Acquisitions

JLL Negotiates Sale of 361,095 SF Exeter Commons Shopping Center in Reading, Pennsylvania

by Taylor Williams April 20, 2022

READING, PA. — JLL has negotiated the sale of Exeter Commons, a 361,095-square-foot shopping center in the Eastern Pennsylvania city of Reading. Grocer Giant Food and Lowe’s Home Improvement anchor Exeter Crossing, which was built in 2009 and was 99.5 percent leased at the time of sale. Other tenants include Ross Dress for Less, PA Wine & Spirits, Five Below, Petco, Staples, Famous Footwear, America’s Best Contacts, Moe’s Southwest Grill, Red Robin, Supercuts and Mattress Firm. Christopher Munley, Jim Galbally and Colin Behr of JLL represented the undisclosed seller in the transaction. Wharton Realty Group purchased the center for an undisclosed price.

April 20, 2022

Acquisitions New York Northeast Office Retail

IPA Arranges $35M Loan for Leasehold Acquisition of Manhattan Office, Retail Building

by Taylor Williams April 20, 2022

NEW YORK CITY — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged a $35 million loan for the leasehold acquisition of 580 Broadway, a 141,645-square-foot office and retail building in Manhattan. Originally constructed in 1898, the 12-story building consists of 8,442 square feet of grade-level retail space, 7,292 square feet of below-grade retail space and 125,911 square feet of office space. Matthew Polci of Marcus & Millichap Capital Corp. and Steven Buchwald of IPA arranged the financing through Miami-based lender BridgeInvest. Justin Natalizio of The Anton Group negotiated the sale of the property via a long-term ground lease.

April 20, 2022

Acquisitions Industrial New Jersey Northeast

NAI Hanson Brokers Sale of 17,316 SF Industrial Building in Maywood, New Jersey

by Taylor Williams April 20, 2022

MAYWOOD, N.J. — NAI James E. Hanson has brokered the sale of a 17,316-square-foot industrial building in the Northern New Jersey community of Maywood. Jonathan Kristofich of NAI Hanson represented the seller, Maywood Realty Corp., in the transaction. David Williams of Weichert Commercial represented the buyer, an entity doing business as 217 Realty LLC. The sales price was not disclosed.

April 20, 2022

Acquisitions Florida Multifamily Southeast

Electra America, AKA Purchase Multifamily Building in West Palm Beach for $84M, Plan Hotel Conversion

by Julia Sanders April 19, 2022

WEST PALM BEACH, FLA. — Electra America Hospitality Group, a joint venture between Electra America and AKA, has purchased a new multifamily property in downtown West Palm Beach for $84 million, with plans to develop a 217-room hotel asset called AKA West Palm. Transwestern Development Co. sold the six-story property. Once redeveloped, AKA West Palm will offer rooms ranging from 351 square feet to over 840 square feet in size. Originally designed as micro-apartments, all suites and residences will have a kitchen or kitchenette to cater to longer-stay guests. The property will also feature 6,000 square feet of ground-floor retail space. Other amenities will include an indoor and outdoor lounge and bar, pool and deck, fitness center, conference room and smaller conference nooks, pet spa and a private residence lounge space for AKA members. The hotel is slated to open this summer. Located at 695 S. Olive Ave., the property is situated one mile from Palm Beach and about four miles from Palm Beach International Airport.

April 19, 2022

Acquisitions North Carolina Office Southeast

Serac Capital Partners Acquires Office Project in Cary, North Carolina for $19.3M

by Julia Sanders April 19, 2022

CARY, N.C. — Houston-based Serac Capital Partners has acquired 500 Gregson, a 106,047-square-foot office building in Cary, for $19.3 million. Ben Kilgore of CBRE represented the seller, Boston-based Albany Road Partners, in the transaction. Bill Dampier of Independent Financial provided an undisclosed amount of acquisition financing for the sale. The single-story building was originally a build-to-suit for American Airlines. The property is now 93 percent occupied by multiple tenants, including American Airlines. 500 Gregson is situated within MacGregor Park, a 108-acre business park with about 1 million square feet of office space. The park is about 97 percent occupied to public and private companies, including LORD Corp., ABB and Siemens.

April 19, 2022

Acquisitions Mississippi Multifamily Southeast

Marcus & Millichap Brokers Sale of 80-Unit Multifamily Property in New Albany, Mississippi

by Julia Sanders April 19, 2022

NEW ALBANY, MISS. — Marcus & Millichap has brokered the sale of The Gardens Apartments, an 80-unit community in New Albany. David Dorris and Bryan Sisk of Marcus & Millichap represented the undisclosed seller and procured the New York City-based buyer. Built in 2004, The Gardens offers one- and two-bedroom floorplans. Community amenities include a pool, fitness center, playground, grill, picnic area, pet care and laundry facilities. Located at 910 Kings Creed Road on 5.6 acres, the property is situated 35.5 miles from the University of Mississippi in Oxford.

April 19, 2022

Acquisitions Florida Industrial Southeast

Colliers Arranges $4M Sale of Industrial Complex in Fort Lauderdale

by Julia Sanders April 19, 2022

FORT LAUDERDALE, FLA. — Colliers has arranged the sale of a three-building warehouse and office complex totaling 20,820 square feet in Fort Lauderdale. Robert Listokin of Colliers represented the seller, an entity doing business as PRF Holdings LLC, and Levy Realty represented the undisclosed buyer. The sales price was $4 million. The property, dubbed the Southern Cross Portfolio, includes a 3,314-square-foot warehouse building, a 7,459-square-foot office/showroom/storage building and a 10,047-square-foot warehouse. PRF Holdings previously utilized the entire complex to manage its business. The buildings are situated adjacent to Lockhart Stadium and Fort Lauderdale Executive Airport.

April 19, 2022

Acquisitions Multifamily Texas

Magma Equities Acquires 1,361-Unit Multifamily Portfolio in Texas from Hilltop Residential

by Taylor Williams April 19, 2022

MANHATTAN BEACH, CALIF. — California-based investment firm Magma Equities has acquired a portfolio of 1,361 multifamily units that are located across various major markets in Texas from Houston-based Hilltop Residential. The sales price was not disclosed, nor were the specific names and locations of the properties. Institutional Property Advisors, a division of Marcus & Millichap, brokered the sale. The deal represents Magma Equities’ initial foray into the Houston and San Antonio multifamily markets and boosts the firm’s holdings in Dallas-Fort Worth to more than 2,000 units.

April 19, 2022

Acquisitions Multifamily Texas

Berkadia Arranges Sale of 319-Unit Apartment Community in Katy, Texas

by Taylor Williams April 19, 2022

KATY, TEXAS — Berkadia has arranged the sale of Boardwalk Lofts, a 319-unit apartment community in the western Houston suburb of Katy. Developed by Houston-based Sueba USA in 2021, Boardwalk Lofts offers one-, two- and three-bedroom units ranging in size from 520 to 1,914 square feet. Units feature stainless steel appliances, brushed nickel hardware, granite countertops, wood-style flooring and patios/balconies. Amenities include two pools, an outdoor kitchen with gas grills, business center, fitness center, coffee bar, walking trails and valet trash service. Jeffrey Skipworth, Kyle Whitney, Joey Rippel, Chris Young, Chris Curry and Todd Marix of Berkadia represented Sueba USA in the sale. The buyer and sales price were not disclosed.

April 19, 2022

Acquisitions Retail Texas

Triten Real Estate Begins Redevelopment of 300,000 SF Market Square Mall in Plano

by Taylor Williams April 19, 2022

PLANO, TEXAS — Texas-based development and investment firm Triten Real Estate Partners has begun the redevelopment of Market Square Mall, a 300,000-square-foot shopping and dining destination located north of Dallas in Plano. The firm originally acquired the 26-acre property, which was built in the mid-1980s, in January 2021. Plans for the redevelopment, which will be branded Assembly Park, currently call for 180,000 square feet of office space, 16,500 square feet of retail and restaurant space and 305 residential units, all of which will surround a central park. Agent Architecture and Michael Hsu Office of Architecture are handling design of the project, with GFF serving as the architect of record and lead designer of the multifamily component. Newmark is leasing the office space. Completion is slated for late 2023.

April 19, 2022

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