Acquisitions

Stan Johnson Co. Negotiates $10.8M Sale of Philadelphia Retail Condo Leased to CVS

by Taylor Williams December 15, 2021

PHILADELPHIA — Stan Johnson Co., an Oklahoma-based brokerage firm specializing in net-leased retail assets, has negotiated the $10.8 million sale of a 12,485-square-foot retail condo in Philadelphia that is leased to CVS. The store is housed within a 62-unit multifamily building known as Shirt Corner that is located in the Old City District. Brandon Duff, Austin Duff, Matt Spangenberg and Mack Wolfgram of Stan Johnson Co. represented the seller, a Chicago-based private investor, in the transaction. The buyer was a 1031 exchange investor from Indiana.

December 15, 2021

Acquisitions Multifamily New York Northeast

Conway Capital Acquires Brooklyn Multifamily Building for $8M

by Taylor Williams December 15, 2021

NEW YORK CITY — Locally based investment firm Conway Capital, in partnership with a private family investment group, has acquired a 16-unit multifamily building in the Park Slope area of Brooklyn for $8 million. The new ownership plans to renovate the four-story property at 423 16th St., which was originally built in 1920. Derek Bestreich and Luke Sproviero of Bestreich Realty Group represented the seller, a private investor, in the transaction.

December 15, 2021

Acquisitions Hospitality Nevada Top Stories Western

Hard Rock Agrees to Acquire The Mirage in Las Vegas for $1B, Plans Guitar-Shaped Hotel

by Kristin Harlow December 15, 2021

LAS VEGAS — Hard Rock International has agreed to acquire the operations of The Mirage Hotel and Casino in Las Vegas for more than $1 billion. The transaction is expected to close in the second half of 2022. Hard Rock also revealed that it plans to build a guitar-shaped hotel, which will be located on the Las Vegas Strip. When complete, Hard Rock Las Vegas will be a fully integrated resort welcoming meetings, groups, tourists and casino guests across its nearly 80-acre location, according to Jim Allen, chairman of Hard Rock. The seller, MGM Resorts International (NYSE: MGM), acquired The Mirage in 2000. The property originally opened in 1989 and is known for its 90-foot volcano. MGM is selling to focus on other opportunities, such as sports betting and expansion in Asia. “This announcement marks the culmination of a series of transformational transactions for MGM during the last several years,” says Paul Salem, chairman of the board of directors for MGM. “The monetization of our entire real estate property portfolio, together with the addition of CityCenter and our agreement to acquire The Cosmopolitan of Las Vegas, will position the company with a fortress balance sheet, premier portfolio and significant financial …

December 15, 2021

Acquisitions Retail Texas

JLL Brokers Sale of 227,041 SF South Frisco Village Retail Power Center

by Taylor Williams December 14, 2021

FRISCO, TEXAS — JLL has brokered the sale of South Frisco Village, a 227,041-square-foot retail power center located on the northern outskirts of Dallas. Built in 2001, the property was 92 percent leased at the time of sale to tenants such as Bed Bath & Beyond, Jo-Ann Fabrics, buybuy Baby and Painted Tree Marketplace. Ryan Shore, Chris Gerard, Barry Brown and Jack Copher of JLL represented the seller, Illinois-based InvenTrust Properties, in the transaction. Vista Property Co. purchased the asset for an undisclosed price.

December 14, 2021

Acquisitions California Multifamily Western

Standard Communities, Faring Acquire Monterey Station Apartments in California for $130M

by Amy Works December 14, 2021

POMONA, CALIF. — Standard Communities and Faring, a national investor and developer of affordable and workforce housing, have purchased Monterey Station, a multifamily community in Pomona. Clear Capital sold the property for $130 million. Located at 120-180 E. Monterey Ave., Monterey Station features 349 apartments with 14 different floor plans. Unit amenities include stainless steel GE appliances, Nest thermostats, walk-in closets, stackable washers/dryers, nine-foot ceilings and central air and heating. Community amenities include a resort-style pool and spa; fitness center with outdoor workout area; water and fire features; courtyards with cabanas; a dog run; and a resident clubhouse. Dean Zander and Stewart Weston of CBRE represented the seller in the transaction.

December 14, 2021

Acquisitions Arizona Multifamily Western

Baron Properties Sells Arrowhead Ranch Apartments in Glendale to Decron Properties for $101.5M

by Amy Works December 14, 2021

GLENDALE, ARIZ. — Baron Properties has completed the disposition of Arrowhead Ranch by Baron, a multifamily asset in Glendale. Decron Properties acquired the community for $101.5 million, or $396,484 per unit. Built in 1996 on 16 acres, Arrowhead Ranch at Baron features 256 apartments with large windows, white Shaker-style cabinetry, breakfast bars, full-size washers/dryers and garden-style soaking tubs. Select units offer gas fireplaces and lake views. Community amenities include two resort-style swimming pools, spas with expansive sundecks and lake views. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in deal.

December 14, 2021

Gold-Hill-Shopping-Center-Woodland-Park-CO

Acquisitions Colorado Retail Western

IPA Brokers Sale of 47,978 SF Gold Hill Shopping Center in Woodland Park, Colorado

by Amy Works December 14, 2021

WOODLAND PARK, COLO. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Gold Hill Shopping Center, a multi-tenant retail center in Woodland Park. A local private investor acquired the asset from an undisclosed seller for $10.2 million. City Market, a Kroger-branded supermarket, anchors Gold Hill Shopping Center. The 47,978-square-foot retail center was fully occupied at the time of sale. Ryan Bowlby and Drew Isaac of IPA represented the buyer and secured the seller in the transaction.

December 14, 2021

Acquisitions Arizona Retail Western

Allard Developments Buys Arcadia Fiesta Retail Center in Phoenix for $41.6M

by Amy Works December 14, 2021

PHOENIX — An entity formed by Canada-based Allard Developments has purchased Arcadia Fiesta, a shopping center located at the southwest corner of 32nd Street and Indian School Road in Phoenix. An entity formed by a joint venture between Arizona-based DeRito Partners and Van Tuyl Cos. sold the asset for $41.6 million. The 154,436-square-foot Arcadia Fiesta was fully leased at the time of sale with 96 percent of tenants national retailers. Michael Hackett and Ryan Schubert of Cushman & Wakefield’s Phoenix office represented the seller in the transaction.

December 14, 2021

Acquisitions Multifamily Texas

Colliers Arranges Sale of 280-Unit Dominion Park Apartments in Northwest San Antonio

by Taylor Williams December 14, 2021

SAN ANTONIO — Colliers has arranged the sale of Dominion Park, a 280-unit apartment community in northwest San Antonio that was built in 2002. According to Apartments.com, the property offers one-, two- and three-bedroom units ranging in size from 597 to 1,346 square feet and amenities such as a pool, fitness center, clubhouse and a business center. Chip Nash, Bob Heard and Todd Stewart of Colliers represented the seller, an entity doing business as GSSW Dominion LLC, and procured the buyer, Austin-based GVA Real Estate Group.

December 14, 2021

Acquisitions Georgia Retail Southeast

CBRE Brokers Sale of 82,097 SF Shopping Center in Atlanta’s Central Perimeter District

by Julia Sanders December 14, 2021

ATLANTA — CBRE National Retail Partners has brokered the sale of Park Place, an 82,097-square-foot retail property in Atlanta’s Central Perimeter district. Edens purchased the property from Atlanta-based Coro Realty Advisors for an undisclosed amount. Chris Decoufle, Kevin Hurley and Matt Karempelis of CBRE represented the seller in the transaction. Located at 4505 Ashford Dunwoody Road, Park Place is located directly across from Perimeter Mall at the intersection of Ashford Dunwoody Road and Perimeter Center West. Built in 1978, the property is anchored by Alon’s Bakery and Market, Fidelity Investments and Jared Galleria of Jewelry. The property was 92.2 percent occupied by tenants such as Allen Edmonds, Expedia Travel, Balance Salon and The Brass Tap.

December 14, 2021

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