EWING, N.J. — Marcus & Millichap has brokered the sale of The Luxe at Ewing Station, a 59-unit multifamily property in Ewing, located outside of Trenton. The complex is located within a mile of Ewing Town Center, an 80-acre mixed-use redevelopment of the former General Motors plant. Chez Eider and Jason Petrick of Marcus & Millichap represented the buyer and seller, both of which requested anonymity, in the transaction.
FULLERTON, CALIF. — The Mogharebi Group (TMG) has arranged the $44.4 million sale of Oxford North Student Apartments, a 100-unit community located near the California State University, Fullerton campus. The property was built in 1972 and features 10 buildings with ground-floor parking garages. Communal amenities include a resort-style swimming pool and spa with cabanas; an outdoor entertainment lounge; barbecue grill stations; outdoor televisions; a clubhouse with billiards; and a fitness center with a Pilates and yoga studio. Alex Mogharebi, Otto Ozen and Mike Marcu of TMG represented the sellers, a joint venture partnership based in Southern California and the U.K. The buyer was a Southern California-based private investment group.
BLOOMINGTON, CALIF. — Kwangwon USA Inc. and YS & Son Co. have purchased an industrial property at 18750 Orange St. in Bloomington, located in the Inland Empire. An undisclosed seller sold the asset for $30.8 million. The newly built property features 184,770 square feet of manufacturing and warehouse space in proximity to Interstates 10 and 215. The property was initially slated for leasing at the end of 2019, and the United States Post Office briefly occupied the building before the sale. James Min of Colliers, along with the Colliers Korean Corporate Solutions Desk, facilitated the transaction and represented the buyers in the deal.
JERICHO, N.Y. AND HOUSTON — Kimco Realty Corp. (NYSE: KIM) has announced plans to acquire fellow retail REIT Weingarten Realty Investors (NYSE: WRI) for roughly $3.9 billion. The combined company is expected to have a pro forma equity market capitalization of $12 billion and a pro forma total enterprise value of $20.5 billion. The merger will create a national operating portfolio of 559 open-air, grocery-anchored shopping centers — one of the darlings of commercial real estate during the COVID-19 pandemic — and mixed-use assets comprising 100 million square feet of gross leasable area. In its reasoning for the acquisition, Kimco cited enhanced asset diversification and quality; expanded geographic reach in high-growth, first-ring suburbs of core markets; greater tenant diversity; a more compelling value creation pipeline; operational savings and corporate synergies; earnings accretion and NOI growth opportunities; and an increase in the company’s financial strength and flexibility. “We believe this transaction is a win-win for shareholders of both companies, who will benefit from the upside potential associated with owning the preeminent open-air, grocery-anchored shopping center and mixed-use real estate REIT in the U.S.,” says Conor Flynn, Kimco’s CEO. “This combination reflects our conviction in the grocery-anchored shopping center category, which has …
ATLANTA — Ready Capital has closed a $53.6 million loan for the acquisition, renovation and stabilization of a 294-unit, Class B multifamily property in Atlanta. Upon acquisition, the sponsor will implement a capital improvement plan to upgrade the property and mark rents to market. The borrower and property name were not disclosed. The non-recourse, interest-only, floating-rate loan features a 36-month term, two extension options, flexible prepayment and is inclusive of a facility to provide future funding for capital expenditures. The renovations planned at the property include new granite countertops and kitchen cabinets; updates to bathrooms, lighting and paint; and common area and exterior upgrades including a remodeled clubhouse, pool, fitness center, new property signage and an updated playground.
CORONA, CALIF. — Davenport Partners has purchased 1101 California Avenue, a two-story office property located at the corner of California and Rimpau avenues in Corona. An undisclosed seller sold the asset for $6.9 million. Built in 1990, the 40,000-square-foot property was 91 percent leased at the time of purchase.
WEST LINN, ORE. — Avison Young has arranged the sale of a single-tenant retail building located at 1855 Blankenship Road in West Linn. A Portland.-based private investor acquired the property for $6 million from a court-appointed receiver. Parkrose Hardware occupies the 47,451-square-foot property, which is the anchor tenant to River Falls Plaza, on a 10-year, long-term lease. Chris Maling and David Maling of Avison Young, along with Denis O’Neill of Colliers International, represented the seller in the deal.
MCKINNEY, TEXAS — Locally based investment firm Tabani Group Inc. has acquired McKinney Marketplace, a 118,967-square-foot shopping center located on the northeastern outskirts of Dallas. Built on 15.8 acres in 2000, McKinney Marketplace was 96 percent leased at the time of sale to tenants such as Kohl’s, Dollar Tree, Cato and Wendy’s. Chris Gerard, Adam Howells, Barry Brown, Ryan Shore, Greyson Fewin and Pauli Kerr of JLL represented the undisclosed institutional seller in the transaction.
DENTON, TEXAS — National Asset Services (NAS), a Los Angeles-based investment management and brokerage firm, has arranged the sale of Cooper Glen Apartments, a 240-unit multifamily community located in the North Texas city of Denton. Built in 1996, the property offers one-, two- and three-bedroom units and amenities such as a pool and a fitness center. The buyer and seller were not disclosed. Cooper Glen Apartments was approximately 90 percent occupied at the time of sale.
HOUSTON — NAI Partners has brokered the sale of a 30,000-square-foot industrial building located at 9342 Telge Road in northwest Houston. The building is located within Aberdeen Business Park and is leased to aquatic engineering firm Oceaneering International Inc. Travis Land of NAI Partners represented the buyer, United Equities, in the transaction. Jason English of Colliers International represented the undisclosed seller.