Acquisitions

Continental Realty Buys South Plains Crossing Retail Center in Lubbock for $18.2M

by Taylor Williams July 8, 2021

LUBBOCK, TEXAS — Baltimore-based Continental Realty Corp. (CRC) has purchased South Plains Crossing, a 144,241-square-foot retail center in Lubbock, for $18.2 million. Anchor tenants at the property, which was built on 12 acres in 1996, include Hobby Lobby (70,000 square feet), alcoholic beverage providers Spec’s Wine, Spirits & Finer Foods (33,000 square feet) and Vision Mart (10,000 square feet). The seller was a partnership between Atlanta-based RCG Ventures, LLC and New York City-based DRA Advisors LLC. South Plains Crossing was 94 percent leased to 11 tenants at the time of sale.

July 8, 2021

Acquisitions Industrial Office Texas

Bradford Negotiates Sale of 73,600 SF Parkway Business Center in Grand Prairie, Texas

by Taylor Williams July 8, 2021

GRAND PRAIRIE, TEXAS — Bradford Commercial Real Estate Services has negotiated the sale of Parkway Business Center, a 73,600-square-foot flex property in Grand Prairie. Shane Benner and Josh Meraz of Bradford represented the seller, a California-based entity doing business as WC Parkway Business Center LLC, in the transaction. Rich Young Jr. of Rich Young Cos. represented the buyer, a Los Angeles-based limited liability company. Parkway Business Center was 97 percent leased at the time of sale.

July 8, 2021

Acquisitions Hospitality New York Northeast

Cushman & Wakefield Arranges $115M Sale of Mondrian Park Avenue Hotel Mortgage

by Taylor Williams July 8, 2021

NEW YORK CITY — Cushman & Wakefield has arranged the $115 million sale of the first mortgage loan on Mondrian Park Avenue, a 190-room luxury hotel in Manhattan’s NoMad neighborhood. Adam Spies and Dan O’Brien of Cushman & Wakefield represented Moin Development in its sale of the debt to Global Holdings, an owner whose portfolio spans more than 10 million square feet of commercial space.

July 8, 2021

Wegmans-Retail-Center-Hanover-New-Jersey

Acquisitions New Jersey Northeast Retail

Mack-Cali Sells Grocery-Anchored Shopping Center in Hanover, New Jersey, for $46M

by Taylor Williams July 8, 2021

HANOVER, N.J. — Mack-Cali Realty Corp. (NYSE: CLI) has sold Wegmans Retail Center, a 133,276-square-foot grocery-anchored retail center located about 30 miles west of New York City in Hanover. The sales price was $46 million. The property was built in phases between 2017 and 2020 and was fully leased to regional grocer Wegmans and Panera Bread at the time of sale. The sale also included two newly developed restaurant buildings that are leased to Capital Grille and Seasons 52. Jose Cruz, Kevin O’Hearn, Michael Oliver, Steve Simonelli, J.B. Bruno and Nicholas Stefans of JLL represented Mack-Cali in the transaction. The buyer was not disclosed.

July 8, 2021

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Acquisitions Northeast Retail Rhode Island

IPA Negotiates $21.6M Sale of Cottage Plaza Retail Center in Pawtucket, Rhode Island

by Taylor Williams July 8, 2021

PAWTUCKET, R.I. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the $21.6 million sale of Cottage Plaza, an 84,455-square-foot retail center in Pawtucket. Regional grocer Stop & Shop anchors the property, which was built on 14.6 acres between 2004 and 2005. Jim Koury, Dean Zang and David Crotts of IPA represented the undisclosed seller and procured the buyer, AAG Management Inc., in the transaction.

July 8, 2021

Acquisitions Arizona Multifamily Western

Tide Equities Acquires Palm Valley Multifamily Property in Goodyear, Arizona for $71.8M

by Amy Works July 8, 2021

GOODYEAR, ARIZ. — Tide Equities has purchased Palm Valley, a multifamily property in Goodyear. Avanti Residential sold the asset for $71.8 million. Tide Equities has renamed the community Tides at Palm Valley. Built in 1997, the property features 264 apartments; two resort-style swimming pool and spa areas with covered cabanas; a fitness center; basketball court; resident clubhouse; business center; children’s playground; barbecue and picnic areas; and package lockers. Updated units offer quartz countertops, new wood-style vinyl plank flooring and carpet, interior paint, new white cabinet doors and hardware, stainless steel appliances, kitchen backsplash, new lighting fixtures and new plumbing fixtures. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE’s Phoenix Multifamily Institutional Properties represented the seller in the deal.

July 8, 2021

Acquisitions Northeast Pennsylvania Retail

Dunhill Auto Group Acquires 10,000 SF Retail Property in Quakertown, Pennsylvania

by Taylor Williams July 8, 2021

QUAKERTOWN, PA. — New Jersey-based Dunhill Auto Group has acquired a 10,000-square-foot retail property at 840 S. West End Blvd. in Quakertown, located north of Philadelphia in Bucks County. Rich Weitzman of Colliers International represented the seller, Peruzzi Auto Group, in the transaction. A Mitsubishi dealership currently occupies the three-acre site.

July 8, 2021

Acquisitions Arizona Multifamily Western

IPA Brokers $18.2M Sale of District Flats Off Dobson Apartments in Mesa

by Amy Works July 8, 2021

MESA, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of District Flats Off Dobson, a multifamily property located in Mesa. Rise48 Equity sold the property to a joint venture between The Souferian Group and ZMR Capital for $18.2 million, or $162,500 per unit. Built in 1975 on three acres, District Flats Off Dobson features 112 apartments, a swimming pool, barbecue grills, laundry facility, tennis court and pet play area. Cliff David and Steve Gebing of IPA represented the seller and procured the buyer in the transaction.

July 8, 2021

Acquisitions Content Partner Data Centers Development Features Industrial Midwest NAI Northeast Southeast Texas Western

From Hype to Hyperscalers: NAI Global Discusses Trends for Data Centers

by Sarah Daniels July 8, 2021

Data centers have exploded in importance over the last year and a half. Kevin Goeller, principal, NAI KLNB, has over 21 years of experience in the field of data center development, sales and leasing, but says that, lately, exponential change is driving demand in this asset class. He spoke to REBusinessOnline about the booming need and limiting factors for data centers. REBusiness: Tell us about the sudden, increased demand for data centers. What amount of this demand is due to the pandemic driving people to work from home? What amount of the demand is here to stay? Goeller: Prior to the pandemic, we were already in an upward curve because of the added disciplines of 5G and edge data centers contributing to the already competitive growth of the hyperscalers and multitenant data centers. Data center development didn’t have the interest from institutional investors that it does today; these assets were just starting to get these institutions to chase them as a real estate discipline. Fast forward to the pandemic, which added Zoom, Microsoft Teams and other video conferencing and work-from-home needs. These put additional pressure on an already pressurized discipline, an asset class already trying to adapt and grow. REBusiness: …

July 8, 2021

Acquisitions Maryland Multifamily Southeast

StoneBridge Acquires Gramercy at Town Center Apartments in Columbia, Maryland for $67M

by Julia Sanders July 7, 2021

COLUMBIA, MD. — StoneBridge Investments has acquired Gramercy at Town Center, a 210-unit apartment community in Columbia, for $67 million. Martha Hastings and Bill Roohan of CBRE represented the sellers, Prudential Global Investment Management and Bozzuto, in the transaction. Maxi Leachman and David Webb, also with CBRE, arranged financing on behalf of StoneBridge. The financing was a Freddie Mac loan of about $43 million. Built in 1998 at 10601 Gramercy Place, Gramercy at Town Center features a mix of one-, two- and three-bedroom apartments. StoneBridge plans to make improvements to the clubhouse and pool, building exteriors and interior unit upgrades such as faux wood flooring, updated finishes and technology packages. Each unit has a private balcony or patio, individual side-by-side washer and dryer and a walk-in closet, and some of the units also offer gas fireplaces and built-in computer niches. The kitchens feature stainless steel appliances, granite countertops, hardwood flooring and breakfast bars. Community amenities include a swimming pool with sundeck, 24-hour fitness center, a business center, guest suite and private garages.

July 7, 2021

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