Acquisitions

IPA Brokers $8.3M Sale of Food Lion-Anchored Shopping Center Near Port of Savannah

by John Nelson May 26, 2022

GARDEN CITY, GA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $8.3 million sale of Garden Grove, a Food Lion-anchored shopping center located adjacent to the Port of Savannah in Garden City. The grocer, which has anchored the shopping center since 1990, recently extended its lease through 2031. Fletcher Bright Co. sold the 78,792-square-foot property to a private, North Carolina-based family office doing business as Berkshire-Hudson Capital XI. The seller recently replaced the shopping center’s roof and executed nine lease renewals in 2021, including Food Lion’s. Other tenants at Garden Grove include Concentra Health Urgent Care, Rent-a-Center, Hopxing Chinese Restaurant, X-Cell Communications, Suave House Barber, Jackson Hewitt Tax Service and RPM Coin Laundry. Zach Taylor of IPA represented Fletcher Bright in the transaction. “Garden Grove illustrated that demand for grocery centers in growing Southeast markets continues to drive record pricing despite recent interest rate increases,” says Taylor.

May 26, 2022

Acquisitions Alabama Industrial Southeast

Cushman & Wakefield | EGS Arranges $7.8M Sale of New Birmingham Warehouse

by John Nelson May 26, 2022

BIRMINGHAM, ALA. — Cushman & Wakefield | EGS Commercial Real Estate has arranged the $7.8 million sale of a 67,000-square-foot warehouse in Birmingham. Situated at 101 39th St. N., the property is a new build-to-suit facility for Ferguson Enterprises, a distributor of commercial and residential plumbing products. Cushman & Wakefield | EGS delivered the facility in March 2022. Boston-based Stag Holdings purchased the property. Adam Eason of Cushman & Wakefield | EGS led the development efforts and also brokered the lease and sale transactions. INCO Group and WatsonBruhn Builders were the general contractors for the project. Stag Holdings has retained Cushman & Wakefield | EGS to provide management services for the property

May 26, 2022

Acquisitions Multifamily Texas

Nitya Capital Sells 1,502-Unit Multifamily Portfolio in Houston

by Taylor Williams May 26, 2022

HOUSTON — Locally based investment firm Nitya Capital has sold a portfolio of five multifamily properties totaling 1,502 units that are located throughout the Houston area. The portfolio comprises Buena Vista (266 units), Casa del Mar (254 units), Sedona Pointe (352 units), Diamond Hill (304 units) and Providence at Memorial (326 units). An undisclosed California-based investment group purchased the portfolio. The sales price was also not disclosed.

May 26, 2022

Acquisitions Multifamily Texas

TMG Negotiates Sale of 232-Unit Apartment Community in Killeen, Texas

by Taylor Williams May 26, 2022

KILLEEN, TEXAS — Dallas-based brokerage firm The Multifamily Group (TMG) has negotiated the sale of The Springs at 1100, a 232-unit apartment community located in the Central Texas city of Killeen. Built in 1983, the property offers one-, two- and three-bedroom units with an average size of 715 square feet. Amenities include two pools, a playground, dog park and onsite laundry facilities. Paul Yazbeck of TMG represented the seller, investment firm Rhodium Capital Advisors, in the transaction. Jon Krebbs, also with TMG, procured the buyer, Vista Pacific Inc. The property was 98 percent occupied at the time of sale.

May 26, 2022

Acquisitions Multifamily Washington Western

Sack Properties Buys Fairwood Landing Apartment Complex in Renton, Washington, for $61M

by Amy Works May 26, 2022

RENTON, WASH. — San Francisco-based Sack Properties has purchased Fairwood Landing, a garden-style multifamily property located at 14121 SE 177th St. in Renton, from CES Properties for $61 million. Built in 1981, Fairwood Landing features 195 apartments. Sack Properties plans to renovate and modernize the community. Jerrid Anderson, Brandon Lawler and Dylan Simon of Kidder Mathews’ represented the buyer in the deal. Kidder Mathews was the only brokerage firm involved in the transaction.

May 26, 2022

Acquisitions California Multifamily Western

Legacy Partners Sells 250-Unit Apartment Community in Costa Mesa to Rockwood Capital

by Amy Works May 26, 2022

COSTA MESA, CALIF. — Legacy Partners has sold 580 Anton, a five-story multifamily property in Costa Mesa, to an affiliate of Rockwood Capital for an undisclosed price. The property features 250 apartments in a mix of studio, one- and two-bedroom layouts with luxury interior finishes. Amenities include a clubhouse with a game room, coffee bar, conference rooms, business center, dog wash station and a fitness center with a yoga/Pilates studio. Legacy Partners acquired the land in May 215, broke ground in 2016 and began leasing the property in 2018. Legacy Partners will also manage the property.

May 26, 2022

Acquisitions Colorado Office Western

Macquarie Asset Management Acquires 76,095 SF Office Building in Denver

by Amy Works May 26, 2022

DENVER — Macquarie Asset Management has purchased One DTC West, a boutique Class A office building located at 4949 S. Niagara St. in Denver. The acquisition was made on behalf of a U.S. separate account mandate by Macquarie Asset Management. Terms of the transaction were not released. Completed in 2018, the four-story building features 76,095 square feet of office space. Situated within the Denver Tech Center submarket, the asset is located near Bellevue Station, an area that houses light rail, 70,000 square feet of retail space and two apartment communities.

May 26, 2022

Acquisitions Northeast Pennsylvania Retail

JLL Brokers Sale of 488,037 SF West Manchester Town Center in York, Pennsylvania

by Taylor Williams May 26, 2022

YORK, PA. — JLL has brokered the sale of West Manchester Town Center, a 488,037-square-foot retail power center that is situated on a 94-acre site in York, located in the southern central part of the state. Built as an enclosed mall in 1981 and renovated into an open-air center in 2014, West Manchester Town Center houses tenants such as Kohl’s, At Home, HomeGoods, Hobby Lobby and Burlington. Chris Munley, Jim Galbally and Colin Behr of JLL represented the seller, Dallas-based ATR Corinth Partners, in the transaction. A joint venture led by Paramount Realty acquired the center for an undisclosed price.

May 26, 2022

Acquisitions New Jersey Northeast Retail

Cronheim Mortgage Arranges $16M Permanent Loan for Northern New Jersey Retail Center

by Taylor Williams May 26, 2022

HACKETTSTOWN, N.J. — Cronheim Mortgage has arranged a $16 million permanent loan for Mansfield Commons, a 272,046-square-foot retail center in the Northern New Jersey community of Hackettstown. Built in 1999, Mansfield Commons houses a 123,519-square-foot Walmart an 88,830-square-foot Kohl’s and a 21,674-square-foot Marshalls, as well as Harbor Freight Tools, Jersey Mike’s Subs and Dunkin’. Occupancy was 97 percent at the time of the loan closing. Dev Morris, David Poncia, Allison Villamagna and Andrew Stewart of Cronheim Mortgage arranged the 10-year loan on behalf of the borrower, a subsidiary of National Realty & Development Corp.

May 26, 2022

Acquisitions Industrial New York Northeast

Cohen Asset Management Buys 84,140 SF Logistics Facility in Melville, New York

by Taylor Williams May 26, 2022

MELVILLE, N.Y. — Southern California-based investment firm Cohen Asset Management has purchased an 84,140-square-foot logistics facility located in the Long Island community of Melville. The property, which sits on 6.9 acres, was fully leased to Estee Lauder and two other tenants at the time of sale. Building features include a clear height of 22 feet and parking for 250 vehicles. The seller and sales price were not disclosed.

May 26, 2022

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