Acquisitions

IPA Brokers $21.3M Sale of Dolce Villagio Lofts in Tempe, Arizona

by Amy Works July 28, 2022

TEMPE, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Dolce Villagio Lofts, a multifamily townhome community in Tempe, for $21.3 million. IPA’s Steve Gebing and Cliff David represented the seller, Scottsdale-based Bascom Arizona Ventures LLC, and procured the undisclosed buyer. Built in 2007, Dolce Villagio Lofts comprises seven residential buildings and 37 two- and three-bedroom townhome units with two-car garages and an average unit size of 1,437 square feet. Community amenities include a swimming pool and spa.

July 28, 2022

Acquisitions California Retail Western

Faris Lee Arranges $17.3M Sale of La Verne Plaza in Metro Los Angeles

by Amy Works July 28, 2022

LA VERNE, CALIF. — Faris Lee Investments has arranged the $17.3 million sale of La Verne Plaza, a retail center located in the Los Angeles County community of La Verne. Shaun Riley and Nick Miller of Faris Lee represented the undisclosed seller and procured the San Gabriel Valley-based buyer in the all-cash transaction. The property is shadow-anchored by Stater Brothers and In-N-Out Burger.

July 28, 2022

Acquisitions California Retail Western

300 Venture Group Buys 155,920 SF Former JCPenney Site in Pleasanton, California

by Amy Works July 28, 2022

PLEASANTON, CALIF. — 300 Venture Group (3VG), along with its undisclosed capital partner, has purchased the former JCPenney site at 1500 Stoneridge Mall Road in Pleasanton. Terms of the acquisition were not released. The 155,920-square-foot building is located on 9.8 acres of prime real estate in a high-barrier-to-entry market. The acquisition is a consistent with 3VG’s mission of profitably repositioning assets to maximize their value and create vibrant communities. Nicholas Bicardo of Newmark represented the seller in the transaction.

July 28, 2022

Acquisitions Multifamily Texas

TMG Negotiates Sale of 171-Unit Apartment Complex in Waco

by Taylor Williams July 28, 2022

WACO, TEXAS — Dallas-based brokerage firm The Multifamily Group (TMG) has negotiated the sale of The 901, a 171-unit apartment complex in Waco. Built in 1973, the garden-style property offers one- and two-bedroom units ranging in size from 711 to 958 square feet. Amenities include two pools, a fitness center, outdoor grilling and dining areas and onsite laundry facilities. Paul Yazbeck and Jon Krebbs of TMG represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

July 28, 2022

Acquisitions Hospitality Texas

NewcrestImage Acquires 135-Room TownePlace Suites Dallas Las Colinas Hotel

by Taylor Williams July 28, 2022

IRVING, TEXAS — Locally based hospitality owner-operator NewcrestImage has acquired the 135-room TownePlace Suites Dallas Las Colinas Hotel in Irving. The Marriott-branded property, which offers studio, one- and two-bedroom suites, opened in 1998 and was last renovated in 2014. Amenities include an outdoor pool and a fitness center. NewcrestImage plans to expand upon those capital improvements with additional upgrades to guestrooms and common areas.

July 28, 2022

Acquisitions Affordable Housing Loans Maryland Multifamily Southeast

Walker & Dunlop Provides $105M Acquisition Loan for Affordable Housing Community in Metro D.C.

by John Nelson July 28, 2022

LANDOVER HILLS, MD. — Walker & Dunlop has provided a $105 million acquisition loan for The Verona at Landover Hills, a 727-unit multifamily community located in the Washington, D.C., suburb of Landover Hills in Prince George’s County. Walker & Dunlop’s John Gilmore and his team structured the acquisition financing through Fannie Mae’s Multifamily Affordable Housing platform on behalf of the buyer, a joint venture between Dantes Community Partners and the Urban Investment Group (UIG) within Goldman Sachs Asset Management. Built in 1966, The Verona previously operated as a traditional market-rate community but Dantes and UIG entered into an agreement with Prince George’s County Department of Housing & Community Development at closing where new affordability restrictions were placed on the asset. The 30-acre property consists of 25 four-story apartment buildings with 91 separately addressed entryways. Units feature new stainless steel appliances and upgraded cabinetry and countertops.

July 28, 2022

Acquisitions Florida Retail Southeast

CBRE Brokers Sale of Publix-Anchored Shopping Center in Gainesville, Florida

by John Nelson July 28, 2022

GAINESVILLE, FLA. — CBRE has brokered the sale of Gainesville Shopping Center, a 182,298-square-foot, Publix-anchored shopping center in Gainesville. An affiliate of Essential Growth Properties purchased the asset from a joint venture between Forge Capital Partners and Sembler for an undisclosed price. Casey Rosen and Dennis Carson of CBRE represented the seller in the transaction. Situated along North Main Street near downtown Gainesville and the University of Florida, Gainesville Shopping Center’s tenant roster includes Citi Trends, Mainstreet Beauty Max and Career Source Florida.

July 28, 2022

Acquisitions Midwest Missouri Multifamily

Berkadia Brokers Sale of 151-Unit Multifamily Community in St. Louis

by Kristin Harlow July 28, 2022

ST. LOUIS — Berkadia has brokered the sale of The Oliver in St. Louis for an undisclosed price. The newly built multifamily community features 151 units and is situated within an opportunity zone. Bobby Mills, Andrea Kendrick and Ken Aston of Berkadia represented the sellers, Missouri-based Larson Capital Management and Ridgehouse Cos. Bob Falese and Jeremy Lynch of Berkadia arranged acquisition financing on behalf of the buyer, Fortbridge Capital Partners.

July 28, 2022

Acquisitions Mixed-Use New York Northeast

JLL Negotiates $33.7M Sale of Manhattan Commercial Portfolio

by Taylor Williams July 28, 2022

NEW YORK CITY — JLL has negotiated the $33.7 million sale of a portfolio of three commercial properties in Manhattan’s Lenox Hill neighborhood. The building at 1026 Third Ave. comprises a ground-level restaurant, second-floor office space, one duplex and one residential loft. The two buildings at 1020-1024 Third Ave. total 19,375 square feet and consist of 25 residential units and three commercial spaces. Clint Olsen and Stephen Godnick of JLL represented the buyer, Kahen Properties, in the transaction. JLL also represented the seller in the $24 million disposition of 1020-1024 Third Avenue. Nick Judson of Judson CRE represented the seller of 1026 Third Avenue, which fetched a price of $9.7 million.

July 28, 2022

Acquisitions New Jersey Northeast Office

Newmark Brokers $26.5M Sale of Office Portfolio, Land Sites in Hamilton, New Jersey

by Taylor Williams July 28, 2022

HAMILTON, N.J. — Newmark has brokered the $26.5 million sale of a portfolio of six office buildings totaling 237,834 square feet and two land sites totaling 12.8 acres in the Central New Jersey community of Hamilton. More specifically, the holdings comprise two office buildings with excess developable acreage, two parcels within Horizon Center North and one office building plus three office/flex buildings within Horizon Center Business Park. Steven Schultz, Stephen Tolkach, Tony Georgiev and Robert Loderstedt of Newmark represented the seller, Denholtz Properties, in the transaction. The buyer was Cammeby’s International Inc. The buildings were 71 percent leased at the time of sale.

July 28, 2022

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