Acquisitions

Clarion Partners Buys 1.4 MSF Intermodal Commerce Park in Fort Worth

by Taylor Williams April 27, 2022

FORT WORTH, TEXAS — New York-based investment firm Clarion Partners has purchased Intermodal Commerce Park, a 1.4 million-square-foot industrial development located within the 26,000-acre AllianceTexas master-planned community in Fort Worth. Built in 2021, the property consists of three buildings with 36- to 40-foot clear heights, 266 dock-high doors, 10 ramp doors, 325 trailer parking stalls and 641 car parking spaces. Tenants include H-E-B, Volkswagen, Prairie Industries and ANEW Business Solutions. Dustin Volz, Stephen Bailey, Dom Espinosa, Wells Waller and Jack Copher of JLL represented the seller, a partnership between Gruene Real Estate Partners, Weber & Co. and Crow Holdings Development, in the transaction. JLL has also been retained by Clarion to lease the property.

April 27, 2022

Acquisitions Multifamily North Carolina Southeast

Magma Equities, Prudent Growth Acquire $23.7M Multifamily Property in Fayetteville, North Carolina

by Julia Sanders April 27, 2022

FAYETTEVILLE, N.C. — A joint venture between Manhattan Beach, Calif.-based Magma Equities and Chapel Hill, N.C.-based Prudent Growth Partners has acquired Keystone Apartments, a 202-unit multifamily community in Fayetteville, for $23.7 million. The seller was not disclosed. Constructed in 1974 and renovated in stages from 2018 through 2021, Keystone offers one- and two-bedroom floorplans. Located at 425 Woodstream Trail, the property features 28 two-story residential buildings on a 19.1-acre site. Community amenities include a pool, fitness center, onsite property management and 24-hour maintenance. The joint venture plans to spend $1.5 million renovating units and improving the common areas, such as the leasing office, fitness center, pool area and other outdoor amenities.

April 27, 2022

Acquisitions Midwest Multifamily Wisconsin

Berkadia Brokers $34.1M Sale of Wisconsin Multifamily Portfolio

by Kristin Harlow April 27, 2022

MILWAUKEE AND MEQUON, WIS. — Berkadia has brokered the $34.1 million sale of the Dermond Milwaukee Portfolio, a collection of three multifamily properties totaling 138 units in Milwaukee and Mequon. The properties include: the 33-unit Artesa Apartments in Mequon; the 36-unit Avante Apartments in Milwaukee; and the 69-unit Vue Apartments in Milwaukee. Ralph DePasquale, Pete Evans, Jack Maloney and Richard Evans of Berkadia represented the seller, Wisconsin-based Dermond Property Investments. A Nevada-based private family office was the buyer.

April 27, 2022

Acquisitions Midwest Retail South Dakota

Kingsbarn Acquires Fleet Farm-Occupied Retail Property in Sioux Falls, South Dakota

by Kristin Harlow April 27, 2022

SIOUX FALLS, S.D. — Kingsbarn Realty Capital has acquired a 192,000-square-foot retail property occupied by Fleet Farm in Sioux Falls for an undisclosed price. Constructed in 2019, the property features a gas station, car wash, auto service center and garden center in addition to the main retail store. Fleet Farm has more than 17 years remaining on its lease. Las Vegas-based Kingsbarn intends to offer interests in the property in a Delaware Statutory Trust structure. Fleet Farm, which sells farm, pet, home improvement and automotive products, operates 47 locations across the Upper Midwest.

April 27, 2022

Acquisitions Industrial Lee & Associates Texas

Lee & Associates Negotiates $27.2M Sale of Northeast Houston Warehouse

by Taylor Williams April 27, 2022

HOUSTON — Lee & Associates has negotiated the $27.2 million sale of a 214,300-square-foot warehouse in northeast Houston. Built in 2020, the cross-dock facility features 32-foot clear heights, 44 dock-high doors and an ESFR sprinkler system. The sale included 16.2 acres of land for future development. Michael Androwich, Mason Alsbrooks and Mike Spears of Lee & Associates represented the buyer, an undisclosed international manufacturer, in the transaction. Will Clay of JLL represented the seller, Houston-based Clay Development.

April 27, 2022

Acquisitions Multifamily Texas

Bascom Group Acquires 150-Unit Windwater at Windmill Lakes Apartments in Houston

by Taylor Williams April 27, 2022

HOUSTON — California-based investment firm The Bascom Group has acquired Windwater at Windmill Lakes, a 150-unit apartment complex in Houston. The property was built in 1999 on the city’s southeast side. John Carr of Cushman & Wakefield represented the undisclosed seller in the transaction. Jason Pumpelly, also with Cushman & Wakefield, arranged acquisition financing through Huntington National Bank on behalf of Bascom Group. The new ownership will implement a value-add program.

April 27, 2022

Acquisitions Texas

Marcus & Millichap Brokers Sale of 126-Site RV Park in Onalaska, Texas

by Taylor Williams April 27, 2022

ONALASKA, TEXAS — Marcus & Millichap has brokered the sale of On the Lake RV Resort, a 126-site property in Onalaska, about 100 miles north of Houston. Robert Denninger and Bill Warren of Marcus & Millichap represented the seller in the transaction. The duo also secured the buyer, a limited liability company. Both parties requested anonymity.

April 27, 2022

Acquisitions Industrial New Jersey Northeast

STRO Cos., KRE Group, Fidelco Acquire 77,000 SF Warehouse in Newark

by Taylor Williams April 27, 2022

NEWARK, N.J. — A partnership between three New Jersey-based investment firms, The STRO Cos., KRE Group and Fidelco Realty Group, has acquired a 77,000-square-foot warehouse in Newark. The facility at 798 Frelinghuysen Ave. sits on a 4.7-acre site near the Port of Newark. According to LoopNet Inc., the property was originally built in 1929 and renovated in 1994 and features a clear height of 16 feet. The seller and sales price were not disclosed.

April 27, 2022

Acquisitions Maryland Retail Southeast

Continental Realty Corp. Sells Shopping Center in Metro Baltimore for $11.9M

by Julia Sanders April 26, 2022

DUNDALK, MD. — Baltimore-based Continental Realty Corp. (CRC) has sold Merritt Manor Shopping Center, an 88,332-square-foot, fitness-anchored retail center in Dundalk. Columbia, Md.-based Abrams Development Group purchased the property for $11.9 million. Dean Zang and David Crotts of Marcus & Millichap represented CRC in the transaction. Merritt Manor was 96 percent leased at the time of sale to tenants including Gold’s Gym, Sherwin-Williams, Dollar General, Hair Cuttery, GNC, Chicken Rico and Leslie’s Swimming Pool Supplies. CRC completed renovations on the property, including upgrading the center’s exterior facade, enhancing all landscaping elements and upgrading the center’s signage. Located at 1119-1211 Merritt Blvd., the property is 9.9 miles from Baltimore and 18.7 miles from Baltimore/Washington International Thurgood Marshall Airport.

April 26, 2022

Acquisitions Multifamily South Carolina Southeast Student Housing

Armada Hoffler Disposes of Student Housing Property in Charleston

by Julia Sanders April 26, 2022

CHARLESTON, S.C. — Armada Hoffler Properties Inc. has sold Summit Place, a 357-bed student housing community located at 530 Meeting St., about one mile from the College of Charleston. The sales price and buyer were not disclosed. Completed by Armada Hoffler in 2020 at the corner of Spring and Lee streets, Summit Place is a five-story building offering private bathrooms, roommate matching, a study lounge, individual leases available and individual locking bedrooms. Community amenities include a clubhouse, pool, fitness center, business center, grill and an elevator. Earlier this month, Armada Hoffler announced the closing of the sale of Hoffler Place, also in Charleston. Hoffler Place and Summit Place were the company’s last remaining student housing properties. The Virginia Beach-based company will use the sale proceeds of Summit Place to fund development and acquisition opportunities in the conventional multifamily, mixed-use and grocery-anchored real estate sectors.

April 26, 2022

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