Acquisitions

IPA Brokers Sale of 372-Unit Alexan Summit Apartments in Fort Worth

by Taylor Williams February 2, 2022

FORT WORTH, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Alexan Summit, a 372-unit apartment community in Fort Worth. Built in 2018 in between the West Seventh and Near Southside Medical districts, the property features studio, one- and two-bedroom units with an average size of 866 square feet. Select units offer terraces, balconies or private yards. Amenities include a pool, fitness center, clubhouse, coffee bar, business center, pet park and an Amazon package locker system. Drew Kile, Joey Tumminello, Michael Ware, Taylor Hill, Jeffrey Kindorf and Will Balthrope of IPA represented the seller, a partnership between an affiliate of Trammell Crow Residential and Phoenix Capital Management LLC, in the transaction. The buyer, a partnership between Busboom Group and Archwood Real Estate, has rebranded the property as The Drake on Summit. The property was 96 percent occupied at the time of sale.

February 2, 2022

Acquisitions Retail Texas

Disney Investment Group Negotiates Sale of 129,129 SF Shopping Center in Metro Dallas

by Taylor Williams February 2, 2022

LEWISVILLE, TEXAS — Locally based brokerage firm Disney Investment Group (DIG) has negotiated the sale of Lewisville West, a 129,129-square-foot shopping center located on the northern outskirts of Dallas. Anchored by El Rancho Supermercado, the center was 79 percent leased at the time of sale to tenants such as Liquor Den, Jefferson Dental, Verizon, Cricket Wireless and Starbucks. David Disney and Adam Crockett of DIG represented the undisclosed seller and procured the buyer, Chicago-based Newport Capital Partners, in the transaction.

February 2, 2022

Acquisitions Multifamily New York Northeast

Adirondack Capital Partners Arranges $142.5M Sale of Upstate New York Multifamily Portfolio

by Taylor Williams February 2, 2022

COHOES AND SARATOGA SPRINGS, N.Y. — New York City-based brokerage firm Adirondack Capital Partners has arranged the $142.5 million sale of a portfolio of three multifamily properties totaling 415 units in Upstate New York. The first property in the portfolio is a 222-unit community located at 100 Waters View Circle in Cohoes, located outside of Albany. The other two properties, the 48-unit Pavilion Grand Executive Apartments and the 145-unit Hamlet at Saratoga Springs, are located north of the state capital in Saratoga Springs. Locally based investment firm Prime Cos. sold the portfolio to Aker, an investment firm based in Beacon, New York.

February 2, 2022

Acquisitions Industrial New Jersey Northeast

Duke Realty Acquires 469,600 SF Warehouse in Piscataway, New Jersey

by Taylor Williams February 2, 2022

PISCATAWAY, N.J. — Indianapolis-based Duke Realty (NYSE: DRE) has acquired a 469,600-square-foot warehouse in the Northern New Jersey community of Piscataway. Constructed on 65 acres in 2019, the property serves as a storage and distribution center for Kiss Nail Products Inc. Building features include a clear height of 40 feet, 100 dock doors and 130-foot truck court depths. Thomas Kirczow of NAI DiLeo-Bram represented the undisclosed seller in the transaction. The sales price was also not disclosed.

February 2, 2022

Acquisitions Development Multifamily New York Northeast

JLL Negotiates $54M Sale of Multifamily Development Site in Brooklyn

by Taylor Williams February 2, 2022

NEW YORK CITY — JLL has negotiated the $54 million sale of a multifamily development site located at 555 Broadway in the Williamsburg neighborhood of Brooklyn. Brendan Maddigan, Stephen Palmese, Ethan Stanton, Michael Mazzara and Winfield Clifford of JLL represented the seller, The Collective, a co-living operator based in the United Kingdom, in the transaction. The team also procured the buyer, a joint venture between The Loketch Group, The Joyland Group and Meral Property Group that plans to develop a 250,000-square-foot community with retail space. In addition, a portion of the units will be reserved as affordable housing. A construction timeline was not disclosed.

February 2, 2022

Acquisitions Industrial Northeast Pennsylvania

J.G. Petrucci Buys 107,310 SF Industrial Building in Easton, Pennsylvania

by Taylor Williams February 2, 2022

EASTON, PA. — J.G. Petrucci Co. Inc. has purchased a 107,310-square-foot industrial building located at 3 Danforth Drive in the Lehigh Valley city of Easton. The building sits on 10.6 acres and includes 34 loading dock positions and just under an acre of outdoor storage space. J.G. Petrucci is currently renovating the building, which will be available for leasing in July. Kevin Hagenberg of SSH Real Estate brokered the deal. The seller and sales price were not disclosed.

February 2, 2022

Acquisitions California Multifamily Seniors Housing Western

IRA Capital Buys 160-Unit Seniors Housing Portfolio in Northern California for $106.5M

by Amy Works February 2, 2022

DUBLIN AND NOVATO, Calif. — Southern California private equity firm IRA Capital has acquired two newly constructed assisted living and memory care facilities totaling 160 units in the Northern California cities of Dublin and Novato for $106.5 million. An active player in the medical office, life sciences and ambulatory surgery space, IRA Capital is growing and diversifying its healthcare real estate portfolio by expanding into seniors housing in high-barrier-to-entry markets on the West Coast. Elegance Senior Living operates the two Class A communities. Elegance at Dublin is an 80-unit community located within walking distance from a variety of shopping centers and restaurants, several hospitals and directly across the street from the Dublin Senior Center. Elegance Hamilton Hill in Novato is an 80-unit community situated in the heart of Hamilton Field’s 414-acre master planned community near shopping centers, restaurants and medical facilities. “The launch of our new seniors housing vertical is consistent with IRA’s goal of pursuing best-in-class assets that drive long-term growth for our investors, while providing quality services for the community,” says IRA Capital co-founder Jay Gangwal. IRA Capital has allocated approximately $1 billion to acquire over 2,000 seniors housing units over the next couple years. As part of …

February 2, 2022

Acquisitions Office Utah Western

Arden Group, Vesta Realty Partners Buy 125,000 SF Younique Headquarters in Lehi, Utah

by Amy Works February 2, 2022

LEHI, UTAH — Arden Group, in partnership with Vesta Realty Partners, has purchased an office building located at 3400 W. Mayflower Ave. in Lehi. Terms of the transaction were not released. Younique, a health and wellness direct sales firm, fully occupies the 125,000-square-foot property on a lease basis through 2026. Situated on 7.1 acres, Stack Real Estate developed the asset in 2016 as a fully amenitized corporate campus and showcase property for Younique. The property features 25,000-square-foot floor plates, a full-size commercial kitchen, cafeteria, lounge, outdoor seating, auditorium, five balconies with seating, full-service salon and R&D lab.

February 2, 2022

Acquisitions Idaho Multifamily Seniors Housing Western

Blueprint Arranges Sale of 167-Unit Seniors Housing Community in Nampa, Idaho

by Amy Works February 2, 2022

NAMPA, IDAHO — Blueprint Healthcare Real Estate Advisors has arranged the sale of a seniors housing community in the Boise suburb of Nampa. The single-story community features 107 independent living units, 18 assisted living units and 42 licensed skilled nursing beds. The REIT owner and operator collectively decided to divest the property, as it was the operator’s only Idaho location. Cascades Healthcare acquired the asset for an undisclosed price.

February 2, 2022

Acquisitions Office Washington Western

Marcus & Millichap Negotiates $4.3M Sale of Shoreline Park Office Building in Shoreline, Washington

by Amy Works February 2, 2022

SHORELINE, WASH. — Marcus & Millichap has arranged the sale of Shoreline Park, an office building located at 19940 Ballinger Way NE in Shoreline. A private investor sold the asset to an undisclosed buyer for $4.3 million. Shoreline Park features 13,503 square feet of office space. At the time of sale, the property was 85 percent occupied by a mix of professional tenants. John Marks and Stren R. Lea of Marcus & Millichap’s Seattle office represented the seller in the deal.

February 2, 2022

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