Acquisitions

District-at-Grand-Terrace-Colton-California

IPA Negotiates $88M Sale of District at Grand Terrace Apartments in Colton, California

by Taylor Williams April 12, 2021

COLTON, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the $88 million sale of District at Grand Terrace, a 352-unit apartment community located in the Inland Empire city of Colton. The sales price equates to $250,000 per unit. Built in phases between 1980 and 1986, District at Grand Terrace is located near the San Bernardino Freeway, just off Interstate 215 and about seven miles from downtown San Bernardino. The property features one-, two- and three-bedroom units that average 872 square feet. Units are furnished with stainless steel appliances, tile backsplashes, walk-in closets, individual washers and dryers and private balconies and patios. Communal amenities include multiple resort-style pools, a 24-hour fitness center, coworking lounge, resident clubhouse with a demonstration kitchen and media center, package lockers and outdoor grilling areas. Alexander Garcia Jr. and Christopher Zorbas of IPA, along with Tyler Martin of Marcus & Millichap, represented the seller, California-based investment firm Tower 16 Capital Partners, in the transaction. The trio also procured the buyer, investment and management firm MG Properties Group. “The Inland Empire’s shutdown-resistant, medical- and logistics-heavy job market and limited new apartment construction support apartment owners,” says Zorbas, who serves as executive managing …

April 12, 2021

Acquisitions Affordable Housing Multifamily Seniors Housing Southeast Virginia

Standard Communities Acquires Affordable Seniors Housing Property in Chesapeake, Virginia

by Julia Sanders April 9, 2021

CHESAPEAKE, VA. — Standard Communities, the affordable housing division of Standard Cos., has acquired Chesapeake Crossing, a 597-unit, mixed-income seniors housing community in Chesapeake. The property is located at 1921 Robert Hall Blvd., near the coast and the North Carolina border. Standard worked with NorthMarq in coordinating this transaction. The total capitalization was about $68 million, which includes renovation and other costs. The seller was not disclosed. Standard is rebranding the property as Starling Village and plans to invest $7.5 millions in renovations that include modernization upgrades to individual units, common areas, parking, leasing office and courtyards, as well as the fire and safety systems. Standard has acquired over 3,000 units in the Mid-Atlantic region, including approximately 1,500 in Virginia, according to Scott Alter, principal and co-founder of Standard Communities. The firm’s most recent acquisition in Virginia was The Commons at Princess Anne, a 186-unit seniors housing community in Virginia Beach.

April 9, 2021

Acquisitions Industrial Maryland Southeast

HLNP Sells Industrial Outdoor Storage Site in Hanover, Maryland for $21.1M

by Julia Sanders April 9, 2021

HANOVER, MD. — HLNP LLC has sold Last-Mile @ BWI, an industrial outdoor storage site located at 1200 Stoney Run Road in Hanover, for $21.1 million. The industrial-zoned land is 100 percent leased and was sold to NorthBridge Partners. Cris Abramson, Brian Kruger, Ben McCarty and Nicholas Signor of Newmark brokered the sale. Located directly adjacent to Baltimore-Washington International Airport (BWI), Last Mile @ BWI sits on 13.6 acres within Baltimore Commons Industrial Park, a 34-building campus spanning 4.1 million square feet. The site includes about nine acres of paved parking and storage and offers the potential to build Class A industrial product in the Baltimore-Washington Corridor.

April 9, 2021

Acquisitions Florida Hospitality Southeast

Marcus & Millichap Brokers $15.4M Sale of Three-Property Hotel Portfolio in Florida

by Julia Sanders April 9, 2021

OSPREY AND NOKOMIS, FLA. — Marcus & Millichap has brokered the $15.4 million sale of a three-property hotel portfolio in Florida. The assets include Bentley’s Boutique Hotel (88 rooms) and The Virage Hotel (54 rooms) in Osprey and On The Beach Casey Key Hotel (11 rooms) in Nokomis. David Greenberg, Gabriel Shamay and Christopher Passeggiata of Marcus & Millichap represented the seller, an individual based out of the United Kingdom, and procured the unnamed Florida-based buyer. The new ownership plans to renovate and reposition the three properties as independent resorts.

April 9, 2021

Acquisitions Development Multifamily Seniors Housing Southeast Tennessee

Bridgewood Acquires Land in Nashville, Plans to Develop Luxury Seniors Housing Community

by Julia Sanders April 9, 2021

NASHVILLE, TENN. — Bridgewood Property Co., a Houston-based developer of senior living properties, has acquired land at 3808 Cleghorn Ave. in Nashville for the development of a mid-rise, luxury retirement community. With guidance and input from zoning counsel; Tune, Entrekin & White PC; the Metropolitan Planning Department; and local neighborhood groups, the property received zoning approval in February 2021 to build 205 senior living units within a 12-story facility. The new Bridgewood community in the city’s Green Hills neighborhood will offer independent living, assisted living and memory care residences and will be located close to the neighborhoods of Belle Meade, Forest Hills and Hillwood. The purchase price of the land was not disclosed. ESa is the project architect of the unnamed community, and Catalyst Design Group will provide civil engineer services. The project’s construction timeline was not disclosed.

April 9, 2021

Acquisitions Healthcare Texas

BGL Brokers Sale of 39,814 SF Healthcare Portfolio in Tyler, Texarkana

by Taylor Williams April 9, 2021

TYLER AND TEXARKANA, TEXAS — Brown Gibbons Lang & Co. (BGL), a global investment banking and financial advisory firm, has negotiated the sale of the 39,814-square-foot Precision Spine Care portfolio in Tyler and Texarkana. The portfolio consists of one clinical office and imaging center and one clinical office and ambulatory surgical center. BGL represented the undisclosed seller in the transaction. The buyer and sales price were also not disclosed.

April 9, 2021

Acquisitions Illinois Industrial Midwest

Colliers Brokers Sale of 503,244 SF Distribution Center in Aurora, Illinois

by Kristin Harlow April 9, 2021

AURORA, ILL. — Colliers International has brokered the sale of Butterfield VI Distribution Center, a 503,244-square-foot facility in Aurora, located about 40 miles west of Chicago. Situated on 34.5 acres at 2350 Frieder Lane, the warehouse features a clear height of 36 feet and parking for 125 trailers and 286 cars. Built in 2020, the property is 66 percent leased to LGSTX Distribution Services. It is located within the larger Butterfield Center for Business and Industry. Jeff Devine and Steve Disse of Colliers represented the seller, a partnership between Sterling Bay Industrial, Development Resources Inc. and Levy Family Partners. An institutional investment advisor purchased the asset for an undisclosed price.

April 9, 2021

Acquisitions Industrial Michigan Midwest

MAG Capital Partners Buys Industrial Facility in Michigan’s Thumb Region in Sale-Leaseback Transaction

by Kristin Harlow April 9, 2021

LEXINGTON, MICH. — In a sale-leaseback transaction, MAG Capital Partners LLC has purchased a 196,000-square-foot industrial manufacturing facility in Lexington, part of Michigan’s Thumb region. The purchase price was undisclosed. Situated on 27.5 acres along Lake Huron and located approximately 80 miles northeast of Detroit, the facility provides direct access to Route 25. Built in 1960 and fully renovated in 2017, the property features nine dock doors, 10 drive-in doors and ceiling heights ranging from 18 to 26 feet. Mary Garnett and Jim Tuesley of Barnes & Thornburg LLP represented MAG Capital Partners in the transaction. Newmark’s JC Ascensio, Tyrell McGee, Andrew Sandquist and Briggs Goldberg represented the seller, an undisclosed manufacturing company. Based in Fort Worth, Texas, MAG Capital Partners is led by Dax Mitchell and Andrew Gi.

April 9, 2021

Acquisitions Midwest Retail Wisconsin

Boulder Group Arranges $7M Sale of Grocery Property in Metro Green Bay

by Kristin Harlow April 9, 2021

APPLETON, WIS. — The Boulder Group has arranged the sale of a single-tenant property net leased to Pick ’n Save in Appleton for $7 million. The 54,340-square-foot building is surrounded by a Walmart, Chase Bank, Lowe’s, Kohl’s, Target, Home Depot, Best Buy and Menards. Randy Blankstein and John Feeney of Boulder represented the buyer, a Midwest-based real estate investor. The seller information was not disclosed.

April 9, 2021

Acquisitions Indiana Midwest Retail

Black Gate Partners Acquires 24,691 SF Emerson Way Shopping Center in Indianapolis

by Kristin Harlow April 9, 2021

INDIANAPOLIS — Black Gate Partners has acquired Emerson Way Shopping Center in Indianapolis for an undisclosed price. Located at 5450-5502 Emerson Way, the shopping center spans 24,691 square feet. Dollar General and Papa John’s are the anchor tenants. Black Gate plans to add a new roof, parking lot, façade and landscaping, as well as build out the 3,000-square-foot end cap vacancy. This is Black Gate’s second acquisition in Indianapolis over the last two years. The name of the seller was not released. Black Gate is based in Columbus, Ohio.

April 9, 2021

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