Acquisitions

NEW PORT RICHEY, FLA. — Cushman & Wakefield has arranged the $15.6 million sale of Worthington Court, a 152-unit multifamily community in New Port Richey. The property offers one- and two-bedroom floor plans. Communal amenities include a pool, half basketball court, tennis court, playground and a clubhouse. The asset is situated at 7541 Highwater Drive, 32 miles northwest of downtown Tampa. Mike Donaldson and Nick Meoli of Cushman & Wakefield represented the seller, HKSK Corp., in the transaction. Birmingham, Ala.-based Engel Realty Co. acquired the property.

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ARLINGTON, TEXAS — JLL has negotiated the sale of Park Row Logistics Center, a 155,425-square-foot industrial building in Arlington. Built on 9.2 acres in 2019, the property was fully leased to e-commerce servicer Mochila Fulfillment at the time of sale. Building features include 32-foot clear heights, 180-foot truck court depths and 28 trailer parking spaces. Dustin Volz, Stephen Bailey, Zach Riebe and Austin Ross of JLL represented the seller, a partnership between Stream Realty Partners and LaSalle Investment Management, in the deal. The buyer was New York-based Clarion Partners.

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PLANO, TEXAS — Next Wave Investors LLC, a Southern California-based private equity firm, has purchased Shiloh Park Townhomes, a 73-unit multifamily complex in Plano. Built in 2000, the for-rent property features residences that average 1,700 square feet per unit. The townhomes are equipped with washer/dryer connections and private garages in select units. The property was approximately 95 percent occupied at the time of sale. Next Wave plans to implement a value-add program to both unit interiors and building exteriors. The seller was not disclosed.

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CHICAGO — Essex Realty Group Inc. has arranged the sale of a pair of apartment buildings in Chicago’s Lincoln Park neighborhood for a combined $14.4 million. The buildings, 640 and 656 W. Wrightwood Ave., had been owned by the same entities for more than 50 years. A local investor purchased the 640 property for $5.9 million while a separate local investor bought the 656 property for $8.5 million. The two assets total 107 units. Doug Imber, Kate Varde, Clay Maxfield and Jaimie Steinher of Essex represented the undisclosed sellers. Jim Darrow, Jordan Gottlieb and Jordan Multack of Essex represented the buyers.

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PEWAUKEE, WIS. — The Boulder Group has negotiated the $4.7 million sale of a property net leased to Children’s Hospital of Wisconsin in Pewaukee, about 20 miles west of Milwaukee. The newly constructed, 11,736-square-foot building is located at 1215 George Towne Drive. The Children’s Hospital lease expires in 2028. Jimmy Goodman and John Feeney of Boulder represented the buyer, a New York-based firm completing a 1031 exchange. A local real estate firm was the seller.

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NEW YORK CITY — Locally based investment firm Thor Equities Group has sold a 17,600-square-foot retail building located at 164 Fifth Ave. in Manhattan for $40 million. The six-story property, which is located between 21st and 22nd streets in the Flatiron District, was fully leased at the time of sale to tenants such as Alo Yoga and restaurant Sutra. The buyer was not disclosed.

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PORT CHESTER, N.Y. — Walker & Dunlop has brokered the $32.2 million sale of The Mariner, a 100-unit apartment community in Port Chester, located near the New York-Connecticut border. Built in 2012, the property’s units feature an average size in excess of 1,000 square feet, hardwood floors and quartz countertops. Amenities include a fitness center, social lounge, storage units and concierge services. Thomas Walsh and Joseph Garibaldi of Walker & Dunlop represented the sellers, institutional investors advised by JP Morgan Asset Management, in the transaction.

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VISTA, CALIF. — Realm LP has purchased Melrose Plaza, a six-building office campus located at 500-550 W. Vista Way in Vista. Melrose Plaza Complex LP sold the asset for $7.5 million. At the time of sale, the 58,483-square-foot property was 98 percent leased. Jeff Abramson of Lee & Associates North San Diego County represented the buyer and seller in the deal.

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RIVERSIDE COUNTY, CALIF. — JCH Senior Housing Investment Brokerage has arranged the sale of a seniors housing community featuring 64 skilled nursing beds and 49 assisted living beds in Riverside County, located east of Los Angeles. The facility was in escrow when COVID-19 hit with a first-time buyer that decided not to proceed. The seller, a family-owned owner-operator, eventually sold the property to a first-time buyer. The sales price was $5.4 million, or $84,375 per bed at a 9 percent capitalization rate. JCH also assisted the buyer in setting up a lease with a local assisted living operator looking to expand in the area.

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WEST JORDAN, UTAH — GPR Ventures has entered the Utah market with the purchase of an industrial warehouse property situated on 3.6 acres in West Jordan. Terms of the transaction were not released. BC Technical, a diagnostic imaging solutions and services provider, occupies the 48,234-square-foot facility, which features a 35,632-square-foot manufacturing and assembly area and a 13,602-square-foot office space. The property offers raised floors with an anti-static covering throughout the office space to accommodate extensive wiring and fiber optics that run underneath, heavy-duty capacity HVAC systems, multiple climate-controlled computer areas with independent HVAC systems, high-efficiency fluorescent lighting and a sprinkler system that covers the entire building.

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