Acquisitions

Global One Real Estate Acquires 357-Unit Affordable Housing Building in The Bronx

by Taylor Williams January 26, 2022

NEW YORK CITY — Global One Real Estate Fund, an affiliate of New York-based Nelson Management Group, has acquired Evergreen Gardens, a 357-unit affordable housing building in the Soundview neighborhood of The Bronx, for $15.5 million. The two-building, transit-oriented property includes 253 parking spaces. Daniel Parker of Hodges Ward Elliott represented the seller, New York City-based Milstein Properties, in the transaction. The New York City Housing Development Corp. provided $23.6 million in permanent financing to cover the acquisition of the property, as well as to fund capital improvements and preserve affordability,

January 26, 2022

Acquisitions Illinois Midwest Retail

Joint Venture Acquires 160,301 SF Grocery-Anchored Shopping Center in Suburban Chicago

by Kristin Harlow January 26, 2022

SCHAUMBURG, ILL. — A joint venture between PCCP and KPR Centers has acquired Schaumburg Corners, a 160,301-square-foot shopping center in the Chicago suburb of Schaumburg. The purchase price was undisclosed. Anchored by Amazon Fresh, the fully leased property is also home to Bob’s Furniture, Office Depot, Petco and H Mart. Kensington Development Partners was the seller.

January 26, 2022

Acquisitions Midwest Multifamily North Dakota

JLL Negotiates $19M Sale of Apartment Complex in Fargo, North Dakota

by Kristin Harlow January 26, 2022

FARGO, N.D. — JLL Capital Markets has negotiated the sale of Woodrow Apartments in Fargo for $19 million. The 97-unit apartment complex is located at 1222 4th Ave. and is the adaptive reuse of the 100-year-old Woodrow Wilson School. Amenities include a gym, community lounge, outdoor patio and heated underground parking. Adam Haydon, Mox Gunderson, Dan Linnell and Josh Talberg of JLL represented the seller, Fargo-based Kilbourne Group. Idaho-based Graystoke Capital Partners purchased the asset.

January 26, 2022

Acquisitions Healthcare Illinois Midwest

Barber Murphy Brokers Sale of 7,392 SF Medical Office Building in Shiloh, Illinois

by Kristin Harlow January 26, 2022

SHILOH, ILL. — Barber Murphy has brokered the sale of a 7,392-square-foot medical office building in Shiloh, about 20 miles east of St. Louis. The sales price was undisclosed. Barber Murphy represented the seller, Chouteau Ventures II LLC. R&R Real Properties Inc. purchased the building, which is located at 1116 Hartman Lane.

January 26, 2022

Acquisitions Massachusetts Northeast Retail

JLL Negotiates $39.5M Sale of Grocery-Anchored Shopping Center in Saugus, Massachusetts

by Taylor Williams January 26, 2022

SAUGUS, MASS. — JLL has negotiated the $39.5 million sale of Saugus Plaza, a 165,800-square-foot shopping center in the northern Boston suburb of Saugus that is anchored by grocer Stop & Shop. Floor & Décor serves as the second anchor tenant of the center, which was 97 percent leased at the time of sale. Other tenants include Buffalo Wild Wings, North Shore Liquor and King Crab. Federal Realty Investment Trust (NYSE: FRT) sold the property to a partnership between The Grossman Cos. Inc. and Boston-based North Colony Asset Management. Nat Heald, Chris Angelone and Zach Nitsche of JLL brokered the deal.

January 26, 2022

Acquisitions New York Northeast Office Retail

KPG Funds, LaSalle Buy Manhattan Commercial Building, Plan Redevelopment

by Taylor Williams January 26, 2022

NEW YORK CITY— Locally based private equity firm KPG Funds and LaSalle Global Partner Solutions have purchased 480 Broadway in Manhattan’s SoHo neighborhood with plans to redevelop the property into a boutique office building with retail space. The new ownership purchased the building in conjunction with 155 Spring, a nearby office and retail asset, from Maryland-based REIT Vornado Realty Trust (NYSE: VNO). The redevelopment will include rebranding the building as 40 Crosby.

January 26, 2022

Acquisitions Affordable Housing Alabama Loans Maryland Multifamily Southeast Virginia

JLL Secures $318.5M Acquisition Financing for Multifamily Portfolio in Southeast US

by Julia Sanders January 25, 2022

ORLANDO, FLA. — JLL Capital Markets has secured a $318.5 million acquisition loan for a six-property multifamily portfolio located across Maryland, Virginia and Alabama. There were multiple sellers for the properties. The 1,494-unit workforce housing portfolio includes the following: Park at Kingsview Village (326 units) in Germantown, Md.; Stonecreek Club (240 units) in Germantown; Hunt Club (336 units) in Gaithersburg, Md.; Springwoods at Lake Ridge (180 units) in Woodbridge, Va.; Windsor Park (220 units) in Woodbridge; and Oaks of St. Clair (192 units) in Moody, Ala. Melissa Marcolini Quinn, Lee Weaver, Drew Jennewein, Rob Rothaug, Emily Moallem and Cody Mizelle of JLL arranged the loan through J.P. Morgan Chase Bank on behalf of the borrower, Carter Multifamily. The floating-rate, non-recourse bridge loan will facilitate a Single Asset Single Borrower (SASB) securitization, which is a single loan large enough to create its own pool for securitization. “This portfolio acquisition featured multiple sellers and a compressed timeframe, with less than 30 days from signed term sheet to closing,” says Quinn. “The team at JP Morgan was able to provide an attractive, short-term, balance sheet financing option, which is ideal for the planned SASB take out.”

January 25, 2022

Acquisitions Office Southeast Tennessee

IPA Arranges Sale of 85,569 SF Office Property in Metro Nashville

by Julia Sanders January 25, 2022

MURFREESBORO, TENN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Stonegate Corporate Center, an 85,569-square-foot office building in Murfreesboro. Joe Massa, Anthony Lunceford and Michael Grenaway of IPA represented the undisclosed seller and procured the undisclosed buyer in the transaction. The sales price was not disclosed. Built in 2005, Stonegate Corporate Center was 94 percent leased at the time of sale to tenants including Regional Information Sharing Systems, Baird and Northwest Mutual. Additionally, the property is anchored by The Department of Veteran Affairs, which occupies about 35 percent of the property’s total rentable square footage. Located at 1639 Medical Center Parkway, Stonegate Corporate Center is situated across from Ascension Saint Thomas Rutherford Hospital. The property is also 34.3 miles south of downtown Nashville and 35.4 miles from Franklin.

January 25, 2022

Acquisitions Florida Retail Southeast

Marcus & Millichap Brokers $10.4M Sale of Three-Tenant Retail Property in Coconut Creek, Florida

by Julia Sanders January 25, 2022

COCONUT CREEK, FLA. — Marcus & Millichap has arranged the $10.4 million sale of a three-tenant retail property in Coconut Creek. Michael Salafia, Gabriel Britti, Ricardo Esteves and Ronnie Issenberg of Marcus & Millichap represented the seller, a publicly traded REIT, and procured the buyer, Boca Gas Co. The tenants at the two-building property include a Shell Station, Daily’s Convenience store and a Firestone Complete Auto Care Center. The property spans 94,090 square feet on 2.2 acres at 6350 N State Road 7 and 6330 US-331 South. Both properties are surrounded by retailers including BJs, Publix, Walmart Supercenter, Kohl’s, Starbucks and Chick-fil-A.

January 25, 2022

Acquisitions Multifamily Texas

Rosewood Property Breaks Ground on 311-Unit Multifamily Project in San Antonio

by Taylor Williams January 25, 2022

SAN ANTONIO — Dallas-based Rosewood Property Co. has broken ground on Phase II of Tobin Estates, a 311-unit multifamily project located on the north side of San Antonio. In addition to the 311 units that will be housed in four buildings, Phase II will feature a building with seven townhomes and additional amenities, including a 4,500-square-foot fitness center. Project partners include Oden Hughes Construction (general contractor), WDG Architecture, Pacheo Koch (civil engineer), B2 Architecture + Design (interior designer) and LandDesign (landscape architect). Completion of Phase II is slated for fall 2023.

January 25, 2022

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