Acquisitions

Kislak Cos. Brokers Sale of 48,000 SF Medical Office Building in West Orange, New Jersey

by Alex Patton April 29, 2020

WEST ORANGE, N.J. — The Kislak Cos. Inc. has brokered the sale of a 48,000-square-foot, Class B medical office building in West Orange, a western suburb of New York City. Located at 622 Eagle Rock Ave., the three-story building was constructed in 1988. JAG One Physical Therapy and Garden State Community Bank are the anchor tenants of the building. The property offers convenient access to State Routes 280 and 287, the Garden State Parkway and the New Jersey Turnpike. Matt Wilheimer of Kislak represented the seller, New York Community Bank, in the transaction. The buyer was 622 Eagle Rock Avenue Realty.

April 29, 2020

Acquisitions New York Northeast

Tavros Capital, Charney Cos. Acquire 37,000 SF Development Site in Brooklyn

by Alex Patton April 29, 2020

NEW YORK CITY — A partnership between Tavros Capital Partners and Charney Cos. has acquired a 37,000-square-foot development site in the Gowanus neighborhood of Brooklyn for $22.5 million. Located at 251 Douglass St., the property includes an existing 5,000-square-foot structure that is currently vacant. Specific development plans for the site were not disclosed. Stephen Palmese and Brendan Maddigan led a JLL team that represented the seller, The Galinn Fund LLC, in the transaction.

April 29, 2020

Acquisitions Northeast Pennsylvania Retail

Marcus & Millichap Brokers Sale of 5,967 SF Net-Leased Retail Asset in Wilkes-Barre, Pennsylvania

by Alex Patton April 29, 2020

WILKES-BARRE, PA. — Marcus & Millichap has brokered the $3.7 million sale of a 5,967-square-foot retail asset in Wilkes-Barre, approximately 65 miles north of Allentown. Located at 989 Schechter Drive, the freestanding property is net-leased to Chick-Fil-A. Derrick Dougherty and Mark Krantz of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The buyer was undisclosed.

April 29, 2020

Acquisitions Multifamily Texas

JLL Negotiates Sale of 188-Unit Loop Apartments in Conroe, Texas

by Taylor Williams April 29, 2020

CONROE, TEXAS — JLL has negotiated the sale of The Loop Apartments, a 188-unit multifamily community in Conroe, about 40 miles north of Houston. Built in 2017, the property features one-, two- and three-bedroom units and amenities such as a pool, fitness center, outdoor entertainment area and a dog park. Greg Austin, Chip Nash, Bob Heard, Chris Curry, Todd Marix, Chris Young, Joey Rippel and Kyle Whitney of JLL represented the seller, Apartment Advisors Inc., in the transaction. Tim Leonhard, Mary Davis and Eric Hightower of JLL arranged Fannie Mae acquisition financing for the undisclosed buyer.

April 29, 2020

Acquisitions Multifamily Texas

BoaVida Group Acquires Mobile Home Park in Northeast San Antonio for $11.2M

by Taylor Williams April 29, 2020

SAN ANTONIO — The BoaVida Group, a California-based owner-operator of mobile home and RV parks, has acquired Lamplighter Mobile Home Park, a 232-site property in San Antonio. The sales price was $11.2 million. The property is located on the city’s northeastern side and features a pool, office and resident clubhouse. The seller was not disclosed.

April 29, 2020

Acquisitions Hospitality Indiana Midwest

Thompson Thrift Retail Group Sells Hotel Pad Within $60M Mixed-Use Development Near Indianapolis

by Kristin Harlow April 29, 2020

FISHERS, IND. — Thompson Thrift Retail Group (TTRG) has sold the hotel pad site at The Stations, a $60 million mixed-use development in the Indianapolis suburb of Fishers. The buyer, Indiana-based Dunn Hospitality, plans to open a $20 million, 145-room Courtyard by Marriott hotel in late 2021. The Courtyard hotel will include meeting space, fitness facilities, an indoor pool and bistro bar. Later this year, TTRG plans to break ground on a Class A, four-story office building within The Stations. The company is also completing initial site work on the back portion of the project for Pulte Homes to begin development of 37 three-story, for-sale townhomes. The Stations is adjacent to Fishers District, a TTRG project with more than 100,000 square feet of retail and dining space, 260 multifamily units and a dual-branded Hyatt Place and Hyatt House hotel.

April 29, 2020

Acquisitions Midwest Retail Wisconsin

JLL Brokers Sale of Two-Building Retail Property in Downtown Milwaukee

by Kristin Harlow April 29, 2020

MILWAUKEE — JLL Capital Markets has brokered the sale of the Downer Avenue Retail Collection, two buildings that house 60,986 square feet of retail, office and residences in the heart of downtown Milwaukee. The sales price was undisclosed. Built in 1916, Downer East is home to Stone Creek Coffee, F45, Breadsmith, Downer Cleaners, Café Hollander, Downer Wine & Spirits and Robert Laurence Salon & Spa. Completed in 1912, Downer West features two multifamily units in addition to retail and office space occupied by Landmark Theatres, Pizza Man, Henry’s, Salon Nova, Optix on Denver, Boswell Book Co. and Starbucks. Both buildings were renovated in 2006. Amy Sands, Clinton Mitchell and Janice Sellis of JLL represented the seller, C-III Asset Management. Bridge33 Capital was the buyer.

April 29, 2020

Acquisitions Illinois Industrial Midwest

Cawley Chicago Arranges $4M Sale of 30,000 SF Warehouse in Chicago

by Kristin Harlow April 29, 2020

CHICAGO — Cawley Chicago has arranged the sale of a 30,000-square-foot, rail-served warehouse in Chicago for $4 million. The facility is located on 10.5 acres at 3710 S. California Ave. Matt Garland, Frank Melchert and Stevan Arandjelovic of Cawley represented the seller, Romar Transportation. A private investor purchased the asset.

April 29, 2020

Acquisitions Healthcare Midwest Missouri

Marcus & Millichap Negotiates $1.1M Sale of Urgent Care Facility in Maryland Heights, Missouri

by Kristin Harlow April 29, 2020

MARYLAND HEIGHTS, MO. — Marcus & Millichap has negotiated the $1.1 million sale of an urgent care facility net leased to Our Urgent Care in Maryland Heights, a northwest suburb of St. Louis. The 3,488-square-foot property is located at 2070 McKelvey Road. Benjamin Bach and Dominic Sulo of Marcus & Millichap’s Oak Brook office in suburban Chicago marketed the building on behalf of the seller, a limited liability company. Bradley Barham assisted in closing the transaction as the broker of record in Missouri.

April 29, 2020

Acquisitions Arizona Multifamily Western

Sunroad Enterprises Buys Metro at Zanjero Multifamily Asset Near Phoenix for $55.4M

by Amy Works April 29, 2020

GLENDALE, ARIZ. — San Diego-based Sunroad Enterprises has purchased Metro at Zanjero, an apartment property located at 9450 W. Cabela Drive in Glendale. Private Portfolio Group sold the asset for $55.4 million. Built in 2007, Metro at Zanjero features 253 apartments offering walk-in closets, granite countertops, full-size washers/dryers and a patio or balcony for every unit. Select units include private garages with direct access. Community amenities include a resort-style pool and spa area; fitness center; outdoor sports lounge with fireplace, entertainment bar and big-screen televisions; and barbecue areas with Viking grills. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE’s Phoenix Multifamily Institutional Properties represented the seller in the transaction. Metro at Zanjero is Sunroad Enterprises’ fifth acquisition in metro Phoenix since 2015; the company owns multifamily communities in Glendale, Tempe and Peoria.

April 29, 2020

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