Acquisitions

Brown Commercial Group Negotiates Sale of 20,362 SF Industrial Building in Lisle, Illinois

by Kristin Harlow September 2, 2021

LISLE, ILL. — Brown Commercial Group has negotiated the sale of a 20,362-square-foot industrial building in Lisle, a western suburb of Chicago. The sales price was undisclosed. Located at 1808 Ogden Ave., the property includes 8,840 square feet of warehouse space, 6,953 square feet of production space, 4,360 square feet of office space and 80 parking stalls. Mike Antonelli of Brown represented the seller, a private trust. Anthony Ciaravino of Cushman & Wakefield represented the buyer, Gator Chef, a supplier of new and used restaurant equipment.

September 2, 2021

Acquisitions Loans Multifamily Texas

Bellrock Real Estate Buys 375-Unit Apartment Community in Houston

by Taylor Williams September 2, 2021

HOUSTON — Bellrock Real Estate Partners has purchased Broadstone Summer Street, a 375-unit apartment community in Houston. Built in 2019, the property features stainless steel appliances, quartz countertops, walk-in closets, individual washers and dryers and private patios/balconies in select units. Amenities include a pool, fitness center, game room, resident lounge, theater room, pet park, outdoor grilling stations and a rooftop terrace. Hank Glasgow and Braden Harmon of Newmark arranged a $64.7 million floating-rate acquisition loan on behalf of the new ownership through a fund sponsored by CBRE Global Investors. The new ownership will rebrand the property as Bellrock Summer Street. The seller was not disclosed, but Broadstone is a brand of Houston-based Alliance Residential.

September 2, 2021

Acquisitions Industrial Self-Storage Texas

Bellomy Negotiates Sale of 321-Unit Self-Storage Facility in Seguin, Texas

by Taylor Williams September 2, 2021

SEGUIN, TEXAS — Bellomy & Co., a self-storage brokerage firm based in Austin and Houston, has negotiated the sale of K2 Storage, a 321-unit facility located about 35 miles northeast of Austin in Seguin. The property spans 53,650 net rentable square feet. Bill Bellomy and Michael Johnson of Bellomy & Co. represented the Texas-based seller, KTCK2 Management LLC, in the transaction. The duo also procured the New York-based buyer, an entity doing business as AGAP Seguin Lettau LLC.

September 2, 2021

Acquisitions Multifamily Texas

Newmark Brokers Sale of 276-Unit Multifamily Asset in Northwest San Antonio

by Taylor Williams September 2, 2021

SAN ANTONIO — Newmark has brokered the sale of The Preserve at Westover Hills, a 276-unit apartment community in northwest San Antonio. The property features one- and two-bedroom floor plans and amenities such as a pool, fitness center, playground, dog park, outdoor grilling areas and a package locker room. Patton Jones and Matt Michelson of Newmark represented the seller, Texas-based InvestRes, in the transaction. Kansas-based Cohen-Esrey Apartment Investors LLC purchased the value-add asset, which was 96 percent occupied at the time of sale.

September 2, 2021

Acquisitions Industrial Texas

Leon Capital Acquires 81,718 SF Industrial Building in Fort Worth

by Taylor Williams September 2, 2021

FORT WORTH, TEXAS — Dallas-based investment firm Leon Capital has acquired an 81,718-square-foot industrial building located at 3601 Conway St. in Fort Worth. James Mantzuranis and Adam Jones with Stream Realty Partners represented Leon Capital in the transaction. Seth Koschak and Forrest Cook, also with Stream, represented the sellers, Wayne Corbell and Bonnie Corbell.

September 2, 2021

Acquisitions Affordable Housing Multifamily New Jersey Northeast

HGI, Cammeby’s Acquire 5,302-Unit Workforce Housing Portfolio in New Jersey for $1B

by Taylor Williams September 2, 2021

NEW JERSEY — A joint venture between affiliates of Harbor Group International (HGI) and Cammeby’s International Group has acquired a portfolio of 41 workforce housing properties totaling 5,302 units for $1 billion. The properties are located across 14 different cities in various parts of New Jersey. The new ownership will invest approximately $46 million in capital improvements across the portfolio. Eastdil Secured brokered the sale and advised on the debt placement alongside New York City-based Meridian Capital Group. HGI will manage 10 of the properties. The seller was not disclosed.

September 2, 2021

Acquisitions Multifamily New York Northeast

Avison Young Brokers $61M Sale of Upper East Side Multifamily Portfolio

by Taylor Williams September 2, 2021

NEW YORK CITY — Avison Young has brokered the $61 million sale of a portfolio of 12 multifamily buildings totaling 261 units and two retail spaces on Manhattan’s Upper East Side. All properties in the portfolio are located between Second and York avenues and East 91st and East 73rd streets. James Nelson, Brandon Polakoff, David Shalom, Eric Karmitz and Bradley Rothschild of Avison Young represented the seller in addition to procuring the buyer in the transaction. Both parties requested anonymity.

September 2, 2021

Acquisitions Connecticut Multifamily Northeast

Chozick Realty Negotiates $29M Sale of Apartment Community in Avon, Connecticut

by Taylor Williams September 2, 2021

AVON, CONN. — Connecticut-based brokerage firm Chozick Realty has negotiated the $29 million sale of Avon Mill Apartments, a 186-unit multifamily community located on the western outskirts of Hartford. Built in 1978, the property sits on a 46.6-acre site that is fully approved for the development of an additional 250 apartments. Rick Chozick and David Chozick of Chozick Realty represented the buyer and seller, both of which requested anonymity, in the transaction. In addition to constructing new residences, the new ownership will implement a value-add program to the existing units.

September 2, 2021

Acquisitions Multifamily Southeast Tennessee

American Landmark, BentallGreenOak Acquire Multifamily Property in Metro Nashville for $78.9M

by Julia Sanders September 1, 2021

MURFREESBORO, TENN. — American Landmark and its joint venture partner, BentallGreenOak, have acquired Parc at Murfreesboro, a 359-unit multifamily property located in Murfreesboro, about 34.4 miles south of Nashville. Equity Resources sold the property for $78.9 million. Located at 3237 Memorial Drive, Parc at Murfreesboro offers one-, two- and three-bedroom floor plans with an average square footage of 995 per unit. Built in 2021, each apartment has its own washer and dryer, wood-style flooring, smart home thermostats, door locks, lighting fixtures, granite countertops and stainless steel appliances. Community amenities include a swimming pool with cabanas and a fire pit, fitness center, a yoga lawn and Zen area, electric vehicle charging stations, pet park, dog wash station and detached garages. The property was 99 percent occupied at the time of sale with rents starting at $1,169 per month, according to Apartments.com. American Landmark, a Tampa-based multifamily owner-operator, is managing the property. The firm plans to implement additional improvements including adding landscape beautification, a designer clubhouse, pool deck furniture and smart locks throughout the common areas. BentallGreenOak is a global real estate investment management advisor firm that’s U.S. headquarters are in New York City. BentallGreenOak is a part of SLC Management, which …

September 1, 2021

Acquisitions Retail Southeast Virginia

Finmarc Management Sells Giant Food-Leased Property in Fairfax, Virginia for $39.8M

by Julia Sanders September 1, 2021

FAIRFAX, VA. — Finmarc Management Inc. has sold a 76,000-square-foot, Giant Food-leased retail building in Fairfax. Signet Springfield, a limited liability corporation based in California, bought the property for $39.8 million. Located at 6364 Springfield Plaza in Fairfax County, the property is situated within Springfield Plaza, a shopping center with retail tenants such as AT&T, Chipotle Mexican Grill, David’s Bridal, CVS/pharmacy and Little Caesars Pizza. Situated along Commerce Street at the intersection of Old Keene Mill Road and Amherst Avenue, Springfield Plaza is located adjacent to Interstates 95 and 395. Last year, Giant Food relocated from Springfield Plaza to the current building under a long-term lease, replacing the Kmart who was the building’s former anchor. The Maryland-based grocer, Giant Food, had anchored Springfield Plaza since 1960 prior to the move. The new store features a full-service Starbucks Coffee shop with seating, as well as a PNC Bank branch. Ryan Sciullo, Chris Bosworth and Bill Kent of CBRE represented Finmarc Management, a Bethesda, Md.-based commercial real estate management and investment firm, in the transaction. David Chasin of Pegasus Investments represented the buyer.

September 1, 2021

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