Acquisitions

4S Bay Partners Acquires Redevelopment Site in Baldwin Hills Crenshaw Corridor of Los Angeles for $24M

by Amy Works February 23, 2021

LOS ANGELES — Chicago-based 4S Bay Partners has purchased a 1.8-acre land parcel at 3701 W. Stocker St. in the Baldwin Hills Crenshaw Corridor of Los Angeles. Sticks Holdings LLC and an affiliate of Optimus Properties sold the asset for $24 million. James Daughrity of Daughrity Real Estate represented the buyer and seller in the deal. The property is located in a designed Opportunity Zone with a transit-oriented development designation, which allows for pedestrian-friendly and community-serving uses. The parcel currently contains a 45,000-square-foot, four-story office structure, which was built in 1954. Additionally, the site is in proximity to the planned Metro Crenshaw/LAX light rail transit line. The buyer previously purchased 3731, 3741, 3751 and 3761 W. Stocker St. all within the Baldwin Hills Crenshaw Corridor. Los Angeles-based Pantheon Business Consulting will manage the development of the sites. Potential development plans include a multi-use film studio, entertainment campus and business incubator redevelopment project in line with 4S Bay Partners’ social impact and community development mission to increase economic development within underserved and urban communities. According to 4S Bay, the project’s vision is to partner with creatives, thought-leaders and non-profits surrounding South Los Angeles to create economic opportunities and amplify storytelling about …

February 23, 2021

Acquisitions Multifamily Texas

Newmark Brokers Sale of 305-Unit Heritage Apartments in San Antonio

by Taylor Williams February 23, 2021

SAN ANTONIO — Newmark has brokered the sale of The Heritage, a 305-unit apartment community in San Antonio. Built in 2005, The Heritage features one-, two- and three-bedroom units and amenities such as a pool, fitness center, dog park and an indoor basketball court. Patton Jones and Matt Michelson of Newmark represented the seller, Austin-based CFH Investment Partners, in the transaction. Terrain Capital Partners, also based in Austin, purchased the asset for an undisclosed price. The Heritage was 93 percent occupied at the time of sale.

February 23, 2021

Acquisitions Illinois Midwest Retail

Quantum Brokers $1.4M Sale of Arby’s-Occupied Property in Orland Park, Illinois

by Kristin Harlow February 23, 2021

ORLAND PARK, ILL. — Quantum Real Estate Advisors Inc. has brokered the sale of a single-tenant property occupied by Arby’s in Orland Park for nearly $1.4 million. The building is located at 15765 S. Harlem Ave. Dan Waszak and Zack Hilgendorf of Quantum represented the seller, a California-based development group that redeveloped the former Taco Bell space. A California-based private investor was the buyer.

February 23, 2021

Acquisitions Multifamily Southeast Virginia

Blackfin, GMF Purchase Two Hampton Road Apartment Communities for $35.5M

by Julia Sanders February 22, 2021

PORTSMOUTH, VA. — Blackfin Real Estate Investors and GMF Capital LLC have partnered to purchase Pepperwood Townhomes and Towne Point Landing Apartments in Portsmouth for $35.5 million. This transaction represented the joint venture’s fourth acquisition from the undisclosed seller and was done directly by Blackfin/GMF without intermediation. Built in 1981, Pepperwood Townhomes is located at 3790 Pepperwood Court. The 155-unit apartment community offers one-, two- and three- bedroom units. The community amenities include a fitness center, pool, playground, picnic area, grill, business center and clubhouse. The rent ranges from $990 to $1,579. The companies plan to upgrade the common areas, amenities, exteriors and complete unit renovations at both properties. Towne Point Landing Apartments is situated at 3802 Towne Point Road. The 193-unit complex offers one-, two- and three- bedroom apartment homes. Community amenities include a pool, playground, tennis court, volleyball court, patio, grill and public transportation. Both Pepperwood Townhomes and Towne Point Landing were 99 percent occupied at the time sale. This is the sixth transaction between Blackfin and GMF Capital and the companies’ second acquisition together in the region.

February 22, 2021

Acquisitions Arkansas Restaurant Retail Southeast

MAG Capital Partners Acquires 14,004 SF Entertainment Venue in Fayetteville, Arkansas

by Julia Sanders February 22, 2021

FAYETTEVILLE, ARK. — MAG Capital Partners has acquired a 14,004-square-foot restaurant, brewery and entertainment venue in Fayetteville. The property is operated by JBGB Restaurant and JJ’s Beer Garden & Brewery, and offers an outdoor playground, a stage for live music and a 225-seat dining area. The new ownership plans to immediately break ground on a 10,921-square-foot expansion of the JBGB restaurant and venue. Judd Dunning of DWG Capital Group arranged the sale-leaseback transaction on behalf of MAG Capital Partners. T.J. Lefler with Sage Partners represented the seller, JBGB Restaurant and Brewery. MAG Capital Partners is a private commercial real estate investment firm based in Fort Worth, Texas.

February 22, 2021

Acquisitions Multifamily Texas

IPA Negotiates Sale of 240-Unit Coventry Apartments in Denton, Texas

by Taylor Williams February 22, 2021

DENTON, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of The Coventry Apartments, a 240-unit multifamily community in the North Texas city of Denton. The property was built on eight acres in 2001 and features one-, two- and three-bedroom floor plans. Amenities include a pool, clubhouse, fitness center, business center, coffee bar, volleyball court and a dog park. Drew Kile, Joey Tumminello, Will Balthrope, Asher Hall and Grant Raymond of IPA represented the seller, SPI Advisory, in the transaction. Additional terms of sale were not disclosed.

February 22, 2021

Acquisitions Multifamily Texas

Momentum Multifamily Buys 228-Unit Henry at Liberty Hills Community in East Houston

by Taylor Williams February 22, 2021

HOUSTON — Dallas-based investment firm Momentum Multifamily has purchased The Henry at Liberty Hills, a 228-unit apartment community in East Houston. The property was built in 2012 as SYNC at Liberty Hills and offers one-, two- and three-bedroom units with built-in workspaces, entertainment bars and private balconies or patios. Amenities include a pool, fitness center, a dog park, game/media room and a business center. Cutt Ableson and Colin Marusak of Berkadia arranged Freddie Mac acquisition financing and preferred equity on behalf of Momentum Multifamily for the transaction.

February 22, 2021

Acquisitions Indiana Industrial Lee & Associates Midwest

Lee & Associates Brokers $34.5M Sale of Food Processing Facility in Marion, Indiana

by Kristin Harlow February 22, 2021

MARION, IND. — Lee & Associates has brokered the $34.5 million sale of a food processing and cold storage facility in Marion, located about halfway between Indianapolis and Fort Wayne. The 291,262-square-foot, Class A property is situated on a 19.4-acre site at 3701 S. Adams St. Completed in 2013, the building features a clear height of 30 feet. It is fully leased to Café Valley Bakery, an independent wholesale bakery. Ross Sanzari, Greg Guglielmino, Marcus Muirhead and Steve Gonzalez of Lee & Associates represented the undisclosed seller. SomeraRoad was the buyer.

February 22, 2021

Acquisitions Michigan Midwest Retail

Magoo’s Pet Outlet to Open 10th Location in Michigan

by Kristin Harlow February 22, 2021

MOUNT PLEASANT, MICH. — Magoo’s Pet Outlet will open a new store in Mount Pleasant. This is the 10th location in the state of Michigan for the pet retailer, which has purchased the 5,800-square-foot, former Redbird Feed & Supply building located on East Pickard Street. Michael Murphy and Tjader Gerdom of Gerdom Realty & Investment represented Magoo’s in the transaction. The seller and sales price were undisclosed.

February 22, 2021

Acquisitions Industrial New York Northeast

SomeraRoad Acquires Industrial Portfolio for $137M

by Taylor Williams February 22, 2021

NEW YORK CITY AND NASVHILLE — SomeraRoad, a development and investment firm with offices in New York City and Nashville, has acquired a portfolio of eight industrial assets totaling 1.5 million square feet $137 million. Each of the properties, which are located in the Southeast and Midwest regions, was fully leased to a single tenant at the time of sale. The roster includes users such as FedEx, McFarling Foods and Black Gold Farms. Ian Ross, Fergus Campbell, Amit Patel and Blake Toline negotiated the transaction for SomeraRoad on an internal basis. The seller was not disclosed. Dustin Stolly and Jordan Roeschlaub of Newmark arranged a $91 million acquisition loan through Capital One on behalf of SomeraRoad.

February 22, 2021

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