Acquisitions

Colliers Brokers Sale of 1.2 MSF Industrial Portfolio in Minnesota, Wisconsin

by Kristin Harlow February 9, 2021

MINNESOTA AND WISCONSIN — Colliers International has brokered the sale of a six-building industrial portfolio spanning 1.2 million square feet in Minnesota and Wisconsin. The sales price was undisclosed. One of the buildings is in Lino Lakes, Minn.; two are in Pewaukee, Wis.; two are in Milwaukee; and one is in Menomonie, Wis. Tom Shepherd and Mark Kolsrud of Colliers brokered the transaction. All six properties are fully leased. Minneapolis-based Biynah Industrial Partners and Maryland-based Alex Brown Realty Inc. sold the portfolio to Kansas-based Platform Ventures.

February 9, 2021

Acquisitions Illinois Industrial Lee & Associates Midwest

Lee & Associates Arranges Sale of 207,575 SF Industrial Building in Bartlett, Illinois

by Kristin Harlow February 9, 2021

BARTLETT, ILL. — Lee & Associates has arranged the sale of a newly constructed, 207,575-square-foot industrial building located at 1560 W. Stearns Road in Bartlett. The sales price was undisclosed. Situated in DuPage County’s Brewster Creek Logistics Park, the property features a clear height of 32 feet, 28 dock doors and parking for 246 cars. Mark Baumhart of Lee & Associates represented the buyer, Platinum Converting, a provider of finishing services to the print and graphic arts industry. Platinum plans to relocate from its Itasca facility this summer. Adam Marshall and Mark Deady of Newmark represented the seller, Logistics Property Co.

February 9, 2021

Acquisitions New York Northeast Office

JLL Negotiates $6.5M Sale of Office Property in Congers, New York

by Taylor Williams February 9, 2021

CONGERS, N.Y. — JLL has negotiated the $6.5 million sale of an 81,780-square-foot office property that is situated on 7.5 acres in Congers, about 40 miles north of New York City. JLL represented the seller, The Arc Rockland, an organization that provides services to people of all ages with intellectual and other developmental disabilities, in the transaction. The buyer was Portables Unlimited Inc., a Nanuet-based wholesaler of T-Mobile products.

February 9, 2021

Acquisitions Multifamily Northeast Pennsylvania

Alpha Realty Brokers $4.5M Sale of Apartment Building in Manhattan

by Taylor Williams February 9, 2021

NEW YORK CITY — Alpha Realty has brokered the $4.5 million sale of 310 E. 89th St., a 20-unit apartment building in Manhattan. The five-story building was originally constructed in 1920. Lev Mavashev and Shai Egison of Alpha Realty represented the seller and the locally based buyer in the transaction. The deal traded at a cap rate of 5.1 percent.

February 9, 2021

Acquisitions Colorado Multifamily Western

Gelt Acquires Regatta Apartments Near Denver from Sares Regis Multifamily for $100.5M

by Amy Works February 9, 2021

NORTHGLENN, COLO. — Los Angeles-based Gelt has purchased Regatta Apartments, a multifamily community located at 10500 Irma Drive in Northglenn. Sares Regis Multifamily Funds sold the asset for $100.5 million. Built in 2001 on 23 acres, the garden-style property features 22 two-story residential buildings, offering a total of 352 apartments in a mix of one-, two- and three-bedroom units, and one clubhouse building. All units were recently renovated to feature vinyl plank flooring, stainless steel appliances, quartz countertops, white shaker cabinets, nine-foot ceilings, patios or balconies and extra storage. Community amenities include a resort-style swimming pool, hot tub, sports court, media center, theater, fitness center, business center, splash park, dog wash, dog exercise park and barbecue area with fire pit. With this transaction, Gelt now owns more than 2,600 units across seven apartment communities in the Denver metro area. Dan Woodward, David Potarf and Matt Barnett of CBRE represented the seller and buyer in the deal.

February 9, 2021

Acquisitions California Retail Western

SRS Real Estate Partners Arranges $9M Sale of Multi-Tenant Retail Center in Palmdale, California

by Amy Works February 9, 2021

PALMDALE, CALIF. — SRS Real Estate Partners’ Investment Properties Group West has brokered the sale of a 56,309-square-foot portion of Towne Square West, a retail property located at 2220 E. Palmdale Blvd. in Palmdale. A Los Angeles-based private investor acquired the property from another Los Angeles-based private investor for $9 million. Chris Tramontano and John Redfield of SRS Real Estate Partners represented the seller, while Joelle Kim of Westside Luxury Real Estate represented the buyer in the deal. Built in 1989 on eight acres, the value-add property was 83 percent occupied at the close of escrow. Current tenants include Goodwill, LA Care, Aaron’s, Tokyo Steakhouse and La Palma Restaurants. Other tenants at the center, but not included in the sale, are Superior Goods, 99 Cents Only and Crunch Fitness.

February 9, 2021

Wheelhouse-of-Fair-Oaks-Fairfax-Virginia

Acquisitions Multifamily Southeast Top Stories Virginia

DSF Group Acquires Wheelhouse of Fair Oaks Apartments in Fairfax, Virginia, for $134M

by Taylor Williams February 9, 2021

FAIRFAX, VA. — The DSF Group, an investment firm with offices in Boston and Washington, D.C., has acquired Wheelhouse of Fair Oaks, a 491-unit apartment community located about 20 miles outside of Washington, D.C. in Fairfax. The price of $134 million equates to roughly $273,000 per unit. The new ownership will rebrand the 13-acre community and operate it under its Halstead brand, which includes a number of Class A multifamily properties that are primarily located in New England. As part of the rebranding, DSF Group will implement a value-add program that will upgrade unit interiors. According to the property website, units are available in one-, two- and three-bedroom floor plans and feature individual washers and dryers, walk-in closets and private balconies. Amenities include a pool, fitness center, dog park, package locker service by Luxer One and an outdoor amenity lawn with bocce ball courts and fire pits. In addition, the property is within walking distance of numerous retail and restaurant options, including the Fair Oaks Promenade shopping mall. The seller was not disclosed. — Taylor Williams

February 9, 2021

Acquisitions Florida Multifamily Southeast

Stonehaven Properties Acquires Main Street Landing Apartments in New Port Richey, Florida for $19.5M

by John Nelson February 8, 2021

NEW PORT RICHEY, FLA. — Stonehaven Properties has acquired Main Street Landing, an 80-unit multifamily property located at 5500 Main St. in New Port Richey. McGurn Management Co. sold the apartment complex to Stonehaven for $19.5 million, or $243,750 per unit. Joseph Thavis of CBRE’s Tampa office represented both the buyer and seller in the transaction. Completed in 2020, Main Street Landing sits directly on the Pithlachascotee River in downtown New Port Richey. The apartment complex is located 40 miles northwest of Tampa and 35 miles from Tampa International Airport. The property offers units with an average size of 1,412 square feet and average effective rents of $1,554 per unit. Stonehaven Properties looks to improve the asset by adding an onsite fitness center and boat docks.

February 8, 2021

Acquisitions Florida Hospitality Southeast

Hodges Ward Elliott Arranges Sale of 486-Room Sheraton Lake Buena Vista Resort in Orlando

by John Nelson February 8, 2021

ORLANDO, FLA. — Hodges Ward Elliott (HWE) has arranged the sale of Sheraton Lake Buena Vista Resort, a 486-room hotel located at 12205 S Apopka Vineland Road in Orlando. Mark Elliott, Daniel Peek, Rudy Reudelhuber and Alexandra Lalos of HWE represented the undisclosed seller in the transaction. The buyer and sales price were also not disclosed. The seller previously implemented an extensive multimillion-dollar renovation to upgrade the property to a resort-style complex. The Sheraton Lake Buena Vista Resort is located one mile from Walt Disney World. The property offers numerous guest amenities including four restaurants, two outdoor pools and a full-service spa. In addition, the resort features two bars/lounges, a 24-hour fitness center, a poolside bar and free transportation to all Disney theme parks. Hodges Ward Elliott is a hospitability brokerage firm based in Atlanta.

February 8, 2021

Acquisitions Industrial North Carolina Southeast

Dollar Tree Sells Metro Charlotte Distribution Center for $10.5M

by John Nelson February 8, 2021

MATTHEWS, N.C. — Dollar Tree Inc. has sold a 354,518-square-foot cross-dock industrial property in metro Charlotte for $10.5 million. The property is located on 43.5 acres at 10301 Monroe Road in Matthews. The Silverman Group bought the property. Chris Skibinski of Avison Young’s Charlotte office and Jeff Heller in Avison Young’s New Jersey office represented Dollar Tree in the transaction. The building was sold vacant and is part of a larger complex, the remainder of which is occupied by Family Dollar, a subsidiary of Dollar Tree. The property, known as Eastside Logistics Center, is being marketed for last-mile distribution, light manufacturing and other uses that will have direct impact to nearby household density areas. The Silverman Group is a private equity and real estate development firm based in Basking Ridge, N. J. Dollar Tree is a discount retailer based in Chesapeake, Va.

February 8, 2021

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