Acquisitions

Joint Venture Buys 248-Unit Apartment Community in Leland, North Carolina

by Julia Sanders January 4, 2022

LELAND, N.C. — Goodegg Investments and Mesos Capital have bought Waterleaf at Leland, a 248-unit apartment community in Leland. Julie Lam and Annie Dickerson of Goodegg Investments, as well as Pancham Gupta and Rajan Gupta at Mesos Capital led the sales transaction. The sales price and seller were not disclosed. Built in April 2021, Waterleaf at Leland offers studio, one-, two- and three-bedroom floorplans. Unit features includes granite countertops, tile backsplashes, nine-foot ceilings, custom hardwood cabinets, modern lighting, stainless steel appliances, wood-vinyl plank flooring and private porches. Community amenities include a saltwater pool with outdoor fireplace, clubhouse with coffee bar, 24-hour fitness center with yoga and spin room, pickleball court, business center, car wash, dog park, community bike and kayak barn, private garages available and valet trash. The property was 96.4 percent occupied at the time of sale. Located at 7410 Cordoba Circle, Waterleaf at Leland is situated 9.3 miles from Wilmington.

January 4, 2022

Acquisitions Hospitality North Carolina Southeast

Marcus & Millichap Arranges Sale of 150-Room DoubleTree by Hilton Hotel in Winston-Salem

by Julia Sanders January 4, 2022

WINSTON-SALEM, N.C. — Marcus & Millichap has arranged the sale of DoubleTree by Hilton Hotel Winston-Salem University, a 150-room hotel property in Winston-Salem. Jack Davis, Joce Messinger and Josh Williams of Marcus & Millichap represented the seller, an undisclosed private investor. The listing team also secured and represented the buyer, another private investor. The sales price was also not disclosed. Located at 5790 University Parkway, the DoubleTree by Hilton is situated within four miles from Wake Forest University and about nine miles from Salem College, Hanes Mall and Bowman Gray Stadium, a NASCAR racetrack. Built in 1987 and renovated in 2015, the hotel’s amenities include complimentary Wi-Fi, laundry facilities, a restaurant and bar, event center, 24-hour fitness center, outdoor pool and a fire pit.

January 4, 2022

Acquisitions Industrial New Jersey Northeast

Faropoint Acquires Industrial Portfolio in Northern New Jersey for $132.5M

by Taylor Williams January 4, 2022

HOBOKEN, N.J. — Locally based investment firm Faropoint has acquired a portfolio of 10 industrial buildings totaling 654,633 square feet in Northern New Jersey for $132.5 million. The portfolio was 98 percent leased at the time of sale. Four of the properties are located in Whippany, and four are located in Oakland. The other two are located in Fair Lawn. Marc Duval, Jose Cruz, Michael Oliver, Jordan Avanzato and Nick Stefans of JLL represented the seller, Kushner Cos., in the transaction. Faropoint will implement a capital improvement program that will include fresh paint jobs, replaced roofs and new lighting and sustainable features.

January 4, 2022

Acquisitions Industrial New Jersey Northeast

CenterPoint Properties Buys 198,000 SF Warehouse in Dayton, New Jersey

by Taylor Williams January 4, 2022

DAYTON, N.J. — Chicago-based investment firm CenterPoint Properties has purchased a 198,000-square-foot warehouse in the Northern New Jersey community of Dayton. The property sits on a 14-acre site and features a clear height of 31 feet and a separate two-acre parking lot. Bunny Escava and Isaac Setton of Kassin Sabbagh Realty brokered the transaction. The seller and sales price were not disclosed.

January 4, 2022

Acquisitions Industrial Massachusetts Northeast

CBRE Negotiates $18M Sale of Industrial Building in Woburn, Massachusetts

by Taylor Williams January 4, 2022

WOBURN, MASS. — CBRE has negotiated the $18 million sale of a 66,225-square-foot industrial building in the northern Boston suburb of Woburn. The building is located at 225 Wildwood Ave. and features clear heights of 17.5 to 23 feet. Scott Dragos, Chris Skeffington, Doug Jacoby, Anthony Hayes, Roy Sandeman, Tim Mulhall, and Dan Hines of CBRE represented the seller, GFI Partners, in the transaction. The buyer was San Francisco-based Berkeley Partners.

January 4, 2022

Acquisitions Kansas Midwest Retail

Block & Co. Brokers Sale of Orchard Corners Shopping Center in Lenexa, Kansas

by Kristin Harlow January 4, 2022

LENEXA, KAN. — Block & Co. Inc. Realtors has brokered the sale of Orchard Corners shopping center in Lenexa, about 15 miles southwest of Kansas City, for an undisclosed price. The more than 200,000-square-foot property is located at the southwest corner of 95th Street and Quivira Road across from Oak Park Mall. Anchor tenants include Nordstrom Rack, TJ Maxx, HomeGoods and Michaels. There is a 37,000-square-foot space available for lease that was previously occupied by Stein Mart. Orchard Corners was built in 1971 and renovated in the 1990s. David Block of Block & Co. represented the buyer, a group of local investors that includes himself. CBRE represented the undisclosed seller. Block & Co. will handle property management and leasing.

January 4, 2022

Acquisitions Industrial Midwest Missouri

NewLake Purchases 70,000 SF Cannabis Facility in Chaffee, Missouri

by Kristin Harlow January 4, 2022

CHAFFEE, MO. — NewLake Capital Partners Inc. has purchased a 70,000-square-foot cannabis cultivation and processing facility in the southeastern Missouri town of Chaffee. NewLake’s total investment in the property will be $21.1 million, which includes $16 million at closing and a $5.1 million commitment to fund tenant improvement allowances and building renovations. Organic Remedies is the tenant.

January 4, 2022

Acquisitions Healthcare Midwest Missouri

Montecito Medical Acquires 40,500 SF Medical Office Building in Metro Kansas City

by Kristin Harlow January 4, 2022

LEE’S SUMMIT, MO. — Montecito Medical has acquired a 40,500-square-foot medical office building in Lee’s Summit near Kansas City. The fully leased property opened in 2020. Beacon Surgery Center, a joint venture between local physician partners and Partners Surgical, is the building’s primary tenant. Other tenants include Sano Orthopedics and Advanced Surgical Associates. The seller and sales price were not disclosed.

January 4, 2022

Acquisitions Colorado Multifamily Western

Gelt Acquires Willow Point Townhomes in Denver for $69M

by Amy Works January 4, 2022

DENVER — Gelt has purchased Willow Point Townhomes, a rental community located at 8500 E. Mississippi Ave. in Denver. The property sold for $69 million in an off-market transaction. Built in 2016 on 8.5 acres, the community features 30 two-story residential buildings offering a total of 117 two- and three-bedroom townhome-style units averaging 1,504 square feet. The townhomes feature attached two-car garages, private patios, stainless steel appliances, quartz countertops, full-size washers/dryers and select units with study rooms. On-site amenities include a resort-style pool and spa, dog wash, playground and 274 parking spaces.

January 4, 2022

Acquisitions Colorado Multifamily Western

Berkadia Brokers $24.7M Sale of Eleven13 Apartments in Fort Collins, Colorado

by Amy Works January 4, 2022

FORT COLLINS, COLO. — Berkadia has arranged the sale of and acquisition financing for Eleven13 Apartments, a garden-style multifamily property in Fort Collins. California-based Bridge Partners sold the asset to Colorado-based Trailbreak Partners for $24.7 million. Located at 1113 W. Plum St., Eleven13 Apartments features 107 two- and three-bedroom floor plans with air conditioning and washer and dryer connections. Community amenities include a clubhouse, fitness center, game room, laundry facilities and a picnic area. Nick Steele, John Laratta, Tyler King and Nate Moyer of Berkadia Denver represented the seller in the deal. Brian Huff of Berkadia Denver arranged a $20 million acquisition loan for the buyer. CorAmerica Capital provided the three-year, non-recourse loan, which features a 75 percent loan-to-cost ratio, 3.85 percent interest rate and an interest-only payment schedule.

January 4, 2022

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