Acquisitions

Oxford Acquires Research Triangle Park Life Sciences Campus for $158.6M, Plans 510,000 SF Expansion

by Julia Sanders December 8, 2021

DURHAM, N.C. — New York-based Oxford Properties Group has acquired Research Commons, a life sciences campus within Research Triangle Park in Durham, as well as an adjacent parcel located at 78 TW Alexander Drive for a total of $158.6 million. By combining the two sites and building three new life sciences facilities totaling 510,000 square feet, Oxford plans to ultimately develop a 940,000-square-foot innovation campus that will house various life sciences firms. The construction timeline was not disclosed. Located at 79 TW Alexander Drive, Research Commons is a 430,000-square-foot, five-building campus with an additional 18 plus acres of developable land. The existing campus is well-leased to a diverse tenant roster across life sciences industries, and is anchored by Grifols, a Los Angeles-based global pharmaceutical manufacturer. At this site, Oxford plans to use the more than 18 acres of vacant land for the development of two dedicated life sciences buildings. Additionally, the firm plans to convert two existing buildings wholly to life sciences tenants as vacancies materialize. For 78 TW Alexander Drive, Oxford plans to build a 95,500-square-foot Current Good Manufacturing Practice (cGMP) facility to be developed on the 14.5-acre parcel of land adjacent to Research Commons.

December 8, 2021

Acquisitions Florida Multifamily Southeast

Avanti Residential Purchases Tampa Bay Multifamily Property for $92M

by Julia Sanders December 8, 2021

ST. PETERSBURG, FLA. — Denver-based Avanti Residential has purchased Artistry, a 246-unit apartment community in downtown St. Petersburg, for $92 million. Patrick Dufour and Andrew Visnick of Newmark represented the seller and property developer, Indianapolis-based Milhaus Development, in the transaction. Charlie Williams of Newmark arranged an acquisition loan through Freddie Mac. Built in 2020, Artistry offers studio, one-, two- and three-bedroom floorplans. Units feature in-unit washers and dryers, walk-in closets and a tub and shower. Community amenities include a pool, fitness center, elevator, controlled access, grill, pet play area, pet washing station and 10,000 square feet of onsite retail space. The project was fully leased at the time of sale. Located at 1661 Central Ave., the property is situated close to the Imagine Museum, a glass art museum, as well as restaurants such as The Burg Bar & Grill, Half Baked Potato, Brooklyn South and Ferg’s Sports Bar & Grill. Additionally, the property is less than a half-mile from Tropicana Field, home ballpark of the Tampa Bay Rays.

December 8, 2021

Acquisitions Mississippi Multifamily Southeast Student Housing

Colliers Arranges Sale of New Student Housing Community Near Mississippi State University

by Julia Sanders December 8, 2021

STARKVILLE, MISS. — Colliers has arranged the sale of The Vista, a 309-unit, 820-bed student housing development located less than a mile from Mississippi State University in Starkville. Atlanta-based Student Quarters purchased the newly built property from Fenton, Mich.-based IMS Properties for an undisclosed price. Sean Baird and Jonathan Holt of Colliers facilitated the transaction. Developed by IMS Properties in 2020, The Vista offers one-, two-, three-, four- and five-bedroom floorplan options. Community amenities include a saltwater pool and poolside cabanas, 24-hour athletic club, dog park, yoga studio, game room, electric vehicle charging stations and a lounge. The property also features 5,137 square feet of ground-floor retail space. Located at 705 University Drive, the property is situated a half-mile from Davis Wade Stadium, the home arena of the Mississippi State Bulldogs football team. The property is also located close to restaurants such as Two Brothers Smoked Meats, The Dapper Doughnut, NutriGroove, Bulldog Burger Co. Starkville and Starkvegas Snowballs.

December 8, 2021

Acquisitions Multifamily Texas

IPA Negotiates Sale of 350-Unit Asten at Ribelin Ranch Apartments in Austin

by Taylor Williams December 8, 2021

AUSTIN, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Asten at Ribelin Ranch, a 350-unit apartment community in Austin. Built on 17.5. acres in 2008, the property offers one-, two- and three-bedroom units with an average size of 979 square feet. Amenities include multiple pools and a 24-hour convenience mart. Will Balthrope, Jordan Featherston and Kent Myers of IPA represented the seller, a joint venture between CenterSquare and American Landmark, in the transaction. The trio also procured the undisclosed buyer.

December 8, 2021

Acquisitions Industrial Texas

CBRE Arranges Sale of 300,437 SF Industrial Portfolio in Metro Dallas

by Taylor Williams December 8, 2021

ADDISON AND CARROLLTON, TEXAS — CBRE has arranged the sale of a portfolio of nine industrial properties totaling 300,437 square feet in the northern Dallas metros of Addison and Carrollton. Randy Baird, Jonathan Bryan, Ryan Thornton and Eliza Bachhuber with CBRE represented the locally based seller, Kennington Commercial, in the transaction. A joint venture between Birtcher Anderson & Davis and Belay Investment Group purchased the portfolio for an undisclosed price.

December 8, 2021

Acquisitions Single-Family Rental Texas

Fundrise Acquires 163-Unit Single-Family Rental Community in Houston

by Taylor Williams December 8, 2021

HOUSTON — Fundrise, an investment firm with roughly $1.7 billion in assets under management, has acquired Balcara at Balmoral, a 163-unit single-family rental (SFR) community in northeast Houston. Homes at Balcara at Balmoral feature one-, two- and three-bedroom floor plans, as well as garages and backyards. Amenities include a clubhouse, leasing center and a children’s play area. Fundrise acquired the 20-acre community from Houston-based Balcara Group and Dallas-based Montgomery Street Partners for an undisclosed price.

December 8, 2021

Acquisitions Industrial Massachusetts Northeast

GLP Capital Partners Buys Suburban Boston Industrial Portfolio for $173M

by Taylor Williams December 8, 2021

BOSTON — GLP Capital Partners has purchased the Northeast Logistics Portfolio, a collection of four warehouse and distribution buildings in the Boston area totaling approximately 1 million square feet, for $173 million. The properties include 192 Mansfield Ave. in Norton; 100 Adams Road in Clinton; and 132 Campanelli Drive and 1010 W. Chestnut St. in Brockton. The portfolio was fully leased to 11 tenants at the time of sale. Robert Griffin, Edward Maher, Matthew Pullen, Tony Coskren, Ed Jarosz, Brian Pinch, Samantha Hallowell and Nick Revers of Newmark represented the seller, Marcus Partners, in the transaction. The team also procured GLP Capital Partners as the buyer.

December 8, 2021

Montgomery-Mall-North-Wales-Pennsylvania

Acquisitions Northeast Pennsylvania Retail

JLL Negotiates $55M Sale of Montgomery Mall in Metro Philadelphia

by Taylor Williams December 8, 2021

NORTH WALES, PA. — JLL has negotiated the $55 million sale of Montgomery Mall, a 1.1 million-square-foot regional shopping and dining destination in North Wales, a northern suburb of Philadelphia. Wegman’s, Macy’s, J.C. Penney and Dick’s Sporting Goods are the anchor tenants at the 105-acre property, which opened in 1973, was renovated in 2014 and was 73 percent leased at the time of sale. Other tenants include H&M, Forever 21, American Eagle, Bath & Body Works and Outback Steakhouse. David Monahan, Jim Galbally, Chris Munley, Cameron Pittman, Colin Behr and Akhil Patel of JLL represented the seller, an undisclosed CMBS trust, in the transaction. New York-based Kohan Retail Investment Group purchased Montgomery Mall for an undisclosed price.

December 8, 2021

Acquisitions Multifamily New York Northeast

SL Green Sells Upper West Side Apartment Building for $42.5M

by Taylor Williams December 8, 2021

NEW YORK CITY — Locally based investment and development firm SL Green Realty Corp. (NYSE: SLG) has sold 1080 Amsterdam Avenue, a 96-unit apartment building on Manhattan’s Upper West Side, for $42.5 million. The elevator building is located just south of Columbia University’s campus and includes two commercial spaces. Marc Sznajderman, Andrew Sasson, Chad Sinsheimer and Justin Bomba of Ackman-Ziff Real Estate Group represented SL Green, which recently renovated the property and sold it in a joint venture with Stonehenge, in the transaction.

December 8, 2021

Acquisitions Multifamily New York Northeast

Rosewood Realty Arranges $14.8M Sale of Multifamily Property in The Bronx

by Taylor Williams December 8, 2021

NEW YORK CITY — Locally based brokerage firm Rosewood Realty Group has arranged the $14.8 million sale of an 83-unit multifamily property located at 4755 White Plains Road in The Bronx. Built in 1939, the property includes five retail spaces and 11 parking spaces. Aaron Jungreis, Ben Khakshoor and Alex Fuchs of Rosewood Realty represented the seller, a private investor, and procured the buyer, an entity doing business as 4755WP LLC.

December 8, 2021

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