Acquisitions

IPA Brokers $10.7M Sale of Cherrydale Market Shopping Center in Greenville

by John Nelson July 15, 2022

GREENVILLE, S.C. — Institutional Property Advisors, a division of Marcus & Millichap, has brokered the $10.7 million sale of Cherrydale Market, a newly built, 70,635-square-foot shopping center in Greenville. The property houses three tenants: Burlington, Ulta Beauty and Five Below. Zach Taylor of IPA arranged the transaction on behalf of the seller, an entity doing business as Cherrydale 245 LLC. The buyer was Agree Realty, a net lease retail REIT based in Bloomfield Hills, Mich. “We procured the equity for the developer to get the property out of the ground and sourced an active REIT willing to commit to a pre-sale during construction,” says Taylor.

July 15, 2022

Acquisitions Multifamily Texas

Cottonwood Group, Texsun Holdings Acquire 636-Unit Multifamily Portfolio in San Antonio

by Taylor Williams July 15, 2022

SAN ANTONIO — A partnership between private equity firm Cottonwood Group and Dallas-based Texsun Holdings has acquired a 636-unit multifamily portfolio in San Antonio. The two properties that comprise the portfolio, San Mateo Apartments and Heights on Perrin Apartments, are both located on the city’s northwest side. The new ownership plans to implement a $7 million capital improvement program. The seller and sales price were not disclosed.

July 15, 2022

Acquisitions Multifamily Texas

Stoneweg US Acquires 312-Unit Ashford Apartments in Houston’s Energy Corridor

by Taylor Williams July 15, 2022

HOUSTON —Florida-based investment firm Stoneweg US has acquired Ashford, a 312-unit apartment community in Houston’s Energy Corridor. According to Apartments.com, the property was built in 2017 and features studio, one- and two-bedroom units that range in size from 553 to 1,326 square feet. Amenities include a pool, fitness center, outdoor grilling and dining stations and a dog park. The seller and sales price were not disclosed. Stoneweg US has tapped RPM Living to manage the property and oversee a value-add program.

July 15, 2022

Acquisitions Multifamily Texas

Greysteel Brokers Sale of 233-Unit Athens Gate Apartments in El Paso

by Taylor Williams July 15, 2022

EL PASO, TEXAS — Greysteel has brokered the sale of Athens Gate, a 233-unit apartment complex in El Paso. The property offers one- and two-bedroom units that range in size from 404 to 746 square feet. According to Apartments.com, amenities include a pool, playground, volleyball court and outdoor grilling stations. Jack Stone of Greysteel represented the seller, a locally based developer, in the transaction. The buyer and sales price were not disclosed.

July 15, 2022

Acquisitions Multifamily Seniors Housing Texas

JLL Negotiates Sale of 100-Bed Transitional Care Facility in DeSoto, Texas

by Taylor Williams July 15, 2022

DESOTO, TEXAS — JLL has negotiated the sale of Methodist Transitional Care Center, along-term care facility in the southern Dallas suburb of DeSoto. The 100-bed property was built in 2020 and encompasses 66 units. Charles Bissell and Evan Kovac of JLL represented the seller and developer, Madison Marquette, in the transaction. Illinois-based LFI Real Estate purchased the asset for an undisclosed price.

July 15, 2022

Acquisitions New York Northeast Retail

DRA Advisors, KPR Centers Sell 16 Northeast Shopping Centers Totaling 1.5 MSF

by Taylor Williams July 15, 2022

NEW YORK CITY — A joint venture between two New York City-based firms, DRA Advisors and KPR Centers, has sold 16 grocery-anchored shopping centers totaling roughly 1.5 million square feet that are located throughout the Northeast and Mid-Atlantic region. The sale occurred in conjunction with the joint venture’s acquisition of 33 grocery-anchored shopping centers throughout the region from Cedar Realty Trust for $879 million. The centers were sold to Baltimore-based Klein Enterprises, Kimco Realty Trust and an affiliate of KPR Centers for undisclosed amounts. Chris Angelone of JLL represented the seller in this transaction. The joint venture intends to hold and manage the remaining centers acquired from Cedar Realty Trust, which currently have a collective occupancy rate of 93 percent.

July 15, 2022

Acquisitions Multifamily Northeast Pennsylvania Student Housing

Rittenhouse Realty Arranges $87M Sale of Philadelphia Student Housing Community

by Taylor Williams July 15, 2022

PHILADELPHIA — Locally based brokerage firm Rittenhouse Realty Advisors has arranged the $87 million sale of Hamilton Court, a 295-bed student housing community located near the University of Pennsylvania in Philadelphia. Amenities include a pool, fitness center, outdoor grilling and dining areas and onsite laundry facilities. Hamilton Court also houses 21,400 square feet of retail space. Rittenhouse represented the seller, Post Brothers, which acquired the 103-unit property in 2015 and implemented a $21 million capital improvement program.

July 15, 2022

One-Eleven-La-Quinta-Center-La-Quinta-CA

Acquisitions California Retail Western

SRS Brokers $35M Sale of Retail Property in La Quinta, California

by Amy Works July 14, 2022

LA QUINTA, CALIF. — SRS Real Estate Partners has arranged the sale of a 154,383-square-foot portion of One Eleven La Quinta Center, a community retail center located at 78959 CA-11 in La Quinta. A Coachella Valley-based private family office sold the asset to Anaheim-based Milan Capital Management for $35 million. Chris Tramontano and John Redfield of SRS’ Investment Properties Group represented the seller, while the buyer was self-represented in the deal. Terrison Quinn and Casey Mahony of SRS Real Estate Partners are the exclusive leasing agents for the property. Tenants include Ross Dress for Less, Staples, Petco and Big 5 Sporting Goods. The property was 79 percent occupied at the close of escrow. The center is shadow anchored by Stater Bros, Hobby Lobby and Kohl’s. Built in phases between 1992 and 2002, One Eleven La Quinta Center totals 852,465 square feet and is situated on 19.7 acres. This transaction marks the first sale of a portion of the center since development.

July 14, 2022

Acquisitions Hospitality Washington Western

CIP Negotiates Sale of Four-Property Hospitality Portfolio in Washington

by Amy Works July 14, 2022

PACKWOOD, EATONVILLE AND ASHFORD, WASH. — Crystal Investment Property (CIP) has arranged the sale of a four-hotel portfolio in Washington. Terms of the transaction, including the names of the seller and buyer and the acquisition price, were not released. The portfolio includes Cowlitz River Lodge and Crest Trail Lodge in Packwood, Mill Village Motel in Eatonville and Nisqually Lodge in Ashford. All four properties are independent, mid-scale hotels each with 25 to 32 rooms. Cowlitz River Lodge, Nisqually Lodge and Crest Trail Lodge feature large lounges, stonework fireplaces and various guest amenities throughout the properties. Mill Village Motel is the only exterior-corridor property and offers a business center, guest library and meeting/event space. CIP President Joseph Kennedy and team handled the transaction.

July 14, 2022

Acquisitions Arizona Industrial Western

Koll Co. Buys Industrial Portfolio in Phoenix for $13.7M in Sale-Leaseback Deal

by Amy Works July 14, 2022

PHOENIX — The Koll Co. has purchased a two-building industrial portfolio, totaling 65,594 square feet in southwest Phoenix. JFN Mechanical sold the properties for $13.7 in an off-market transaction. The portfolio consists of a 32,608-square-foot building, delivered first-quarter 2022, at 4587 W. McDowell Road that is fully leased to Phoenix WinSupply, and a 32,986-square-foot facility at 5127 W. Roosevelt St. that JFN will continue to occupy through the sale-leaseback agreement. JFN Mechanical is a plumbing contractor that works exclusively on student housing, multifamily, seniors housing and hospitality construction projects. The property at 4587 W. McDowell Road features 24-foor clear heights, 1,200 square feet of office space, dock and grade doors, evaporative cooling systems, LED lighting, ESFR sprinklers and a fully secured truck court. The facility at 5127 Roosevelt St. features 24-foot clear heights, 3,000 square feet of office space, dock and grade doors, evaporative cooling systems, LED lighting, ESFR sprinklers and a fully secure truck court. Phil Haenel and Will Strong of Cushman & Wakefield represented both parties in the portfolio sale and leaseback.

July 14, 2022

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