Acquisitions

JLL Arranges $113M Sale of Ravens Crest Apartments in Manassas, Virginia

by Julia Sanders May 12, 2021

MANASSAS, VA. — JLL Capital Markets has arranged the $113 million sale of Ravens Crest, a garden-style multifamily community located in Manassas, which is about 30 miles from Washington D.C. JLL worked on behalf of the seller, a partnership between LCOR and a fund managed by the Real Estate Group of Ares Management Corp., to complete the sale to the buyer, a partnership between a fund managed by Clarion Partners LLC and Blackfin Real Estate Investors. Additionally, Walter Coker, Brian Crivella, Robert Jenkins and Bill Gribbin of JLL arranged acquisition financing on behalf of Clarion and Blackfin. Ravens Crest has a total of 444 one- and two-bedroom units that have been recently updated to feature stainless steel appliances, updated lighting, cabinetry, granite countertops, walk-in closets, balconies or patios and wood-style flooring. Community amenities include a newly renovated clubhouse and fitness center, business center, picnic area with grills, playground, private swimming pool, outdoor kitchen and recreation areas. The property also has a jogging trail located right behind it. Ravens Crest is located at 8098 Ravens Crest Court. In the past, the property has had a 95 percent occupancy rate with an average rent growth of 3.7 percent annually.

May 12, 2021

Acquisitions Georgia Retail Southeast

SRS Brokers $11.4M Sale of Cherokee Commons Shopping Center in Suburban Atlanta

by Julia Sanders May 12, 2021

ACWORTH, GA. — SRS Real Estate Partners’ Investment Properties Group has brokered the $11.4 million sale of Cherokee Commons Shopping Center, a 103,719-square-foot, Kroger-anchored retail property located 33 miles north of Atlanta in Acworth. Built in 1986, the center was 91 percent leased to tenants including Pet Supplies Plus and CosmoProf at the time of sale. Kyle Stonis and Pierce Mayson of SRS represented the seller, Collett Capital, in the disposition of the property to Bandera Ventures. The buyer was self-represented in the transaction.

May 12, 2021

Acquisitions Industrial Texas

KKR Acquires 198,000 SF Skyline Commerce Center in Metro Dallas

by Taylor Williams May 12, 2021

MESQUITE, TEXAS — Global investment firm KKR has acquired Skyline Commerce Center, a 198,000-square-foot, newly built industrial property located in the eastern Dallas suburb of Mesquite. The seller, Conor Commercial, began construction on the two-building development in April 2020. Building 1 features 32-foot clear heights, 23 truck docks, 12 trailer parking stalls and 133 car parking spots. Building 2 offers 28-foot clear heights, 18 truck docks and 122 car parking spaces.

May 12, 2021

Acquisitions Retail Texas

STRIVE Arranges Sale of 12,158 SF Frisco Crossing Retail Center

by Taylor Williams May 12, 2021

FRISCO, TEXAS — Locally based brokerage firm STRIVE has arranged the sale of Frisco Crossing, a 12,158-square-foot retail center located on the northern outskirts of Dallas. Frisco Crossing was fully occupied at the time of sale to tenants such as Stonelake Family Dentistry, Palio’s Pizza Café and Frisco Pharmacy. Hudson Lambert of STRIVE represented the seller and procured the buyer, both of which were local investors that requested anonymity, in the transaction.

May 12, 2021

Acquisitions Healthcare Massachusetts Northeast

Remedy Medical Properties Buys Complex in Andover, Massachusetts, for $55.2M

by Taylor Williams May 12, 2021

ANDOVER, MASS. — Healthcare investment firm Remedy Medical Properties has purchased Andover Medical Center, located north of Boston, for $55.2 million. Built in phases between 2015 and 2017, the complex consists of a 69,992-square-foot medical office building, a 102-space parking garage and a freestanding 1,800-square-foot coffee shop. Robert Griffin, Frank Nelson, Michael Greeley, Blake McLaughlin, Allie Percoco and Dominick Romano of Newmark represented the undisclosed seller in the transaction.

May 12, 2021

Acquisitions Industrial New Hampshire Northeast

Marcus & Millichap Brokers Sale of 271,008 SF Warehouse in Peterborough, New Hampshire

by Taylor Williams May 12, 2021

PETERBOROUGH, N.H. — Marcus & Millichap has brokered the sale of Vose Farm Business Center, a 271,008-square-foot warehouse in Peterborough, located in the southern-central part of the state. The asset sold for roughly $10.8 million. Vose Farm Business Center is situated on 79.2 acres, features clear heights of 14 to 22 feet and has been renovated since its original construction. Harrison Klein and Luigi Lessa of Marcus & Millichap, along with Andy Peterson of Four Seasons Sotheby’s International Realty, represented the seller, Juniper Advisory Services LLC, in the transaction. Scott Geller, also with Marcus & Millichap, represented the buyer, New York-based Premium Capital Resources LLC. James Koury of Marcus & Millichap assisted in closing the deal as the broker of record.

May 12, 2021

Acquisitions Healthcare Midwest Ohio

Cushman & Wakefield Brokers $4.2M Sale of Medical Office Building in Cincinnati

by Kristin Harlow May 12, 2021

CINCINNATI — Cushman & Wakefield’s healthcare capital markets team has brokered the sale of Anderson Ferry Plaza in Cincinnati for $4.2 million. The 43,599-square-foot medical office building is located on Anderson Ferry Road. It is more than 87 percent leased to TriHealth Physician Partners, ABC Pediatric Therapy, Clarkson Eye Care and Happy Hangout. Gino Lollio, Scott Niedergang and Travis Ives led the Cushman & Wakefield team that represented the seller, Rialto Capital. Publicly traded healthcare real estate investment trust Community Healthcare Trust Inc. (NYSE: CHCT) was the buyer. As of March 31, the REIT’s portfolio consisted of 147 properties totaling 3.2 million square feet across 33 states.

May 12, 2021

Acquisitions Arizona Multifamily Western

Decron Properties Enters Arizona Market, Buys Multifamily Property in Tempe for $96.1M

by Amy Works May 12, 2021

TEMPE, ARIZ. — Decron Properties has entered the Arizona market with the purchase of Broadstone Rio Salado, an apartment community in Tempe, for $96.1 million. The name of the seller was not released. Completed in 2020, Broadstone Rio Salado features 278 apartments in a mix of studio, one- and two-bedroom floor plans with gourmet kitchens, quartz countertops, stainless steel appliances, wood-style flooring and in-unit washers/dryers. Community amenities include a resort-style pool and spa; poolside cabanas; clubhouse with demonstration kitchen and coffee bar; two-level fitness center with virtual training; outdoor entertainment lounge; on-site bike storage; package lockers for resident deliveries; and a dog park.

May 12, 2021

Acquisitions Colorado Multifamily Student Housing Western

Brickstone Partners Acquires Two Student Housing Communities Near Colorado State University for $81M

by Amy Works May 12, 2021

FORT COLLINS, COLO. — Brickstone Partners has acquired two student housing communities near the Colorado State University campus in Fort Collins for $81 million. The 288-unit portfolio includes Landmark and Stone Creek apartment properties. The new ownership is set to begin comprehensive upgrades on the properties, which will include modernizing units with the addition of new flooring, kitchen and bathroom cabinets, quartz countertops, stainless steel appliances, upgraded doors, lighting and plumbing fixtures; updated exterior landscaping; common-area improvements; and new finishes within the clubhouse. Both properties offer shared amenities including saltwater swimming pools, fitness centers and dog parks. The seller in the transaction was undisclosed.

May 12, 2021

Acquisitions Arizona Multifamily Western

Western Wealth Capital Purchases Villetta Apartments in Mesa, Arizona

by Amy Works May 12, 2021

MESA, ARIZ. — Western Wealth Capital (WWC), along with its investment partners, has acquired Villetta Apartment Homes in Mesa for an undisclosed price. Originally constructed in 1983, Villetta features 352 apartments less than four miles from the Arizona State University campus. Villetta is WWC’s 96th acquisition since its founding in 2014. The company owns properties in Dallas, Houston, Phoenix, Atlanta, San Antonio and Las Vegas.

May 12, 2021

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