Acquisitions

JLL Capital Markets Negotiates $37.5M Sale of 187,851 SF Marketplace Beaumont in California

by Amy Works September 30, 2021

BEAUMONT, CALIF. — JLL Capital Markets has brokered the sale of Marketplace Beaumont, a shopping center situated on 51.7 acres at 1604, 1693 and 1642 E. Second St. in Beaumont. Completed in 2008, the 187,851-square-foot property was 91 percent occupied at the time of sale. Tenants include ALDI, Ross Dress for Less, Best Buy, Petco and Bed Bath & Beyond. Gleb Lvovich and Daniel Tyner of JLL Retail Capital Markets represented the buyer, while Aldon Cole and Pat Burger of JLL Debt Advisory team represented the seller, a private family trust that originally developed the center, in the deal. JLL worked with Brixton Capital to source the transaction and structure the existing financing.

September 30, 2021

Acquisitions California Retail Western

SRS Real Estate Arranges $6.7M Sale of Grocery Outlet-Occupied Property in Fairfield, California

by Amy Works September 30, 2021

FAIRFIELD, CALIF. — SRS Real Estate Partners has brokered the sale of a retail property located at 200 Travis Blvd. in Fairfield. A West Coast-based owner and operator of retail properties sold the asset to a Los Angeles-based private 1031 exchange investor for $6.7 million. Grocery Outlet occupies the 33,590-square-foot property, which was built in 1977 on 4.1 acres. Matthew Mousavi and Patrick Luther of SRS Real Estate Partners’ National Net Lease Group represented the seller and buyer in the deal.

September 30, 2021

Acquisitions Multifamily North Carolina Southeast

Preferred Apartment Communities Acquires 256-Unit Apartment Complex in Metro Charlotte

by Julia Sanders September 30, 2021

MATTHEWS, N.C. — Preferred Apartment Communities Inc. has acquired Solis Chestnut Farm, a 256-unit Class A multifamily community in Matthews, about 11.7 miles from Charlotte. The price and seller were not disclosed. Located at 3005 Chestnut Grove Lane, Solis Chestnut Farm offers studio, one-, two- and three-bedroom units ranging from 620 to 1,480 square feet. The monthly rent is $1,384 to $2,104. Community amenities include a pool, grill, bike storage, game room, conference room and courtyard. The unit features include in-unit washers/dryers, granite countertops and stainless steel appliances.

September 30, 2021

Acquisitions Indiana Midwest Multifamily Retail

JVM Realty Acquires Apartment, Retail Developments in Fishers, Indiana

by Kristin Harlow September 30, 2021

FISHERS, IND. — JVM Realty Corp. has acquired The Mark at Fishers District, a 260-unit luxury apartment community in Fishers, a northern suburb of Indianapolis. The company has also acquired Fishers District, an 18-acre development with 98,186 square feet of fully leased retail and restaurant space. A dual-branded Hyatt House and Hyatt Place hotel is also on the site but was not part of the sale. JVM plans to use its in-house management and marketing teams for the residential component, but will engage a national expert in retail services to assist with management of the retail portion. George Tikijian and Hannah Ott of Cushman & Wakefield represented the seller, Thompson Thrift. The sales price was not disclosed.

September 30, 2021

Acquisitions Michigan Midwest Multifamily

LRC Commercial Acquires Michigan Multifamily Property for $3.5M

by Kristin Harlow September 30, 2021

FLINT TOWNSHIP, MICH. — LRC Commercial has acquired Lux off Linden in Flint Township for $3.5 million. The 92-unit multifamily property is located at 1440 Linden St. LRC plans to update the units and add 90 storage units. Trinity AAA will manage the asset. Waller Group represented LRC in the transaction, which accounts for LRC’s fourth acquisition in the state of Michigan.

September 30, 2021

Acquisitions Multifamily Texas

Nitya Capital Acquires 2,555-Unit Multifamily Portfolio in Dallas-Fort Worth from Raven Multifamily

by Taylor Williams September 30, 2021

HOUSTON — Houston-based investment firm Nitya Capital has acquired a portfolio of nine multifamily properties totaling 2,555 units that are located in six different cities within the Dallas-Fort Worth (DFW) metroplex. Nitya Capital, which acquired the portfolio from locally based investment firm Raven Multifamily, plans to upgrade the properties with about $15 million in capital improvements to unit interiors and amenity spaces. Taylor Snoddy, James Roberts and Phillip Wiegand of NorthMarq brokered the sale. Steve Whitehead and William Hancock, also with NorthMarq, arranged an undisclosed amount of floating-rate acquisition financing on behalf of the new ownership.

September 30, 2021

Acquisitions Retail Texas

NewQuest Properties Brokers Sale of 186,880 SF Shopping Center in El Paso

by Taylor Williams September 30, 2021

EL PASO, TEXAS — Houston-based NewQuest Properties has brokered the sale of Sunrise Village Center, a 186,880-square-foot shopping center located near Fort Bliss in El Paso. Sunrise Village Center was originally built in 1957 and was 44 percent leased at the time of sale. Current tenants include Dollar General, Sally’s Beauty Supply and Black Fridays Daily Discount Store. The buyer, which plans to redevelop the property, was a Houston-based private investor doing business as JMK5 Holdings LLC. The seller was a family trust and original owner of the property. David Luther, Kelley Workman and Dakota Workman of NewQuest represented both parties in the deal.

September 30, 2021

Acquisitions Multifamily Texas

Newmark Negotiates Sale of 200-Unit Northstar Apartments in North Austin

by Taylor Williams September 30, 2021

AUSTIN, TEXAS — Newmark has negotiated the sale of Northstar Apartments, a 200-unit multifamily community located near The Domain mixed-use development in North Austin. Built in 1986, the property’s units feature granite countertops, glass backsplashes, stainless steel or black appliances and private balconies/patios. Amenities include a pool, outdoor grilling area, fitness center, dog park and a clubhouse with a kitchen and lounge. Jim Young of Newmark represented the seller, Houston-based Nitya Capital, in the transaction. The buyer, California-based Langdon Street Capital, plans to implement a value-add program.

September 30, 2021

Acquisitions Life Sciences Massachusetts Northeast Office

JLL Brokers $74.6M Sale of Future Life Sciences Building in Boston’s Seaport District

by Taylor Williams September 30, 2021

BOSTON — JLL has brokered the $74.6 million sale of a 102,727-square-foot office building in Boston’s Seaport District that will soon be converted to a life sciences facility. The nine-story building at 51 Melcher St. was originally constructed in 1916 as a concrete masonry warehouse and renovated in 2013. Coleman Benedict, Scott Carpenter and Mike Shepard of JLL represented the seller, Zurich Alternative Asset Management, and procured the buyer in the transaction. JLL has also been retained to lease the property on behalf of the new ownership.

September 30, 2021

Acquisitions Connecticut Mixed-Use Northeast

NEPCG Arranges $9M Sale of Mixed-Use Building in Milford, Connecticut

by Taylor Williams September 30, 2021

MILFORD, CONN. — Regional brokerage firm Northeast Private Client Group (NEPCG) has arranged the $9 million sale of a mixed-use building in Milford, located in the southern coastal part of the state. The sales price equates to $206 per square foot and a cap rate of 6.76 percent. Built in 1991 and renovated in 2015, the property consists of 21,799 square feet of residential space across 23 units and 21,359 square feet of commercial space across 10 suites. The buyer and seller were not disclosed. NEPCG represented both parties in the transaction.

September 30, 2021

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