FORT WORTH, TEXAS — KW Commercial has arranged the sale of a 121-unit apartment building in Fort Worth. Built in phases between 1969 and 1980, Slate at Fort Worth is located on the city’s west side. Units come in one- and two-bedroom floor plans, and amenities include a pool, courtyard and outdoor grilling and dining stations. The buyer was a partnership between Westline Equity Partners and Apogee Capital, and the seller was not disclosed. Jaxton Hoelting led the transaction for KW Commercial. Carl Pankratz of Blackacre Commercial arranged an undisclosed amount of acquisition financing for the deal through Sheridan Capital.
CHARLESTON, S.C. — Locally based Ziff Real Estate Partners (ZRP) has acquired West Ashley Shoppes, a 136,327-square-foot shopping center located at 946 Orleans Road in Charleston’s West Ashley neighborhood. Baltimore-based Continental Realty Corp. (CRC) purchased the shopping center from ZRP for approximately $22.6 million via its Continental Realty Fund IV LP investment vehicle. Tom Kolarczyk of JLL represented the seller in the transaction. Situated across from Citadel Mall, West Ashley Shoppes was 90 percent leased at the time of sale to tenants including Ross Dress for Less, Dollar Tree and Cost Plus World Market. There is roughly 13,000 square feet of shop space available for lease, according to ZRP. CRC owned West Ashley Shoppes for 10 years prior to the sale.
PHILADELPHIA — Delaware-based investment firm Capano Residential has purchased Rittenhouse Row Apartments, an 80-unit apartment building in downtown Philadelphia, for $23.7 million, with plans to implement a renovation. The 13-story building at 1601 Sansom St., which was originally constructed in 1910 and converted to residential use in the 1990s, was 94 percent occupied at the time of sale. Capano plans to demolish the entire floor to construct four additional apartments, as well as to renovate the leasing office, relocate and enhance the existing fitness center and create a new tenant amenity space.
JERSEY CITY, N.J. — Marcus & Millichap has brokered the $6.2 million sale of a 19-unit apartment building in Jersey City. The four-story building at 358–362 Grove St. also includes three retail spaces. Devin Perez, Alan Cafiero and Dean Matuszewic of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
DEWITT, N.Y. — New York-based brokerage firm Jacobson Properties has arranged the sale of a 41,333-square-foot medical office building in DeWitt, an eastern suburb of Syracuse. The building is located within Widewaters Office Park. An entity doing business as SYR Office LLC sold the building to the anchor tenant, Arthritis Health Associates PLLC, for an undisclosed price. Lisa Menin of Jacobson Properties brokered the deal.
TACOMA, WASH. — Investors Management Group (IMG) has completed the disposition of Valley Vista Apartments, a multifamily community in Tacoma, to m5x2 for $15.8 million. IMG originally acquired the asset in October 2016 for $11.4 million. Located at 6830 Tacoma Mall Blvd., Valley Vista features 108 apartments. IMG implemented a $2.5 million capital improvements program during its ownership. The program included a new exercise and community room, an updated community deck, a refreshed leasing office, new signage, conversion of the playground to a dog park and ongoing site improvements. Elijah Piper and Tony Herrmann of Kidder Mathews’ Simon | Anderson Multifamily Team, along with Brian Richardson of Kidder Mathews, represented the seller in the deal. The buyer was self-represented in the transaction.
LITTLETON, COLO. — Pinnacle Real Estate Advisors has arranged the sale of Chatfield Plaza, a medical office property situated within Ken Caryl Business Park in Littleton. The asset traded for $3.2 million. Located at 10789 Bradford Road, the 20,034-square-foot building is home to 10 tenants, abundant parking and upgraded solar paneling on the roof. RC Myles, Eric Shaw and Kianna Starin of Pinnacle Real Estate Advisors represented the seller, while Craig Myles and Joe Owston represented the buyer in the deal. The names of the seller and buyer were not released.
Peachtree Group Acquires 600,000 SF Distribution Center Near Savannah Leased to Hasbro, Launches DST
MIDWAY, GA. — Peachtree Group has acquired a newly built, 600,000-square-foot distribution center in Midway, about 32 miles southwest of Savannah. The property is fully leased to Hasbro Inc., a toy and game manufacturing company behind brands including NERF, Transformers, G.I. Joe, My Little Pony, Monopoly, Play-Doh, Dungeons & Dragons, Furby, Power Rangers and Magic: The Gathering. Located in Liberty County, the property represents approximately 25 percent of Hasbro’s U.S. distribution footprint and services brick-and-mortar stores and direct-to-consumer operations. The seller and sales price were not disclosed. As part of the transaction, Peachtree Group has launched a Delaware Statutory Trust (DST) called PG Savannah Industrial DST, allowing 1031 users and other investors to acquire fractional interests in the property via a trust structure. The lease has an initial 10-year term with two five-year extension options with 3.25 percent annual rent escalations. Hasbro is responsible for operating expenses at the facility, according to Peachtree Group.
ROCKVILLE, MD. — Comstock Holding Cos. Inc. has purchased The Reed, a 417-unit apartment community located at 15955 Frederick Road in Rockville, about 21 miles north of Washington, D.C. Comstock acquired the property in a joint venture with an institutional fund advised by Benefit Street Partners, with additional capital coming from Comstock affiliate Comstock Partners LC. The seller and sales price were not disclosed, but the Washington Business Journal reports that a person familiar with the transaction stated the property traded for $110 million. NewPoint Real Estate Capital provided Freddie Mac financing and arranged equity capital for the transaction. CHCI Residential Management and ParkX Management, both affiliates of Comstock, will operate The Reed. Built in 2015, the community is adjacent to the Shady Grove Metro Station and features one-, two- and three-bedroom apartments, as well as a resort-style swimming pool, fitness center with a yoga/boxing studio, clubroom, outdoor gathering spaces, multiple resident lounges and a private parking garage.
AUSTIN, TEXAS — Austin-based Evergen Equity has acquired a portfolio of three industrial buildings totaling 254,457 square feet in the Houston area. The portfolio includes an 85,797-square-foot building at 7601 N. Sam Houston Parkway W on the city’s northwest side; a 69,140-square-foot facility at 1001 Shaw Ave. in the eastern suburb of Pasadena; and a 99,250-square-foot structure at 10101 Fountaingate Drive in the southwestern suburb of Stafford. The buildings were fully leased at the time of sale. The seller and sales price were not disclosed.