Acquisitions

CBRE Brokers $36.5M Sale of Multifamily Property in Newark

by Taylor Williams January 11, 2022

NEWARK, N.J. — CBRE has brokered the $36.5 million sale of 24 Jones, a 152-unit multifamily property located in Newark’s University Heights neighborhood. Built in 2016, the property offers studio, one- and two-bedroom units and amenities such as a fitness center, lounge, outdoor grilling stations and concierge services. Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, Stuart MacKenzie, Eric Apfel and Travis Langer of CBRE represented the seller, Tucker Development, in the transaction. The team also procured the buyer, RJ Block Properties.

January 11, 2022

Acquisitions Industrial New Jersey Northeast

Devli Real Estate Buys 175,000 SF Industrial Facility in East Rutherford, New Jersey

by Taylor Williams January 11, 2022

EAST RUTHERFORD, N.J. — Locally based investment firm Devli Real Estate has purchased a 175,000-square-foot industrial facility in East Rutherford, located in Northern New Jersey. The facility sits on a six-acre site within The Meadowlands submarket. Devli Real Estate will lease back the space to the undisclosed seller/tenant on a short-term basis. Yanni Marmarou of B6 Real Estate brokered the transaction. Michael Klein and Max Custer of JLL arranged acquisition financing through First Bank on behalf of Devli Real Estate.

January 11, 2022

Acquisitions Multifamily Texas

Newmark Brokers Sale of 339-Unit Apartment Building in Downtown San Antonio

by Taylor Williams January 10, 2022

SAN ANTONIO — Newmark has brokered the sale of Encore SoFlo, a 339-unit apartment building located at 326 S. Flores St. in downtown San Antonio. Built in 2019, the property offers studio, one- and two-bedroom units with an average size of 809 square feet. Amenities include a pool with a bar, courtyards with fire pits and grilling stations, clubhouse with a media room, business center with conference facilities, a fitness center, game room and a dog run. Matt Michelson and Patton Jones of Newmark represented the seller, Encore Multifamily, in the transaction. Hank Glasgow and Braden Harmon of Newmark arranged acquisition financing on behalf of the buyer, Dallas-based private equity firm SPI Advisory. Encore SoFlo was 92 percent occupied at the time of sale.

January 10, 2022

Acquisitions Colorado Multifamily Western

MG Properties Expands Denver Multifamily Portfolio with $141M Acquisition

by Amy Works January 10, 2022

DENVER — MG Properties has purchased 3300 Tamarac Apartments, a multifamily community located in Denver’s Hampton neighborhood. Gelt sold the asset for $141 million. 3300 Tamarac features 564 apartments within walking distance of a variety of shopping and dining options, as well as parks and recreation opportunities. David Martin and Brian Mooney of Northmarq represented the seller, and Northmarq’s Scott Botsford and Joe Giordani arranged the financing for the buyer.

January 10, 2022

Acquisitions Arizona Multifamily Western

Berkadia Negotiates $73.2M Sale of Bungalows on Estrella Apartments in Goodyear, Arizona

by Amy Works January 10, 2022

GOODYEAR, ARIZ. — Berkadia Institutional Solutions has arranged the sale of The Bungalows on Estrella, a garden-style apartment community located at 15545 W. Hudson Way in Goodyear. Arizona-based Cavan Cos. sold the asset to Georgia-based St. Clair Holdings for $73.2 million. The Bungalows on Estrella features 183 one-, two- and three-bedroom apartments with in-unit washers/dryers, 10-foot ceilings and walk-in closets. Community amenities include a swimming pool, fitness center, clubhouse, dog park and covered parking. Mark Forrester and Andrew Curtis of Berkadia Phoenix completed the sale on behalf of the seller.

January 10, 2022

Acquisitions Arizona Multifamily Western

Cushman & Wakefield|PICOR Arranges Sale of 47,808 SF Colonia de Tucson Multifamily Property in Arizona

by Amy Works January 10, 2022

TUCSON, ARIZ. — Cushman & Wakefield|PICOR has brokered the sale of Colonia de Tucson, an apartment complex located at 1335 and 1351 W. Saint Mary’s Road in Tucson. The seller, 1335 W. Saint Mary’s LLC, sold the asset for $7.8 million. The community features 84 apartments. Allan Mendelsberg and Conrad Joey Martinez of Cushman & Wakefield|PICOR represented both parties in the transaction.

January 10, 2022

Acquisitions Industrial Texas

Vertical Cold Storage Acquires 227,331 SF Facility in Richardson, Texas

by Taylor Williams January 10, 2022

RICHARDSON, TEXAS — Vertical Cold Storage, a developer and operator of temperature-controlled industrial facilities, has acquired Lone Star Cold Storage, a 227,331-square-foot property located in the northeastern Dallas suburb of Richardson. The facility features 5.6 million cubic feet of storage space, 17,892 pallet positions and 40 dock doors. In addition, Lone Star Cold Storage offers seven rooms for various food processing and storage needs with temperatures ranging from -20 to 45 degrees Fahrenheit. The seller and sales price were not disclosed.

January 10, 2022

Acquisitions Office Texas

Shorenstein Properties Sells 210,000 SF Office Building in Austin’s Mueller District

by Taylor Williams January 10, 2022

AUSTIN, TEXAS — Shorenstein Properties, an investment firm headquartered in San Francisco and New York City, has sold the Alpha Building, a 210,000-square-foot office property located within the 750-acre Mueller District in Austin. The Teacher Retirement System of Texas (TRS) purchased the six-story building, which was designed by Page Sutherland Page, for an undisclosed price. Troy Holme and Peter Jansen of CBRE represented TRS in the transaction. Shorenstein is developing two more office buildings at Mueller that will contain approximately 350,000 square feet and are slated for a 2024 delivery.

January 10, 2022

Acquisitions Net Lease Retail Texas

RealSource Negotiates Sale of 37,030 SF West Houston Retail Property Leased to LA Fitness

by Taylor Williams January 10, 2022

HOUSTON — California-based brokerage firm RealSource Group has negotiated the sale of a 37,030-square-foot single-tenant retail property in West Houston that is net leased to LA Fitness. Austin Blodgett of RealSource Group, in conjunction with ParaSell Inc., represented the seller, a Houston-based private developer, in the transaction. Roger Oser of Newmark represented the California-based buyer. Both parties requested anonymity. The deal traded at a cap rate of 6.12 percent.

January 10, 2022

Acquisitions Northeast Pennsylvania Retail

Marcus & Millichap Brokers Sale of 184,082 SF Shopping Center in Rochester, Pennsylvania

by Taylor Williams January 10, 2022

ROCHESTER, PA. — Marcus & Millichap has brokered the sale of Madison Square Shopping Center, a 184,082-square-foot retail property in Rochester, located northwest of Pittsburgh. The sales price was $12 million. Grocer Giant Eagle anchors the property, which was originally constructed in 1967 as a Kaufmann’s Department Store. John Reehil of Marcus & Millichap represented the seller, a partnership, in the transaction. Additional terms of sale were not disclosed.

January 10, 2022

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