Acquisitions

JLL Arranges Sale of Wegmans-Anchored Shopping Center in Metro Raleigh

by Julia Sanders March 31, 2022

CARY, N.C. — JLL Capital Markets has arranged the sale of Twin Lakes Center, a multi-tenant shopping center in Cary anchored by Wegmans. Thomas Kolarczyk and Ryan Eklund of JLL represented the seller, Leyland Alliance. Dallas-based L&B Realty Advisors acquired the property on behalf of an institutional client. The sales price was not disclosed. Built in 2020, Twin Lakes Center was fully leased at the time of sale to tenants including Hollywood Feed, Great Clips, Mezeh Mediterranean Grill, Premier Martial Arts, PM Pediatrics, Paris Nail Bar, Bul Box and Gulli Boys. Situated on 1.7 acres at 1125 Hatches Pond Lane, Twin Lakes Center is situated 16.1 miles from Raleigh and 14.1 miles from Durham.

March 31, 2022

Acquisitions Arkansas Multifamily North Carolina Southeast Student Housing Tennessee

Newmark Brokers Sale of Four-Property Student Housing Portfolio Across Southeast, Illinois

by Julia Sanders March 31, 2022

AUSTIN, TEXAS — Newmark has brokered the sale of a four-property portfolio of mid-rise student housing properties totaling 1,441 beds. The properties are situated adjacent to public universities in the Southeast and Illinois. Ryan Lang, Jack Brett, Ben Harkrider, Tim McKay, Debra Corson, Blake Pera and Dean Smith of Newmark represented the seller, Rael Corp., in the transaction. The sales price and the buyer were not disclosed. The properties include: Gather Illinois, which is located near the University of Illinois at 410 North Lincoln Ave. in Urbana, Ill.; Gather Uptown located near East Carolina University at 400 South Greene St. in Greenville, N.C.; Gather Dickson located near the University of Arkansas at 333 St. Charles Ave. in Fayetteville, Ark.; and Gather Southern located near the University of Memphis at 3655/3695 Southern Ave. in Memphis.

March 31, 2022

Acquisitions Alabama Hospitality Southeast

MH Hospitality Acquires Holiday Inn Express Hotel in Huntsville for $13.9M

by Julia Sanders March 31, 2022

HUNTSVILLE, ALA. — MH Hospitality has acquired the Holiday Inn Express Hotel, a 98-room, four-story hotel in Huntsville. Wealth Hospitality Group sold the property for $13.9 million. The Holiday Inn Express Hotel is a newly constructed, 56,963-square-foot hotel that features two elevators, 1,200 square feet of meeting space, an outdoor pool and a fitness center. Situated on 2.7 acres, the property is located about one mile from the U.S. Space & Rocket Center, Huntsville Botanical Garden and the Huntsville campus for the University of Alabama.

March 31, 2022

Acquisitions Florida Multifamily Southeast

Inman Equities Sells Kabana Cove Apartments in Jacksonville for $8.6M

by Julia Sanders March 31, 2022

JACKSONVILLE, FLA. — Inman Equities has sold Kabana Cove Apartments, an 80-unit multifamily property in Jacksonville, for $8.6 million. Luke McCann and John Rutherford of NAI Hallmark brokered the transaction on behalf of Inman Equities and the buyer, Investor Boardroom. Built in 1974, the property offers 64 two-bedroom, one-bath units and 16 one-bedroom, one-bath units. Community amenities include a clubhouse, laundry facilities and package services. Inman Equities recently renovated the exterior of the property, including new paint, landscaping and pool upgrades. Located at 6595 San Juan Ave. on 3.1 acres, Kabana Cove is situated 8.4 miles from Florida State College at Jacksonville and 20.4 miles from Jacksonville International Airport.

March 31, 2022

Acquisitions Illinois Midwest Office

Howard Hughes Corp. Sells Equity Stake in 110 North Wacker Office Tower in Chicago for $210M

by Kristin Harlow March 31, 2022

CHICAGO — The Howard Hughes Corp. (NYSE: HHC) has sold its equity interest in 110 North Wacker Drive, a 55-story office tower spanning 1.5 million square feet in Chicago. Callahan Capital Partners and Oak Hill Advisors purchased the stake for $210 million. Based on this sales price, the implied value of the office tower is more than $1 billion, representing the highest valuation for an office property in Chicago since the sale of Willis Tower in 2015, according to Howard Hughes. The Class A building, located along the Chicago River, opened in October 2020 and was co-developed by Howard Hughes and Riverside Investment and Development Co. The property is more than 82 percent leased by tenants such as Bank of America, Heitman, Lincoln International, Jones Day and Morgan Lewis. Eastdil Secured represented Howard Hughes in the sale.

March 31, 2022

Acquisitions Multifamily Texas

IPA Arranges Sale of 344-Unit Heights of Cityview Apartments in Fort Worth

by Taylor Williams March 31, 2022

FORT WORTH, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Heights of Cityview, a 344-unit apartment community in southwest Fort Worth. Built on 22 acres in 1998, the property features one-, two- and three-bedroom units with an average size of 984 square feet. Amenities include multiple pools, a fitness center, clubhouse, pet park, package locker system and outdoor grilling areas. Drew Kile, Joey Tumminello, Michael Ware, Asher Hall, Taylor Hill and Will Balthrope of IPA represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

March 31, 2022

Webster-Medical-Office-&-Life-Sciences-Campus

Acquisitions Healthcare Life Sciences Texas

CBRE Brokers Sale of 94,506 SF Healthcare, Life Sciences Facility in Webster, Texas

by Taylor Williams March 31, 2022

WEBSTER, TEXAS — CBRE has brokered the sale of The Webster Medical Office & Life Sciences Campus, a two-building, 94,506-square-foot facility located in the southeastern Houston suburb of Webster. The campus was built between 2006 and 2008 and was fully leased at the time of sale. Biomedical conglomerate Catalent anchors the roster of 11 tenants with a 32,000-square-foot space, and other users include Centre for Neuro Skills (CNS), Texas Skin Center, Texas ENT, Arthritis Relief Centers and ProActive Physical Therapy Centers. Lee Asher, Chris Bodnar, Jordan Selbiger, Ryan Lindsley, Sabrina Solomiany, Zack Holderman and Brandy Bellow Spinks of CBRE represented the seller, a joint venture between Virtus Real Estate Capital and Lincoln Property Co., in the transaction. The buyer and sales price were not disclosed.

March 31, 2022

Acquisitions Multifamily Nevada Western

Marcus & Millichap Arranges $302.5M Sale of Eight-Property Multifamily Portfolio in Reno

by Amy Works March 31, 2022

RENO, NEV. — Marcus & Millichap has arranged the sale of The ERGS Portfolio, an eight-property apartment portfolio in Reno. The 1,077 units traded for $302.5 million, or $280,872 per unit. Kenneth Blomsterberg, Ryan Rife and Daniel Winrod of Marcus & Millichap’s Reno office represented the undisclosed seller and procured the undisclosed buyer in the deal. Built between 1958 and 2021, the portfolio includes: North Peak Apartments, 352 units Silver Lake Apartments, 352 units Sierra Sage Apartments, 232 units Vale Apartments, 40 units Vale Townhomes, 16 units Peavine Peaks, 30 units Oak Manor, 47 units Angel Street Apartments, eight units

March 31, 2022

Acquisitions Massachusetts Multifamily Northeast Student Housing

CBRE Brokers Sale of 404-Bed Student Housing Community in Amherst, Massachusetts

by Taylor Williams March 31, 2022

AMHERST, MASS. — CBRE has brokered the sale of North 116 Flats, a 404-bed student housing community serving students at the University of Massachusetts at Amherst, located in the central part of the state. Built in 2020, North 116 Flats totals 150 units that were approximately 95 percent occupied at the time of sale. Georgia-based Landmark Properties acquired the property from Dallas-based Fountain Residential Partners for an undisclosed price. Jaclyn Fitts, William Vonderfecht, Casey Schaefer, Biria St. John and Simon Butler of CBRE brokered the deal.

March 31, 2022

Charleston-Plaza-Palo-Alto-Mountain-View-CA

Acquisitions California Retail Western

Nuveen Real Estate Sells Charleston Plaza Retail Center in Silicon Valley for $71.8M

by Amy Works March 31, 2022

PALO ALTO AND MOUNTAIN VIEW, CALIF. — Nuveen Real Estate has completed the disposition of Charleston Plaza, a five-building retail center in Palo Alto and Mountain View. San Francisco-based Presidio Bay acquired the asset for $71.8 million. Situated on 10.9 acres at 2400-2470 Charleston Road, Charleston Plaza features 132,590 square feet of retail space. Completed in 2006, the property features four big box retail buildings and one pad site. Key tenants include PetSmart, Starbucks Coffee and Chipotle. Will Connors, Daniel Renz and Michael Manas of the JLL Capital Markets team represented the seller and procured the buyer in the deal.

March 31, 2022

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