Acquisitions

Cantor Fitzgerald, BH Acquire 309-Unit Apartment Complex in Lenexa, Kansas

by Kristin Harlow August 25, 2022

LENEXA, KAN. — A joint venture between affiliates of Cantor Fitzgerald LP and BH Cos. Inc. has acquired West End at City Center in Lenexa. The 309-unit apartment complex is situated within walking distance of Lenexa City Center, a 200-acre development featuring a mix of retail, restaurant, entertainment, multifamily and hospitality space. Built in 2009, the property features one-, two- and three-bedroom units with an average size of 970 square feet. Amenities include a fitness center, pool, business center and picnic area. As of late July, the community was nearly 96 percent leased. Mac Crowther and Whittaker Potts of Newmark brokered the transaction, which marks the seventh multifamily acquisition by the joint venture. The seller and sales price were undisclosed.

August 25, 2022

Acquisitions Illinois Midwest Retail

Newmark Brokers $4.5M Sale of Walgreens-Occupied Property in Rock Falls, Illinois

by Kristin Harlow August 25, 2022

ROCK FALLS, ILL. — Newmark has brokered the $4.5 million sale of a 14,820-square-foot retail property net leased to Walgreens in Rock Falls, a city in Northwest Illinois. Matt Berres, Samer Khalil, Karick Brown and Carrie Frye of Newmark represented the seller, a private investor. The property sold to an undisclosed REIT. Walgreens has 13 years remaining on its lease.

August 25, 2022

Acquisitions Illinois Midwest Multifamily

Kiser Group Arranges $2M Sale of Two-Building Multifamily Portfolio in Chicago

by Kristin Harlow August 25, 2022

CHICAGO — Kiser Group has arranged the sale of a portfolio of two multifamily buildings in Chicago’s East Garfield Park neighborhood for $2 million. The two buildings house a combined 35 units. The property at 351 S. Homan Ave. features a mix of two-, three- and four-bedroom units, while the building at 10-18 S. Homan Ave. houses two- and three-bedroom units. Aaron Sklar, Noah Birk and Jack Petrando of Kiser brokered the transaction. An out-of-state buyer purchased the portfolio from the undisclosed seller.

August 25, 2022

Acquisitions Arkansas Retail Southeast

Mid-America Brokers Sale of 282,608 SF Shopping Center in Russellville, Arkansas

by John Nelson August 25, 2022

RUSSELLVILLE, ARK. — Mid-America Real Estate Corp. has brokered the sale of Valley Park Centre, a 282,608-square-foot regional shopping center in Russellville, a town within the Arkansas River Valley region. Dallas-based The Woodmont Cos. purchased the big-box retail center for an undisclosed price. Ben Wineman of Mid-America, along with Hank Kelley of Kelley Commercial Real Estate Partners, represented the seller, a joint venture between Atlanta-based RCG Ventures and an unnamed investment partner based in New York City. Valley Park Centre was 95 percent leased at the time of sale to tenants including T.J. Maxx, Ross Dress for Less, Belk, JC Penney, Shoe Carnival, Hibbett Sports, Hobby Lobby, PetSmart and Five Below.

August 25, 2022

Acquisitions Florida Multifamily Southeast

Cushman & Wakefield Arranges Sale of 582-Unit Multifamily Portfolio in Gainesville, Florida

by John Nelson August 25, 2022

GAINESVILLE, FLA. — Cushman & Wakefield has arranged the sale of a five-property multifamily portfolio in Gainesville totaling 582 units. Nick Meoli and Mike Donaldson of Cushman & Wakefield represented the seller, a joint venture between Platform Management Group and Excelsa Properties, in the transaction. The buyer, a joint venture between LYFE Properties Group and Skywood Properties, purchased the portfolio for $89.5 million. Dubbed the “Archer Road Portfolio,” the assets were built between 1971 and 1983 and include The Commons, a 99-unit community located at 2001 SW 16th St.; The Lofts, a 74- unit community located at 3020 SW Archer Road; The Park, a 99-unit community located at 3643 SW 20th Ave.; The Point, a 140-unit community located at 3100 SW 35th Place; and The Trails, a 170-unit community located at 3230 SW Archer Road.

August 25, 2022

Acquisitions Multifamily Seniors Housing Utah Western

Institutional Property Advisors Arranges Sale of 277-Unit Active Adult Community Near Salt Lake City

by Amy Works August 25, 2022

DRAPER, UTAH — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Ivy at Draper, a 277-unit active adult community. Located in the Salt Lake City suburb of Draper, the community features freeway access, with connectivity to interstates 15, 215 and 80 and immediate access to Bangerter Highway, a main thoroughfare throughout the Wasatch Front. The buyer, seller and price were not disclosed. “Draper’s prestigious location at the Point of the Mountain, in the south end of Salt Lake Valley and north end of Utah Valley, allows for easy connectivity to all areas in Salt Lake and Utah counties,” says Danny Shin, IPA senior managing director of investments. Shin and Brock Zylstra, IPA senior vice president of investments, represented the seller. “Being a top leader in the state’s economy as part of the Silicon Slopes tech corridor, and with over 1,000 businesses in various industries operating in our city, multifamily assets are highly coveted and garner significant attention from interested buyers,” says Zylstra. “The Ivy at Draper was a prime example of this, especially given its purpose to provide a resource-driven lifestyle to residents. With strong neighboring demographics, including a five-mile radius population of …

August 25, 2022

Acquisitions Colorado Hospitality Western

Stockdale Capital Partners Buys 100-Room The Source Hotel in Denver for $61.9M

by Amy Works August 25, 2022

DENVER — Stockdale Capital Partners has acquired The Source, a hotel located in Denver’s River North Arts District, for $61.9 million. The transaction also included a 300-stall parking garage and 17,000-square-foot surface parking lot. The Source features 100 guest rooms, a full-service rooftop restaurant, 5,575 square feet of event space, a fitness center, rooftop pool and business center. Additionally, the hotel offers 44,000 square feet of onsite restaurant and retail space in its Market Hall I & II locations. Stockdale Capital plans to refresh guest rooms, re-imagine the rooftop restaurant, “activate the hotel lobby experience” and create additional revenue drivers for the hotel’s retail space. The name of the seller was not released.

August 25, 2022

Acquisitions Industrial Utah Western

GO Industrial Sells Two-Building Logistics Campus in Salt Lake City

by Amy Works August 25, 2022

SALT LAKE CITY — GO Industrial, in partnership with a Crow Holdings Capital-advised real estate fund, has completed the disposition of 5600 | Logistics Southwest, a Class A industrial campus located at 1464 and 1568 S. 5500 West in Salt Lake City. The two buildings offer a total of 505,692 square feet. CBRE | National Partners negotiated the deal for the sellers. Terms of the transaction were not released. Situated on 14.9 acres, the 265,120-square-foot Building A features 32-foot clear heights, 50 dock-high doors, four grade-level doors, 177 car parking spaces and 72 trailer parking spaces. The 240,654-square-foot Building B features 32-foot clear heights, 46 dock-high doors, four grade-level doors, 158 employee parking spaces and 62 trailer spaces on 13.2 acres. Layton Construction’s National Building Group recently completed the buildings, which AE Urbia designed. CBRE’s Chris Liddell, Tom Dishman and Matt McAfee are leasing agents for the project.

August 25, 2022

Acquisitions California Retail Western

Progressive Real Estate Brokers $5.8M Sale of La Pico Plaza Shopping Center in Whittier, California

by Amy Works August 25, 2022

WHITTIER, CALIF. — Progressive Real Estate Partners has arranged the sale of La Pico Plaza, a neighborhood shopping center located at 9150 Painter Ave. in Whittier. An Orange County-based private investor sold the asset to Desert Capital Ventures for $5.8 million. Circle K anchors the 20,939-square-foot retail center, which was fully leased to 14 tenants at the time of sale. Greg Bedell of Progressive Real Estate Partners represented the seller, while Drew Wetherholt of Marcus & Millichap represented the buyer in the deal.

August 25, 2022

Acquisitions Multifamily New York Northeast

Rosewood Realty Negotiates $9M Sale of Two Brooklyn Apartment Buildings

by Taylor Williams August 25, 2022

NEW YORK CITY — Locally based brokerage firm Rosewood Realty Group has negotiated the $9 million sale of two contiguous apartment buildings in Brooklyn’s Williamsburg neighborhood. The four-story buildings were originally constructed in 1900 and total 16 units. Mike Kerwin and Shaun Rose of Rosewood Realty represented the buyer, New York City-based Peak Capital Advisors, in the off-market transaction. Sarah Sawyer of Compass represented the seller, an undisclosed family office.

August 25, 2022

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