Acquisitions

Sterling Organization Acquires Grocery-Anchored Shopping Center in Chicago for $18.2M

by Kristin Harlow March 24, 2022

CHICAGO — Sterling Organization has acquired North Mayfair Commons, an 87,274-square-foot grocery-anchored shopping center in the North Mayfair neighborhood of Chicago, for $18.2 million. A 65,224-square-foot Jewel-Osco grocery store anchors the property. Other tenants include H&R Block and FedEx Kinko’s. Sterling Organization utilized its fund named Sterling United Properties II LP to purchase the property. The fund’s portfolio now spans approximately 1.2 million square feet of gross leasable area.

March 24, 2022

Acquisitions Illinois Midwest Multifamily

Interra Realty Brokers $12M Sale of Apartment Complex in Chicago’s Hyde Park

by Kristin Harlow March 24, 2022

CHICAGO — Interra Realty has brokered the sale of 5505 S. Dorchester Ave. in Chicago’s Hyde Park neighborhood for $12 million. Built in 2020, the 34-unit apartment complex features a covered garage with 20 parking spaces as well as 14 surface parking spaces. Brad Feldman of Interra represented the seller, a local developer, and the local buyer, an entity doing business as 5505 S. Dorchester LLC. The buyer plans to add a rooftop deck.

March 24, 2022

Acquisitions Midwest Retail Wisconsin

Faris Lee Investments Arranges $4.8M Sale of Retail Strip Center in Appleton, Wisconsin

by Kristin Harlow March 24, 2022

APPLETON, WIS. — Faris Lee Investments has arranged the sale of Eisenhower Crossing in Appleton for $4.8 million. The 28,125-square-foot retail strip center features two drive-thrus. Sola Salon Studios is the anchor tenant. Matt Brooks and Joe Chichester of Faris Lee represented the seller, Wisconsin-based Excel Properties LLC. The duo also procured the buyer, a California-based 1031 exchange investor. A local bank provided acquisition financing.

March 24, 2022

Acquisitions Indiana Midwest Multifamily

Marcus & Millichap Negotiates $2.9M Sale of Indiana Multifamily Portfolio

by Kristin Harlow March 24, 2022

MERRILLVILLE, IND. — Marcus & Millichap has negotiated the $2.9 million sale of a 32-unit multifamily portfolio in Merrillville, a city in Northwest Indiana. The portfolio is spread across eight buildings, which were constructed in the late 1980s and early 1990s. Units average 1,031 square feet. The portfolio was fully leased at the time of sale. Of the 32 units, 12 are Section 8 and 20 are market-rate. Aaron Kuroiwa, Jack Friskney and Austin Meeker of Marcus & Millichap represented the buyer and seller, both of which were limited liability companies.

March 24, 2022

Acquisitions Restaurant Retail Texas

Friedman Real Estate Arranges Sale of 530,000 SF Midway Mall in Sherman, Texas

by Taylor Williams March 24, 2022

SHERMAN, TEXAS — Michigan-based brokerage firm Friedman Real Estate has arranged the sale of Midway Mall, a 530,000-square-foot regional shopping and dining destination located in the North Texas city of Sherman. Anchored by department stores Dillard’s and Burlington, Midway Mall also houses tenants such as 3-D Entertainment, Art of Threading and Candy N Lots. Steven Silverman of Friedman Real Estate represented the undisclosed buyer, which plans to redevelop the property to feature a mix of uses. Specifics of the redevelopment plan were not disclosed.

March 24, 2022

Acquisitions Multifamily Texas

29th Street Capital Buys 284-Unit Highbank Apartments in Houston

by Taylor Williams March 24, 2022

HOUSTON — Chicago-based investment firm 29th Street Capital has purchased The Highbank, a 284-unit multifamily property located near Texas Medical Center in Houston. Built in 2017, the community offers amenities such as a pool, outdoor grilling areas, a fitness center and a clubhouse with a wine lounge and library. The new ownership plans to upgrade the unit interiors. The seller and sales price were not disclosed. Haven Residential, an affiliate of 29th Street Capital, will assume management of the property.

March 24, 2022

Acquisitions Florida Multifamily Southeast

Park Partners, Independencia Acquire Multifamily Property in Orlando for $77.8M

by Julia Sanders March 23, 2022

ORLANDO, FLA. — Park Partners Residential and Independencia Asset Management have acquired The Commons, a 280-unit multifamily property in Orlando, for $77.8 million. The property was purchased from real estate funds managed by Ares Management. Jubeen Vaghefi, Denny St. Romain and Charles Crapse of Cushman & Wakefield brokered the sale. The joint venture between Boca Raton, Fla.-based Park Partners Residential and Miami-based Independencia Asset Management received a $58.5 million construction loan. American Real Estate Capital provided the loan, which will be used to fund a full renovation of the property’s 280 units, clubhouse and amenity spaces. The joint venture will renovate the pool, clubhouse and fitness areas along with the add a game room, co-working offices, dog parks and dog wash, a car washing station and outdoor activity deck with grill stations. Additions will also include an array of wellness-focused amenities including a gym, sports court and a basketball court along with a cardio gym with yoga and spinning areas. Located at 8050 Gables Commons Drive, The Commons is situated 16.4 miles from downtown Orlando. The property is also 2.3 miles from the Walt Disney World Resort.

March 23, 2022

Acquisitions Maryland Office Southeast

Byrnes Brokers Sale of 15-Story Office Building in Downtown Baltimore, Buyer Plans Multifamily Conversion

by Julia Sanders March 23, 2022

BALTIMORE — Byrnes & Associates Inc. has brokered the sale of 210 North Charles St., a 15-story, 232,000-square-foot office tower in downtown Baltimore. An entity known as 210 N. Charles Owner LLC, a joint venture partnership formed by Baltimore-based residential developer Trademark Properties and local investor Prab Thangarajah, has acquired the property for $6 million. Artemis Properties sold the property. Brad Byrnes of Baltimore-based Byrnes & Associates represented the buyer in the transaction. Built in 1894, 210 North Charles St., also known as The Fidelity & Deposit Building, will be converted into a multifamily property with about 220 apartment units. The property’s new ownership group intends to start the renovation process next month. The project will have a mix of studio, one- and two-bedroom floorplans ranging from 500 to 2,000 square feet. Construction is slated to be completed by spring 2024. The development cost is expected to be $34 million. The project will also feature a street-level restaurant component, featuring a corner vault room complete with an outdoor seating area that overlooks Center Plaza. In addition, two or three retail spaces will be carved out of the street-level and leased to end users, and the project will have underground parking …

March 23, 2022

Acquisitions Alabama Retail Southeast

Cushman & Wakefield Arranges $14.9M Sale of Publix at Bristol Park in Metro Tuscaloosa

by Julia Sanders March 23, 2022

NORTHPORT, ALA. — Cushman & Wakefield has arranged the $14.9 million sale of Publix at Bristol Park, a 58,887-square-foot, grocery-anchored shopping center in Northport, about 1.6 miles from Tuscaloosa. The sales price was $14.9 million, or $254 per square foot. Margaret Jones and Lane Breedlove of Cushman & Wakefield represented the seller, Watkins Real Estate Group, in the transaction. The buyer was not disclosed. Publix at Bristol Park was 96 percent leased at the time of sale. Built in 2019, the property includes a Publix, which occupies most of the shopping center. Other tenants at the property include Great Clips, Dos Amigos Mexican Restaurant, a nail salon and a wine and liquor store. Located at 13556 Hwy 69 North, the property is close to the intersection of Ala. Highway 69 and Mitt Larry Road. The property is also 8.3 miles from the University of Alabama.

March 23, 2022

Acquisitions Multifamily Texas

Eagle Property Capital Buys Three Apartment Communities Totaling 840 Units in Dallas-Fort Worth

by Taylor Williams March 23, 2022

GRAPEVINE, RICHARDSON AND CARROLLTON, TEXAS — A fund backed by Mexico City-based private equity firm Eagle Property Capital Investments has acquired a trio of apartment communities totaling 840 units in the Dallas-Fort Worth metroplex. Mustang Villas is a 246-unit property in Grapevine that was built in 1974 and offers one-, two- and three-bedroom units that range in size from 530 to 1,310 square feet. Prestonwood Apartment Homes in Richardson was constructed in 1979 and offers 194 residences in one- and two-bedroom floor plans ranging between 788 and 1,222 square feet. Bella Vista, which is located in Carrollton and was built in 1981, features 400 units in one- and two-bedroom formats spanning between 600 and 1,189 square feet. Amenities at Mustang Villa include a business center, fitness center, community room, playground and a sports court. Prestonwood Apartment Homes and Bella Vista have amenity packages that include pools, fitness centers and outdoor picnic and grilling areas, while Prestonwood features a playground and Bella Vista a sports court. The new ownership plans to invest in various capital improvements throughout the three properties.Brad Williamson, Mitch Sinberg, Matt Robbins and Abigail Beauchamp of Berkadia secured acquisition financing on behalf of the buyer.

March 23, 2022

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