Acquisitions

Dornin Investment Group Sells Marnell Corporate Center 3 Office Building in Las Vegas for $23.2M

by Amy Works July 25, 2022

LAS VEGAS — Dornin Investment Group has completed the sale of Marnell Corporate Center 3 (MCC3), a three-story, Class A office building in Las Vegas. A private investor acquired the asset for $23.2 million, or $325 per square foot. Located at 6725 Via Austi Parkway, MCC3 features 71,378 square feet of multi-tenant office space. The seller originally purchased the building in early 2014 for $222 per square foot as part of a portfolio that consisted of three multi-tenant office buildings totaling 176,960 square feet, all located within the master-planned Marnell Corporate Center. This is the third and final disposition of the portfolio. Marlene Fujita Winkel, Charles Moore and Alex Casingal of Cushman & Wakefield’s Private Capital Group in Las Vegas represented the seller in the deal. Charles Van Geel, also of Cushman & Wakefield, provided leasing advisory for the property.

July 25, 2022

Acquisitions Georgia Multifamily Southeast

RangeWater, Artemis Sell Monroe Apartments in Atlanta for $91M

by John Nelson July 25, 2022

ATLANTA — RangeWater Real Estate and Artemis Real Estate Partners have sold The Monroe, a 217-unit apartment community located at 222 Colonial Homes Drive NW in Atlanta’s Brookwood neighborhood. ParkProperty Capital purchased the property, which was delivered in 2015, for $91 million. Robert Stickel and Alex Brown of Cushman & Wakefield represented the sellers in the transaction. Situated along the Atlanta BeltLine and overlooking the Bobby Jones Golf Course, The Monroe features studio, one-, two- and three-bedroom floor plans. Amenities include complimentary package receiving services, controlled access garage parking, an athletic club, saltwater pool, rooftop lounge with skyline views and a clubhouse equipped with a kitchen and coffee bar.

July 25, 2022

Acquisitions Alabama Multifamily Southeast

Kushner Acquires Apartment Community in Montgomery for $49.5M

by John Nelson July 25, 2022

MONTGOMERY, ALA. — Kushner Cos., a real estate developer and investor based in New York, has purchased Broadstreet at Eastchase, a 276-unit multifamily asset in Montgomery. The seller, an undisclosed local family office, sold the community for $49.5 million, or $182,000 per unit. Josh Jacobs and Royce Emerson of Marcus & Millichap represented the seller and procured the buyer in the transaction. Built in 2010, Broadstreet at Eastchase features one-, two- and three-bedroom floor plans ranging from 822 to 1,208 square feet, according to Apartments.com. Amenities include a 24-hour fitness center, trails, outdoor kitchen and lounge area, playground, resort-style swimming pool, dog park, detached garages, media center and a recreation room.

July 25, 2022

Acquisitions Multifamily Texas

IPA Negotiates Sale of 440-Unit Multifamily Property in Downtown Dallas

by Taylor Williams July 25, 2022

DALLAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Mosaic Dallas, a 440-unit multifamily property in downtown Dallas. Constructed as office buildings in the 1950s, Mosaic Dallas was converted into apartments in 2006. The two high-rise buildings also house 8,766 square feet of ground-floor retail space. Amenities include a rooftop pool, indoor putting lounge, valet and concierge services, dry cleaning service and a fitness center. Joey Tumminello, Drew Kile, Taylor Hill, Michael Ware, Grant Raymond and Will Balthrope of IPA represented the seller, Olympus Property, and procured the buyer, a New York-based investment manager, in the deal.

July 25, 2022

Acquisitions Florida Industrial Southeast

JLL Arranges $45M Sale of 600 Whittaker Distribution Center in Jacksonville

by John Nelson July 25, 2022

JACKSONVILLE, FLA. — JLL has arranged the sale of 600 Whittaker, a 469,830-square-foot distribution center located within Imeson Industrial Park in Jacksonville. AEW Capital Management purchased the property from LRC Properties and Machine Investment Group. The sales price was not disclosed, but Jacksonville Business Journal reports the property traded for $45 million. Luis Castillo, Cody Brais and Luke Pope of JLL represented the sellers in the transaction. The sellers purchased the property last year for $29.6 million. 600 Whittaker was fully leased at the time of sale to Constellation Brands, a beer, wine and spirits distributor based in New York that signed the full-building lease in the first quarter.

July 25, 2022

Acquisitions Retail Southeast Virginia

Cushman & Wakefield | Thalhimer Brokers $4.6M Sale of Retail Strip Center in Hampton Roads

by John Nelson July 25, 2022

YORKTOWN, VA. — Cushman & Wakefield | Thalhimer’s Capital Markets Group has brokered the sale of Boulevard Crossing, a 12,600-square-foot retail strip center located in the Hampton Roads city of Yorktown. An out-of-town 1031 buyer purchased the property from an entity doing business as Boulevard Crossing LLC for $4.6 million. Clark Simpson and Erik Conradi of Thalhimer represented the seller in the transaction. Built in 2016 at 8135 George Washington Highway, Boulevard Crossing was fully leased at the time of sale to tenants including Starbucks, Tropical Smoothie Café and Verizon Wireless, as well as service-oriented retailers and restaurants.

July 25, 2022

Acquisitions Office Texas

JLL Brokers Sale of 206,362 SF Office Building Leased to Men’s Wearhouse in Houston

by Taylor Williams July 25, 2022

HOUSTON — JLL has brokered the sale of Oak Park Office Center II, a 206,362-square-foot office building in Houston that houses the headquarters operations of apparel retailer Men’s Wearhouse. The building, which is located in Houston’s Westchase District, was 49 percent occupied at the time of sale. Kevin McConn, Marty Hogan and Jack Moody of JLL represented the seller, metro Boston-based REIT Office Properties Income Trust, in the transaction. The buyer was an undisclosed, Houston-based investment firm.

July 25, 2022

Acquisitions New Jersey Northeast Office

Birch Group, Lionstone Acquire Central New Jersey Office Complex for $70M

by Taylor Williams July 25, 2022

HOPEWELL, N.J. — A partnership between two regional investment firms, The Birch Group and Lionstone Capital, has acquired a three-building office complex in the Central New Jersey community of Hopewell for $70 million. Princeton Place at Hopewell spans 307,510 square feet and was 96 percent leased at the time of sale to tenants such as Merrill Lynch, Horizon Blue Cross Blue Shield and Janssen R&D. Amenities include multiple cafeterias, a fitness center, indoor basketball court, conference center and a central plaza with water features and outdoor dining space. Cushman & Wakefield represented the undisclosed seller in the transaction.

July 25, 2022

Acquisitions Connecticut Northeast Office

Fremont Group Sells Hartford Office Buildings, Parking Lots for $50M

by Taylor Williams July 25, 2022

HARTFORD, CONN. — The Fremont Group has sold Riverview Plaza, a 325,000-square-foot waterfront office complex located on the east side of Hartford. The two-building complex was sold in conjunction with a 50,000-square-foot office building and two adjacent parking lots, all of which are situated within Founders Plaza Business Park, for $50 million. The buyer was an entity doing business as Milton East Hartford Investments LLC. At the time of sale, the properties had a collective occupancy rate of 90 percent, with tenants including Bank of America and the State of Connecticut Judicial Branch. Patrick Mulready and John McCormick of CBRE, along with Cory Gubner and Alex Haendler of Newmark, represented The Fremont Group in the transaction.

July 25, 2022

Acquisitions Illinois Midwest Retail

Mid-America Brokers Sale of 112,622 SF Shopping Center in Bolingbrook, Illinois

by Kristin Harlow July 25, 2022

BOLINGBROOK, ILL. — Mid-America Real Estate Corp. has brokered the sale of The Landings, a 112,622-square-foot shopping center in the Chicago suburb of Bolingbrook. The sales price was undisclosed. Anchor tenants at the property, which is 91 percent leased, include PetSmart, OfficeMax, Planet Fitness and Modern Furniture. Ben Wineman of Mid-America represented the seller, an affiliate of Atlanta-based RCG Ventures. Irvine, Calif.-based Sperry Equities was the buyer.

July 25, 2022

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