Acquisitions

Thompson Thrift Sells 312-Unit Apartment Community in Metro Houston

by Taylor Williams July 22, 2022

MISSOURI CITY, TEXAS — Thompson Thrift Residential, a subsidiary of Indianapolis-based investment firm Thompson Thrift, has sold The Ranch at Sienna, a 312-unit apartment community in the southwestern Houston suburb of Missouri City. Built in 2016, the property offers one-, two- and three-bedroom units averaging 1,105 square feet. Residences are furnished with private balconies and full-sized washer and dryers. Communal amenities include a pool with cabanas, a fitness center, clubhouse, coffee bar, outdoor kitchen, game room and a dog park. Houston-based Laye Capital Investments purchased the community for an undisclosed amount.

July 22, 2022

Acquisitions Midwest Retail Wisconsin

Boulder Group Brokers $20M Sale of Grocery Property in Milwaukee

by Kristin Harlow July 22, 2022

MILWAUKEE — The Boulder Group has brokered the sale of a 120,000-square-foot property occupied by grocer Pick ’n Save in Milwaukee. Retailers in the surrounding area include Starbucks, Domino’s Pizza, U.S. Bank, Dunkin’, McDonald’s, Napa Auto Parts and Culver’s. Jimmy Goodman and John Feeney of Boulder represented the seller, a Milwaukee-based real estate investor, and the buyer, a national private real estate company. There are more than eight years remaining on the Pick ’n Save lease.

July 22, 2022

Acquisitions Healthcare Indiana Midwest

Savlan Capital Acquires Two Midwest Medical Office Buildings for $14.7M

by Kristin Harlow July 22, 2022

BLUE ISLAND, ILL. AND MISHAWAKA, IND. — Savlan Capital has acquired two medical office buildings, one in suburban Chicago and the other in suburban South Bend, for a combined $14.7 million. The Hollywood, Fla.-based investment group purchased Edison Lakes Medical Center in Mishawaka for $8.6 million. The property, built in 1991, comprises 10 medical office condominiums totaling 49,536 square feet that are situated within a larger office park. Joseph DiSalvo, Forest Bender and Alexander Hull of Marcus & Millichap represented the seller, an entity doing business as EL Medical Center LLC. In the second transaction, Savlan purchased an 18,034-square-foot medical office building located at 12200 S. Western Ave. in Blue Island for $6.1 million. Developed in 2007 as a retail strip center, the property is fully leased to Fresenius, Dental Dreams and Midwest Express Clinic. Eric Cline of Cushman & Wakefield represented the seller, an entity doing business as Shops at Blue Island LLC.

July 22, 2022

Acquisitions Illinois Midwest Retail

Marcus & Millichap Negotiates $4.8M Sale of Firestone-Occupied Property in Suburban Chicago

by Kristin Harlow July 22, 2022

NAPERVILLE, ILL. — Don McMinn of Marcus & Millichap has brokered the $4.8 million sale of a retail property constructed in 2021 and occupied by Firestone in the Chicago suburb of Naperville. The 6,116-square-foot property sold at list price to an out-of-state buyer completing a 1031 exchange. There were more than 14 years remaining on Firestone’s lease at the time of sale. “Quality net lease retail in good markets with rent increases remains a safe and attractive investment option in uncertain times,” says McMinn.

July 22, 2022

Acquisitions Maryland Multifamily Southeast

Grosvenor Acquires 21-Story Apartment Tower in North Bethesda for $95M

by John Nelson July 21, 2022

BETHESDA, MD. — Grosvenor and an unnamed investment partner have acquired a 21-story apartment tower in North Bethesda that coincidentally shares a name with the private investor. Grosvenor Tower is located at 10301 Grosvenor Place and features 237 apartments. The acquisition price was not disclosed, but the Washington Business Journal reports that the asset traded for $95 million and that Grosvenor plans to invest $10 million to upgrade the property. The property was originally built in 1987, renovated in 2008 and includes 80 one-bedroom, one-bath apartments and 157 two-bedroom, two-bath apartments. Grosvenor has engaged Bozzuto Management to oversee day-to-day property management. The buyer plans to enhance energy and water efficiency at Grosvenor Tower as part of its $10 million value-add program.

July 21, 2022

Acquisitions Florida Retail Southeast

SRS Arranges $13.9M Sale of Publix-Anchored Shopping Center in Arcadia, Florida

by John Nelson July 21, 2022

ARCADIA, FLA. — SRS Real Estate Partners’ Investment Properties Group has arranged the $13.9 million sale of Arcadia Crossing, a Publix-anchored shopping center about 40 miles east of Sarasota in Arcadia. Kevin Yaryan of SRS’ Orlando office worked with Kyle Stonis and Pierce Mayson of the firm’s Atlanta office to represent the buyer in the transaction. The seller was self-represented. Both parties requested anonymity. The 67,608-square-foot property is situated on 8.2 acres at the intersection of SE Highway 70 and Hog Bay Avenue. In addition to Publix, the center’s tenant roster includes Publix Liquors and Harbor Freight, among others.

July 21, 2022

Acquisitions California Retail Western

Faris Lee Negotiates $27.1M Sale of Santee Town Center Retail Property in California

by Amy Works July 21, 2022

SANTEE, CALIF. — Faris Lee Investments has arranged the $27.1 million sale of Santee Town Center, a shopping center in Santee. Brixton Capital acquired the asset from a Los Angeles-based private family office. Sean Cox and Alex Moore, Don MacLellan and Gene Ventura of Faris Lee represented the buyer and seller in the deal. At the time of sale, the 106,903-square-foot retail center was fully leased. Current tenants include Ross Dress for Less, Dollar Tree and Michaels.

July 21, 2022

Acquisitions Multifamily Washington Western

RISE Properties, Tokyu Land US Acquire 252-Unit Park South Apartments in Seattle

by Amy Works July 21, 2022

SEATTLE — RISE Properties Trust and Tokyu Land US Corp. have purchased Park South Apartments, a multifamily community in Seattle’s South Park neighborhood, from Jackson Square Properties for an undisclosed price. Located at 10102 8th Ave. S., the property features 252 units with in-unit washers/dryers, newly renovated interiors, wood-burning fireplaces and modern appliances. Community amenities include a pool, fitness center, business center, clubhouse, games and an outdoor entertainment area. Eli Hanacek, Jon Hallgrimson, Mark Washington and Kyle Yamamoto of CBRE’s multifamily team in Seattle represented the seller in the transaction.

July 21, 2022

Acquisitions California Net Lease Retail Western

Stan Johnson Brokers $5.5M Sale of Planet Fitness-Occupied Property in Palmdale, California

by Amy Works July 21, 2022

LOS ANGELES — Stan Johnson Co. has arranged the sale of a fitness and sports facility located at 40014 10th St. West in Palmdale. A New York City-based private investor sold the asset to the tenant, Planet Fitness, for $5.5 million. Prior to acquiring the real estate, Planet Fitness occupied the 18,000-square-foot property on a triple-net lease that features rental increases and option periods. Ronnie Givargis of Stan Johnson Co. represented the seller in the deal.

July 21, 2022

Acquisitions Multifamily Texas

SB Properties Acquires 276-Unit Vargos on the Lake Apartments in West Houston

by Taylor Williams July 21, 2022

HOUSTON — Arizona-based SB Properties has acquired Vargos on the Lake, a 276-unit apartment community in West Houston. The property offers one- and two-bedroom apartments and three-bedroom townhomes. Amenities include a pool with a sundeck, fitness center with yoga and kickboxing stations, resident lounge with billiards and poker tables, conference lounge and a dog park. Jennifer Ray and Ryan Epstein of Walker & Dunlop represented the seller, Berkshire Group, in the transaction. The sales price was not disclosed.

July 21, 2022

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