Acquisitions

Outshine Properties, Jadian Capital Buy Office Building Near Boston, Plan Life Sciences Conversion

by Taylor Williams April 8, 2022

WESTWOOD, MASS. — A partnership between two New York City-based investment firms, Outshine Properties and Jadian Capital, has acquired a 164,695-square-foot office building in the southern Boston suburb of Westwood with plans to convert the property to a life sciences facility. The sales price was $32 million. The four-story building is currently 73 percent leased to seven tenants. Robert Griffin, Edward Maher, Matthew Pullen and Samantha Hallowell of Newmark represented the seller, L&B Realty Advisors, in the transaction. William Sleeper, also with Newmark, arranged acquisition financing for the deal through J.P. Morgan. The new ownership expects to deliver 140,000 square feet of prebuilt lab space in the second quarter of 2023.

April 8, 2022

Acquisitions Industrial New Jersey Northeast

NAI Mertz Brokers Sale of 140,000 SF Industrial Building in Delanco, New Jersey

by Taylor Williams April 8, 2022

DELANCO, N.J. — NAI Mertz has brokered the sale of a 140,000-square-foot industrial building in Delanco, located outside of Philadelphia in Southern New Jersey. The building is currently leased to furniture maker Stylex Seating. Jonathan Klear, Roy Kardon, Jeff Licht, Jared Licht and Fred Meyer of NAI Mertz represented the undisclosed seller in the transaction. The team also represented the buyer, New Jersey-based investment firm Faropoint. The sales price was not disclosed.

April 8, 2022

Acquisitions Arizona Development Multifamily Western

Stillwater Capital Acquires Land Parcel in Mesa for 373-Unit Apartment Development

by Amy Works April 8, 2022

MESA, ARIZ. — Dallas-based Stillwater Capital Investments has purchased a 16.6-acre multifamily development site in Mesa from Lamar Cos. and Utah-based GFI-Mesa Investments for $11.1 million. The company plans to develop a Class A apartment community on the site. Located at 1445 S. Power Road and 1455 S. Clearview Ave., the development will feature 373 apartments. The site currently houses vacant retail structures that will be demolished prior to construction of the new community. The project team includes Omniplan, Brennan Ray of Burch & Crach, Ali Fakih of SEG and Andy Baron of ABLA. David Fogler and Steven Nicoluzakis of Cushman & Wakefield’s Multifamily Advisory Group in Phoenix represented the buyer in the deal.

April 8, 2022

Acquisitions Nevada Retail Western

Dreamwork Management Buys Crossroads at Sunset Retail Center in Henderson, Nevada for $28.7M

by Amy Works April 8, 2022

HENDERSON, NEV. — Dreamwork Management has acquired Crossroads at Sunset, a 13.9-acre multi-tenant retail center at the corner of Sunset Road and Stephanie Street in Henderson. SS Capital sold the asset for $28.7 million. Chris Clifford, Steve Neiger and Brett Rather of Colliers represented the seller in the transaction.

April 8, 2022

Acquisitions Industrial Net Lease Washington Western

Marcus & Millichap Brokers Sale of 47,983 SF Net-Leased Industrial Property in Yakima, Washington

by Amy Works April 8, 2022

YAKIMA, WASH. — Marcus & Millichap has arranged the sale/leaseback of Franz Bakery, a net-leased property in Yakima. A Seattle-based limited liability company acquired the distribution facility for $3.2 million. Clayton Brown, Peter Nisbet and Ruthanne Romero of the Brown Retail Group team of Marcus & Millichap’s Seattle office represented the seller, a limited liability company, while Brown also represented the buyer in the transaction. Located at 31 N. 4th Ave., the 47,983-square-foot property is used as a Franz Bakery distribution center.

April 8, 2022

Acquisitions Maryland Retail Southeast

Rappaport Purchases 433,720 SF Shopping Center in Northern Maryland

by Julia Sanders April 7, 2022

BEL AIR, MD. — A joint venture affiliated with Rappaport has purchased Festival at Bel Air, a 433,720-square-foot shopping center in the Harford County community of Bel Air. The seller and sales price were not disclosed. The shopping center was 94 percent occupied at the time of sale by 60 retailers, including anchor Klein’s ShopRite. Klein’s ShopRite has been at the center since its opening in 1990. Other tenants at the property include Kohl’s, Burlington, Marshalls, Petco and The Tile Shop.

April 7, 2022

Acquisitions Multifamily North Carolina Southeast

Asia Capital Real Estate Acquires Aven Apartments in Durham

by Julia Sanders April 7, 2022

DURHAM, N.C. — Asia Capital Real Estate (ACRE) has acquired Aven Apartments, a 144-unit multifamily property in Durham. Magma Equities sold the property for an undisclosed price. Aven Apartments offers one- and two-bedroom floorplans. Community amenities include a newly upgraded clubhouse and fitness center, swimming pool with sundeck, walking and bike trails, dog park, playground and onsite management with 24-hour maintenance. ACRE plans to launch a $3 million capital improvements and investment strategy at the property. In-unit renovations will include stainless steel appliances, new cabinets and hardware, tile backsplash, granite countertops in both kitchens and bathrooms and in-unit washers and dryers. Exterior improvements will include new siding, shutters, doors, pavement, lighting and other miscellaneous aesthetic additions. ACRE plans to also repurpose existing tennis courts into a courtyard area featuring grills, fire pit and a playground.

April 7, 2022

Acquisitions Multifamily Texas

Lightbulb Capital Acquires 390-Unit Cooper Apartments in Fort Worth

by Taylor Williams April 7, 2022

FORT WORTH, TEXAS — An affiliate of Lightbulb Capital Group, the family office of Los Angeles-based investor Jay Schuminsky, has acquired The Cooper, a 390-unit apartment community in Fort Worth’s Near Southside Medical District. Built in 2021, the property features studio, one-, two- and three-bedroom units with keyless entry systems, individual washers and dryers and private balconies/patios, as well as townhomes. Amenities include a pool, fitness center, outdoor grilling and dining areas, business center, fitness center, coworking lounge, media room and a pet lounge and wash area. Drew Kile, Joey Tumminello, Michael Ware, Taylor Hill, Jeffrey Kindorf and Will Balthrope of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller, Lang Partners, in the transaction. The team also procured Lightbulb Capital as the buyer.

April 7, 2022

Acquisitions Florida Office Southeast

CBRE Arranges $5.6M Sale of Cypress Creek Business Park in Fort Lauderdale

by Julia Sanders April 7, 2022

FORT LAUDERDALE, FLA. — CBRE has arranged the sale of Cypress Creek Business Park, two office and flex buildings totaling 55,825 square feet in Fort Lauderdale. Adler Development Acquisitions LLC purchased the property for $5.6 million. Tom O’Loughlin, Larry Genet and Michael Oretsky of CBRE represented the seller, Mississippi-based EastGroup Properties, in the transaction. Located at 6555 Powerline Road, the two buildings have multiple suites ranging from 2,000 square feet to 4,000 square feet. Constructed in 1985, the property received recent capital upgrades, including new roofs, landscaping, renovated suites, exterior LED lighting and striped and sealed parking lots. The property is situated close to Interstate 95 and the Florida Turnpike (State Road 91).

April 7, 2022

Acquisitions Indiana Midwest Retail

Sansone Group Sells 163,293 SF Shopping Center in Terre Haute, Indiana

by Kristin Harlow April 7, 2022

TERRE HAUTE, IND. — Sansone Group has sold Towne South Plaza, a 163,293-square-foot shopping center in the western Indiana city of Terre Haute. Wild Moose Ventures purchased the property for an undisclosed price. Sansone has managed and leased the property since 2002 and acquired the asset in 2015. The property has maintained strong occupancy over the years and underwent a major roof renovation. Some of the tenants include Ross Dress for Less, TJ Maxx, Dollar Tree and Best Buy. Grant Mechlin of Sansone, along with Ben Wineman and Rick Drogosz of Mid-America Real Estate Corp., brokered the transaction.

April 7, 2022

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