Acquisitions

Finmarc Management Disposes of Industrial Portfolio in Manassas, Virginia for $45.6M

by Julia Sanders January 6, 2022

MANASSAS, VA. — Bethesda, Md.-based Finmarc Management Inc. has disposed of a six-building portfolio comprising 212,000 square feet of warehouse and flex space in Manassas for $45.6 million. Boston-based The Davis Cos. and West Palm Beach, Fla.-based Davin Holdings were the buyers. Marc Tasker, Ryan Moody and Christopher Kubler of NAI KLNB represented Finmarc Management. Joseph Hoffman and Aaron Rosenfeld of Kelley Drye provided legal services. The portfolio was located at 7345, 7663 and 7795 Coppermine Drive and 7201, 7301 and 7401 Gateway Court. The portfolio was 86 percent leased at the time of sale to tenants including Aimpoint, Capital Lighting & Supply, Cedar F&B, Eaton Corp., DH Cos., Lennox Industries and Notal Vision. The six properties were part of a 26-building portfolio containing approximately 950,000 square feet of commercial office, flex/office and warehouse space.

January 6, 2022

Acquisitions Northeast Pennsylvania Retail

Legend Properties Arranges Sale of 168,000 SF Retail Property in Hazleton, Pennsylvania

by Taylor Williams January 6, 2022

HAZLETON, PA. — Metro Philadelphia-based brokerage firm Legend Properties Inc. has arranged the sale of Church Hill Mall, a 168,000-square-foot retail property in Hazleton, located roughly midway between Scranton and Allentown. The property sits on 14 acres and was 92 percent leased at the time of sale to tenants such as Ollie’s Bargain Outlet, Family Dollar and Firestone. James Smith of Legend Properties brokered the deal. The new ownership, an entity doing business as 1065 Church Street Properties LLC, plans to invest about $2 million in capital improvements and rebrand the property as Church Hill Commons.

January 6, 2022

Acquisitions Northeast Pennsylvania Retail

FNRP Acquires 141,451 SF Summerdale Plaza Shopping Center in Harrisburg

by Taylor Williams January 6, 2022

HARRISBURG, PA. — New Jersey-based investment firm First National Realty Partners (FNRP) has acquired Summerdale Plaza, a 141,451-square-foot shopping center in Harrisburg. At the time of sale, the property was 85 percent leased to a tenant roster that includes Rite Aid, AutoZone, Dollar Tree and Tractor Supply. Brad Nathanson of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the undisclosed seller in the transaction.

January 6, 2022

Acquisitions Multifamily Southeast Tennessee

SVN Multifamily Arranges $32.5M Sale of Two Apartment Properties in Tennessee

by Julia Sanders January 6, 2022

ATHENS AND CLEVELAND, TENN. — SVN Multifamily LLC has arranged the $32.5 million sale of Park Oak and Park Crest Apartments, two multifamily properties with a total of 410 units located in Athens and Cleveland. Andrew Agee and Joseph Shaw of SVN Multifamily represented both the seller, Park Properties, and the buyer, New Jersey-based C.J. Lombardo Co. The buyer plans to renovate the units including upgrading interiors with LVT flooring and new appliances, as well as painting the exterior. Built in 1990, Park Crest offers 160 units with features such as washer and dryer hookups, a security system, storage units, dishwasher, walk-in closets and a balcony. Community amenities include laundry facilities, a car wash area, clubhouse, fitness center, pool and a picnic area. Located at 2108 Congress Parkway S. in Athens, the property is situated adjacent from the Tennessee College of Applied Technology and 56.5 miles from Chattanooga. Built in 1989, Park Oak offers 250 units with unit features including washer and dryer hookups, a security system, dishwasher, walk-in closets and balconies. Community amenities include a pool, fitness center, laundry facilities, car wash area, business center, playground and a basketball court. Located at 1159 Harrison Pike in Cleveland, the property …

January 6, 2022

Acquisitions Florida Multifamily Southeast

Walton Street Capital, Stoneweg Acquire New Tampa Bay Multifamily Community

by Julia Sanders January 6, 2022

ST. PETERSBURG, FLA. — An affiliate of Walton Street Capital LLC in partnership with St. Petersburg-based Stoneweg US LLC has acquired Waterview Echelon, a 226-unit, Class A multifamily property located in St. Petersburg. The sales price and seller were not disclosed. Built in 2021, the Waterview Echelon features a mix of one-, two- and three-bedroom apartments that were 99 percent occupied at the time of sale. Unit features include quartz countertops, stainless steel appliances, full-size washers and dryers in-unit and floor to ceiling windows with views of Tampa Bay. Community amenities feature an infinity pool with cabanas, gas grills and fire pits, fitness center, club lounge, single-use workspaces, covered parking and a private conference room. Located at 100 Main St. N., the property is situated adjacent to a Publix-anchored shopping center, 14.3 miles from downtown Tampa and 10.9 miles from downtown St. Petersburg. The property is also located within one mile of Carillon Office Park, which houses over 3 million square feet of office space.

January 6, 2022

Acquisitions Industrial Midwest Missouri

Newmark Zimmer Negotiates Sale of Five-Building Industrial Park in Kansas City

by Kristin Harlow January 6, 2022

KANSAS CITY, MO. — Newmark Zimmer has negotiated the sale of Stadium Business Park in Kansas City for an undisclosed price. The Class A industrial park spans five buildings and 276,000 square feet. Tenants include Amazon, UPS, JB Hunt and Aramark. Mark Long and John Hassler of Newmark Zimmer represented the buyer, Sealy & Co. Mark Fountain of True North Industrial Realty represented the undisclosed seller.

January 6, 2022

Acquisitions Illinois Midwest Multifamily

Interra Realty Brokers $10M Sale of Apartment Building in Chicago

by Kristin Harlow January 6, 2022

CHICAGO — Interra Realty has brokered the sale of 1650 W. Roscoe St. in Chicago’s Lakeview neighborhood for $10 million. Originally built in 1930, the building consists of 54 apartment units and four street-level retail spaces totaling 31,500 square feet. The apartment units were 22 percent occupied at the time of sale, while the retail spaces were fully leased to Verizon, Shearstyle, Vital Nail Salon and Boutique Cleaners. Craig Martin of Interra represented both the undisclosed buyer and the seller, Buol Properties.

January 6, 2022

Acquisitions Illinois Midwest Multifamily

Becovic Purchases Historic Howard Theater Building in Chicago for $7.5M

by Kristin Harlow January 6, 2022

CHICAGO — Becovic, a Chicago-based multifamily owner and operator, has purchased The Howard Theater Building in Chicago’s Rogers Park neighborhood for $7.5 million. The property, located on West Howard Street, was originally built in 1918 and has a history of hosting movies and live productions. In 1999, Cornerstone Investment Group repurposed the building. Today, it is home to 40 apartment units, 15,000 square feet of ground-floor retail space and 60 surface parking spaces. The commercial spaces are home to Sol Café, Factory Theater and P & J Footwear. Becovic Realty brokered the sale.

January 6, 2022

Acquisitions Georgia Industrial Southeast

Foxfield Industrial Sells Distribution Facility in Metro Atlanta for $27.4M

by Julia Sanders January 6, 2022

BRASELTON, GA. — Foxfield Industrial has sold a 455,602-square-foot bulk distribution facility at 1001 Cherry Drive in Braselton, about 49.3 miles from downtown Atlanta. Dennis Mitchell, Matt Wirth, Mitchell Townsend and Britton Burdette of JLL Capital Markets represented the seller. Birmingham-based Growth Capital Partners acquired the property for $27.4 million. Completed in 1985 and expanded in 1996, the property is fully triple-net leased to two tenants: YearOne Inc. and TransSouth Logistics. The building’s amenities include clear heights ranging from 22 to 28 feet, 45 dock-high doors, eight drive-in doors and 486 auto spaces. The 30.5-acre site provides excess land for potential building expansion and/or additional outdoor and trailer storage. The property is situated adjacent to Interstate 85 and is 56 miles from Hartsfield-Jackson Atlanta International Airport.

January 6, 2022

Acquisitions Industrial Midwest Minnesota

MDH Partners Acquires 81,000 SF Cold Storage Facility in Minneapolis

by Kristin Harlow January 6, 2022

MINNEAPOLIS — MDH Partners has acquired an 81,000-square-foot cold storage facility located at 740 Kasota Circle in Minneapolis. The purchase price was undisclosed. Constructed in 1977, the property features a clear height of 24 feet. Approximately 80 percent of the building is temperature-controlled. Wholesale Produce Supply, a distributor of produce in the upper Midwest and Canada, fully leases the facility. Houston Hawley served as the acquisition lead for MDH. Judd Welliver and Bentley Smith of CBRE represented the undisclosed seller.

January 6, 2022

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