Acquisitions

Queen City Townes

LOS ANGELES — Haven Realty Capital, a Los Angeles-based single-family rental investor, has acquired three communities in the Southeast to add to its institutional single-family rental and build-to-rent portfolio. The housing developments are currently under construction and are located in metro Atlanta and in Charlotte. The two separate transactions totaled $80 million, and the sellers were not disclosed. The first metro Atlanta community, Stapleton Park, is located at 150 John Wesley Way in McDonough and will include 76 homes. The property will have three- and four-bedroom floorplans ranging in size from 1,916 to 2,655 square feet. The other property, Rosemary Park at Sugarloaf, is located at 819 Sugarloaf Parkway in Lawrenceville and will include 78 three-bedroom and two-and-a-half bedroom townhomes. Ranging in size from 1,559 to 1,804 square feet, each home in Rosemary Park will feature granite countertops, hard surface flooring, new stainless-steel appliances and private backyard. In a separate transaction, Haven Realty closed on the first phase of Queen City Townes, a 106-unit rental townhome community in Charlotte’s South End. The two- and three-bedroom townhomes range in size from 1,370 to 1,599 square feet. Located at 4928 Old Pineville Road, the community is situated 0.2 miles from the Woodlawn …

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DeSoto

HORN LAKE, MISS. — JLL has brokered the sale of DeSoto A2, a 328,355-square-foot bulk distribution facility in Horn Lake. The facility is triple-net-leased to Toshiba, a Tokyo-based computer and electronics retailer company. Dennis Mitchell, Matt Wirth, Britton Burdette, Jim Freeman, Mitchell Townsend and Jack Wohrman of JLL represented the seller, Preylock Holdings, in the transaction. Bixby Land Co. purchased the property for an undisclosed price. DeSoto A2 is part of DeSoto 55 Logistics Center, a business center developed in 2020 by Atlanta-based Core5 Industrial Partners. The single-tenant building features 36-foot clear heights, ESFR fire protection, a TPO roof, auto and trailer parking and dock-high doors with view windows. The facility is located at 1453 Commerce Parkway in a suburb less than 20 miles south of downtown Memphis. The infill location is just off Interstate 55, about 10 miles from Memphis International Airport. Additionally, the property has unparalleled regional access along with proximity to multiple intermodal facilities, including Canadian National Harrison Yard, BNSF Railway and Norfolk Southern.

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MYRTLE BEACH, S.C. — Lodging Partners LLC has arranged the sale of Quality Inn & Suites Myrtle Beach, a 65-room hotel. Lodging Partners represented the undisclosed seller in the transaction. The sales price was not disclosed. The eight-story hotel sold to a regional owner and operator of select-service hotels. The property is located directly across the street from the Atlantic Ocean and 6.7 miles from Family Kingdom Amusement Park and Splashes Water Park and 7.5 miles from the Myrtle Beach Boardwalk. Quality Inn & Suites Myrtle Beach is the 20th hotel deal that Lodging Partners has been involved with in the Myrtle Beach market. Other recent sales completed in 2021 by Lodging Partners include the sale of three mid-market extended-stay hotels: the Affordable Corporate Suites located in Concord, Statesville and Kannapolis, N.C. Lodging Partners is a specialized hotel brokerage and advisory firm focused on the sale of select-service hospitality investment properties on behalf of institutional and private investors throughout the United States.

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Mist Lake Plaza

LEXINGTON, KY. — SVN | Stone Commercial Real Estate has brokered the $17.4 million sale of Mist Lake Plaza, a 217,292-square-foot shopping center in Lexington. Matt Stone, Justin Ryder and Nathan Dilly of SVN | Stone represented the seller, DF Lexington Properties LLC. Jim Powell of The Gibson Co. represented the buyer, S & P Holdings LLC. The center will be the future home of Lexington Motorsports, a motorcycle dealer in Kentucky. Mist Lake Plaza is located near Man O’ War Boulevard, Saint Joseph East Hospital and Hamburg Pavilion. The City Council of Lexington approved the lifting of a deed restriction that would allow Lexington Motorsports to operate on the site. Lexington Motorsports will occupy about 125,442 square feet of the facility. Built in 1992, Mist Lake Plaza is 89 percent occupied. The other tenants at the property include Nay’s Hair Braiding, Gabe’s, Hibbett Sports, Texas Roadhouse, Check Advance, H&R Block, Pro Nail Salon and Rent-A-Center.

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Tacoma-Supply-Chain-Center-Tacoma-WA

TACOMA, WASH. — Dalfen Industrial has purchased Tacoma Supply Chain Center, a three-building industrial park in Tacoma. Terms of the off-market transaction were not released. The newly developed property features 711,855 square feet of industrial space and close proximity to Interstate 5, State Route 512 and the Port of Tacoma. Over the last 12 months, Dalfen Industrial has acquired and developed more than $1.5 billion of industrial properties in key metros across the United States.

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FRESNO, CALIF. — The Mogharebi Group (TMG) has arranged the sale of Sandalwood Gardens, a multifamily property located at 3880 N. Fruit Ave. in Fresno. An undisclosed buyer acquired the property for $15 million. The name of the seller was not released. Built in 1986 on 5.4 acres, Sandalwood Gardens features 124 apartments, two swimming pools, garages, covered parking, a leasing center and laundry facilities. The property also features a commercial section that is leased to a daycare center. Robin Kane and Brendan Kane of TMG represented the seller in the deal.

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Stassney-Heights-Austin

AUSTIN, TEXAS — Newport Capital Partners, a retail investment and management firm with offices in Chicago and Dallas, has purchased Stassney Heights, a 103,030-square-foot shopping center located about seven miles south of downtown Austin. Anchored by Houston-based ethnic grocer Fiesta Mart, Stassney Heights was 93 percent leased at the time of sale. Other tenants include Umi Sushi, Castle Dental, T-Mobile and Clinica Hispana. CBRE represented the undisclosed, Northeast-based seller in the transaction. Newmark arranged acquisition financing through Wintrust Bank on behalf of Newport Capital Partners.

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EULESS, TEXAS — Marcus & Millichap has brokered the sale of Spring Valley, a 150-unit apartment complex in the Fort Worth suburb of Euless. Constructed in 1971, the 12-building property features an average unit size of 920 square feet and amenities such as a pool and onsite laundry facilities. Al Silva and Ford Braly of Marcus & Millichap represented the seller and procured the buyer, both of which were Dallas-based private investment firms that requested anonymity, in the transaction.

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NEW YORK CITY — Boston Properties Inc. (NYSE: BXP) has entered into an agreement to acquire 360 Park Avenue South, a 450,000-square-foot office building in Midtown Manhattan, for $300 million. The 20-story building is currently fully leased to a single tenant that will vacate the property at the end of the year. Boston Properties will subsequently implement a capital improvement program. The company expects to close on the asset in December. The seller was not disclosed.

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600-Alexander-Drive-Princeton

PRINCETON, N.J. — New York-based private investment firm The Birch Group has acquired 600 and 700 Alexander Park, a 213,110-square-foot office portfolio in Princeton, for $47.3 million. The three-story building at 600 Alexander Drive consists of 141,176 square feet, and the three-story building at 700 Alexander Drive totals 71,934 square feet. Amenities include a cafeteria with indoor and outdoor seating, a fitness center, tenant lounge and walking paths. Kevin O’Hearn and Jose Cruz of JLL represented the seller, BentallGreenOak, in the transaction, and procured The Birch Group as the buyer. Greg Nalbandian, also with JLL, arranged acquisition financing.

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