Acquisitions

951-Willowbrook-Road-Northampton-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

Acquisitions Multifamily New Jersey Northeast

Gebroe-Hammer Arranges $14.6M Sale of Apartment Building in Sparta, New Jersey

by Taylor Williams April 28, 2021

SPARTA, N.J. — Locally based brokerage firm Gebroe-Hammer Associates has arranged the $14.6 million sale of The Residences at North Village, a 60-unit apartment building in Sparta, about 50 miles west of Manhattan. The property was built in 2020 within the 90-acre North Village mixed-use development. Units feature granite countertops, stainless steel appliances and individual washers and dryers. Amenities include a playground, basketball and volleyball courts and outdoor grilling areas. Stephen Tragash of Gebroe-Hammer represented the seller, NV MF Holdings LLC, and procured the buyer, Sparta Residence LLC, in the transaction.

April 28, 2021

Acquisitions New York Northeast Retail

Katz & Associates Brokers Sale of Building Housing Former 24 Hour Fitness in Yonkers, New York

by Taylor Williams April 28, 2021

YONKERS, N.Y. — Katz & Associates has brokered the sale of a retail building formerly occupied by 24 Hour Fitness in Yonkers, a northern suburb of New York City. The building is situated on a 1.7-acre site at 589 Tuckahoe Road. Brian Katz, Jonathan Greenberg and John Heretakis of Katz & Associates represented the undisclosed seller in the deal. Tyler Lyman of True Commercial represented the buyer, Carpionato Realty, which purchased the asset for $4.2 million.

April 28, 2021

Acquisitions Michigan Midwest Retail

New York Community Bancorp to Acquire Flagstar Bancorp in $2.6B Merger

by Kristin Harlow April 27, 2021

WESTBURY, N.Y. AND TROY, MICH. — New York Community Bancorp Inc. (NYSE: NYCB) and Flagstar Bancorp Inc. (NYSE: FBC) have entered into a definitive merger agreement under which the two companies will combine in an all-stock merger valued at $2.6 billion. The new company will have more than $87 billion in assets and operate nearly 400 traditional branches in nine states and 87 loan production offices across a 28-state footprint. The main headquarters will be located on Long Island, N.Y., with regional headquarters in Troy, Mich., including Flagstar’s mortgage operations. The combined company will maintain the Flagstar Bank brand in the Midwest. The transaction is expected to close by the end of 2021. Based in Westbury, N.Y., New York Community Bancorp is a multifamily lender in New York City and is the parent company of New York Community Bank. As of March 31, the company reported assets of $57.7 billion and loans of $43.1 billion. It operates 236 branches through eight local divisions. The company’s stock price closed at $12.54 per share Monday, April 26, up from $10.16 per share one year ago. Flagstar Bancorp is a $29.4 billion savings and loan holding company headquartered in Troy, Mich. Flagstar Bank …

April 27, 2021

Acquisitions Illinois Midwest Retail

Friedman Brokers Sale of 69,584 SF Shopping Center in Pekin, Illinois

by Kristin Harlow April 27, 2021

PEKIN, ILL. — Friedman Real Estate has brokered the sale of Broadway Village Shopping Center in Pekin, about 10 miles south of Peoria. The 69,584-square-foot property, built in 1970, is located on Broadway Street. Dollar General is the sole tenant in the center, which at the time of sale was only 8 percent occupied. Kyle Simon of Friedman brokered the sale. Buon Properties LLC purchased the asset from Cohen Development Co.

April 27, 2021

Acquisitions Florida Industrial Southeast

O’Connor Capital Partners Sells Tupperware Headquarters Campus in Central Florida for $43M

by Julia Sanders April 27, 2021

KISSIMMEE, FLA. — New York-based O’Connor Capital Partners has sold the Tupperware Brands corporate headquarters campus in Kissimmee Institutional Property Advisors (IPA), a division of Marcus & Millichap, arranged the $43 million sale of the 43-acre property. The buyer was Spirit Realty. The campus is 100 percent triple-net leased to Tupperware Brands, as it relocated its headquarters to the area in 1951. In 2020, Tupperware Brands executed a new 11-year lease with options enabling them to remain on the campus for up to 25 years. The eight-building campus is located on Orange Blossom Trail, just west of the Florida Turnpike and 10 miles south of Orlando International Airport. Douglas Mandel and Barry Wolfe of IPA represented O’Connor Capital Partners in the sale. The duo also procured the buyer, an unnamed investor based in Dallas. O’Connor is currently developing a mixed-use project on the land surrounding the Tupperware campus that will include residential, medical office and retail space.

April 27, 2021

Acquisitions North Carolina Retail Southeast

Marcus & Millichap Arranges $7.2M Sale of Food Lion-Anchored Shopping Center in Henderson, North Carolina

by Julia Sanders April 27, 2021

HENDERSON, N.C. — Marcus & Millichap has arranged the $7.2 million sale of a Food Lion-anchored, 182,646-square-foot shopping center located at 1263 Dabney Drive in Henderson. David Gant and Lori Schneider of Marcus & Millichap represented the undisclosed seller, a limited liability company. The duo also represented the undisclosed buyer, another limited liability company. In addition to the Food Lion, the tenant roster includes a new Harbor Freight, Badcock Furniture and the flagship store of Roses, which is headquartered in Henderson.

April 27, 2021

Acquisitions Florida Industrial Self-Storage Southeast

Ackerman, Trout Daniel Broker Sale of CubeSmart Self Storage Facility in West Melbourne, Florida

by Julia Sanders April 27, 2021

WEST MELBOURNE, FLA. — Ackerman & Co. and Trout Daniel & Associates have arranged the sale of a CubeSmart Self Storage facility located at 1060 Polo Drive in West Melbourne. Missouri-based StorageMart acquired the facility, which features 397 climate-controlled storage units and 288 drive-up units. David Paulson, Stephen Lapierre and Wyatt Whitaker of Ackerman & Co. and Steven Cornblatt and Coleman Tirone of Trout Daniel & Associates represented StorageMart, which plans to rebrand the self-storage property into a StorageMart. The seller and sales price were not disclosed. The new StorageMart spans more than 70,000 rentable square feet. Planned upgrades to the property include improvements to loading accessibility and enhancements to security systems.

April 27, 2021

Acquisitions Multifamily Texas

Investors Management Group Buys San Antonio Multifamily Community for $33M

by Taylor Williams April 27, 2021

SAN ANTONIO — California-based Investors Management Group (IMG) has purchased Encore281 Apartments, a 228-unit multifamily property in north San Antonio, for $33 million. The property features one-, two- and three-bedroom floor plans and amenities such as a pool, fitness center, clubhouse with a coffee bar, picnic area and a dog park. Sean Sorrell, Greg Toro and Robert Arzola of JLL brokered the deal, the seller of which was not disclosed. Charlie Mentzer of Capital One Multifamily Finance originated Freddie Mac acquisition financing for IMG, which plans to invest $1.2 million in capital improvements.

April 27, 2021

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