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Acquisitions

AcquisitionsFloridaGeorgiaMultifamilySoutheast

Slate Asset Management Agrees to Acquire Sun Belt Multifamily Portfolio for $226.5M

by John Nelson

CHICAGO — Chicago-based Slate Asset Management has agreed to acquire a six-property multifamily portfolio in the Sun Belt region for $226.5 million. The seller is ZMR Capital, a value-add multifamily investment firm based in Tampa. The garden-style properties total approximately 1,600 units and are located in the metropolitan areas of Tampa, Atlanta and Phoenix. The names of the properties were not released. King & Spalding advised Slate on this transaction, which is expected to close at the end of July.

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AcquisitionsIllinoisMidwest

Orix Agrees to Acquire Majority Stake in Hilco Global

by Kristin Harlow

NORTHBROOK, ILL. — Orix Corp. USA, the U.S. arm of Japanese investment firm Orix, has entered into a definitive agreement to acquire a majority equity ownership of Hilco Global, a financial services firm headquartered in Northbrook. The deal values the firm at $1 billion, reports Crain’s Chicago Business. The proposed transaction will create a new asset-based lending arm. Under the terms of the agreement, Jeffrey Hecktman will continue to lead Hilco as CEO, and Hilco will operate as a subsidiary of Orix. The transaction is expected to close in the third quarter, subject to customary closing conditions and regulatory approvals. Davis Polk & Wardwell LLP provided legal counsel to Orix. J.P. Morgan Securities LLC served as financial advisor to Hilco, and Kirkland & Ellis LLP and Greenberg Traurig LLP provided legal counsel. Founded in 1987, Hilco maintains more than 770 employees worldwide.

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AcquisitionsIllinoisMidwestRetail

Marcus & Millichap Negotiates $4.1M Sale of Chicago Retail Property

by Kristin Harlow

CHICAGO — Marcus & Millichap has negotiated the $4.1 million sale of a five-suite retail property located at 600 S. Dearborn St. in Chicago. The asset totals 12,132 square feet of ground-floor space within the historic Transportation Building. The retail space is fully leased to a mix of five tenants, including 7-Eleven and Sofi Restaurant. Mark Krantz and Derrick Dougherty of Marcus & Millichap procured the buyer, a Washington, D.C.-based private investor. The agents worked with Steve Filippo of Marcus & Millichap Capital Corp.

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AcquisitionsMidwestOhioRetail

Cooper Group Arranges $1.6M Sale of Shopping Center in Austintown, Ohio

by Kristin Harlow

AUSTINTOWN, OHIO — The Cooper Commercial Investment Group has arranged the $1.6 million sale of Falcon Commons in Austintown, a southeast suburb of Cleveland. The five-unit retail center features tenured tenants Subway and Little Caesar’s. Dan Cooper of Cooper Group represented the seller, a private investment group out of Central Ohio. The Kentucky-based buyer purchased the asset at a cap rate of 7.3 percent and over 95 percent of the list price. Falcon Commons was 80 percent leased at the time of sale.

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AcquisitionsDevelopmentMultifamilyNew JerseyNortheast

JLL Negotiates Sale of Multifamily Development Site in Kearny, New Jersey

by Taylor Williams

KEARNY, N.J. — JLL has negotiated the sale of a multifamily development site in the Northern New Jersey community of Kearny that is fully approved for the development of 136 market-rate townhomes. The site is located at 55 Passaic Ave., adjacent to a community park that is also under construction. Jose Cruz, Ryan Robertson, Steve Simonelli, Michael Oliver, Elizabeth DeVesty and Austin Pierce of JLL represented the locally based seller, Russo Development, in the transaction. The buyer, PulteGroup Inc., will continue the development as Bridgeview by Pulte Homes.

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AcquisitionsIndustrialNortheastRhode Island

Marcus & Millichap Brokers Sale of 21,570 SF Warehouse in Bristol, Rhode Island

by Taylor Williams

BRISTOL, R.I. — Marcus & Millichap has brokered the sale of a 21,570-square-foot warehouse in Bristol, about 20 miles south of Providence. Built in 1986 and fully renovated in 2023, the building at 66 Tupelo St., which was fully leased at the time of sale, features two overhead doors, a loading dock and 62 surface parking spaces. Harrison Klein and Michael Grant of Marcus & Millichap represented seller, an undisclosed private investor, in the transaction and procured the buyer, Colorado-based Playground Properties.

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AcquisitionsDevelopmentKansasMidwestMixed-UseRetailTop Stories

IRG, Provider to Redevelop 60-Acre Towne West Square Mall in Wichita, Kansas

by John Nelson

WICHITA, KAN. — Industrial Realty Group LLC (IRG) and Provider Real Estate Partners LLC (PREP) have acquired Towne West Square Mall, a 650,000-square-foot shopping mall in southwest Wichita. The partnership plans to redevelop the 60-acre property into a multi-tenant campus called Wichita Business Park. “The City of Wichita is thrilled to have new ownership of this property and is excited about the redevelopment plan proposed by IRG and PREP,” says Wichita Mayor Lily Wu. After nearly 44 years in operation, Towne West Square Mall closed its doors officially over the July 4 weekend. The last three businesses to remain operating at the mall include Dillard’s and JC Penney, which were the mall’s original department store anchors, and locally owned and operated Boulevard Theatres, according to local media outlets. IRG and PREP plan on redeveloping the property through a conversion of the former mall and department store space. The team will expand the former mall’s retail and commercial uses to offer modern office, light industrial, advanced manufacturing, research-and-development and flex spaces. In May, Wichita’s Planning Commission and City Council approved a zoning overlay that will help facilitate the redevelopment of Towne West Square Mall. “We are confident in Wichita Business Park’s …

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AcquisitionsGeorgiaMultifamilySoutheast

Sherman Residential Acquires 233-Unit Skye Suwanee Town Center Apartments in Metro Atlanta

by John Nelson

SUWANEE, GA. — Illinois-based Sherman Residential has acquired Skye Suwanee Town Center, a 233-unit apartment community in the northeast Atlanta suburb of Suwanee in Gwinnett County. The seller and sales price were not disclosed. Built in 2020, Skye Suwanee Town Center offers studio, one-, two- and three-bedroom apartments. Amenities include a 24/7 wine cellar, two-story fitness center and a rooftop terrace with a retrofitted Airstream lounge. The property also features retail space on the ground level leased to Thrive Coworking and Warm Waves, a coffee shop. Skye Suwanee Town Center is located at 500 Buford Highway, about one north of the city’s town square and about a quarter-mile south of Suwanee Town Center, a mixed-use district anchored by the 10-acre Town Center Park.

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AcquisitionsGeorgiaRetailSoutheast

Matthews Real Estate Negotiates Sale of Kroger-Anchored Shopping Center in Canton, Georgia

by John Nelson

CANTON, GA. — Matthews Real Estate Investment Services has negotiated the sale of Woodmont Village, an 85,639-square-foot shopping center located in Canton, approximately 40 miles north of Atlanta. Kroger anchors the center, which was 75 percent leased at the time of sale. Other tenants at the property include The UPS Store, Anytime Fitness, Pizza Hut, Ace Hardware, Advance Auto Parts, Fabricare Cleaners and Las Palmas Mexican restaurant. Kyle Stonis, Pierce Mayson and Boris Shilkrot of Matthews brokered the transaction. The buyer, Aubuchon Realty Co., purchased Woodmont Village for an undisclosed price. The seller was also not released.

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AcquisitionsIndustrialLeasing ActivitySoutheastTennessee

Cushman & Wakefield Commercial Advisors Arranges Sale-Leaseback of Two Memphis Industrial Facilities

by John Nelson

MEMPHIS, TENN. — Cushman & Wakefield Commercial Advisors has arranged the sale-leaseback of two industrial facilities in Memphis totaling 250,000 square feet. AIC purchased the facilities, located at 2149 Harbor Ave. and 2172 Wharf St., from the tenant, Red Dot Corp. Red Dot designs and manufactures HVAC systems for commercial and military vehicles. Landon Williams and Katie Hargett of Cushman & Wakefield Commercial Advisors, along with Frank Maldonado and Dan Johnsen of Cushman & Wakefield, represented Red Dot in the sale and long-term lease of the two facilities. Terms of the transaction were not released.

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