Acquisitions

Snell Properties Purchases Arcos Apartments in Sarasota, Florida for $80M

by Julia Sanders April 28, 2021

SARASOTA, FLA. — Virginia-based Snell Properties has purchased Arcos, an apartment community covering an entire city block in downtown Sarasota bounded by Central Avenue, Fourth Street and Lemon Avenue. Snell was the partnership lead in pursuit and closing of the acquisition, and will lead management of the asset, on behalf of the new ownership group. Built in 2019, Arcos is a 228-unit community located at 320 Central Ave. that offers studio, one-, two- and three-bedroom floorplans with keyless entry access, walk-in closets, in-unit washer/dryers and kitchens with quartz countertops, tiled backsplashes and stainless steel GE appliances, including French door refrigerators with indoor ice and water dispensers. The apartment homes feature large windows, recessed lighting and city and courtyard view options. Community amenities include a resort-style heated pool with sun deck; an outdoor pavilion with a fireplace, entertainment center, outdoor kitchen and a bar with grills, ice-mines and seating; a courtyard with water features and tropical landscaping; onsite spa with massage rooms and saunas; parking garage; fitness center; fenced dog park; coworking space; and a Starbucks coffee station. Brian Moulder and Chris Chadbourne of Walker & Dunlop represented the undisclosed seller in the transaction. Tim Weldon and Brian Kochan of Newmark …

April 28, 2021

Acquisitions Alabama Industrial Southeast

Phoenix Investors Acquires Technicolor’s 1.4 MSF Industrial Campus in Huntsville

by Julia Sanders April 28, 2021

HUNTSVILLE, ALA. — An affiliate of Milwaukee-based Phoenix Investors has acquired the Technicolor Campus located at 4905 Moores Mill Road in Huntsville. The industrial property spans 1.4 million square feet and sits on approximately 161 acres. Daniel Stubbs of Binswanger brokered the sale. Technicolor, which is exiting the property in August, uses the campus for disc manufacturing, warehousing and distribution fulfillment. The property features 916,000 square feet in warehouse and distribution space; 425,000 square feet in manufacturing and production space; and 30,000 square feet of office space. The property was last renovated in 2007. The property features 27- to 42-foot clear heights, 50 docks and six drive-in doors.

April 28, 2021

Acquisitions Loans Louisiana Multifamily Southeast

NorthMarq Secures $2.4M Acquisition Loan for Royal Eden Apartments in Metro New Orleans

by Julia Sanders April 28, 2021

SLIDELL, LA. — NorthMarq has secured a $2.4 million loan for the acquisition of Royal Eden Apartments, a 50-unit property situated outside of New Orleans in Slidell. Lawrence Larisma and Ryan Taylor of NorthMarq’s Charlotte office, in coordination with NorthMarq’s San Antonio office, secured the Freddie Mac loan through an unnamed regional bank. The 10-year loan was structured with two years of interest-only payments, a fixed interest rate and a 20-year amortization schedule. Royal Eden Apartments contains multiple buildings that were originally built in phases during the 1970s and 1980s. Community amenities include waterfront views, a sundeck, picnic tables and flat lot parking, as well as walk-in closets and private patios and balconies in select units. .

April 28, 2021

Acquisitions Multifamily Texas

Manhattan Five Partners Acquires 2,167-Unit Multifamily Portfolio in Dallas-Fort Worth

by Taylor Williams April 28, 2021

NEW YORK CITY — New York City-based investment firm Manhattan Five Partners has acquired a portfolio of six multifamily properties totaling 2,167 units in the Dallas-Fort Worth metroplex. The properties were all built between 1970 and 1985 and include The Hangar, a 268-unit asset in Cedar Hill; Annex, a 267-unit complex in Mesquite; Forty200, a 512-unit community in Mesquite; Residence on Lamar, a 482-unit property in Arlington; Amp at the Grid, a 446-unit community in Arlington; and Current at the Grid, a 192-unit complex in Arlington. Taylor Snoddy, James Roberts and Philip Wiegand of NorthMarq represented the seller, Dallas-based S2 Capital Partners, in the transaction.

April 28, 2021

Acquisitions Industrial Oklahoma Texas

Corinth Land, Prattco Creekway Buy Two Industrial Buildings Totaling 121,600 SF in Oklahoma City

by Taylor Williams April 28, 2021

OKLAHOMA CITY — A partnership between Fort Worth-based Corinth Land Co. and Dallas-based Prattco Creekway Industrial has purchased two industrial buildings totaling 121,600 square feet in Oklahoma City. The buildings are situated on a combined 14.3 acres on the city’s southwest side and are leased to tenants such as Fred Jones, Overhead Door Corp. and TireHub. Veritex Bank provided acquisition financing for the deal, and Western Product Co. contributed equity. The seller(s) was not disclosed.

April 28, 2021

Acquisitions Industrial Midwest Missouri

Stan Johnson Co. Brokers Sale of 310,000 SF Warehouse Leased to Home Depot in Missouri

by Kristin Harlow April 28, 2021

MEXICO, MO. — Stan Johnson Co. has brokered the sale of a single-tenant warehouse and distribution center leased to The Home Depot in Mexico, about 40 miles northeast of Columbia. The sales price was undisclosed. The 310,000-square-foot property is located at 5701 U.S. Highway 54 East. It was originally constructed in 1985 and underwent renovations in 1995 and 2020. The warehouse is adjacent to another Home Depot facility that shares a joint inventory system. Jonathan Ameen and Brad Pepin of Stan Johnson represented the seller, a Midwest-based developer. A private investor from New York was the buyer.

April 28, 2021

Acquisitions Industrial Kansas Midwest

Sealy & Co. Acquires 210,500 SF Lone Elm Commerce Center in Olathe, Kansas

by Kristin Harlow April 28, 2021

OLATHE, KAN. — Sealy & Co. has acquired Lone Elm Commerce Center, a 210,500-square-foot industrial facility in Olathe. The purchase price was undisclosed. Situated on 12 acres, the property features office space, expansive parking, loading docks, outdoor storage and a rooftop. Mark Long and John Hassler of Newmark Zimmer brokered the sale. Heise-Meyer LLC in partnership with Odyssey Real Estate Capital developed the building, which is currently 50 percent leased. Newmark Zimmer will oversee the leasing of the facility.

April 28, 2021

Acquisitions Industrial Midwest Ohio Self-Storage

Marcus & Millichap Brokers Sale of 121-Unit Self-Storage Facility in Columbus, Ohio

by Kristin Harlow April 28, 2021

COLUMBUS, OHIO — Marcus & Millichap has brokered the sale of Westbelt Storage in Columbus for an undisclosed price. The self-storage facility features 121 non-climate-controlled units and spans 19,495 net rentable square feet. Brett Hatcher and Gabriel Coe of Marcus & Millichap marketed the property on behalf of the undisclosed seller. An out-of-state buyer purchased the asset with an all-cash offer.

April 28, 2021

951-Willowbrook-Road-Northampton-Pennsylvania

Acquisitions Industrial Northeast Pennsylvania

CenterPoint Acquires 1 MSF Industrial Complex in Lehigh Valley for $201.5M

by Taylor Williams April 28, 2021

NORTHAMPTON, PA. — Metro Chicago-based investment firm CenterPoint Properties has acquired a 1 million-square-foot industrial complex located in the Lehigh Valley city of Northampton for $201.5 million. Built in 2020, the property sits on 70 acres at 951 Willowbrook Road and features a clear height of 40 feet, 149 dock doors, 166 trailer parking stalls, 759 car parking spaces and an ESFR sprinkler system. The acquisition marks CenterPoint’s first in the Lehigh Valley. John Plower, Ryan Cottone, John Huguenard, Paul Torosian, Rob Kossar and Jeff Lockard of JLL represented the seller, a joint venture between Rockefeller Group and Los Angeles-based PCCP LLC, in the transaction.

April 28, 2021

Acquisitions Affordable Housing Development Multifamily Northeast Pennsylvania

WinnCos. Buys Historic Housing Complex in Philadelphia, Plans $23.7M Renovation

by Taylor Williams April 28, 2021

PHILADELPHIA — WinnCos., a developer and operator of affordable and market-rate housing, has purchased Carl Mackley Houses, a historic housing complex in Philadelphia, with plans to implement a $23.7 million renovation. The property, which is located on the city’s northeast side and currently houses 184 affordable housing units, originally opened during the Great Depression era. Named for Carl Mackley, a 22-year-old union worker who was shot and killed on March 6, 1930 while supporting a strike at the H.C. Aberle Co., the complex earned a spot on the Philadelphia Register of Historic Places in 1982 and the National Register of Historic Places in 1998. The rehabilitation effort will modernize apartment kitchens and bathrooms in four residential buildings; install central air conditioning in all units; replace all windows and roofs; and upgrade common areas. The project is being financed primarily by tax-exempt bond financing and an allocation of 4 percent Low-Income Housing Tax Credits from the Pennsylvania Housing Finance Agency.

April 28, 2021

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