Acquisitions

Pine Tree Acquires Delta Shores Shopping Center in Sacramento for $122.5M

by Amy Works July 28, 2022

SACRAMENTO, CALIF. — Northbrook, Ill.-based Pine Tree, in partnership with a U.S. pension fund, has purchased Delta Shores, a shopping center in Sacramento, for $122.5 million. Completed in 2017, Delta Shores features 414,658 square feet of retail space. Current tenants include Dick’s Sporting Goods, Hobby Lobby, Ross Dress for Less, PetSmart and Ulta Beauty. The shopping center is part of the 800-acre Delta Shores master-planned development located 10 miles south of downtown Sacramento and immediately adjacent to Interstate 5. Eastdil Secured represented Pine Tree in the transaction. The sale represents Pine Tree’s second acquisition in the Sacramento MSA and contributes to the nearly $375 million in acquisitions for the company in the last 12 months.

July 28, 2022

Acquisitions California Industrial Western

RPG, CenterSquare Sell 175,367 SF Industrial Asset in Vista, California for $58M

by Amy Works July 28, 2022

VISTA, CALIF. — RPG, in partnership with CenterSquare, has completed the sale of 1 Viper. The recently redeveloped and fully leased Class A industrial property is situated on 11.7 acres at 1 Viper Way in Vista. Santa Monica-based BLT Enterprises acquired the asset for $58 million. Aric Starck and Drew Dodds of Cushman & Wakefield represented the sellers in the deal. Following its acquisition of the property in 2021, RPG speculatively redeveloped and improved the 175,367-square-foot asset, which is situated on a 482,644-square-foot site. The property features 20 dock-high doors, 16 grade-level doors and skylights to increase natural light and energy efficiency. At the time of sale, the property was fully leased to Cymer and Gnarlywood.

July 28, 2022

Acquisitions Office Texas

JLL Brokers $145M Sale of 200 Park Place Office Building in Houston

by Taylor Williams July 28, 2022

HOUSTON — JLL has brokered the $145 million sale of 200 Park Place, a 206,943-square-foot office building in Houston’s River Oaks neighborhood. Completed in 2020, the 15-story building features a ninth-floor amenity level with a tenant lounge, conference center and 6,000-square-foot outdoor landscaped terrace. The building also houses an upscale sushi restaurant on the ground floor. Jeff Hollinden, Kevin McConn, Marty Hogan and Rick Goings of JLL represented the seller, Stonelake Capital Partners, a development and investment firm with offices in Texas and Atlanta, in the transaction. At the time of sale, 200 Park Place was fully leased, with JLL and Buckeye Partners serving as the anchor tenants.

July 28, 2022

Acquisitions Arizona Multifamily Western

IPA Brokers $21.3M Sale of Dolce Villagio Lofts in Tempe, Arizona

by Amy Works July 28, 2022

TEMPE, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Dolce Villagio Lofts, a multifamily townhome community in Tempe, for $21.3 million. IPA’s Steve Gebing and Cliff David represented the seller, Scottsdale-based Bascom Arizona Ventures LLC, and procured the undisclosed buyer. Built in 2007, Dolce Villagio Lofts comprises seven residential buildings and 37 two- and three-bedroom townhome units with two-car garages and an average unit size of 1,437 square feet. Community amenities include a swimming pool and spa.

July 28, 2022

Acquisitions California Retail Western

Faris Lee Arranges $17.3M Sale of La Verne Plaza in Metro Los Angeles

by Amy Works July 28, 2022

LA VERNE, CALIF. — Faris Lee Investments has arranged the $17.3 million sale of La Verne Plaza, a retail center located in the Los Angeles County community of La Verne. Shaun Riley and Nick Miller of Faris Lee represented the undisclosed seller and procured the San Gabriel Valley-based buyer in the all-cash transaction. The property is shadow-anchored by Stater Brothers and In-N-Out Burger.

July 28, 2022

Acquisitions California Retail Western

300 Venture Group Buys 155,920 SF Former JCPenney Site in Pleasanton, California

by Amy Works July 28, 2022

PLEASANTON, CALIF. — 300 Venture Group (3VG), along with its undisclosed capital partner, has purchased the former JCPenney site at 1500 Stoneridge Mall Road in Pleasanton. Terms of the acquisition were not released. The 155,920-square-foot building is located on 9.8 acres of prime real estate in a high-barrier-to-entry market. The acquisition is a consistent with 3VG’s mission of profitably repositioning assets to maximize their value and create vibrant communities. Nicholas Bicardo of Newmark represented the seller in the transaction.

July 28, 2022

Acquisitions Multifamily Texas

TMG Negotiates Sale of 171-Unit Apartment Complex in Waco

by Taylor Williams July 28, 2022

WACO, TEXAS — Dallas-based brokerage firm The Multifamily Group (TMG) has negotiated the sale of The 901, a 171-unit apartment complex in Waco. Built in 1973, the garden-style property offers one- and two-bedroom units ranging in size from 711 to 958 square feet. Amenities include two pools, a fitness center, outdoor grilling and dining areas and onsite laundry facilities. Paul Yazbeck and Jon Krebbs of TMG represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

July 28, 2022

Acquisitions Hospitality Texas

NewcrestImage Acquires 135-Room TownePlace Suites Dallas Las Colinas Hotel

by Taylor Williams July 28, 2022

IRVING, TEXAS — Locally based hospitality owner-operator NewcrestImage has acquired the 135-room TownePlace Suites Dallas Las Colinas Hotel in Irving. The Marriott-branded property, which offers studio, one- and two-bedroom suites, opened in 1998 and was last renovated in 2014. Amenities include an outdoor pool and a fitness center. NewcrestImage plans to expand upon those capital improvements with additional upgrades to guestrooms and common areas.

July 28, 2022

Acquisitions Affordable Housing Loans Maryland Multifamily Southeast

Walker & Dunlop Provides $105M Acquisition Loan for Affordable Housing Community in Metro D.C.

by John Nelson July 28, 2022

LANDOVER HILLS, MD. — Walker & Dunlop has provided a $105 million acquisition loan for The Verona at Landover Hills, a 727-unit multifamily community located in the Washington, D.C., suburb of Landover Hills in Prince George’s County. Walker & Dunlop’s John Gilmore and his team structured the acquisition financing through Fannie Mae’s Multifamily Affordable Housing platform on behalf of the buyer, a joint venture between Dantes Community Partners and the Urban Investment Group (UIG) within Goldman Sachs Asset Management. Built in 1966, The Verona previously operated as a traditional market-rate community but Dantes and UIG entered into an agreement with Prince George’s County Department of Housing & Community Development at closing where new affordability restrictions were placed on the asset. The 30-acre property consists of 25 four-story apartment buildings with 91 separately addressed entryways. Units feature new stainless steel appliances and upgraded cabinetry and countertops.

July 28, 2022

Acquisitions Florida Retail Southeast

CBRE Brokers Sale of Publix-Anchored Shopping Center in Gainesville, Florida

by John Nelson July 28, 2022

GAINESVILLE, FLA. — CBRE has brokered the sale of Gainesville Shopping Center, a 182,298-square-foot, Publix-anchored shopping center in Gainesville. An affiliate of Essential Growth Properties purchased the asset from a joint venture between Forge Capital Partners and Sembler for an undisclosed price. Casey Rosen and Dennis Carson of CBRE represented the seller in the transaction. Situated along North Main Street near downtown Gainesville and the University of Florida, Gainesville Shopping Center’s tenant roster includes Citi Trends, Mainstreet Beauty Max and Career Source Florida.

July 28, 2022

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