Acquisitions

Berkadia Negotiates Sale of 432-Unit Turtle Pointe Apartments in West Houston

by Taylor Williams January 7, 2022

HOUSTON — Berkadia has negotiated the sale of Turtle Pointe, a 432-unit apartment community in West Houston. Built in 1976, the property offers studio, one- and two-bedroom floor plans ranging in size from 576 to 917 square feet. About a quarter of the units are townhomes. Amenities include a resident clubroom, business center, fitness center, indoor racquetball and basketball courts, three pools, heated spa, café-style recreation room and an enclosed dog park. Todd Marix, Chris Curry, Jeffrey Skipworth, Joey Rippel, Chris Young and Kyle Whitney of Berkadia represented the seller, Florida-based WRH Realty, in the transaction. Cameron Hart of Berkadia arranged acquisition financing through New York City-based Ready Capital on behalf of the buyer, 7C Equity Group.

January 7, 2022

Acquisitions Multifamily Texas

Greysteel Brokers Sale of 222-Unit Apartment Complex in Killeen, Texas

by Taylor Williams January 7, 2022

KILLEEN, TEXAS — Greysteel has brokered the sale of Brickstone Villas, a 222-unit apartment complex located in the Central Texas city of Killeen. The recently renovated community features one- and two-bedroom units. Amenities include a pool and onsite laundry facilities. J.R. Ellis of Greysteel represented the seller in the transaction. Harrison Cole and Daniel Hartnett, also with Greysteel, arranged acquisition financing on behalf of the undisclosed buyer.

January 7, 2022

Acquisitions New York Northeast Office

Birch Group Acquires Long Island Office Complex for $212M

by Taylor Williams January 7, 2022

JERICHO, N.Y. — New Jersey-based investment firm The Birch Group has acquired 1 and 2 Jericho Plaza, a 665,592-square-foot office complex on Long Island, for $212 million. The property was 95 percent leased at the time of sale to tenants such as AIG, Deloitte, Morgan Stanley, Ernst & Young, Valley Bank, Sterling National Bank and UBS. The seller was a partnership between New York City-based private equity firm DRA Advisors and New Jersey-based Onyx Equities.

January 7, 2022

Acquisitions New Jersey Northeast Retail

R.J. Brunelli Negotiates $49.8M Sale of ITC Crossing South Shopping Center in Northern New Jersey

by Taylor Williams January 7, 2022

MOUNT OLIVE, N.J. — Locally based brokerage firm R.J. Brunelli & Co. has negotiated the $49.8 million sale of ITC Crossing South, a 373,612-square-foot shopping center located on 46 acres in Mount Olive, for $49.8 million. The property is home to retailers such as Lowe’s, Michaels, PetSmart, Old Navy, T.J. Maxx, Panera Bread, McDonalds, Longhorn Steakhouse and Bed, Bath & Beyond. The buyer, California-based Black Lion Investment Group, plans to implement a capital improvement program.

January 7, 2022

Acquisitions Industrial Massachusetts Northeast

Lincoln Property, Cara Real Estate Buy 198,000 SF Manufacturing Facility in Westborough, Massachusetts

by Taylor Williams January 7, 2022

WESTBOROUGH, MASS. — A joint venture between Dallas-based Lincoln Property Co. and Cara Real Estate, the U.S. investment arm of German firm Cara Investment, has purchased a 198,000-square-foot manufacturing facility in Westborough, located in between Boston and Worcester. The sales price was approximately $20.6 million. At the time of sale, the majority of the property was leased to two tenants, NEO Tech, which produces electronics components, and Columbia Tech, which provides product development and engineering solutions to an array of industries. The seller was not disclosed.

January 7, 2022

Acquisitions Indiana Midwest Retail

Stan Johnson Co. Negotiates $22.3M Sale of Retail Center in Terre Haute, Indiana

by Kristin Harlow January 7, 2022

TERRE HAUTE, IND. — Stan Johnson Co. has negotiated the $22.3 million sale of Honey Creek Marketplace in Terre Haute, about 80 miles southwest of Indianapolis. The 107,733-square-foot shopping center is located at 4428 S. U.S. Highway 41. The property, built in 2015, is fully leased to seven tenants. The anchor tenants are Fresh Thyme Farmers Market and Academy Sports + Outdoors. Mark Lovering of Stan Johnson represented the seller, a Texas-based developer. Christian Tremblay of Stan Johnson represented the buyer, a Wisconsin-based institutional investor.

January 7, 2022

Acquisitions Industrial Midwest Minnesota

JLL Arranges Sale of Two-Building Industrial Portfolio in Bloomington, Minnesota

by Kristin Harlow January 7, 2022

BLOOMINGTON, MINN. — JLL Capital Markets has arranged the sale of a two-building light industrial portfolio totaling 121,572 square feet in the Minneapolis-area community of Bloomington. The portfolio comprises the 58,976-square-foot Victoria Pond Center and the 62,596-square-foot Cedar Business Center, both of which were developed in the mid-1980s. Victoria Pond Center is fully leased to 11 tenants. Cedar Business Center is 91 percent leased to four tenants. David Berglund and Colin Ryan of JLL represented the seller, Hoyt Properties Inc. The sales price and buyer were undisclosed.

January 7, 2022

Acquisitions Industrial Midwest Minnesota

Colliers Brokers Sale of 83,000 SF Warehouse in Newport, Minnesota

by Kristin Harlow January 7, 2022

NEWPORT, MINN. — Colliers Minneapolis-St. Paul has brokered the sale of Raceway Business Center I in Newport, just southeast of St. Paul. The sales price was undisclosed. The 83,000-square-foot warehouse is located at 710 Hastings Ave. Developed by Scannell Properties in 2018, the property features a clear height of 28 feet, 10 dock-high doors, three drive-in doors, 122 parking stalls and a 120-foot truck court. Mark Kolsrud, John McCarthy, Pete Carbonneau, Kyle Delarosby, Tom Sullivan, Peter Fooshe, Tanner Theis and Lydia Turczyn of Colliers represented the seller, Starline Properties LLC. STAG Industrial Holdings LLC was the buyer.

January 7, 2022

Acquisitions Midwest Multifamily North Dakota

Capstone Negotiates $6.4M Sale of Apartment Community in Minot, North Dakota

by Kristin Harlow January 7, 2022

MINOT, N.D. — Capstone has negotiated the $6.4 million sale of The Cobblestone Apartments in Minot, which is located in central North Dakota. Built in 2012, the 76-unit apartment community is located near Minot Air Force Base and Minot State University. Kevin Phelan of Capstone represented the seller, which also developed the property. The asset sold to an out-of-state buyer.

January 7, 2022

Acquisitions Development Missouri Multifamily Top Stories

CRG Sells Portion of $500M, 80-Acre Mixed-Use Community in West Suburban St. Louis

by Julia Sanders January 7, 2022

CHESTERFIELD, MO. — CRG has sold 4.9 acres within Wildhorse Village, an 80-acre, $500 million mixed-use community in Chesterfield, about 22 miles west of St. Louis. CRG sold the land to St. Louis-based developer Pier Property Group to build The Flats at Wildhorse Village, a four-story, 266-unit apartment building. Arcturis and LJC are the architects, while St. Louis-based Holland Construction Services will be the builder for the multifamily project. Construction will begin in the first quarter of 2022 and is slated for completion by the summer of 2023. David Garfinkel of Northmarq secured a $46 million construction loan for The Flats at Wildhorse Village. UMB Bank provided the loan to the borrower, Pier Property Group. The loan terms were not disclosed. Located at 350 Wildhorse Lake Blvd., The Flats at Wildhorse Village will feature studio, one-, two- and three-bedroom floorplans on four floors. The building’s exterior will resemble townhomes, with balconies and open terraces. The units will feature quartz countertops, stainless steel appliances, glass shower doors and custom flooring. Community amenities will include an interior courtyard, resort-style pool, deck with grilling stations, firepits, fitness center, dog park, dog spa, business center, resident lounges, bike storage and a 400-space parking structure. …

January 7, 2022

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