Acquisitions

Crescent Communities Sells 375-Unit Novel Lucerne Apartments in Orlando

by John Nelson May 31, 2022

ORLANDO, FLA. — Crescent Communities has sold Novel Lucerne, a 375-unit apartment community in Orlando, to Knightvest Capital and funds managed by Oaktree Capital Management LP. Newmark brokered the transaction, the sales price of which was not disclosed. Floor plans at Novel Lucerne come in a mix of one-, two- and three-bedroom configurations. Amenities include a resort-style pool with grilling stations; resident lounge with event kitchen and workspaces; fitness center with a separate group and spin fitness room; dog park; and resident art gallery. Ground-floor retail tenants include natural grocery chain Earth Fare and fitness concept Eat the Frog Fitness. Located at the intersection of Orlando’s SoDo and downtown neighborhoods, Novel Lucerne provides residents with access to shopping, dining and parks. The area is also within walking distance of the Orlando Health Campus, Lake Lucerne and the Dr. Phillips Center for the Performing Arts. Development Partners included general contractor Brasfield & Gorrie, architectural firm The Preston Partnership, civil engineer GAI Consultants, landscaping architect Dix.Hite Partners and interior designer Vignetter. Novel Lucerne is one of 10 multifamily communities that Crescent has developed in Florida.

May 31, 2022

Acquisitions Georgia Net Lease Restaurant Southeast

Marcus & Millichap Brokers $3.5M Sale of Metro Atlanta Restaurant Site Leased to Chick-fil-A

by John Nelson May 31, 2022

SUWANEE, GA. — Marcus & Millichap has brokered the $3.5 million sale of a single-tenant, net-leased restaurant in metro Atlanta ground leased to Chick-fil-A. Built in 2007, the property is located on a 1.2-acre lot at 1035 Peachtree Industrial Blvd. in Suwanee. A locally based, privately held buyer purchased the restaurant through a 1031 exchange in an all-cash transaction. Don McMinn of Marcus & Millichap’s Taylor McMinn Retail Group brokered the deal. “This transaction demonstrates the strong demand for trophy net-lease assets and the peak pricing they are commanding despite inflation and interest rate hikes,” says McMinn.

May 31, 2022

Acquisitions Multifamily Texas

Weidner Acquires 644-Unit Harmony Hills Apartments in Metro Dallas

by Taylor Williams May 31, 2022

ROWLETT, TEXAS — Seattle-based Weidner Apartment Homes has acquired Harmony Hill, a 644-unit multifamily development located in the northeastern Dallas suburb of Rowlett. The community offers one-, two- and three-bedroom units that are furnished with stainless steel appliances, granite countertops, tile backsplashes, built-in desks and covered balconies. Amenities include two pools, an entertainment and media room, fitness center, outdoor grilling stations, a coworking lounge, dog park, resident clubhouse and walking trails. Kevin O’Boyle of CBRE brokered the deal. The seller was Huffines Communities. The property traded off-market for an undisclosed price.

May 31, 2022

Acquisitions Midwest Nebraska Retail

First National Realty Partners Buys 221,000 SF Shopping Center in Omaha

by Kristin Harlow May 31, 2022

OMAHA, NEB. — First National Realty Partners has purchased The Shoppes at Grayhawk in Omaha for an undisclosed price. The 221,000-square-foot shopping center is located on West Maple Road. A 140,000-square-foot Lowe’s anchors the property. Additional tenants include Michaels, Dollar Tree, Chipotle, Jimmy John’s and First Watch. Ben Snyder and Zack Bates of Matthews Real Estate Investment Services represented the undisclosed seller.

May 31, 2022

Acquisitions Illinois Industrial Midwest

Coldwell Banker Commercial Arranges $9.4M Sale of Industrial Building in Champaign, Illinois

by Kristin Harlow May 31, 2022

CHAMPAIGN, ILL. — Coldwell Banker Commercial has arranged the sale of a 194,380-square-foot industrial building in Champaign for $9.4 million. Constructed in 2006, the property is located at 3310 N. Duncan Road. The facility features six dock-high doors, one drive-in door and onsite parking. A.J. Thoma III of Coldwell Banker Commercial Devonshire Realty represented the undisclosed seller. The buyer was also not released.

May 31, 2022

Acquisitions Illinois Industrial Midwest

Venture One Acquires 49,330 SF Industrial Building in St. Charles, Illinois in Sale-Leaseback Transaction

by Kristin Harlow May 31, 2022

ST. CHARLES, ILL. — In a sale-leaseback transaction, Venture One Real Estate has acquired a 49,330-square-foot industrial building in St. Charles, about 40 miles west of Chicago. The sales price was undisclosed. Constructed in 1997, the property features three exterior docks, one drive-in door and parking for 100 cars. Ted Gates and David Prell of CBRE represented the unnamed seller. Venture One utilized its acquisition fund, VK Industrial V LP, which is a partnership between Venture One and Kovitz Investment Group.

May 31, 2022

Acquisitions Illinois Midwest Retail

Quantum Brokers $2.1M Sale of Retail Center in Hainesville, Illinois

by Kristin Harlow May 31, 2022

HAINESVILLE, ILL. — Quantum Real Estate Advisors Inc. has brokered the $2.1 million sale of a multi-tenant retail center located on East Belvidere Road in Hainesville, a city in Northeast Illinois. At the time of sale, the property was leased by Starbucks, Chicago’s Red Hots, Luxe Salon and Lakemoor Dental. Jason Lenhoff of Quantum represented the seller, a locally based private investor. A Wisconsin-based private investor was the buyer.

May 31, 2022

Acquisitions Multifamily Texas

Westmount Realty Capital Sells 376-Unit Apartment Community in Southeast Houston

by Taylor Williams May 31, 2022

HOUSTON — Dallas-based investment firm Westmount Realty Capital has sold Westmount at Summer Cove, a 376-unit apartment community in southeast Houston. Units come in one- and two-bedroom formats and average 729 square feet. The amenity package comprises two pools, a playground, fitness center, leasing office with a coffee bar and open green spaces. Westmount acquired the asset in 2015 and implemented a value-add program that added features such as brushed nickel hardware, new lighting fixtures, resurfaced countertops and vinyl wood plank flooring. The buyer and sales price were not disclosed.

May 31, 2022

Acquisitions Multifamily New York Northeast

GAIA Real Estate Buys Manhattan Multifamily Portfolio for $34.7M

by Taylor Williams May 31, 2022

NEW YORK CITY — Locally based investment firm GAIA Real Estate has purchased a portfolio of three multifamily buildings totaling 56 units on Manhattan’s Lower East Side for $34.7 million. The residential portfolio, which primarily offers two- and three-bedroom units and was fully occupied at the time of sale, includes five retail spaces. Guthrie Garvin, Jack Norton, Rob Knakal and Jon Hageman of JLL represented the seller, SMA Equities, in the transaction.

May 31, 2022

Acquisitions Life Sciences New York Northeast

CBRE Negotiates $26M Sale-Leaseback of Life Sciences Complex in Tarrytown, New York

by Taylor Williams May 31, 2022

TARRYTOWN, N.Y. — CBRE has negotiated the $26 million sale-leaseback of a 276,000-square-foot life sciences complex located in Tarrytown, a northern suburb of New York City. Jeffrey Dunne, Steven Bardsley, Travis Langer, Alyssa Fricke, David Opper and Jeff Babikian of CBRE represented the seller, BASF Corp., which will lease back a portion of the space at the two-building complex. CBRE also procured the buyer, an affiliate of Northpath Investments. The property was 52 percent leased at the time of sale, inclusive of BASF’s occupancy and a separate lease with Northwell Health System. Michael Klein and Max Custer of JLL arranged acquisition financing through Prime Finance for the deal.

May 31, 2022

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