Acquisitions

Continental Realty Acquires Multifamily Community in Mount Pleasant, South Carolina for $28.3M

by Julia Sanders January 31, 2022

MOUNT PLEASANT, S.C. — Baltimore-based Continental Realty Corp. has acquired The Six Apartments, a 92-unit multifamily community located in Mount Pleasant, for $28.3 million. Tai Cohen of Cushman & Wakefield represented the undisclosed seller in the transaction. The asset was purchased via Continental Realty Fund V LP, a $210.8 million private equity fund focused on acquiring retail and multifamily properties in the Mid-Atlantic and Southeast regions. Developed by an affiliate of Origin Development Partners LLC, the Six offers studio, one- and two-bedroom floorplans ranging from 574 to 1,154 square feet of space. Built in 2018, unit features include granite kitchen and bathroom countertops, custom cabinetry, hardwood flooring, tile backsplashes, pendant lighting, walk-in closets, ceiling fans throughout, in-unit washers and dryers, stainless steel appliances, garden tubs and balconies. Community amenities include an outdoor pool, clubhouse with conference center, health and fitness center, pet park, bike and kayak storage area, private garages and a recreational area with an outdoor kitchen, movie screen wall and firepit. The three-story community was 97 percent occupied at the time of sale. Located at 2170 Snyder Circle, the property is situated near top employers including Joint Base Charleston, Medical University of South Carolina, The Boeing Co. and …

January 31, 2022

Acquisitions Multifamily Texas

Berkadia Negotiates Sale of Two Houston Multifamily Properties Totaling 687 Units

by Taylor Williams January 31, 2022

HOUSTON — Berkadia has negotiated the sale of The Alora and The Ellis, two multifamily properties totaling 687 units in Houston. The 400-unit Alora offers studio, one-, two- and three-bedroom units and amenities such as a pool, fitness center, business center, sport court, playground and a dog park. The 287-unit Ellis features one-, two- and three-bedroom units that range in size from 721 to 1,147 square feet. Its amenity package consists of a pool with a sundeck, picnic and grilling stations, a clubhouse with a coffee bar, event and party room and onsite laundry facilities. Joey Rippel, Chris Young, Jeffrey Skipworth, Kyle Whitney, Todd Marix and Chris Curry of Berkadia represented the seller, locally based investment firm Barvin, in the transaction. Houston-based Indus Management acquired the assets for an undisclosed price.

January 31, 2022

Acquisitions Georgia Office Southeast

CBRE Brokers $28.1M Sale of Medical Office Building in Metro Atlanta

by Julia Sanders January 31, 2022

KENNESAW, GA. — CBRE has brokered the $28.1 million sale of a medical office building located at 187 Chastain Road NW in Kennesaw, about 26.7 miles north of downtown Atlanta. Lee Asher, Chris Bodnar, Jordan Selbiger, Ryan Lindsley, Sabrina Solomiany and Zack Holderman of CBRE represented the seller, PLSQ Chastain, an entity comprising investors from Quintus and Pope & Land Real Estate. Renasant Bank provided acquisition financing on behalf of the undisclosed buyer. Piedmont Healthcare Inc. fully occupies the entire property on a new long-term lease. CBRE represented Piedmont Healthcare in the lease transaction. In 2021, Pope & Land developed the 39,642-square-foot building as a build-to-suit for Piedmont. The property includes a linear accelerator and includes imaging, infusion and radiation and oncology suites for cancer treatment on the first floor. The second floor includes more than 30 exam rooms for multiple specialties. Brasfield Gorrie was the contractor for the facility, and EYP was the architect.

January 31, 2022

Acquisitions Midwest Missouri Multifamily

Berkadia Arranges Sale of 408-Unit Apartment Property in Farmington, Missouri

by Kristin Harlow January 31, 2022

FARMINGTON, MO. — Berkadia has arranged the sale of The Avery in Farmington, about 75 miles south of St. Louis. The sales price was undisclosed. The 408-unit multifamily property offers convenient access to Parkland Health Center and Farmington Regional Airport. Andrea Kendrick, Ken Aston and Bobby Mills of Berkadia St. Louis represented the seller, Montana-based Braxton Development. Minnesota-based Timberland Partners was the buyer.

January 31, 2022

Acquisitions Midwest Minnesota Multifamily

Monument Capital Management Acquires Apartment Community in Suburban Minneapolis for $19.7M

by Kristin Harlow January 31, 2022

BROOKLYN PARK, MINN. — Monument Capital Management, an A-Rod Corp. company, has acquired Ridgebrook Apartments in Brooklyn Park, a northern suburb of Minneapolis. The purchase price was $19.7 million. The 144-unit apartment community is located at 5840 73rd Ave. Built in 1969, the property features amenities such as a clubhouse, fitness center, pool, playground and barbecue area. Monument plans to upgrade the common areas and units. Ted Brickel of Colliers represented the seller, North Shore Development Partners. Monument, which purchased the community in a joint venture with unnamed private investors, now owns and manages five multifamily assets in Minnesota totaling 747 units. Baseball star Alex Rodriguez and Ramon Corona founded Monument Capital Management in 2012.

January 31, 2022

Acquisitions Illinois Midwest Retail

Marcus & Millichap Brokers $7.3M Sale of Retail Center in Wheaton, Illinois

by Kristin Harlow January 31, 2022

WHEATON, ILL. — Marcus & Millichap has brokered the sale of Shops of Wheaton for $7.3 million. The 79,151-square-foot retail center is located at 1101 Butterfield Road in Wheaton, about 25 miles west of Chicago. The property is 91 percent occupied, and anchor tenants include Anytime Fitness and Fox Bowl. Adrian Mendoza, Austin Weisenbeck and Sean Sharko of Marcus & Millichap represented the seller, a local private investor. Weisenbeck, Sharko and colleague Kevin Wiersema secured and represented the buyer, a New Jersey-based limited liability company.

January 31, 2022

Acquisitions New York Northeast Retail

CBRE Negotiates $79.5M Sale of Shopping Center in Chappaqua, New York

by Taylor Williams January 31, 2022

CHAPPAQUA, N.Y. — CBRE has negotiated the $79.5 million sale of Chappaqua Crossing, a 120,986-square-foot shopping center located in New York’s Westchester County that is part of the redevelopment of the 114-acre former Reader’s Digest headquarters campus. Tenants at the newly built center include anchors Whole Foods Market and Life Time Fitness, as well as Starbucks and Chase Bank. Jeffrey Dunne, David Gavin, Steve Bardsley, Jeremy Neuer and Travis Langer of CBRE represented the seller, a joint venture between global investment advisor Summit Development and The Grossman Cos., in the transaction. The team procured an undisclosed investment management firm as the buyer.

January 31, 2022

Acquisitions Massachusetts Northeast Retail

Sterling Organization Acquires Metro Boston Retail Property for $44.3M

by Taylor Williams January 31, 2022

BRAINTREE, MASS. — The Sterling Organization, a Florida-based investment firm, has acquired Stop & Shop Plaza, a 173,798-square-foot retail property located on an 18.7-acre site in the southern Boston suburb of Braintree, for $44.3 million. Grocer Stop & Shop anchors the property, which also houses tenants such as CVS Pharmacy, Town Fair Tire, The Paper Store and Crunch Fitness. Nat Heald, Chris Angelone and Zach Nitsche of JLL represented the undisclosed seller in the transaction.

January 31, 2022

Acquisitions California Office Western

Hines Acquires Four-Building Liberty Station Office Campus in San Diego

by Amy Works January 31, 2022

SAN DIEGO — Hines Global Income Trust has purchased Liberty Station, a four-building office campus located in the Old Town/Point Loma submarket of San Diego. Terms of the transaction were not released. The 187,000-square-foot campus is situated on the waterfront within a 360-acre mixed-use site with convenient access to major employment nodes and the San Diego International Airport. The site also features more than 100 walkable amenities, 349 residential units, a golf club, retail shops, restaurants, the Liberty Public Market and 125 acres of parks and recreation space.

January 31, 2022

Acquisitions Massachusetts Northeast Retail

Marcus & Millichap Brokers $13.4M Sale of Shopping Center in Gloucester, Massachusetts

by Taylor Williams January 31, 2022

GLOUCESTER, MASS. — Marcus & Millichap has brokered the $13.4 million sale of Cape Ann Marketplace, a 102,977-square-foot shopping center in the coastal Massachusetts city of Gloucester. Grocer Shaw’s serves as the center’s anchor tenant. Jim Koury and Alex Quinn of Marcus & Millichap represented the seller and sourced the buyer, both of which requested anonymity, in the transaction.

January 31, 2022

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