Acquisitions

Morrison Avenue Capital Partners Sells Two Apartment Communities in Montgomery

by Julia Sanders November 12, 2021

MONTGOMERY, ALA. — Morrison Avenue Capital Partners has sold Arbor Station and Stratford Village, two apartment communities totaling 512 units in Montgomery. Craig Hey and Andrew Brown of Cushman & Wakefield represented the seller in the transaction. Highlands Vista Group acquired the properties for an undisclosed price. Arbor Station, a 288-unit apartment community, was 98 percent occupied at the time of sale. Stratford Village, a 224-unit community, was 95 percent occupied. Both properties offer one-, two- and three-bedroom floorplans with units featuring private balconies or patios, hardwood-inspired flooring, wood burning fireplaces, ceiling fans and washer and dryer connections in select homes. Arbor Station is located at 2495 Meadow Ridge Lane, and offers community amenities such as a picnic area, playground, fitness center and a Jacuzzi and sundeck. Located at 2000 London Town Lane, Stratford Village’s community amenities include two pools with a sundeck, onsite parking, tennis court, pet play area, fitness center and a clubhouse. The properties are situated about one mile from each other. Morrison Avenue completed $5 million in capital improvements at both communities, including renovations of almost all unit interiors, new roofs and a new clubhouse at Stratford Village.

November 12, 2021

Acquisitions Florida Multifamily Southeast Top Stories

Berkadia Arranges $133M Sale of LUMA Multifamily Community in Miramar, Florida

by Julia Sanders November 12, 2021

MIRAMAR, FLA. — Berkadia has arranged the sale of LUMA at Miramar, a 380-unit, garden-style multifamily community in Miramar, about 22 miles north of Miami. Roberto Pesant, Jaret Turkell, Charles Foschini, Omar Morales and Jose Mota of Berkadia Miami marketed the property on behalf of the seller, ANSCA. Avalon Bay Communities Inc. acquired the property for $133 million. Built in 2019, LUMA at Miramar features three- and four-story buildings with one-, two- and three-bedroom floorplans ranging from 818 square feet to 1,355 square feet. Each building features an elevator, and the units include insulated impact windows, wood plank flooring, granite countertops, stainless steel appliances, subway tile backsplash, walk-in closets and private screened balconies or patios. Monthly rent ranges from $1,999 to $2,750, according to Apartments.com. Community amenities include a gated electric entrance, swimming pool, fitness center, yoga room, Zen Garden, billiard room with fireplace, café with complementary self-service Starbucks coffee, outdoor grilling area, independent attached and detached garages and valet trash service. The occupancy rate at LUMA at Miramar remained at or above 90 percent throughout 2020 and 2021. The property was fully occupied at the time of sale. Robert Pesant, a senior managing director at Berkadia, says the property …

November 12, 2021

Acquisitions Industrial Texas

ML Realty Partners Buys 72,000 SF Industrial Building in Carrollton, Texas

by Taylor Williams November 12, 2021

CARROLLTON, TEXAS — Illinois-based investment and development firm ML Realty Partners has purchased a 72,000-square-foot industrial building located at 2520 Marsh Lane in the northern Dallas suburb of Carrollton. According to LoopNet Inc., the property was built in 1997 and offers 24-foot clear heights and 7,325 square feet of office space. Dan Spika of Henry S. Miller (HSM) Brokerage represented ML Realty Partners in the transaction. Jim Turano, also with HSM, represented the undisclosed seller.

November 12, 2021

Acquisitions New Jersey Northeast Office

CBRE Negotiates Sale of 199,310 SF Grande Commons Office Building in Northern New Jersey

by Taylor Williams November 12, 2021

BRIDGEWATER, N.J. — CBRE has negotiated the sale of Grande Commons, a 199,310-square-foot office building located in the Northern New Jersey community of Bridgewater. Jeff Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Travis Langer and Zach McHale of CBRE represented the seller, American Equity Partners, in the transaction. At the time of sale, the building was 82 percent leased to tenants in the pharmaceutical, engineering, finance and legal services sectors. The buyer and sales price were not disclosed.

November 12, 2021

Acquisitions California Multifamily Western

Clarion, Cityview Acquire Empire Landing Apartments in Burbank for $161M

by Amy Works November 12, 2021

BURBANK, CALIF. — Clarion Partners and Cityview have jointly purchased Empire Landing, a garden-style apartment community in Burbank. An undisclosed seller sold the asset for $161 million. Empire Landing features 276 apartments in a mix of one- and two-bedroom layouts and 41 three-story townhomes with two-car, direct-access garages. The gated community offers a pool and deck, fitness center and clubhouse. The buyers plan to implement a comprehensive renovation to the common areas, amenities and interiors of the property, including re-envisioning the indoor and outdoor amenities and updating the units.

November 12, 2021

Tustin-Rehabilitation-Hospital-Tustin-CA

Acquisitions California Healthcare Office Western

Cushman & Wakefield Brokers $18M Sale of Tustin Rehabilitation Hospital in Orange County

by Amy Works November 12, 2021

TUSTIN, CALIF. — Cushman & Wakefield has arranged the sale of Tustin Rehabilitation Hospital, a two-building, 73,180-square-foot medical facility at 14852 Yorba St. and 165 N. Myrtle Ave. in Tustin. An affiliate of Ventas sold the asset to an undisclosed buyer for $18 million. The property consists of a single-story, 17,180-square-foot nursing facility, which is currently vacant, and a two-story, 56,000-square-foot 48-bed inpatient rehabilitation facility that will become vacant by the end of the year. Travis Ives and Gino Lillio of Cushman & Wakefield’s US Healthcare Capital Markets team represented the seller in the deal.

November 12, 2021

Acquisitions Hospitality Indiana Midwest

Marcus & Millichap Arranges $2.5M Sale of Motel 6 Property in Indianapolis

by Kristin Harlow November 12, 2021

INDIANAPOLIS — Marcus & Millichap has arranged the sale of a Motel 6 hotel property in Indianapolis for $2.5 million. The 72-room hotel is located at 4585 S. Harding St., about 10 miles from the Indianapolis International Airport. Ebrahim Valliani, Michael Klar, Chris Gomes, Allan Miller and Robert Marro of Marcus & Millichap represented the seller, a Texas-based private investor. Alexandre Duong and Alex Fifner of Marcus & Millichap represented the buyer, a limited liability company.

November 12, 2021

Acquisitions Louisiana Retail Southeast

SRS Brokers $10.9M Sale of Two Winn-Dixie Properties in Metro New Orleans

by Julia Sanders November 11, 2021

SLIDELL, LA. — SRS’ Investment Properties Group has brokered the sale of two single-tenant properties net leased to Winn-Dixie in Slidell, roughly 31 miles outside New Orleans. H&R 2985 Gause LLC and H&R 3030 Pontchartrain LLC sold the properties for $10.9 million to NS Retail Holdings LLC. Kyle Stonis and Pierce Mayson of SRS’ Investment Properties Group, along with William Place of L + A Retail, represented the seller in the transaction. The buyer was self-represented. Located at 2985 Gause Blvd. and 3030 Pontchartrain Drive, the properties are the only Winn-Dixie stores located within Slidell. Built in 1998, the Gause Boulevard location occupies 44,788 square feet and is situated on 5.7 acres of land. Built in 1973 on 6.7 acres of land, the Pontchartrain Drive store occupies 44,780 square feet.

November 11, 2021

Acquisitions Multifamily New Jersey Northeast

Redwood Realty Negotiates $11.3M Sale of Multifamily Property in Matawan, New Jersey

by Taylor Williams November 11, 2021

MATAWAN, N.J. — Brokerage firm Redwood Realty Advisors has negotiated the $11.3 million sale of Matawan Village, a 72-unit multifamily property located about 40 miles south of New York City. The sales price equates to approximately $157,500 per unit. According to Apartments.com, the property offers one- and two-bedroom units. Kevin McCrann of Redwood Realty represented the buyer and seller, both of which requested anonymity, in the transaction.

November 11, 2021

Acquisitions Industrial New York Northeast

Colliers Negotiates $9.2M Sale of Long Island Industrial Building

by Taylor Williams November 11, 2021

SHIRLEY, N.Y. — Colliers International has negotiated the $9.2 million sale of a 61,916-square-foot industrial building in the Long Island community of Shirley. The sales price equates to $149 per square foot. The building is leased to rubber products supplier Frank Lowe for the next five years. Jordan Baruch and Matthew Kucker of Colliers represented the buyer, Port Washington, N.Y.-based BEB Capital, in the transaction. Jason Maietta, Tommy Rosati and Brandon Lichtenstein, also with Colliers, represented the seller, Warco LLC, a real estate entity affiliated with Frank Lowe.

November 11, 2021

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