Acquisitions

CREC Real Estate, Rincon Capital Partners Acquire Planters Trace Apartments in Charleston

by John Nelson May 11, 2022

CHARLESTON, S.C. — CREC Real Estate LLC and Rincon Capital Partners have acquired Planters Trace Apartments, a 96-unit, Class B multifamily community located in the West Ashley submarket of Charleston. The seller and sales price were not disclosed. The 10.6-acre property, built in 1974 and located at 2222 Ashley River Road, has convenient access to nearby jobs, retail and entertainment. The buyers plan to invest $2.8 million in value-add renovations to update common areas, amenities and unit interiors. The property currently features a pool, communal firepit and garden, laundry room, grilling area and a dog park.

May 11, 2022

Acquisitions Midwest Retail Wisconsin

Stan Johnson Co. Brokers $5.9M Sale of Retail Center Near Milwaukee

by Kristin Harlow May 11, 2022

OAK CREEK, WIS. — Stan Johnson Co. has brokered the sale of The Shoppes at Drexel in Oak Creek near Milwaukee for $5.9 million. The retail center spans 10,351 square feet and is fully leased to five tenants. Built in 2017, the property serves as an outparcel to Drexel Town Square, an 85-acre mixed-use development. Tenants include Mod Pizza, Men’s Hair House, Five Guys, Crumbl Cookies and Potbelly Sandwich Shop. Ronnie Givargis of Stan Johnson represented the seller, a New York-based individual investor. A Cedar Rapids, Iowa-based investor group was the buyer. Each party executed the transaction as part of a 1031 exchange. The sales price represents a cap rate of 5.9 percent.

May 11, 2022

Acquisitions California Retail Western

Newmark Negotiates $42.2M Sale of Country Fair Shopping Center in Chino, California

by Amy Works May 11, 2022

CHINO, CALIF. — Newmark has arranged the sale of Country Fair Shopping Center, a multi-tenant neighborhood shopping center in Chino. Red Mountain Group acquired the property from a publicly traded REIT based in New York for $42.2 million. Pete Bethea, Rob Ippolito and Glenn Rudy of Newmark represented the seller in the deal. Located at 11901-12089 Central Ave., Country Fair Shopping Center features 168,264 square feet of retail space. At the time of sale, the center was 92 percent occupied. Current tenants include PetSmart, Rite Aid, Dollar Tree, Harbor Freight Tools, America’s Tires, Kaiser Permanente and Sherwin-Williams.

May 11, 2022

Acquisitions Arizona Office Western

Scriba Waldron Capital Purchases Fiesta Square Office Complex in Mesa, Arizona for $7.2M

by Amy Works May 11, 2022

MESA, ARIZ. — Newport Beach, Calif.-based Scriba Waldron Capital has acquired Fiesta Square, a multi-tenant office complex in Mesa. A private individual sold the asset for $7.2 million, or $208 per square foot. Eric Wichterman and Mike Coover of Cushman & Wakefield represented the buyer and seller in the deal. Comprising two two-story buildings, the asset totals 34,974 square feet of creative office space. At the time of sale, the property was fully leased. Built in 1985, Fiesta Square is located at 1220 S. Alma School Road.

May 11, 2022

Acquisitions Delaware Northeast Retail

IPA Negotiates Sale of 191,973 SF Shopping Center in Dover, Delaware

by Taylor Williams May 11, 2022

DOVER, DEL. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of North Dover Center, a 191,973-square-foot shopping center in Dover. The property was built in 1989 and was 97 percent leased at the time of sale. The spaces of two of the original anchor tenants, Toys ‘R’ Us and Acme, have been backfilled by Hobby Lobby and Bob’s Discount Furniture in recent years. Staples and T.J. Maxx are the center’s other anchors. Brad Nathanson, Dean Zang and David Crotts of IPA represented the undisclosed seller and procured the buyer, Milbrook Properties, in the transaction.

May 11, 2022

Acquisitions Multifamily New Jersey Northeast

Kislak Arranges $50M Multifamily Portfolio Sale in Elizabeth, New Jersey

by Taylor Williams May 11, 2022

ELIZABETH, N.J. — Locally based brokerage firm Kislak Co. Inc. has arranged the $50 million sale of a portfolio of multifamily properties totaling 326 units in the Northern New Jersey community of Elizabeth. The portfolio also included two cell towers. The unit mix comprises 26 studios, 234 one-bedroom units, 60 two-bedroom apartments and six three-bedroom residences. Joni Sweetwood of Kislak represented the buyer and seller, both of which requested anonymity, in the transaction.

May 11, 2022

Acquisitions Multifamily Texas

Capital Square Acquires 304-Unit Apartment Community in Houston

by Taylor Williams May 10, 2022

HOUSTON — Virginia-based investment firm Capital Square has acquired a 304-unit apartment community formerly known as Alta West Alabama in Houston. Developed by Wood Partners in 2019, the property offers studio, one-, two- and three-bedroom units with stainless steel appliances, quartz countertops, tile backsplashes and individual washer and dryers. Amenities include a pool, fitness center, sky lounge, coworking spaces, pet spa and a courtyard, as well as a clubhouse with TVs, a billiards table, lounge seating and an entertainment kitchen. Capital Square acquired the community via a Delaware Statutory Trust.

May 10, 2022

Acquisitions Multifamily Texas

Greysteel Arranges Sale of 190-Unit Multifamily Property in Mesquite, Texas

by Taylor Williams May 10, 2022

MESQUITE, TEXAS — Greysteel has arranged the sale of Town East, a 190-unit multifamily property located in the eastern Dallas suburb of Mesquite. The property was built in 1959 and offers one- and two-bedroom units with an average size of 608 square feet. Doug Banerjee, Jack Stone and Andrew Mueller of Greysteel represented the undisclosed seller in the transaction. The buyer, Elevate Commercial Investment Group, plans to upgrade unit interiors.

May 10, 2022

Acquisitions New York Northeast Office

Vornado Realty Trust Sells Office Building in Queens for $173M

by Taylor Williams May 10, 2022

NEW YORK CITY — Vornado Realty Trust (NYSE: VNO) has sold The Center Building, a 470,000-square-foot office building located in the Long Island City neighborhood of Queens, for $173 million. The eight-story building, which includes ground-floor retail space, was originally constructed in 1914 as an assembly plant and service center for Ford’s Model T vehicle. Today, the building is home to five city agencies, as well as the Metropolitan Transportation Authority. Locally based development and investment firm 60 Guilders purchased the asset for an undisclosed price. Eastdil Secured provided financial advisory services to Vornado.

May 10, 2022

Acquisitions North Carolina Office Southeast

Highwoods to Acquire Office Tower in Uptown Charlotte for $203M

by John Nelson May 10, 2022

CHARLOTTE, N.C. — Highwoods Properties Inc. plans to purchase 650 South Tryon at Legacy Union, an 18-story office tower in Uptown Charlotte that is anchored by Big 4 accounting firm Deloitte. The Raleigh-based REIT plans to acquire the 367,000-square-foot, LEED Gold-certified tower for $203 million, which includes $3.9 million of capital expenditures to boost occupancy of the tower. The property was 78 percent leased at the time of the transaction, which is expected to close in the third quarter. The seller was not disclosed but the developer, Lincoln Harris, delivered the property in late 2020. The tower represented Phase II of the Legacy Union mixed-use campus and is connected to the 33-story Bank of America Tower, which Highwoods also owns. Additionally, Highwoods has agreed to acquire a development site in Charlotte’s South End district for $27 million. The parcel at 1426 S. Tryon St. is tentatively planned for a mixed-use property comprising 300,000 square feet of office space and 250 apartments. The seller of the site was also not disclosed.

May 10, 2022

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