Acquisitions

Excelsa Acquire Multifamily Community in Goose Creek, South Carolina for $52.7M

by Julia Sanders February 17, 2022

GOOSE CREEK, S.C. — Bethesda, Md.-based Excelsa Properties has acquired Coventry Green Apartments, a 256-unit multifamily property located in Goose Creek. The undisclosed seller sold the property for $52.7 million. Coventry Green Apartments includes two- and three-story buildings. Built in 2001, the property offers one-, two- and three-bedroom floorplans. Community amenities include a car care center, saltwater pool, washer and dryer connections, billiards room, café with Wi-Fi and stainless steel appliances. Excelsa Properties intends to invest more than $5 million to upgrade the property. Located at 104 Gainsborough Drive, the property is situated 13.9 miles from North Charleston, 15.6 miles from Charleston International Airport and 22.7 miles to Charleston. The property is also close to major employers including Joint Base Charleston, The Medical University of South Carolina, The Boeing Co. and Volvo Car USA.

February 17, 2022

219-Rockingham-Road-Londonderry-New-Hampshire

Acquisitions Industrial New Hampshire Northeast

Provender Partners Buys Two Cold Storage Facilities Totaling 316,000 SF in New Hampshire

by Taylor Williams February 17, 2022

LONDONDERRY, N.H. — California-based investment firm Provender Partners has acquired two cold storage facilities totaling roughly 316,000 square feet in Londonderry, located south of Manchester. The 191,836-square-foot facility at 219 Rockingham Road features 24,000 pallet positions and 30-foot clear heights, while the 124,100-square-foot warehouse at 6 Rockingham Road offers 14,000 pallet positions and 30-foot clear heights. Both facilities house freezer, refrigerated dock and office space. Kevin Griffiths of Newmark represented Provender Partners in the off-market sale. Brian Pinch, also with Newmark, represented the seller, an undisclosed, New York-based investment firm.

February 17, 2022

Acquisitions Florida Multifamily Southeast

Thompson Thrift Sells 328-Unit Multifamily Community in Metro Orlando

by Julia Sanders February 17, 2022

DAVENPORT, FLA. — Thompson Thrift Residential, an affiliate of Indianapolis-based Thompson Thrift, has sold Thrive, a 328-unit multifamily community in Davenport. Minneapolis-based Timberland Partners purchased the property for an undisclosed amount. Scott Ramey, Brad Downing and Paul Grant of Newmark represented Thompson Thrift in the transaction. Thrive offers one-, two- and three-bedroom floorplans in 12 two-story and two four-story buildings. Unit features include a fireplace, stainless steel appliances, island kitchen, vinyl flooring and double vanities. Community amenities include an outdoor kitchen, swimming pool with cabanas, fitness center, yoga room, a dog park and pet spa. Completed in 2021, the property was 93 percent occupied at the time of sale. Located at 141 Thrive Road, Thrive is situated 11.8 miles from the Walt Disney World Resort and 37 miles from downtown Orlando. The property is also 27.5 miles from Orlando International Airport.

February 17, 2022

Acquisitions Industrial New York Northeast

Realterm Acquires 112,791 SF Warehouse in Armonk, New York

by Taylor Williams February 17, 2022

ARMONK, N.Y. — Global logistics operator Realterm has acquired a 112,791-square-foot warehouse in Armonk, located in Westchester County. The facility sits on a total of 5.5 acres, including 1.5 acres of undeveloped land for future expansion. Additional building features include 10,391 square feet of office space, 15 dock-high doors and two drive-in loading positions. Charlie Luce and John Meador of Casco Real Estate Partners represented Realterm in the transaction. The seller and sales price were not disclosed.

February 17, 2022

Acquisitions Georgia Retail Southeast

Marcus & Millichap Brokers $7M Sale of Promenade Shopping Plaza in Valdosta, Georgia

by Julia Sanders February 17, 2022

VALDOSTA, GA. — Marcus & Millichap has brokered the $7 million sale of Promenade Plaza, a 64,523-square-foot shopping center located in Valdosta. James Medefind, John Brigel, James Garner and Jim Shiebler of Marcus & Millichap represented the seller, an undisclosed limited liability company. Medefind of Marcus & Millichap represented the undisclosed buyer. Promenade Plaza was fully occupied at the time of sale to tenants including Shoe Carnival, Books-A-Million, Best Buy, Five Guys and Sleep Number. Located on 5.5 acres at 1705 Norman Drive, the property is situated adjacent to the Valdosta Mall, an indoor mall with tenants such as JC Penney, Belk and Envy Boutique. The property is also 2.5 miles from Valdosta State University and 20 miles north of the Georgia-Florida state line via Interstate 75.

February 17, 2022

Acquisitions Illinois Industrial Midwest

Clear Height Properties, Buligo Capital Acquire 265,000 SF Industrial Portfolio in Metro Chicago

by Kristin Harlow February 17, 2022

ILLINOIS — A joint venture between Clear Height Properties and Buligo Capital Partners has acquired a five-building industrial portfolio spanning 265,000 square feet in metro Chicago for an undisclosed price. The properties, built between 1982 and 2009, are located in Hoffman Estates, Schaumburg, Aurora and Bloomingdale. The portfolio is fully leased to Honda, Novaspect, BERNINA of America and Abrasive Form. The buyers plan to implement a capital improvement program to upgrade the HVAC and other interior systems, lighting, the roof and the general building envelope. Kurt Sarbaugh and John Huguenard of JLL represented the seller, Chicago-based Green Door Capital Investments LLC. Christopher Carroll and Lucas Borges of JLL arranged a five-year, fixed-rate acquisition loan through Bank Leumi USA.

February 17, 2022

Acquisitions Industrial Midwest Ohio

Industrial Commercial Properties, Jade-Sterling Steel Buy 200,000 SF Manufacturing Facility Near Cleveland

by Kristin Harlow February 17, 2022

BEDFORD HEIGHTS, OHIO — Industrial Commercial Properties (ICP), in a joint venture with Jade-Sterling Steel Co. Inc., has purchased a 200,000-square-foot manufacturing facility in Bedford Heights, a southeast suburb of Cleveland. The purchase price was undisclosed. Jade-Sterling plans to consolidate several locations into a new corporate headquarters at the property, which is located at 26400 Richmond Road. The company employs approximately 100 people, with 50 moving from Twinsburg to Bedford Heights. The facility will undergo an interior and exterior renovation to improve crane capacity and truck access and add office space. Jeffrey Calig and David Hexter of NAI Pleasant Valley represented Jade-Sterling and the seller. Denise Hahn of Weber Wood Medinger represented ICP.

February 17, 2022

Acquisitions Illinois Midwest Multifamily

Pensam Purchases 336-Unit Multifamily Community in Aurora, Illinois

by Kristin Harlow February 17, 2022

AURORA, ILL. — Multifamily real estate investment firm Pensam has purchased Butterfield Oaks, a 336-unit multifamily community in Aurora. Built in 2001, the property consists of 21 two-story buildings. Penam plans to upgrade unit interiors and common areas and utilize rent optimization software to help increase revenue. Amenities include a clubhouse, fitness center, outdoor pool, outdoor lounge and dog park. The seller and sales price were not provided.

February 17, 2022

Acquisitions Industrial Michigan Midwest NAI

NAI Wisinski of West Michigan Brokers Sale of 19,972 SF Industrial Building in Grand Rapids

by Kristin Harlow February 17, 2022

GRAND RAPIDS, MICH. — NAI Wisinski of West Michigan has brokered the sale of a 19,972-square-foot industrial building in Grand Rapids for an undisclosed price. The property is situated at 2882 Northridge Drive NW. Andrew Kapanowski and Doug Taatjes of NAI Wisinski represented the seller, Unisource Office Furniture Parts. Max Grover of Moxie represented the buyer, Lumber2Love, a manufacturer of high-quality wood furniture.

February 17, 2022

Acquisitions Arizona Multifamily Top Stories Western

IPA Arranges $193.5M Sale of Roadrunner on McDowell Multifamily Community in Scottsdale, Arizona

by Katie Sloan February 17, 2022

SCOTTSDALE, ARIZ. — Institutional Property Advisors (IPA) has arranged the $193.5 million sale of Roadrunner on McDowell, a 356-unit multifamily property in Scottsdale, roughly 12 miles outside Phoenix. The transaction marks the second-largest single-asset multifamily sale in Arizona history, according to IPA. The community was completed in 2022 by developer JLB Partners and is located within a 10-mile radius of major employers, including General Dynamics, HonorHealth, Vitalant, Yelp, Indeed, Banner Health and Opendoor. The buyer in the transaction was undisclosed. The property offers a mix of studio, one- and two-bedroom units with bed-to-bath parity. Shared amenities include a resort-style swimming pool and spa with private poolside cabanas; an outdoor entertainment area with seating, flatscreen televisions, a misting system and grilling stations; a zen garden; fitness center and yoga room; pet park; entertainment lounge; and co-working space with individual offices and a conference room. “The property was built to attract a top-tier resident profile of high-wage-earning professionals supported by 15,500-plus businesses within a 10-mile radius and Scottsdale’s outstanding citywide demographics,” says Steve Gebing, executive managing director with IPA. “Renter demand for South Scottsdale apartments has led to strong operational fundamentals and the imbalance of supply and demand is driving outsized forecasted rent growth.” …

February 17, 2022

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