Acquisitions

Trion Properties Acquires Art 88 Apartments in Miami for $87.3M

by John Nelson June 7, 2022

MIAMI — Trion Properties, a private equity investment firm with offices in West Hollywood and Miami, has purchased Art 88 Apartments in Miami for $87.3 million. The seller was not disclosed, but South Florida Business Journal reports that Grand Peak Properties was the previous owner. Built in 1971 within one mile of Miami International Airport, Art 88 comprises 294 one- and two-bedroom apartments averaging 787 square feet. The community is configured in eight two- to five-story elevator buildings and features two pools, a fitness center, laundry facilities and a dog park. Maurice Habif, Simon Banke and Ted Turner of JLL brokered the transaction, and Jesse Wright with JLL arranged acquisition financing. Art 88 was 97 percent occupied at the time of sale, and the new ownership plans to make capital improvements to the property in the near future.

June 7, 2022

Acquisitions North Carolina Office Southeast

CBRE Investment Management Purchases The Line Office Tower in Charlotte’s South End

by John Nelson June 7, 2022

CHARLOTTE, N.C. — A fund sponsored by CBRE Investment Management has purchased The Line, a newly built, 16-story office tower in Charlotte’s South End district. The 314,221-square-foot property is located at 2151 Hawkins St. and features shared workspaces, sky lobby, amenity terrace, open-air plaza, lawn, outdoor decks, bike rooms, lockers, showers, covered parking and 24,000 square feet of retail space. The CBRE Strategic Partners U.S. Value 9 fund acquired The Line in a joint venture with Atlanta-based Portman Holdings, which co-developed the property with Washington, D.C.-based National Real Estate Advisors LLC. Mike McDonald and Jonathan Napper of Cushman & Wakefield represented the seller in the transaction. The sales price was not disclosed.

June 7, 2022

Acquisitions Southeast Student Housing Virginia

TSB Realty Arranges Sale of 909-Bed Student Housing Property Near Old Dominion in Norfolk

by John Nelson June 7, 2022

NORFOLK, VA. — TSB Realty has arranged the sale of The Next at ODU, a 909-bed student housing property located near Old Dominion University in Norfolk. The Michaels Organization sold the community to Saxum Real Estate for an undisclosed price. Delivered in 2010, the property offers shared amenities including a resort-style swimming pool and spa, 24-hour fitness center, tanning, a clubroom, business center and shuttle service to campus. Units offer bed-to-bath parity alongside features including modern appliances and washers and dryers.

June 7, 2022

Acquisitions Retail South Carolina Southeast

IPA Brokers $18.2M Sale of Port Royal Plaza Shopping Center in Hilton Head, South Carolina

by John Nelson June 7, 2022

HILTON HEAD, S.C. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $18.2 million sale of Port Royal Plaza, a 90,860-square-foot shopping center in Hilton Head. The property’s anchor tenants include Planet Fitness and AutoZone. The seller, an entity doing business as GFB Associates LLC, sold the center to Ronicks LLC, a private investor based in Tennessee. Zach Taylor of IPA brokered the transaction. “Port Royal Plaza is a landmark center on the north end of Hilton Head Island,” says Taylor. “The real estate is irreplaceable. We saw strong demand for this center and closed right at our guidance.”

June 7, 2022

Acquisitions Multifamily Texas

GREA Arranges Sale of Four Multifamily Assets Totaling 851 Units in Dallas-Fort Worth

by Taylor Williams June 7, 2022

DALLAS — Global Real Estate Advisors (GREA) has arranged the sale of four multifamily assets totaling 851 units that are located throughout the Dallas-Fort Worth metroplex. The properties include Villa Placita in Garland (122 units); Antigua Village in Fort Worth (152 units); WaterWalk Las Colinas in Irving (153 units); and The Club at Fossil Creek in Fort Worth (424 units). Mark Allen and Zac Thomas of GREA brokered the deals. The sellers were not disclosed.

June 7, 2022

Acquisitions Multifamily Texas

TMG Negotiates Sale of 136-Unit Multifamily Property in Northwest Houston

by Taylor Williams June 7, 2022

HOUSTON — Dallas-based brokerage firm The Multifamily Group (TMG) has negotiated the sale of Pebble Creek Apartments, a 136-unit property in northwest Houston. Built on 6.5 acres in 1980, the property offers one- and two-bedroom units with an average size of 865 square feet. According to Apartments.com, amenities include a pool, playground and onsite laundry facilities. Chris Siemasko of TMG represented the seller, and Nasir Pooran of TMG procured the private California-based buyer. Both parties requested anonymity. Pebble Creek was 97 percent occupied at the time of sale.

June 7, 2022

Acquisitions Healthcare Texas

Nutex Health Acquires 55,755 SF Hospital in North San Antonio

by Taylor Williams June 7, 2022

SAN ANTONIO — Nutex Health, a Houston-based provider that owns and operators 21 facilities across eight states, has acquired a 55,755-square-foot facility in north San Antonio. According to LoopNet Inc., the 65-bed facility was built on 4.1 acres in 1971. Zach Leger of NAI Partners represented Nutex Health in the transaction. Chad Gunter of Transwestern represented the seller.

June 7, 2022

Acquisitions Arizona Retail Western

Thompson Thrift Retail Group Sells Sonoran Creek Marketplace in Maricopa, Arizona for $34M

by Amy Works June 7, 2022

MARICOPA, ARIZ. — Thompson Thrift Retail Group has completed the sale of Sonoran Creek Marketplace, a shopping center located on the southwest corner of John Wayne Parkway and Edison Road in Maricopa. An undisclosed buyer acquired the asset for $34 million, or $461 per square foot, in an off-market transaction. Situated on 10.2 acres, the 73,692-square-foot Sonoran Creek Marketplace was 100 percent occupied at the time of sale. Current tenants include Sprouts Farmers Markets, Jimmy John’s Sandwiches, Supercuts, Marshalls and The Joint Chiropractic. Danny Gardiner and Chad Tiedeman of Phoenix Commercial Advisors represented the seller in the transaction. Cameron Warren, Nick DeDona, Dan Gardiner and Greg Laing of Phoenix Commercial Advisors handled leasing at the property.

June 7, 2022

Acquisitions Loans Multifamily Washington Western

Berkadia Arranges Sale of 156-Unit Dakota Apartments in Lacey, Washington

by Amy Works June 7, 2022

LACEY, WASH. — Berkadia has brokered the sale and financing of Dakota Apartments, a garden-style multifamily community in Lacey. Bellevue-based American Capital Group sold the property to Los Angeles-based TruAmerica Multifamily for an undisclosed price. Ben Johnson, David Sorensen, George Pallis and Kenny Dudunakis of Berkadia Seattle represented the seller in the deal. Mitch Sinberg and Matthew Robbins of Berkadia Boca Raton, along with Brad Williamson of Berkadia Miami, secured acquisition financing on behalf of the buyer. A bank lender provided a fixed-rate loan with a five-year term. Located at 6205 Pacific Ave. and built in 2006, Dakota Apartments features 156 one- and two-bedroom units averaging 756 square feet to 1,089 square feet. The prior owner renovated 71 of the original units, allowing the new owners the opportunity to complete the full renovation and repositioning of the property. Units feature vinyl flooring, ceiling fans, stainless steel appliances, pantries, built-in bookshelves, linen closets, washers/dryers and patios or balconies. The gated community amenities include an outdoor swimming pool; hot tub; sundeck and cabana; playground; resident lounge with kitchen, billiards table and game room; fitness center; theater room; and assigned and covered parking.

June 7, 2022

Acquisitions Multifamily Utah Western

MAG Capital Partners Acquires 27 Vacation Rental Units at Sage Creek at Moab in Utah

by Amy Works June 7, 2022

MOAB, UTAH — MAG Capital Partners has purchased 27 resort condominiums at 2331 Mesa Road in Moab, with plans to develop 60 additional units at the site. The assets are part of the seven-acre Sage Creek at Moab resort. The bank-owned property was acquired for an undisclosed amount, with many of the existing 48 units pre-sold prior to construction and now operating as vacation rentals. Sage Creek at Moab’s amenities include a tiered pool with waterfalls, grotto-style hot tub and pool house facilities that operate year-round. A community deck and patio includes an outdoor fireplace barbecue grills, outdoor showers and bocce ball court. The community also features custom exterior bike storage and gated parking for RVs and boats. The condos each feature three full-sized bedrooms, two-and-a-half bathrooms, a full-sized laundry room and private balconies, some with private hot tubs. Led by principals Dax Mitchell and Andrew Gi, MAG Capital Partners plans to add food and beverage services at the site this summer, among other facility amenities, to serve the local community and annual visitors.

June 7, 2022

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