Acquisitions

Stos Partners Buys 94,186 SF Industrial Property in Phoenix

by Amy Works January 13, 2023

PHOENIX — Stos Partners has purchased a freestanding industrial building located at 1002 S. 54th Ave. in Phoenix. A national window manufacturer and distributor bought the property for $10.9 million. Built in 1992, the vacant asset features 83,889 square feet of warehouse and distribution space and 7,000 square feet of office space. Situated on 4.2 acres, the building offers 25-foot warehouse clearance, a new roof, 17 dock-high doors, two drive-in, ground-level doors, HVAC in the warehouse space and an EVAP cooling system throughout the warehouse area, both powered by more than 2,500 amps of 277/440-volt power. Stos plans to upgrade the property to prepare the space for lease. Anna Josephson and Bo Mill of KBC Advisors represented Stos in the transaction. Phil Haenel, Mike Haenel and Andy Markham of Cushman & Wakefield are marketing the asset for lease.

January 13, 2023

Acquisitions Colorado Retail Western

Armstrong Capital Development Sells 16,600 SF Parker Keystone Retail Center in Parker, Colorado

by Amy Works January 13, 2023

PARKER, COLO. — Armstrong Capital Development (ACD) has completed the sale Parker Keystone, a retail center in Parker. A publicly traded REIT acquired the asset for an undisclosed price. Located at the intersection of South Parker Road and Lincoln Avenue, the Class A, multi-tenant property was fully leased at the time of sale. The property totals 16,600 square feet. Current tenants include Bank of America, Wingstop, Dunkin’ Donuts and AAA Colorado. ACD completed the transaction on behalf of its ACD 2013 Fund LP. Cory Gross of Marcus & Millichap handled the transaction.

January 13, 2023

Acquisitions Midwest Multifamily Nebraska

Greystone Housing Impact Investors Sells Two Multifamily Properties in Omaha for $27.7M

by Jeff Shaw January 12, 2023

OMAHA, NEB. — Greystone Housing Impact Investors LP has sold two multifamily properties located in Omaha. Both properties, Vantage at Stone Creek and Vantage at Coventry, comprise 294 market-rate units and feature a swimming pool. No buyer information was provided. Greystone received net cash of approximately $27.7 million upon closing the sales, inclusive of the return of its contributed equity. Greystone’s investment in Vantage at Stone Creek originated in March 2018 and included $7.1 million in contributed equity during construction. Greystone’s investment in Vantage at Coventry originated in September 2018 and totaled $8.1 million in equity during construction.

January 12, 2023

Acquisitions Illinois Midwest Multifamily

Marcus & Millichap Brokers $6.2M Sale of Two Chicago Apartment Buildings

by Jeff Shaw January 12, 2023

CHICAGO — Marcus & Millichap has arranged the sale of two 12-unit apartment properties located in Chicago. The two properties, 922 West George Street and 855 West Grace Street, sold for a total of $6.2 million. Kyle Stengle of Marcus & Millichap marketed the property on behalf of the seller, Golub Co., and its Boston-based partner. The buyer is a New York-based investor who was secured and represented by Marcus & Millichap’s Steve Rachman and Benjamin Conte.

January 12, 2023

Acquisitions Michigan Midwest Retail

Northmarq Arranges $2.6M Sale of Single-Tenant Retail Property Near Ann Arbor

by Jeff Shaw January 12, 2023

YPSILANTI, MICH. — Northmarq has arranged the $2.6 million sale of a single-tenant retail property located at 3100 Washtenaw Avenue in Ypsilanti, roughly five miles southeast of downtown Ann Arbor. AMERCO Real Estate Co. acquired the property, which sits on 11 acres and totals 91,743 square feet. Isaiah Harf of Northmarq’s Chicago office represented the seller, a New York-based institutional investor. Neighboring tenants include Fresh Thyme Market, Dollar General, Planet Fitness, Domino’s and Walgreens.

January 12, 2023

Acquisitions Development Industrial Texas

Dayton Street Partners Buys 65-Acre Industrial Campus in Metro Dallas, Plans Expansion

by Taylor Williams January 12, 2023

RICHARDSON, TEXAS — Chicago-based developer Dayton Street Partners has acquired a 65-acre manufacturing and distribution campus in the northeastern Dallas suburb of Richardson with plans to expand the site. The undisclosed seller has agreed to lease back 10 percent of the space at the 845,000-square-foot campus, and electronics manufacturer Celestica has leased 672,588 square feet. The seller also vacated the remaining 90,000-square-foot building, at which Dayton Street has launched a capital improvement program. The expansion will feature a 240,000-square-foot facility on a nine-acre parcel that is expected to be complete in early 2024. Larry Serota, Mike Hardage and Nora Hogan of Transwestern represented the seller in the transaction.

January 12, 2023

Acquisitions Office Texas

Hall Capital, Pillar Commercial Acquire 190,745 SF Office Building in Allen, Texas

by Taylor Williams January 12, 2023

ALLEN, TEXAS — A joint venture between two investment firms, Oklahoma-based Hall Capital and Dallas-based Pillar Commercial, has acquired One Bethany West, a 190,745-square-foot office building located in the northeastern Dallas suburb of Allen. The building is located within the Watters Creek mixed-use development and is home to tenants such as MD7, Micron Technologies and Highland Residential. The seller was Kaizen Development Partners. JLL arranged acquisition financing through BancFirst on behalf of the new ownership.

January 12, 2023

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Arranges Sale of 197-Unit Self-Storage Facility in Amarillo

by Taylor Williams January 12, 2023

AMARILLO, TEXAS — Marcus & Millichap has arranged the sale of Camp Lane Storage, a 197-unit facility located in the northwest Texas city of Amarillo. The property 24,440 spans square feet of net rentable, non-climate-controlled space and also includes 20 outdoor parking spaces. Arol Horkavy and Jon Danklefs of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were limited liability companies that requested anonymity.

January 12, 2023

Acquisitions Affordable Housing Maryland Multifamily Southeast

Enterprise Community Development Acquires Metro D.C. Workforce Housing Community for $20M

by John Nelson January 12, 2023

SILVER SPRING, MD. — Enterprise Community Development Inc. has purchased Parkside Terrace Apartments, an 87-unit workforce housing community located in Silver Spring, a suburb of Washington, D.C. The buyer plans to preserve the natural occurring affordable housing (NOAH) property by reserving units for households earning up to 60 percent of area median income (AMI). Enterprise Community Development purchased the community from an undisclosed seller for $20 million. The Montgomery County Department of Housing and Community Affairs provided a $5 million bridge loan to the buyer through its Affordable Housing Opportunity Fund. Built in 1962, Parkside Terrace comprises one- and two-bedroom units spread across three- and four-story garden-style apartment buildings. Enterprise Community Development plans to make capital improvements to the property.

January 12, 2023

Acquisitions Maryland Retail Southeast

KLNB Arranges $10.8M Sale of Shopping Center in Upper Marlboro, Maryland

by John Nelson January 12, 2023

UPPER MARLBORO, MD. — KLNB has arranged the $10.8 million sale of Marlboro Square, a 92,649-square-foot shopping center located at 5715 Crain Highway in Upper Marlboro, a suburb of Washington, D.C. Vito Lupo, Chris Burnham, Andy Stape and Jake Furnary of KLNB represented the seller, an entity doing business as Marlboro Investors LLC, in the transaction. Renaud Consulting represented the undisclosed buyer. Marlboro Square was fully leased at the time of sale to tenants including grocery anchor Weis, Advance Auto Parts and Dollar Tree, as well as medical, fitness and food-and-beverage tenants.

January 12, 2023

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