Acquisitions

HLC Equity Acquires High Meadows Apartments in Durant, Oklahoma, for $21M

by Taylor Williams June 17, 2021

DURANT, OKLA. — HLC Equity, a national investment and management firm, has acquired High Meadows, a 208-unit apartment complex in Durant, located near the Texas-Oklahoma border. The property, which was built in 2007, fetched a sales price of $21 million. High Meadows offers one-, two- and three-bedroom units, according to Apartments.com. Amenities include a pool, fitness center, community clubhouse, playground, basketball court, dog parks and large communal outdoor areas. The seller was not disclosed.

June 17, 2021

Acquisitions Industrial Texas

Levey Group Sells 65,000 SF Industrial Building in Northwest Houston

by Taylor Williams June 17, 2021

HOUSTON — Locally based investment firm Levey Group has sold Northwest Place Industrial Park II, a 65,000-square-foot industrial building in northwest Houston. The sale included 6.5 acres of undeveloped land on the site. The buyer, Alco Designs, a California-based manufacturer of retail merchandise displays, will occupy the vacant portion of the facility. The other tenant, Tytan International, a nationwide supplier of industrial and agricultural products, currently occupies 28,500 square feet.

June 17, 2021

Acquisitions Florida Retail Southeast

JLL Brokers $14.4M Sale of New Sprouts-Leased Property in Estero, Florida

by Julia Sanders June 17, 2021

ESTERO, FLA. — JLL Capital Markets has brokered the $14.4 million sale of a freestanding, single-tenant grocery store in Estero leased to Sprouts Farmers Market. Michael Brewster, Brad Peterson and Tommy Isola of JLL represented the seller, Brentwood, Tenn.-based developer GBT Realty, in the transaction. An undisclosed private investor purchased the property. The Sprouts store is located at 19990 S. Tamiami Trail in metro Fort Myers. The property is adjacent to a Walmart and is located close to a Texas Roadhouse, 9 Thai-Sushi and an Aldi. The 29,896-square-foot store is 14 miles from Fort Myers. Sprouts opened the Estero location in 2020.

June 17, 2021

Acquisitions Retail South Carolina Southeast

SRS Arranges $7.6M Sale of Hobby Lobby-Anchored Shopping Center in North Charleston

by Julia Sanders June 17, 2021

NORTH CHARLESTON, S.C. — SRS Real Estate Partners has arranged the $7.6 million sale of a two-tenant, 65,000-square-foot retail property located at 7800 Rivers Ave. in North Charleston. The fully occupied property includes a 55,000-square-foot Hobby Lobby store and a 10,000-square-foot Boot Barn store. Matthew Mousavi, Patrick Luther, Britt Raymond and Kyle Fant of SRS represented the seller, an active developer in the Southeast. SRS also handled the financing on behalf of the buyer, a New Jersey-based private investor who was in a 1031 exchange. Built in 1987 and renovated in 2016, the property is situated on six acres and is an anchor to a larger shopping center that includes Gander Outdoors, Party City and Ollie’s Bargain Market. The retail property is also across the street from Northwoods Mall, a super-regional mall that features more than 130 stores. The property is 8.2 miles from Charleston International Airport and 15 miles from downtown Historic Charleston.

June 17, 2021

Acquisitions Multifamily Northeast Pennsylvania

CBRE Negotiates $13M Sale of Philadelphia Apartment Building

by Taylor Williams June 17, 2021

PHILADELPHIA — CBRE has negotiated the $13 million sale of a 35-unit apartment building in Philadelphia’s Northern Liberties neighborhood. Samantha Kupersmith and Spencer Yablon of CBRE represented the seller, Trinity Realty Cos., in the transaction. The buyer, Pittsburgh-based Hudson Cos., has rebranded the property from Liberty Flats to Hudson Liberties.

June 17, 2021

Acquisitions Illinois Midwest Multifamily

JLL Brokers $20.7M Sale of Apartment Community in Barrington, Illinois

by Kristin Harlow June 17, 2021

BARRINGTON, ILL. — JLL Capital Markets has brokered the $20.7 million sale of 101 West, a 64-unit apartment community in Barrington, about 40 miles northwest of Chicago. Units average 982 square feet. Amenities include a community room, rooftop terrace, fitness center, pet grooming station and heated parking. The property is located at 101 W. Liberty St. and is a 10-minute walk from the Barrington Metra Station. Marty O’Connell, David Gaines and Kyle Butler of JLL represented the seller, Monroe Residential Partners LLC. HP Ventures Group LLC was the buyer.

June 17, 2021

Acquisitions Healthcare New Jersey Northeast

Colliers Brokers Sale of 55,317 SF Medical Office Building in Oradell, New Jersey

by Taylor Williams June 17, 2021

ORADELL, N.J. — Colliers International has brokered the sale of a 55,317-square-foot medical office building located at 690 Kinderkamack Road in Oradell, a city located in Bergen County. Jacklene Chesler, Matthew Brown and Patrick Norris of Colliers represented the buyer and seller, both of which requested anonymity, in the transaction.

June 17, 2021

Acquisitions Office Texas Top Stories

Kilroy Realty Acquires Newly Completed Indeed Tower in Austin’s Central Business District for $580M

by Katie Sloan June 17, 2021

AUSTIN, TEXAS — Kilroy Realty Corp. (NYSE: KRC) has acquired Indeed Tower, a 36-story office development in Austin’s Central Business District for $580 million in an off-market transaction. Completed in May 2021, Indeed Tower is situated on a full city block at the intersection of 6th and Colorado streets. The 730,000-square-foot property was 57 percent leased at the time of sale, with 42 percent of the building occupied by online employee recruiting platform Indeed.com. The property features 10,000 square feet of ground-floor food and beverage space; 30,000 square feet of outdoor deck space; a 35,000-square-foot historic post office building that can accommodate a variety of uses; and a private park. Eastdil Secured and Allen Matkins advised Kilroy Realty on the acquisition of the tower, which is targeting LEED Platinum certification. “I can’t overstate how well Indeed Tower fits with our strategic and property objectives,” says John Kilroy, chairman and CEO of the Los Angeles-based buyer. “It provides us with scale that will support future growth, is anchored by an investment-grade technology tenant and provides a value-add opportunity through lease-up in an office market that is strengthening.” Austin has the fourth largest concentration of tech talent behind San Francisco, Seattle and …

June 17, 2021

Acquisitions Florida Multifamily Southeast

ZMR Capital Acquires Park Place Apartments in Fort Myers, Florida for $44.5M

by Julia Sanders June 16, 2021

FORT MYERS, FLA. — ZMR Capital has acquired Park Place Apartments, a 338-unit multifamily community in Fort Myers, in an off-market transaction for $44.5 million. Park Place is ZMR’s seventh investment in Florida but marks the company’s first property in Fort Myers. Located at 4637 Deleon St., Park Place features a mix of studio, one-, two- and three-bedroom floorplans. More than 50 percent of the units are in its original condition. Park Place was originally built as two separate apartment communities and later was combined into a single property. The apartment property was 95 percent occupied at the time of sale. ZMR will launch a multimillion-dollar capital improvement plan that includes the installation of washers and dryers, new stainless steel appliances, upgraded countertops and cabinetry, modern backsplashes and new plank flooring. Improvements will be made as units turnover. Exterior renovations will include new paint, landscaping and new signage. ZMR also says it will renovate the property’s three pools and deck areas, as well as add outdoor kitchens, a playground and barbecue areas. Michael Regan, Francesco Carriera and Joseph Thavis of CBRE’s Tampa office represented ZMR and the seller, New York City-based NorthEnd Equities. ZMR Capital is a Tampa-based real estate …

June 16, 2021

Acquisitions Industrial Maryland Self-Storage Southeast

Big Cypress Capital, PSG Sell Self-Storage Facility in Metro D.C. for $18.2M

by Julia Sanders June 16, 2021

DISTRICT HEIGHTS, MD. — Big Cypress Capital and PSG have sold a newly built, climate-controlled self-storage facility in District Heights for $18.2 million. Extra Space Storage, a self-storage REIT based in Salt Lake City, Utah, purchased the 900-unit, three-story facility and plans to operate it. The self-storage facility is located at 7618 Marlboro Pike, approximately 13 miles from Washington, D.C., and 14 miles from Alexandria, Va. The development site is located on 3.2 acres and includes a demised outparcel pad currently under contract to a third-party developer. Big Cypress Capital and PSG acquired the site in June 2018 and delivered the 110,000-square-foot storage facility earlier this month.

June 16, 2021

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