Acquisitions

Empire State Realty Trust Acquires Multifamily Community in Lower Manhattan for $115M

by Katie Sloan December 22, 2022

NEW YORK CITY — Empire State Realty Trust (NYSE: ESRT) has acquired 298 Mulberry Street, a 96-unit multifamily community located in Manhattan’s NoHo neighborhood, for $115 million. Located at the corner of East Houston and Mulberry streets, the community features ground-floor retail space occupied by CVS/pharmacy. Shared amenities include a 24-hour doorman, fitness center, rooftop terrace and laundry room. All of the building’s units are market-rate rentals and feature walk-in closets and stainless steel kitchen appliances. The seller was a joint venture between Broad Street Development and an affiliate of Crow Holdings Capital. Andrew Scandalios, Rob Hinckley, Jeffrey Julien, Steven Rutman and Jonathan Faxon of JLL represented the seller in the all-cash, 1031 exchange transaction. Empire State Realty is a self-managed REIT that operates a portfolio of office, retail and multifamily properties within Manhattan and the greater New York City area. The company’s stock price closed at $6.90 per share on Wednesday, Dec. 21, down slightly from $8.65 one year ago. New York City-based Broad Street Development is a privately held real estate developer, investor and operator with a focus on office and residential properties. Dallas-based Crow Holdings is a privately owned real estate investment and development firm with $30 billion …

December 22, 2022

Acquisitions Industrial Self-Storage Texas

Versal Arranges Sale of 531-Unit Self-Storage Portfolio in Fort Worth

by Taylor Williams December 21, 2022

FORT WORTH, TEXAS — Self-storage brokerage firm Versal has arranged the sale of a portfolio of two facilities totaling 531 units in Fort Worth. The portfolio spans 89,300 net rentable square feet. Bill Bellomy, Michael Johnson, Logan Foster and Hugh Horne of Versal represented the seller, an entity doing business as Plano Storage Station LP, in the transaction. The team also procured the buyer, an Austin-based family partnership.

December 21, 2022

Acquisitions Multifamily Texas

Bascom Group, Cadre Acquire 346-Unit Montierra Apartments in Houston

by Taylor Williams December 21, 2022

HOUSTON — A partnership between Southern California-based investment firm Bascom Group and New York-based investment manager Cadre has acquired The Montierra, a 346-unit apartment community in Houston’s Uptown/Galleria area. Sueba USA developed the property in 2003. According to Apartments.com, units come in one-, two- and three-bedroom floor plans, and amenities include a pool, fitness center, clubhouse, lounge, movie theater, business center and outdoor grilling stations. Dustin Selzer of JLL represented the seller in the transaction. Brandon Smith, Annie Rice and Jamie Kline, also with JLL, arranged acquisition financing through California Bank & Trust. The new ownership plans to implement a value-add program.

December 21, 2022

Acquisitions Indiana Industrial Iowa Midwest Nebraska

Phoenix Investors Acquires Four Former Eaton Industrial Facilities Across Three States

by Kristin Harlow December 21, 2022

NEBRASKA, IOWA AND INDIANA — An affiliate of Phoenix Investors has acquired a four-property industrial property located in Nebraska, Iowa and Indiana for an undisclosed price. The facilities were formerly home to Eaton Corp., an intelligent power management company. A property at 300 E. 39th St. in Hastings, Neb., totals 107,940 square feet with two cranes, a clear height of 28 feet, parking for up to 150 vehicles and outdoor storage. Renovated in 2019, a property at 700 Luick’s Lane in Belmond, Iowa, spans 270,500 square feet with a clear height of 40 feet. The other two facilities are located in Auburn, Ind. One totals 345,000 square feet while the other spans 15,000 square feet. Adam Wolinetz of CBRE brokered the sale. Eaton was the seller.

December 21, 2022

Acquisitions Illinois Midwest Retail

Marcus & Millichap Arranges Sales of Two Retail Centers in Suburban Chicago for $27.1M

by Kristin Harlow December 21, 2022

ORLAND PARK AND ELGIN, ILL. — Marcus & Millichap has arranged the sales of two retail centers in suburban Chicago for a combined $27.1 million. Anchored by Chipotle and Panera, the retail center at 15011-15081 S. La Grange Road in Orland Park sold for $17.6 million. The property consists of three single-tenant buildings and one multi-tenant building for a total of 20,732 square feet. Newly constructed on the site of a former Toys ‘R’ Us store, the buildings are fully occupied by national tenants such as BJ’s Brewhouse, Raising Cane’s and Smashburger. The 24,000-square-foot Galleria of Elgin sold for $9.5 million. The two-building property houses tenants such as Dairy Queen, Edward Jones Investments, Country Donuts, Maciano’s Pizza and Pastaria and Sammy’s Mexican Grill and Bar. Sean Sharko and Austin Weisenbeck of Marcus & Millichap represented both of the sellers. Buyer and seller information was not provided.

December 21, 2022

Acquisitions Midwest Missouri Retail

Block & Co. Purchases 100,000 SF Shoppes at Shoal Creek in Kansas City

by Kristin Harlow December 21, 2022

KANSAS CITY, MO. — Block & Co. Inc. Realtors has purchased the Shoppes at Shoal Creek in Kansas City for an undisclosed price. Pine Tree Development sold the approximately 100,000-square-foot shopping center, which is fully leased to tenants such as Best Buy, Lukas Liquors, La-Z-Boy, Chipotle and America’s Best. Block & Co. originally developed the property in 2014 before selling it to Pine Tree. David Block of Block & Co. negotiated the transaction on behalf of the buyer and CBRE represented the seller.

December 21, 2022

Acquisitions Industrial Michigan Midwest

Matthews Brokers $5.6M Sale of PepsiCo Distribution Center in Traverse City, Michigan

by Kristin Harlow December 21, 2022

TRAVERSE CITY, MICH. — Matthews Real Estate Investment Services has brokered the sale of a PepsiCo distribution center in Traverse City for $5.6 million. The build-to-suit property is located at 4248 Cherry Pepsi Way. Brett Davis and Alexander Harrold of Matthews represented the seller, a private investor. The California-based buyer completed a 1031 exchange. The facility spans 32,100 square feet and was built in 2018, according to LoopNet.

December 21, 2022

Acquisitions Multifamily Texas

Westmount Realty Capital Buys 208-Unit Multifamily Property in North Dallas

by Taylor Williams December 21, 2022

DALLAS — Locally based investment firm Westmount Realty Capital has purchased Premier at Prestonwood, a 208-unit multifamily property in North Dallas. Built in 1995, the property offers one- and two-bedroom units with an average size of 1,027 square feet, as well as a pool, fitness center and a clubhouse. Westmount plans to upgrade the building exteriors and the interiors of select units while also enhancing the amenity package with the addition of a dog park and package lockers. The seller was not disclosed.

December 21, 2022

Acquisitions Office Southeast Virginia

Lingerfelt Sells 11-Building Office Portfolio in Metro Richmond for $119M

by John Nelson December 21, 2022

RICHMOND, VA. — Locally based real estate investment firm Lingerfelt has sold a portfolio of 11 office buildings in and around the Innsbrook master-planned park in Virginia’s Henrico County. Charlottesville, Va.-based Seminole Trail purchased the portfolio for approximately $119 million. The 723,103-square-foot portfolio was approximately 82 percent leased at the time of sale. The buyer plans to move forward with adding over 1,300 apartments to five of the 11 properties in the portfolio, which Henrico County rezoned for mixed-use in 2021. Lingerfelt and its investors will continue to own eight properties within Innsbrook totaling 240,000 square feet of office and flex warehouse buildings. The company also has an active development pipeline for new industrial assets and multifamily communities in Henrico County and beyond.

December 21, 2022

Acquisitions North Carolina Retail Southeast

SRS Arranges Sale of Crossroads Shopping Center in Metro Charlotte

by John Nelson December 21, 2022

STATESVILLE, N.C. — SRS Real Estate Partners’ Investment Property Group has brokered the sale of Crossroads Shopping Center, a 117,224-square-foot retail center located at 1000 Crossroads Drive in the Charlotte suburb of Statesville. River City Capital purchased the center for an undisclosed price. Situated on 14.1 acres and shadow-anchored by a Walmart Supercenter, Crossroads was leased at the time of sale to tenants including Big Lots, Burkes Outlet, Dollar Tree, American Deli, rue21, Shoe Dept., Bath & Body Works and GNC. Kyle Stonis and Pierce Mayson of SRS’ Atlanta office represented the seller in the transaction. The buyer was self-represented.

December 21, 2022

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