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Acquisitions

AcquisitionsIndustrialMichiganMidwest

DWG Capital Partners Acquires 84,612 SF Industrial Facility in Southeast Michigan Via Sale-Leaseback

by Kristin Harlow

HUDSON, MICH. — DWG Capital Partners, in partnership with MAG Capital Partners, has acquired an 84,612-square-foot industrial facility in southeast Michigan’s Hudson. The purchase price for the sale-leaseback transaction was undisclosed. Kecy Metal Technologies, a precision metal stamping company within ARC Group Worldwide’s portfolio, occupies the property at 4111 Munson Highway. Built in 1988, the facility features a 20-foot ceiling height. Doug Passon and Robert Bender of Fortis Net Lease represented the seller, while Aaron Eichenberg of Pantheon Commercial represented DWG. The transaction marks the first purchase in Michigan for DWG.

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AcquisitionsFloridaMultifamilySoutheast

Continental Realty Corp. Acquires Henley Tampa Palms Apartments for $82M

by John Nelson

TAMPA, FLA. — Baltimore-based Continental Realty Corp. (CRC) has acquired Henley Tampa Palms, a 315-unit apartment community located at 15350 Amberly Drive in Tampa. 29th Street Capital sold the asset to CRC for $82 million. Berkadia represented the seller in the transaction. CRC purchased the community on behalf of one of its sponsored private equity funds called Value-Add Multifamily I LP. Built in 1997, Henley Tampa Palms was 94 percent occupied at the time of sale. The property features a mix of one-, two- and three-bedroom apartments averaging 1,375 square feet in size, as well as a large clubhouse and fitness center with an indoor racquetball court, conference room, laundry room, package retrieval system, a resort-style swimming pool, picnic area, dog park and a car wash. CRC intends to implement a multi-year property improvement strategy at Henley Tampa Palms to enhance the exterior curb appeal, address exterior deferred maintenance and upgrade common area amenities as well as unit interiors. The previous owner recently completed interior upgrades to approximately 25 percent of the units.

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AcquisitionsDevelopmentRetailSelf-StorageSoutheastVirginia

Coldwell Banker Commercial Read Brokers $6M Sale of Shopping Center in Lynchburg, Virginia

by John Nelson

LYNCHBURG, VA. — Coldwell Banker Commercial Read & Co. has brokered the $6 million sale of Forest Hill Shopping Center, an 82,000-square-foot retail center located at 2820 Linkhorne Drive in Lynchburg. Rick Read and Ricky Read of Coldwell Banker Read represented the seller, an entity doing business as Lynchburg Investment Co. Inc., in the transaction. The brokerage firm has served as the landlord rep for the retail center for the past 20 years. The buyer, Swintstorage Conversion Fund LLC, plans to convert the shopping center’s anchor store into a self-storage facility with some outdoor RV and boat storage space. The new owner will also rehabilitate the balance of Forest Hill’s retail space.

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500-Park-Ave.-Manhattan
AcquisitionsNew YorkNortheastOfficeTop Stories

SL Green Agrees to Buy Former Pepsi Headquarters Building in Manhattan for $130M

by Taylor Williams

NEW YORK CITY — Local real estate giant SL Green Realty Corp. (NYSE: SLG) has entered into an agreement to purchase the former PepsiCo. headquarters building in Manhattan for $130 million. A timeline for closing was not disclosed, nor was the name of the seller, although multiple news outlets report that the latter was Morgan Stanley. Designed by Skidmore, Owings & Merrill, the 11-story, 201,000-square-foot building is located at 500 Park Ave. at the corner of 59th Street. The property was originally constructed in 1960 as the beverage maker’s headquarters and has been institutionally owned and managed ever since. Tenants at 500 Park Ave. include Vera Wang, The Georgetown Co. and Friedland Properties. In addition, the building’s corner retail space is home to high-end furniture provider FRATO as its flagship New York City store and showroom. “Park Avenue is the best performing office market in New York City with historic low vacancy, and 500 Park Avenue will continue to benefit from opportunities in this fortress corridor that attracts top tier tenants and triple-digit rents,” says Harrison Sitomer, SL Green’s chief investment officer. Adam Spies, Doug Harmon, Adam Doneger, Joshua King and Marcella Fasulo of Newmark acted as advisors on the …

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Lakeside-Campus-Richardson
AcquisitionsOfficeTexas

Newmark Brokers Sale of 807,354 SF Office Property in Richardson, Texas

by Taylor Williams

RICHARDSON, TEXAS — Newmark has brokered the sale of Lakeside Campus, a two-building, 807,354-square-foot office property located in the northeastern Dallas suburb of Richardson. The 18-acre property comprises a 16-story and four-story office buildings, as well as a structured parking deck and a landscaped pond with walking trails. Real estate data and analytics firm RealPage anchors the campus, which was 69 percent leased at the time of sale, and the overall tenant roster carries a weighted average remaining lease term of about four years. Chris Murphy, Robert Hill, Gary Carr and Stephen Schwalb of Newmark represented the seller, Trigild, in the transaction. The buyer was Provident Realty Advisors.

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AcquisitionsMultifamilyTexas

AvalonBay Buys 126-Unit Multifamily Property in Bee Cave, Texas

by Taylor Williams

BEE CAVE, TEXAS — AvalonBay Communities (NYSE: AVB), a Virginia-based REIT, has purchased Brisa Townhomes, a 126-unit multifamily property located on the western outskirts of Austin in Bee Cave. Built in 2022, Brisa Townhomes offers three- and four-bedroom residences with direct-access, two-car garages. Amenities include a pool, fitness center, conference room and outdoor grilling and dining stations. Patton Jones and Andrew Dickson of Newmark represented the undisclosed seller in the transaction. The new ownership has rebranded the property as Avalon Townhomes at Bee Cave.

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Candlewood-Industrial-Park-Bay-Shore-New-York
AcquisitionsIndustrialNortheast

Cushman & Wakefield Brokers Sale of 560,719 SF Industrial Property in Bay Shore, New York

by Taylor Williams

BAY SHORE, N.Y. — Cushman & Wakefield has brokered the sale of Candlewood Industrial Park, a two-building, 560,719-square-foot development located in the Long Island community of Bay Shore. Built in 1999, the structure at 145 Candlewood Road spans 313,246 square feet and features a clear height of 40 feet. Completed in 2013, the building at 158 Candlewood Road totals 247,473 square feet and features a clear height of 38 feet. Gary Gabriel, Kyle Schmidt, Ryan Larkin and Seth Zuidema of Cushman & Wakefield represented the seller, Rockefeller Group, in the transaction, and procured the buyer, NorthBridge Partners. Cushman & Wakefield has also been retained as the leasing agent.

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AcquisitionsIndustrialNew JerseyNortheast

JLL Negotiates Sale of Industrial Outdoor Storage Facility in Union, New Jersey

by Taylor Williams

UNION, N.J. — JLL has negotiated the sale of an industrial outdoor storage facility in the Northern New Jersey community of Union. The property at 2461 Iorio St. features a service facility with a clear height of 15 feet, one loading dock, four drive-in bays and 2.5 acres of outdoor storage space. Jason Lundy, Marc Duval, Jordan Avanzato and Nicholas Stefans of JLL represented the undisclosed seller in the transaction and procured the buyer, New York-based investment firm Ridgecut Road.

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Aventine-Littleton-Highlands-Ranch-CO
AcquisitionsColoradoMultifamilyWestern

Century Living Sells 227-Unit Multifamily Community in Highlands Ranch, Colorado to Equity Residential

by Amy Works

HIGHLANDS RANCH, COLO. — Century Living has completed the sale of Aventine Littleton, an apartment property in Highlands Ranch, a community about 18 miles south of Denver. Equity Residential acquired the asset for an undisclosed price. Terrance Hunt, Shane Ozment, Chris Hart and Brad Schlafer of CBRE represented the seller in the deal. Located at 2503 Primo Road, the five-building community offers 227 one-, two- and three-bedroom units averaging 1,028 square feet. The apartments offer stainless steel appliances, quartz countertops, smart-home technology and managed Wi-Fi, walk-in closets, full-size washers and dryers and roller shades. Additionally, select units offer balconies with views of the mountains and downtown. Community amenities include a fitness center, lap pool, hot tub, sunroom, outdoor community kitchen, clubhouse, conference room, workspaces, pet spa, storage units, 26 detached garages, 74 attached garages and 328 surface parking spaces.

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El-Monte-Shopping-Plaza-Phoenix-AZ
AcquisitionsArizonaRetailWestern

Lena Centers Acquires 101,269 SF El Monte Shopping Plaza in Phoenix

by Amy Works

PHOENIX — Lena Centers, a division of Boston-based Longpoint, has purchased El Monte Shopping Plaza, a retail property on 8.8 acres in Phoenix. Terms of the transaction were not released. Mindy Korth and JK Jackson of Colliers in Phoenix, along with El Warner and Caitlin Zirpolo of Colliers in Irvine, Calif., handled the transaction. Built in 1962, El Monte Shopping Plaza offers 101,269 square feet of retail space. At the time of sale, the property was 99 percent leased by ASI Real Estate with 15 destination-oriented tenants. Current tenants include El Rancho Market IGA, dd’s DISCOUNTS, Shoe Palace, ArchWell Health, Cute Smiles dentistry, Cricket Wireless and Baskin Robbins.

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