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Acquisitions

AcquisitionsAlabamaMultifamilySoutheast

Lexerd Capital Acquires 152-Unit Multifamily Community in Birmingham

by Alex Tostado

BIRMINGHAM, ALA. — Lexerd Capital Management LLC has acquired Emerald Pointe, a 152-unit multifamily community in Birmingham, through one of its funds. The property comprises 21 two- and three-story buildings offering one-, two- and three-bedroom floor plans. Communal amenities include a clubhouse, pool, sundeck, picnic area, playground and an onsite childcare facility. The asset is situated at 2149 Emerald Pointe Drive, 11 miles south of downtown Birmingham. The seller and sales price were not disclosed.

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AcquisitionsIowaMidwestMultifamily

Spruce Properties Acquires Multifamily Portfolio in Suburban Des Moines for $56.7M

by Kristin Harlow

DES MOINES — Spruce Properties has acquired a six-property multifamily portfolio in suburban Des Moines for $56.7 million. The portfolio includes: Lake Shore, Lake Shore Park, Lake Shore Place and Peachtree Apartments in Ankeny; Saylorville Lakeside in Polk City; and Sunrise Meadows in Waukee. Lake Shore was built in phases between 2015 and 2017 while the other assets date back to the 1970s to early 2000s. David Gaines, Marcus Pitts, Justin Lossner and Michael Minard of JLL Capital Markets represented the seller, BBK Apartments. Trent Niederberger of JLL originated a 10-year acquisition loan through Fannie Mae on behalf of the buyer. The loan features a fixed interest rate of 2.77 percent.

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AcquisitionsIndustrialTexas

JLL Negotiates Sale of 798,246 SF Speedway Logistics Crossing in Fort Worth

by Taylor Williams

FORT WORTH, TEXAS — JLL has negotiated the sale of Speedway Logistics Crossing, a newly built, 798,246-square-foot industrial complex in Fort Worth. The two-building property is situated on 55 acres within two miles of the intersection of Interstate 35 and State Highway 114 and was 82 percent leased at the time of sale. Building features include 36-foot clear heights, 134 dock-high doors, 173 trailer parking spaces and ESFR sprinkler systems. John Huguenard, Dustin Volz, Stephen Bailey, Dom Espinosa and Zach Riebe of JLL represented the seller, Scannell Properties, in the transaction. James Campbell Co., a Hawaii-based investment firm, purchased the property for an undisclosed price.

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AcquisitionsIllinoisMidwestMultifamily

Triad Real Estate Brokers $16.8M Sale of Apartment Complex in Peoria, Illinois

by Kristin Harlow

PEORIA, ILL. — Triad Real Estate Partners has brokered the sale of Dunlap Falls in Peoria for $16.8 million. The 180-unit apartment complex was built in 1997. The property underwent a $4.2 million renovation in 2019 that included a new clubhouse and fitness center along with upgrades made to nearly 150 units. A Massachusetts-based portfolio owner sold the asset to a Chicago-based owner and operator.

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AcquisitionsCaliforniaIndustrialWestern

Colliers Negotiates $20.7M Sale of Industrial Warehouse Facility in Bay Area

by Amy Works

HAYWARD, CALIF. — Colliers International has arranged the sale of a light industrial property located at 3340 Arden Road in Hayward. Roxborough Group sold the asset to Berkley Partners for $20.7 million. At the time of sale, the three-building, 102,122-square-foot facility was 87 percent occupied. Greig Lagomarsino and Nick Ousman of Colliers represented the seller and buyer in the transaction.

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AcquisitionsIndustrialNortheastPennsylvania

Postal Realty Trust Acquires 431,000 SF Industrial Property Near Pittsburgh for $47M

by Taylor Williams

WARRENDALE, PA. — Postal Realty Trust (NYSE: PSTL), a New York-based REIT, has acquired a 431,000-square-foot industrial building located in the northern Pittsburgh suburb of Warrendale for $47 million. The property was fully leased at the time of sale to three tenants, with a USPS processing and distribution facility occupying roughly 75 percent of the space. The other tenants are Omnicell Inc., a provider of operational solutions for healthcare facilities, and DBC Real Estate Management LLC, a regional multifamily owner-operator. The seller was not disclosed. Postal Realty Trust now owns 714 properties in 47 states totaling 2.6 million square feet of net leasable commercial space.

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AcquisitionsMultifamilySeniors HousingUtahWestern

Blueprint Brokers Sale of 42-Unit Seniors Housing Community in Park City, Utah

by Amy Works

PARK CITY, UTAH — Blueprint Healthcare Real Estate Advisors has brokered the sale of an undisclosed assisted living and memory care community in Park City, approximately 35 miles southeast of Salt Lake City. The community was built in 1999 and features 32 units of assisted living and 10 units of memory care. The Pacific Northwest-based owner sought to divest the asset as a geographical outlier in its portfolio. A local owner-operator bought the property for an undisclosed price, taking on the existing HUD loan as part of the deal.

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AcquisitionsIndustrialNew JerseyNortheast

CBRE Negotiates $4.9M Sale of Industrial Building in Freehold, New Jersey

by Taylor Williams

FREEHOLD, N.J. — CBRE has negotiated the $4.9 million sale of a 46,000-square-foot industrial building in Freehold, located in the central part of the state. The property was built on 10 acres in 1984. Charles Berger, Elli Klapper and Mark Silverman of CBRE represented the seller, L&M Realty Associates LLC, which originally acquired the asset for $3.5 million in 2013. The team also procured the buyer, a New Jersey-based limited liability company.

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AcquisitionsMultifamilySoutheastVirginia

JLL Brokers Sale of 400-Unit Apartment Complex in Northern Virginia

by Alex Tostado

HERNDON, VA. — JLL has brokered the sale of Station on Silver, a 400-unit apartment complex in Herndon. The property, which was built in 2017, offers studio, one- and two-bedroom floor plans averaging 850 square feet. Communal amenities include a fitness center, pool, lounge, courtyard, media room, rooftop deck and an outdoor kitchen. The asset is situated at 2340 Carta Way, 26 miles west of downtown Washington, D.C. Walter Coker, Brian Crivella and Robert Jenkins of JLL represented the seller, Woodfield Development, in the transaction. The buyer and sales price were not disclosed.

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AcquisitionsMarylandRetailSoutheast

JCR Acquires Two Shopping Centers in Maryland for $23.8M

by Alex Tostado

ROCKVILLE AND BEL AIR, MD. — The JCR Cos. has acquired two shopping centers in Maryland totaling $23.8 million. The first property is Woodley Gardens Shopping Center in Rockville. The asset is situated at 1101-1125 Nelson St., 17 miles north of downtown Washington, D.C. JCR acquired the 22,797-square-foot property for $4.5 million. It was fully leased at the time of the sale to tenants including Hard Times Café, Essex Bank, Slice of Rockville, Carmen’s Ice Cream and Shanghai Taste. The second property is Bel Air Town Center, which is located 30 miles northeast of downtown Baltimore. Washington, D.C.-based JCR purchased Bel Air Town Center for $19.3 million. JCR plans to sell pad sites at the 95,229-square-foot property. The seller(s) was not disclosed.

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