Acquisitions

CBRE Negotiates Sale of 1,824-Unit Parkside at Craig Ranch Apartments in Metro Dallas

by Taylor Williams October 14, 2021

MCKINNEY, TEXAS — CBRE has negotiated the sale of Parkside at Craig Ranch, a 1,824-unit apartment community in the northern Dallas suburb of McKinney. The community was built in five phases between 2013 and 2021 within the 2,200-acre Craig Ranch master-planned development. The five phases total approximately 1.5 million square feet of net rentable space and feature an onsite convenience store, multiple fitness centers and a centralized workroom with private offices. Danny Baker, Johnathan Makus, Nita Stewart, Chandler Sims, Kevin O’Boyle and Mikey Bryant with CBRE represented the seller, Columbus Realty Partners, in the transaction. Mike Bryant, Jon Wooton and Kathryn Womble, also with CBRE, arranged a $242 million acquisition loan on behalf of the buyer, funds sponsored by Harbert Management Corp.

October 14, 2021

Acquisitions Retail Texas

BH Properties Acquires Vacant Department Store at Valle Vista Mall in Harlingen, Texas

by Taylor Williams October 14, 2021

HARLINGEN, TEXAS — Los Angeles-based investment firm BH Properties has acquired a 103,000-square-foot anchor building at Valle Vista Mall in the Rio Grande Valley (RGV) city of Harlingen. Arkansas-based department store Dillard’s formerly occupied the space as a clearance center and vacated the site following the expiration of its lease earlier this year. BH Properties plans to reposition the building, which was constructed in 1983, and market it for retail, office or entertainment uses. Daniel Galvan of Coldwell Banker Commercial RGV represented the seller, an undisclosed New York-based investment firm, in the transaction. Octavio Guajardo with API Real Estate represented BH Properties. Valle Vista Mall spans 665,000 square feet.

October 14, 2021

Acquisitions Illinois Life Sciences Midwest Office

JLL Arranges Sale, Financing of Life Sciences Portfolio in Skokie, Illinois

by Kristin Harlow October 14, 2021

SKOKIE, ILL. — JLL Capital Markets has arranged the sale and financing of a two-building life sciences portfolio within The Illinois Science + Technology Park in Skokie, about 15 miles north of downtown Chicago. The portfolio spans 286,184 rentable square feet and is home to global life sciences brands and university-affiliated, venture-backed startups. Sam DiFrancesca, Patrick Shields, Jaime Fink, Jeffrey Bramson, Bruce Miller and Nick Psyllos of JLL represented the seller, American Landmark Properties, which acquired the buildings in 2016 and renovated them. The JLL team also procured the buyer, Chicago-based Singerman Real Estate. Danny Kaufman and Lucas Borges of JLL led financing efforts on behalf of the buyer. Max Zwolan and Scott Brandwein of JLL also supported the transaction and will continue to handle leasing for the new owner. The sales price and loan amount were not provided.

October 14, 2021

Acquisitions Industrial Midwest Wisconsin

Founders 3 Brokers Sale-Leaseback of 146,560 SF Industrial Facility in Milwaukee

by Kristin Harlow October 14, 2021

MILWAUKEE — Founders 3 Real Estate Services has brokered the sale-leaseback of a 146,560-square-foot industrial facility in Milwaukee for an undisclosed price. The property serves as a processing plant for tenant Klement’s Sausage Co. The facility features climate-controlled manufacturing space as well as significant cold and freezer storage space. Klement’s has occupied the building since its construction in 1989. Since then, the property has gone through extensive renovations and expansions in 1997, 2004 and 2019. Klement’s, a subsidiary of Tall Tree Foods, has signed a long-term lease for the facility. Bob Flood, Andy Hess and Kemp Collings of Founders 3 represented Tall Tree Foods in the transaction. Madison-based SARA Investment Real Estate was the buyer.

October 14, 2021

Acquisitions Industrial NAI New Jersey Northeast

NAI Hanson Brokers $26.3M Sale of Industrial Development Site in Kearny, New Jersey

by Taylor Williams October 14, 2021

KEARNY, N.J. — NAI James E. Hanson has brokered the $26.3 million sale of a 5.4-acre industrial development site in the Northern New Jersey community of Kearny. The site is located within five miles of Port Newark, just off Exit 15E of the New Jersey Turnpike. Kenneth Lundberg, Patrick Lennon and Lorenzo Lambiase of NAI Hanson represented the buyer, San Francisco-based REIT Terreno Realty Corp., in the acquisition of the land. The new ownership did not disclose specific development plans.

October 14, 2021

Acquisitions Connecticut Northeast Office

CBRE Negotiates $15M Sale of Office Building in Westport, Connecticut

by Taylor Williams October 14, 2021

WESTPORT, CONN. — CBRE has negotiated the $15 million sale of a 35,777-square-foot office building in Westport, located in the southern coastal part of the state. Jeffrey Dunne, Steven Bardsley, Jeremy Neuer, David Gavin and Travis Langer of CBRE represented the seller, EWKAI Post Road Properties LLC, in the transaction. The team also procured the buyer, an affiliate of Waterway Capital LLC. The property was fully leased, primarily to Wells Fargo, at the time of sale.

October 14, 2021

Acquisitions Florida Multifamily Southeast

Shoma Group Sells Sanctuary Doral Apartments in South Florida for $102.5M

by Julia Sanders October 13, 2021

DORAL, FLA. — Shoma Group has sold Sanctuary Doral Apartments, a 226-unit, six-story apartment building in Doral. The buyer, Avanti Group, purchased the property for $102.5 million, or $453,539 per unit. Still Hunter of Walker & Dunlop represented the seller in the transaction. Built in 2020, Sanctuary Doral includes one-, two- and three-bedroom floorplans. Rental rates average $2,210 to $3,660 for a 12-month lease and $2,410 to $3,860 with a seven-month lease. Other community amenities include a gym with steam room and sauna, pet spa, pool, bike path, mini soccer field, yoga lawn and a two-story clubhouse. The apartment property was fully occupied at the time of sale. Located at 9400 NW 41st St., Sanctuary Doral is situated close to retailers and restaurants such as McDonald’s, Walgreens, Starbucks and Publix. The apartment community is also about 13.3 miles from downtown Miami and 17.7 miles from Miami Beach.

October 13, 2021

Acquisitions Industrial Self-Storage Texas

Simply Self Storage Acquires 4,200-Unit Portfolio in Houston, Dallas

by Taylor Williams October 13, 2021

HOUSTON AND DALLAS — Simply Self Storage, an Orlando-based owner-operator whose holdings total roughly 80,000 self-storage units across 23 states, has acquired a portfolio of eight facilities totaling approximately 4,200 units in Houston and Dallas. Seven of the properties spanning about 620,000 net rentable square feet and 3,600 units are located in Houston, with a roughly a third of that inventory being climate-controlled space. The Dallas property spans 65,950 net rentable square feet and 600 units. The seller and sales price were not disclosed.

October 13, 2021

Acquisitions Arkansas Retail Southeast

Global Net Lease Acquires Walmart Learning Center in Bentonville, Arkansas for $40.6M

by Julia Sanders October 13, 2021

BENTONVILLE, ARK. — Global Net Lease Inc. (GNL) has acquired the Walmart Learning Center, a 90,000-square-foot training and development center in Bentonville that is leased to Walmart Inc. The sales price was $40.6 million. The Walmart Learning Center serves as the primary digital and onsite training and development facility for Walmart associates. The retail giant has seven years of remaining lease term at the facility.

October 13, 2021

Acquisitions Multifamily Texas

Praedium Group Buys 330-Unit Lenox Grand Crossing Apartments in Metro Houston

by Taylor Williams October 13, 2021

HOUSTON — New York City-based investment firm The Praedium Group has purchased Lenox Grand Crossing, a 330-unit apartment community in the western Houston suburb of Katy that was built in 2020. Units within the 10-building community feature stainless steel appliances, granite countertops, tile backsplashes and full-sized washers and dryers. Amenities include a pool with cabanas, outdoor pavilion with grilling stations, recreational lounge with a pool table and bar seating, a fitness center, two dog parks and a package locker system. The seller was not disclosed.

October 13, 2021

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