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Acquisitions

Sterling Bluff
AcquisitionsGeorgiaMultifamilySoutheast

Grubb Properties Sells Apartment Community in Savannah for $29M

by Julia Sanders

SAVANNAH, GA. — Charlotte-based Grubb Properties has sold Sterling Bluff, a 216-unit garden-style apartment community in Savannah, to Miami-based PIA Residential for $29 million. Nelson Abels and Mike Kemether of Cushman & Wakefield represented the seller in the transaction. Brian Kochan and John Westby-Gibson of Newmark originated a $20 million Fannie Mae acquisition loan for PIA Residential. The loan has a 10 year term. Located at 201 West Montgomery Cross Road on 11.3 acres, Sterling Bluff is a two-story complex that was 99 percent occupied at the time of sale. Built in 1977, the property offers one-, two- and three-bedroom floorplans with a range of 1,045 square feet up to 1,336 square feet. Community amenities include a swimming pool, BBQ grilling stations, fitness center, pet park and play area, playground and a poolside lounging area. The property is located about 6.5 miles from downtown Savannah, 2.8 miles from a Publix and right next to Hunter Golf Club. In addition, Savannah features employers such as Gulfstream Aerospace, International Paper Mitsubishi-Hitachi Power Systems, the Port of Savannah and the Army Corps of Engineers. PIA Residential plans to invest approximately $1.4 million into upgrading the apartment community, including putting in new appliances, countertops, …

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Broadstone-McKinney-Apartments
AcquisitionsMultifamilyTexas

Castle Lanterra Buys 255-Unit Broadstone McKinney Apartments in Metro Dallas

by Taylor Williams

MCKINNEY, TEXAS — New York-based investment firm Castle Lanterra Properties has purchased Broadstone McKinney, a 255-unit multifamily community located on the northern outskirts of Dallas. Units at the newly constructed property feature stainless steel appliances, granite countertops, custom cabinetry and full-size washers and dryers. Amenities include a pool, fitness center, business center, outdoor kitchen, dog park and package lockers. Arizona-based developer Alliance Residential sold the property to Castle Lanterra for an undisclosed price.

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Marathon Village
AcquisitionsDevelopmentMultifamilySoutheastTennessee

RangeWater Purchases Land in Nashville, Plans Apartment Development

by Julia Sanders

NASHVILLE, TENN. — RangeWater Real Estate has purchased a 2.7-acre site in Marathon Village, a neighborhood near downtown Nashville. The Atlanta-based firm plans to develop a 320-unit apartment community on the site, which is located at 806 16th Ave. The Marathon Village project is situated next to Marathon Music Works, the headquarters for Nelson’s Green Brier Distillery. The project is also located near the Watkins Park Pump Track, a skatepark, and Foundry Events, an event venue. The development will include a mix of studio, one- and two-bedroom apartments, as well as community amenities such as a podcast lounge, flexible workspaces, pool deck and yoga lawn. Groundbreaking is scheduled to begin this month with completion expected by the summer of 2023.

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AcquisitionsMultifamilyTexas

Constellation Group Acquires 220-Unit Multifamily Property in San Antonio’s River Walk District

by Taylor Williams

SAN ANTONIO — Miami-based investment firm Constellation Group has acquired 120 Ninth Street, a 220-unit multifamily property in San Antonio’s River Walk District. Units at the newly built property come in one- and two-bedroom floor plans, and amenities include a pool, fitness center and a dog park, as well as an outdoor courtyard with grilling stations, a lounge and a fire pit. Spencer Roy of Walker & Dunlop brokered the transaction. The seller was not disclosed. Scott Wadler, Michael Basinski and Matthew Nihan of Berkadia arranged acquisition financing through CrossHarbor Capital Partners on behalf of Constellation Group.

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AcquisitionsRetailTexas

JLL Negotiates Sale of 93,377 SF Westside Market Shopping Center in Frisco

by Taylor Williams

FRISCO, TEXAS — JLL has negotiated the sale of Westside Market, a 93,377-square-foot shopping center located in the northern Dallas suburb of Frisco. Built in 2017 and anchored by a Tom Thumb grocery store with a fueling station, the property was fully leased at the time of sale. Other tenants include Subway, Great Clips, Pure Barre, Today’s Vision, Aqua-Tots Swim School and Ideal Smile & Orthodontics. Chris Gerard and Ryan Shore of JLL represented the undisclosed seller in the transaction. Locally based investment firm Tabani Group purchased the asset for an undisclosed price.

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AcquisitionsIndustrialMidwestMinnesota

MDH Partners Purchases 285,582 SF Industrial Facility in Rogers, Minnesota

by Kristin Harlow

ROGERS, MINN. — MDH Partners has purchased Rogers Logistics Center for an undisclosed price. The 285,582-square-foot industrial facility is located at 20000 S. Diamond Lake Road in Rogers, a northwest suburb of Minneapolis. Constructed in 2004, Rogers Logistics Center features a clear height of 32 feet, 33 exterior docks and 215 car parking spaces. Developed as a build-to-suit for Archway Marketing Services Inc., the property has been fully occupied since completion. Archway’s current lease runs through January 2026. Judd Welliver and Bentley Smith of CBRE represented the undisclosed seller. The acquisition marks the first purchase in Minnesota for Atlanta-based MDH. Houston Hawley of MDH led the acquisition on behalf of the firm.

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AcquisitionsDevelopmentMultifamilyNew JerseyNortheastOffice

AvalonBay Buys Princeton Office Buildings, Plans Multifamily Conversion

by Taylor Williams

PRINCETON, N.J. — Virginia-based AvalonBay Communities (NYSE: AVB) has purchased two office buildings totaling approximately 110,000 square feet in Princeton with plans to redevelop the site into a 221-unit apartment community and an 80-unit affordable seniors housing property. The future development will feature a four-story apartment building with an elevator, as well as three-story walk-up buildings and high-end luxury rental townhomes. A construction timeline was not disclosed. Jeffrey Dunne, Jeremy Neuer, Steven Bardsley, David Gavin, Travis Langer and Zach McHale of CBRE represented the previous owner and seller buildings, KABR Group, which bought the property in 2018 and shortly thereafter executed a sales contract with AvalonBay.

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AcquisitionsMidwestRetailWisconsin

Stan Johnson Co. Arranges $2.4M Sale of Property Net Leased to Sherwin-Williams in Milwaukee

by Kristin Harlow

MILWAUKEE — Stan Johnson Co. has arranged the sale of a 3,500-square-foot retail property net leased to Sherwin-Williams in Milwaukee for $2.4 million. The building is located at 1216 S. 1st St. and was constructed in 2018. Blaise Bennett of Stan Johnson represented the seller, a Wisconsin-based developer. A Texas-based private equity group was the buyer. The sales price represents a cap rate of 5.1 percent, a new record for a Sherwin-Williams property in the Midwest, according to Stan Johnson.

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AcquisitionsIndustrialNew JerseyNortheast

Cushman & Wakefield Brokers Sale of 400,000 SF Industrial Facility in Middlesex, New Jersey

by Taylor Williams

MIDDLESEX, N.J. — Cushman & Wakefield has brokered the sale of a 400,000-square-foot industrial facility in Middlesex, about 40 miles southwest of New York City. Built on 30.3 acres in 2021, the property offers a clear height of 36 feet, 38 loading positions, 334 car and 281 van parks and 130-foot truck court depths. Gary Gabriel, Kyle Schmidt, David Bernhaut, Ryan Larkin, Jules Nissim and Kimberly Bach of Cushman & Wakefield represented the seller, Rockefeller Group, in the transaction. A fund sponsored by CBRE Investment Management acquired the asset for an undisclosed price.

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