM Group Sells 246-Unit Ashton on West Apartments in Houston

by Taylor Williams

HOUSTON — Los Angeles-based investment firm CIM Group has sold Ashton on West, a 246-unit apartment community located in the Montrose neighborhood of Houston. The garden-style property offers one- and two-bedroom units and amenities such as a pool, clubhouse, fitness center, outdoor grilling and dining stations and a dog park. The buyer and sales price were not disclosed. CIM Group originally acquired the asset in 2013.

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AcquisitionsHospitalityMichiganMidwest

Bedrock Acquires 108-Room Roberts Riverwalk Hotel in Detroit’s East Riverfront Neighborhood

by Kristin Harlow

DETROIT — Bedrock has acquired the Roberts Riverwalk Hotel located at 1000 River Place in Detroit’s East Riverfront neighborhood. The purchase price was undisclosed. The seller was Michael Roberts, a St. Louis-based business mogul, according to Crain’s Detroit Business. The 108-room hotel features 5,500 square feet of banquet and event space as well as 126 parking spaces. Bedrock says this acquisition aligns with its mission to further position the riverfront as an ideal site for sustainable urban development. In the East Riverfront area, Bedrock has previously purchased the former UAW-GM Center for Human Resources and a portfolio of properties previously owned by the Stroh family. Bedrock plans to make additional updates regarding the riverfront in 2023. Bedrock, the real estate arm of Rocket Mortgage founder Dan Gilbert, maintains a portfolio of more than 19 million square feet of office, retail and residential space.

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AcquisitionsIndianaIndustrialMidwest

IPA Brokers Sale of 801,218 SF Industrial Facility in Elkhart, Indiana

by Kristin Harlow

ELKHART, IND. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of an 801,218-square-foot industrial facility in Elkhart for an undisclosed price. Completed in October, the build-to-suit is home to a recreational vehicle tenant. The property, which includes a showroom and office as well as warehouse and distribution space, features a clear height of 30 feet, 56 dock-high doors, a 194-foot truck court and seven drive-in overhead doors. Peter Bauman and Tivon Moffitt of IPA represented the seller and procured the buyer, neither of which were disclosed.

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