AUSTIN, TEXAS — A partnership between real estate development and management firm Korman Communities and private equity group Verde Capital has purchased AVE Austin, a 226-unit multifamily property in North Austin. The property features one-, two- and three-bedroom units and amenities such as a pool, fitness center, rooftop lounge, flexible workspace and private meeting rooms. The seller and sales price were not disclosed.
LANCASTER AND ELIZABETHTOWN, PA. — Dallas-based development and investment firm Dalfen Industrial has acquired a portfolio of two facilities in the Lehigh Valley area totaling 572,800 square feet. The newly built Lancaster property spans 252,800 square feet, and the Elizabethtown asset totals 320,000 square feet and was built in 2018. Both facilities offer high clear heights, ample parking spaces and modern office spaces to appeal to e-commerce users. Robert Yoshimura and Joseph Hill of Lee & Associates brokered the transaction. The seller was not disclosed.
HACKENSACK, N.J. — NAI James E. Hanson has brokered the sale of four adjacent commercial buildings that are located on the site of a future redevelopment project in Hackensack. The four buildings collectively total about 15,500 square feet. The buyer, Anderson Street Urban Renewal LLC, an affiliate of McGowan Builders, plans to raze the properties and develop a 224-unit multifamily development at the site that will include 4,000 square feet of ground-floor retail space. Anthony Cassano of NAI Hanson brokered the deal. The seller was not disclosed.
Horvath & Tremblay Negotiates $7.2M Sale of Grocery-Anchored Retail Center in Wareham, Massachusetts
WAREHAM, MASS. — Horvath & Tremblay, a national brokerage firm based in metro Boston, has negotiated the $7.2 million sale of Wareham Marketplace, a 35,247-square-foot retail center located about 70 miles south of Boston. German discount grocer Aldi anchors the newly constructed property. Other tenants include Dollar Tree, AutoZone, Wendy’s and Mattress Firm. The pad sites occupied by the latter three tenants were not part of the sale and are being marketed separately. Bob Horvath and Todd Tremblay of Horvath & Tremblay represented the seller and procured the buyer in the deal.
EAST BRUNSWICK, N.J. — New York-based investment firm AMS Acquisitions has purchased a seven-acre multifamily development site in East Brunswick, about 35 miles south of New York City, for $5.1 million. The company plans to construct a 96-unit complex that will consist of 24 affordable units and 72 market-rate units across four buildings. Amenities will include a clubhouse, fitness center, tenant lounge, dog run and a playground. A Cushman & Wakefield team led by Brian Whitmer, Ryan Dowd and Peter Welch represented the seller, a joint venture between the Hampshire Cos. and Diversified Realty Advisors, and procured AMS Acquisitions as the buyer.
NORTHBROOK, ILL. — The Boulder Group has brokered the $8.9 million sale of a single-tenant, net-leased industrial property in Northbrook, a northern suburb of Chicago. The 117,000-square-foot building is situated within the 1.8 million-square-foot Sky Harbor Industrial Park. Located at 3411 Woodhead Drive, the facility is fully leased to Atlas Fibre and recently underwent $2.1 million in improvements. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a local real estate owner. Buyer information was undisclosed.
HUBER HEIGHTS, OHIO — Marcus & Millichap has arranged the $8.5 million sale of North Heights Plaza in Huber Heights, just north of Dayton. The 113,732-square-foot shopping center was fully occupied at the time of sale. Anchor tenants include Hobby Lobby and Bed Bath & Beyond. CJ Jackson, Erin Patton, Scott Wiles and Craig Fuller marketed the property on behalf of the seller, a private out-of-state investor. The team procured the buyer, ExchangeRight, in collaboration with JRW Realty.
CHICAGO AND DENVER — NexCore Group, a national healthcare real estate developer and owner, has teamed up with global investment management firm Nuveen Real Estate to acquire a portfolio of 27 medical office and two life sciences buildings spanning nearly 1.2 million square feet. IRA Capital, a private equity firm based in Southern California, sold the portfolio in two transactions totaling $620.4 million. The portfolio spans 13 states: Arizona, California, Florida, Illinois, Michigan, North Carolina, New Jersey, New York, Ohio, Oklahoma, Pennsylvania, Texas and Wisconsin. The medical office properties comprise ambulatory surgery centers, micro-hospitals, freestanding emergency departments and single- and multi-tenant clinics. The properties were 99 percent leased at the time of sale to 38 tenants, the vast majority of which are well-established healthcare systems. The medical office buildings sold for about $463 million, according to NexCore, which will manage the facilities moving forward. Allianz Real Estate provided $234 million in acquisition financing on behalf of NexCore and Nuveen for the medical office portfolio. The financing is structured on a seven-year term with both a fixed-rate tranche totaling $163.8 million and a floating-rate tranche totaling $70.2 million. Chicago-based Nuveen is using equity for the medical office assets via its newly launched U.S. Cities …
DALLAS — JLL has negotiated the sale of a portfolio of six shallow-bay industrial properties totaling 289,225 square feet that are located throughout various markets in the Dallas-Fort Worth (DFW) metroplex. Dallas is home to three of the buildings, and the markets of Fort Worth, Arlington and Grand Prairie house one building apiece. The portfolio spans a combined 21.5 acres, was 82 percent leased at the time of sale and features an average office finish of 18 percent. Dustin Volz, Stephen Bailey and Matthew Barge of JLL represented the seller, Dallas-based CanTex Capital, in the transaction. John Chun, Peter Thompson, Jarrod McCabe, Samuel Godfrey and Jordan Leake of JLL arranged a three-year, floating-rate acquisition loan through Bridge Investment Group on behalf of the borrower, The Bendetti Co., an investment firm based in Southern California.
KILLEEN, TEXAS — The Multifamily Group (TMG), a Dallas-based investment brokerage firm, has negotiated the sale of Century Oaks, a 178-unit apartment complex located in the Central Texas city of Killeen. The property was originally built in the late 1970s and features an average unit size of 695 square feet. According to Apartments.com, Century Oaks also offers one-, two- and three-bedroom units and amenities such as a picnic area, pet play area and onsite laundry facilities. Paul Yazbeck of TMG represented the seller, and Zach Weik of TMG and procured the buyer in the transaction.