Acquisitions

Lakeshore-Village-Marketplace-Moreno-Valley-CA

Newmark Directs $8.3M Sale of Lakeshore Village Marketplace in Moreno Valley

by Amy Works August 6, 2021

MORENO VALLEY, CALIF. — Newmark has arranged the sale of Lakeshore Village Marketplace, a neighborhood shopping center located in Moreno Valley. A Southern California-based private party acquired the retail property from an entity doing business as Lakeshore Plaza Holdings LLC for $8.3 million. Situated at 23575 Sunnymead Parkway, Lakeshore Village Marketplace features 80,000 square feet of retail space. The transaction also includes a 2.3-acre land parcel adjacent to the retail center. Lakeshore Village Marketplace has maintained a steady 87 percent occupancy rate to tenants including Armando’s Mexican Restaurant, Espresso & Cupcake Café, S Bar & Grill, Oishii Sushi, Del Taco and Jack in the Box. Mario Alvarez Jr. and Pablo Rodriguez of Newmark represented the seller in the deal.

August 6, 2021

Acquisitions Multifamily Texas

FCP, VaultCap Acquire 275-Unit Corey Place Apartments in Grand Prairie, Texas

by Taylor Williams August 6, 2021

GRAND PRAIRIE, TEXAS — A partnership between Maryland-based investment firm FCP and VaultCap Partners has acquired Corey Place Apartments, a 275-unit community located in the central metroplex city of Grand Prairie. The property, which according to Apartments.com was built in 1970, offers one-, two- and three-bedroom units. NorthMarq represented the undisclosed seller in the transaction and arranged debt and equity on behalf of the buyer. The new ownership intends to implement a value-add program to add a pool, turf soccer field and outdoor kitchen, as well as to renovate common area and make sustainability improvements.

August 6, 2021

Acquisitions Industrial Texas

Marcus & Millichap Brokers Sale of 110,400 SF Industrial Complex in Metro Dallas

by Taylor Williams August 6, 2021

LEWISVILLE, TEXAS — Marcus & Millichap has brokered the sale of a three-building, 110,400-square-foot industrial complex located in the northern Dallas suburb of Lewisville. Andes Coil Processors occupies the property, which sits on 7.6 acres. Adam Abushagur of Marcus & Millichap represented the seller and buyer, both of which were private investors that requested anonymity, in the transaction.

August 6, 2021

Acquisitions Industrial New York Northeast

Marcus & Millichap Brokers Sale of 100,984 SF Industrial Building in Binghamton, New York

by Taylor Williams August 6, 2021

BINGHAMTON, N.Y. — Marcus & Millichap has brokered the sale of a 100,984-square-foot industrial building in the Upstate New York city of Binghamton. The property sits on 7.3 acres and was leased to aerospace and defense firm L3 Harris on a triple-net basis at the time of sale. Adam Abushagur of Marcus & Millichap represented the seller, a private investor, in the transaction. Marcus & Millichap also procured the buyer, Spirit Realty Capital. The sales price was not disclosed.

August 6, 2021

Acquisitions Multifamily New York Northeast

Ariel Property Advisors Arranges Sale of 111-Unit Affordable Housing Portfolio in Harlem

by Taylor Williams August 6, 2021

NEW YORK CITY — Locally based firm Ariel Property Advisors has arranged the sale of the West 135th Street LIHTC Portfolio, a collection of eight affordable housing buildings totaling 111 units in West Harlem. The portfolio also includes three retail spaces. The unit mix consists of nine studio apartments, 30 one-bedroom units, 55 two-bedroom units, 17 three-bedroom residences and one superintendent’s unit. Victor Sozio of Ariel Property Advisors brokered the deal. The buyer and seller were not disclosed.

August 6, 2021

Acquisitions Michigan Midwest Retail

Friedman Real Estate Brokers Sale of Former Northland Mall in Southfield, Michigan

by Kristin Harlow August 6, 2021

SOUTHFIELD, MICH. — Friedman Real Estate has brokered the sale of the former Northland Mall in Southfield, a northern suburb of Detroit. The sales price was $11.1 million, according to the Detroit Free Press. Friedman was hired in 2017 to act as the City of Southfield’s real estate consultant and broker to market the redevelopment site. Bloomfield Hills-based Contour Development was the buyer. Contour plans to build new residences, commercial space and amenities in a mixed-use project named Northland City Center. Contour’s plan includes an adaptive reuse of the former J.L. Hudson Co. department store building into Hudson City Market, a food, entertainment and home furnishings venue. Andrew Ledger of Friedman served as the primary point of contact for the assignment. The 1.4 million-square-foot mall opened in 1954 and closed in 2015. It was home to 100 stores. Friedman has also been retained by Contour to market Northland City Center for lease.

August 6, 2021

Acquisitions Industrial Midwest Ohio

ILPT Acquires 357,504 SF Industrial Building in Columbus, Ohio, for $31.5M

by Kristin Harlow August 6, 2021

COLUMBUS, OHIO — Industrial Logistics Properties Trust (ILPT) has acquired a 357,504-square-foot industrial building in Columbus for $31.5 million. The property is located at 7303 Rickenbacker Parkway West near the Rickenbacker intermodal terminal and airport. Synnex Corp. fully occupies the facility on a seven-year, net-lease basis. Steve Disse, Alex Cantu, Jeff Devine and Michael Linder of Colliers International brokered the sale, which includes excess land that can accommodate future expansion of more than 100,000 square feet. Seller information was undisclosed. ILPT, based in Newton, Mass., is managed by The RMR Group LLC.

August 6, 2021

Acquisitions Multifamily South Carolina Southeast

Berkadia Negotiates $19.5M Sale of Multifamily Property in Charleston

by Julia Sanders August 5, 2021

CHARLESTON, S.C. — Berkadia has negotiated the $19.5 million sale of Oasis at West Ashley, a garden-style multifamily property in Charleston. Mark Boyce and Blake Coffey of Berkadia led the transaction on behalf of the seller, New York-based URS Capital Partners. The buyer was not disclosed. Built in 1979, Oasis at West Ashley features 116 units with newly renovated kitchens, walk-in closets and select units with patio or balcony options. The apartment community sold for a per-unit price of $167,672. Located at 1751 Dogwood Road, the property is 7.5 miles from the Charleston International Airport. The property was 96 percent occupied at the time of sale.

August 5, 2021

Acquisitions Multifamily Texas

Bell Partners Acquires 435-Unit CityLine Park Apartments in Metro Dallas

by Taylor Williams August 5, 2021

RICHARDSON, TEXAS — North Carolina-based investment firm Bell Partners has acquired CityLine Park, a 435-unit apartment community located within the CityLine mixed-use development in the northeastern Dallas suburb of Richardson. Built in 2019, the property features studio, one-, two- and three-bedroom units and amenities such as a pool, fitness center and a clubhouse with a coffee bar. Bell Partners will rebrand the property as Bell CityLine.

August 5, 2021

Acquisitions Multifamily Texas

Catalyst Equity Partners Buys 176-Unit Workforce Housing Community in Metro Houston

by Taylor Williams August 5, 2021

STAFFORD, TEXAS — Dallas-based investment firm Catalyst Equity Partners has purchased Stafford Oaks, a 176-unit workforce housing community in the southwestern Houston suburb of Stafford that was built in 1978. The new ownership plans to implement a $2 million capital improvement program that will add amenities such as a turf soccer field and package lockers, as well as upgrade unit interiors with new flooring, appliances and washer/dryer connections. The seller was undisclosed.

August 5, 2021

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