Acquisitions

Aztec Group Secures $10.8M Acquisition Financing for Shopping Center in Chapin, South Carolina

by Julia Sanders March 15, 2021

CHAPIN, S.C. — Aztec Group Inc., a real estate investment and merchant banking firm, has secured $10.8 million in debt and equity for the acquisition of Chapin Crossing, a 72,714-square-foot, Publix-anchored shopping center in Chapin. Jason Shapiro, Sean Harrington and Joel Zusman of Aztec Group secured a 60 percent loan to cost, non-recourse loan, as well as joint venture equity. Located at 1235 Chapin Road, Chapin Crossing was built in 2017 and is situated at the southwest corner of Chapin Road and Lexington Avenue on 13.6 acres. The property includes a 45,600-square-foot Publix, 13,950 square feet of in-line retail space and a 13,164-square-foot multi-tenant outparcel. The shopping center’s tenants include Anytime Fitness, Marco’s Pizza, Bank of America, Palm Beach Tan, Pacific Dental, Jersey Mike’s, Verizon Wireless and Palmetto Health. Aztec Group arranged the financing on behalf of the buyer, a partnership led by affiliates of Miami-based CF Properties Corp. A Missouri-based life insurance company provided the 10-year loan, which features a fixed interest rate under 3 percent.

March 15, 2021

Acquisitions Multifamily Texas

CAF Capital, Trinity Sell 360-Unit Multifamily Community in San Antonio

by Taylor Williams March 15, 2021

SAN ANTONIO — A partnership between Dallas-based CAF Capital Partners and Trinity Private Equity Group has sold Overlook at Stone Oak Park, a 360-unit multifamily community in San Antonio. Built on 27 acres in 2014, the garden-style property consists of 18 residential buildings, a clubhouse, pool and a fitness center. The average unit size is 986 square feet. Will Balthrope and Drew Garza of Institutional Property Advisors, a division of Marcus & Millichap, represented the partnership in the transaction. The duo also procured the buyer, Univest Inc.

March 15, 2021

Acquisitions Texas

J. Beard Arranges Sale of 24.7-Acre Development Site in Metro Houston

by Taylor Williams March 15, 2021

SPRING, TEXAS — The J. Beard Real Estate Co. has arranged the sale of a 24.7-acre development site at 5807 Spring Stuebner Road in the northern Houston suburb of Spring. Diana Gaines of J. Beard represented the seller, Estancia LLC, in the transaction. Brad Dill of BD Realty Advisors represented the undisclosed buyer. Future development plans for the site were not disclosed.

March 15, 2021

Acquisitions Massachusetts Northeast Office

MC Real Estate Buys 76,000 SF Historic Office Building in Downtown Boston

by Taylor Williams March 15, 2021

BOSTON — MC Real Estate Partners LLC, in partnership with an undisclosed capital source, has purchased a 76,000-square-foot historic office building located at 110 Chauncy St. in downtown Boston. The property was originally built in the 1890s and will serve as the new headquarters for global design firm Sasaki, which has signed a 64,000-square-foot lease. MC Real Estate will work with Sasaki to redesign and renovate the space, which will house approximately 250 employees.

March 15, 2021

Acquisitions Illinois Midwest Multifamily

Interra Realty Brokers Pair of Illinois Multifamily Transactions Totaling $13.6M

by Kristin Harlow March 15, 2021

CHICAGO AND EVANSTON, ILL. — Interra Realty has brokered a pair of multifamily sales totaling $13.6 billion. The first property is located in Chicago’s Logan Square at 1944 N. Spaulding Ave. Brad Feldman of Interra represented both the seller, Maven Real Estate Partners, and the buyer, Lauber Property Management. The 37-unit building sold for $7.2 million. It was built in 1929 and renovated in 2014. The buyer plans to spend $1 million on renovations. The second asset is located at 909 Washington St. in Evanston. The 37-unit building sold for $6.4 million. Feldman represented the seller, Robinson Rentals, as well as the private buyer. Robinson had owned the property for 43 years and completed renovations on about half of the units. The new owner plans to repair the roof and continue unit upgrades.

March 15, 2021

Acquisitions Illinois Industrial Midwest

Marcus & Millichap Arranges $4.1M Sale of Industrial Flex Building in Suburban Chicago

by Kristin Harlow March 15, 2021

LAKE ZURICH, ILL. — Marcus & Millichap has arranged the $4.1 million sale of a 58,955-square-foot industrial flex building in Lake Zurich, a northwest suburb of Chicago. Situated on Oakwood Road, the property is leased to 10 tenants. Peter Doughty of Marcus & Millichap marketed the building on behalf of the seller, a private investor. Anthony Catanese and James Ziegler of Marcus & Millichap secured and represented the buyer, a private investor completing a 1031 exchange. Frank Montalto and Dean Giannakopoulos of Marcus & Millichap Capital Corp. assisted the buyer in obtaining acquisition financing.

March 15, 2021

Acquisitions Industrial New York Northeast

Ariel Property Advisors Negotiates $4.3M Sale of Commercial Building in The Bronx

by Taylor Williams March 15, 2021

NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $4.3 million sale of a 26,787-square-foot commercial building at 1414-1424 Cromwell Ave. in the Mount Eden neighborhood of The Bronx. The property is currently leased to a parking operator but is also zoned for warehouse use. Jason Gold, Michael Tortorici and Daniel Mahfar of Ariel Property Advisors brokered the deal. The buyer and seller were not disclosed.

March 15, 2021

Acquisitions Industrial New Jersey Northeast

Kislak Arranges $3.9M Sale of 44,300 SF Industrial Property in Northern New Jersey

by Taylor Williams March 15, 2021

WHITEHOUSE STATION, N.J. — Locally based brokerage firm Kislak Commercial Real Estate Services Inc. has arranged the $3.9 million sale of a 44,300-square-foot industrial property in the Northern New Jersey community of Whitehouse Station. Peter Wisniewski of Kislak represented the seller, Palumbo Realty LLC, in the transaction. Wisniewski also procured the buyer, 27 Ridge Road LLC

March 15, 2021

Acquisitions Company News Hospitality North Carolina Southeast Top Stories

Blackstone, Starwood Capital Agree to Purchase Hotel Giant Extended Stay America for $6B

by John Nelson March 15, 2021

CHARLOTTE, N.C. — Blackstone Real Estate Partners and Starwood Capital Group have agreed to form a 50/50 joint venture to acquire Extended Stay America (NYSE: STAY) in a deal valued at $6 billion. Barry Sternlicht, CEO of Starwood Capital (NYSE: STWD), cited Extended Stay America’s performance amid the COVID-19 pandemic as a key factor behind the acquisition. “Extended Stay has demonstrated resilience over the past year despite persistent challenges due to government lockdowns and travel restrictions,” says Sternlicht. “We are excited about the company’s growth opportunity as restrictions ease and we’re confident that, in partnership with Blackstone, our team has the right experience to drive continued success.” “Travel and leisure is one of Blackstone’s highest conviction investment themes, and we have confidence in the extended stay model,” adds Tyler Henritze, Blackstone’s head of U.S. acquisitions. The Charlotte-based hotel owner operates 649 Extended Stay America hotels in the United States spanning over 69,000 rooms. The company’s subsidiary, hospitality REIT ESH Hospitality Inc., owns 563 of those hotels. The remaining 86 properties are franchised, according to Extended Stay America’s fourth-quarter 2020 earnings report. Blackstone and Starwood Capital’s cash offer is for $19.50 per share, a premium of 15.1 percent to Extended Stay …

March 15, 2021

Acquisitions Florida Industrial Southeast

Ten Capital Management Acquires Business Park in Lake Mary, Florida

by Julia Sanders March 12, 2021

LAKE MARY, FLA. — Ten Capital Management, a privately held real estate investment management firm, has acquired five buildings in Technology Park, a business park located at 100, 200, 250, 255 and 525 Technology Parkway in Lake Mary. Somerset Properties is Ten Capital’s partner on the transaction. The seller and sales price were not disclosed. The Technology Park property is a 297,386-square-foot, five-building flex-office and light industrial campus. Recent leasing activity at the property has resulted in more than 91,000 square feet of new tenants over the last 12 months, and it was 87 percent leased to 16 tenants at the time of sale. The business park offers access to Interstate 4 and Lake Mary Boulevard.

March 12, 2021

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