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Acquisitions

SoBA apartments
AcquisitionsFloridaMultifamilySoutheast

Robbins Property Associates Acquires SoBA Apartments in Jacksonville for $35.4M

by Julia Sanders

JACKSONVILLE, FLA. — Robbins Property Associates, a multifamily owner and operator, has acquired SoBA Apartments, a 147-unit multifamily property in Jacksonville. Robbins Property acquired the property from Atlanta-based Catalyst Development Partners for $35.4 million, according to the Jacksonville Business Journal. Built in 2020, SoBA Apartments is four stories tall and offers one-, two- and three-bedroom apartments. The units feature kitchens with granite countertops and stainless steel appliances, walk-in closets and patios. Community amenities include a pool with in-water lounge chairs, clubroom, open-air game lounge, kitchen with gas grill stations, outdoor lounge, self-service grooming pet spa, 24-hour fitness club and an outdoor yoga garden. The property’s clubroom has a Starbucks beverage café, game room and a business lounge. Located at 1444 Home St., SoBA Apartments is situated on the Southbank in the downtown submarket of Jacksonville. The apartment complex is situated about 0.7 mile from San Marco Square, which has dining and shopping options. Robbins Property Associates is a real estate private equity firm with offices in Tampa and Boston. The company currently owns and operates 22 properties totaling over 5,700 units in Florida.

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Brook Hollow
AcquisitionsGeorgiaIndustrialSoutheast

Dalfen Buys 60,000 SF Industrial Property in Norcross, Georgia

by Julia Sanders

NORCROSS, GA. — Dalfen Industrial has bought 5250 Brook Hollow Parkway, a 60,000-square-foot, single-tenant industrial property in Norcross, a northeast suburb of Atlanta. This acquisition brings Dalfen Industrial’s Atlanta portfolio to almost 2 million square feet. The sales price and seller were not disclosed. Built in 1999, the infill property is located close to Interstates 85 and 285 and is approximately 20 miles from the Hartsfield-Jackson Atlanta International Airport. The property features high dock door counts and the potential for outside storage. The 5250 Brook Hollow Parkway property is 100 percent leased to Office Creations, a woman-owned business and office furniture and design retailer.

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AcquisitionsGeorgiaMultifamilyRetailSoutheast

Songy Highroads, Healey Weatherholtz Purchase Food Truck Park Site in Atlanta, Plan Mixed-Use Development

by Julia Sanders

ATLANTA — Songy Highroads, an Atlanta-based commercial real estate investment and development firm, and its partner Healey Weatherholtz Properties has purchased the site currently housing the Atlanta Food Truck Park. The 2.7-acre site is located at the northwest corner of Howell Mill Road and Interstate 75 on the border of Atlanta’s West Midtown and Buckhead districts. The sales price and seller were not disclosed. Songy Highroads intends to develop the site for a mixed-use project comprising more than 200 multifamily units, along with retail and hospitality uses. The food truck will continue to be open and operating on a temporary basis, at least through the fall. The food truck first opened in 2012. Cooper Carry, an Atlanta-based architectural firm, is in charge of the development’s design. Songy Highroads focuses on the acquisition, development and redevelopment of real estate projects primarily in the office, multifamily and hotel sectors. Healey Weatherholtz is an Atlanta-based real estate company focused on developing and renovating properties to meet local communities’ needs.

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AcquisitionsIllinoisMidwestMultifamily

Greystone Bel Arranges $43.3M Sale of Five-Property Multifamily Sale in Rockford, Illinois

by Kristin Harlow

ROCKFORD, ILL. — Greystone Bel Real Estate Advisors has arranged the sale of a five-property multifamily portfolio in Rockford for $43.3 million. The portfolio totals 582 units. The properties include Hampton Ridge, Hampton Woods, Hampton Courtyard, Hampton Crossings and Hampton Meadows. Completed from 1958 to 2008, the properties offer a variety of one-, two- and three-bedroom units averaging 1,094 square feet. William Montana and Christopher Sackley of Greystone Bel represented the seller. Buyer and seller information were not disclosed.

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AcquisitionsHealthcareMidwestOhio

Stage Equity Partners Acquires 15,100 SF Medical Office Building Near Toledo, Ohio

by Kristin Harlow

PERRYSBURG, OHIO — Stage Equity Partners LLC has acquired a 15,100-square-foot medical office building in Perrysburg, about 10 miles southwest of Toledo. McLaren St. Luke’s fully occupies the building under a long-term lease. McLaren St. Luke’s is a local hospital and a subsidiary of McLaren Health Care Corp., one of the largest healthcare systems in the Midwest. Built in 2018, the Perrysburg property was designed for McLaren St. Luke’s primary care practice, including its sole residency and pharmacy training programs. The one-story building includes a waiting and reception area, 24 exam rooms, two procedure rooms, 12 administrative offices, a resident’s work area and classroom. Marcus & Millichap brokered the sale for an undisclosed price. Chicago-based Byline Bank provided acquisition financing.

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AcquisitionsMultifamilyNortheastPennsylvania

Equus Capital Partners Sells 188-Unit High-Rise Apartment Complex in Philadelphia

by Taylor Williams

PHILADELPHIA — Locally based investment firm Equus Capital Partners has sold Hill House, a 188-unit high-rise apartment complex in Philadelphia’s Chestnut Hill neighborhood. The property offers studio, one-, two- and three-bedroom units with stainless steel appliances and quartz countertops. Amenities include a pool, fitness center, resident lounge, coffee bar, private library and an outdoor courtyard with grilling areas. Erin Miller, Lizann McGowan and Marybeth Farris of Newmark brokered the deal. Sentinel Real Estate Corp. purchased Hill House, which was 99 percent occupied at the time of sale, for an undisclosed price. Equus originally acquired the property in 2015 and invested $3.7 million in capital improvements over the course of the holding period.

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110-Canal-Street-Boston
AcquisitionsMassachusettsNortheastOfficeRetail

Quaker Lane Capital, Alcion Ventures Buy 63,000 SF Office, Retail Building in Boston

by Taylor Williams

BOSTON — A partnership between investment firm Quaker Lane Capital and Boston-based private equity group Alcion Ventures has purchased a 63,000-square-foot boutique office and retail building located at 110 Canal St. within Boston’s North Station submarket. The building features exposed brick walls, lofty ceilings and open floor plates. CBRE has been tapped to market the property to creative office users.

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Hamilton-Marketplace-Novato-CA
AcquisitionsCaliforniaRetailWestern

Grosvenor Americas Sells 90,769 SF Hamilton Marketplace in Novato, California

by Amy Works

NOVATO, CALIF. — Grosvenor Americas has completed the disposition of Hamilton Marketplace, a retail center located at 5800 Nave Drive in Novato. Terms of the transaction were not released. Grosvenor originally developed the 90,769-square-foot, open-air shopping center in 2008. At the time of sale, the property was 100 percent occupied. Tenants include Safeway, Pet Food Express, Super Duper, Peet’s Coffee, Wells Fargo, Toast Restaurant and Cycle Bar. Nicholas Bicardo of Newmark Retail Capital Markets represented Grosvenor in the deal.

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13255-S-Broadway-360-W132nd-St-Los-Angeles-CA
AcquisitionsCaliforniaIndustrialWestern

DAUM Commercial Negotiates Sale of 145,000 SF Industrial Complex in Los Angeles

by Amy Works

LOS ANGELES — DAUM Commercial Real Estate Services has arranged the sale of a two-building industrial complex in the South Bay submarket of Los Angeles County. Newport Beach-based Hager Pacific Properties acquired the asset from a private party for $17.2 million. The property consists of a 108,000-square-foot building and a 37,000-square-foot building, with each leased to a single tenant. The asset is located at 13255 S. Broadway and 360 W.132nd St. The complex offers frontage on three streets, convenient access to major area freeways and close proximity to downtown Los Angeles and Long Beach. Michael Collins of DAUM Commercial represented the seller in the transaction.

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AcquisitionsArizonaIndustrialOfficeWestern

Colton Commercial Brokers $8.5M Sale of Two-Building Ace Asphalt Property in Phoenix

by Amy Works

PHOENIX — Colton Commercial has arranged the sale of the Ace Asphalt facility, a two-building property located at 3030 S. 7th St. in Phoenix. OP 3030 7th Property acquired the asset from Aceland LLC for $8.5 million. Situated on 29.4 acres, the property includes a 27,682-square-foot office building and an 11,788-square-foot service building. Ace Asphalt will continue its current lease at the site. Dan Colton of Colton Commercial represented the seller, while Pat Harlan of JLL’s Phoenix office represented the buyer in deal.

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