Acquisitions

Marcus & Millichap Negotiates $7M Sale of Rosalie at Belmar Apartment Community in Lakewood, Colorado

by Amy Works March 23, 2020

LAKEWOOD, COLO. — Marcus & Millichap has brokered the sale of Rosalie at Belmar, a 40-unit multifamily property located in Lakewood. An undisclosed buyer acquired the asset for $7 million. The name of the seller was not released. Built in 1962, Rosalie at Belmar features 21 one-bedroom, 16 two-bedroom and three three-bedroom units. Many of the apartments are newly updated with designer plank flooring, shaker cabinets, double-pane vinyl windows, solid-surface counters, black appliances, air conditioning and ceiling fans. Community amenities include a picnic area, basketball court, playground, off-street parking and on-site laundry. Boomer Beatty and Peter Standley of Marcus & Millichap’s Denver office represented the seller and buyer in the deal.

March 23, 2020

Acquisitions Michigan Midwest Retail

Sportsman’s Warehouse to Acquire Field & Stream Store in Kalamazoo, Michigan

by Kristin Harlow March 23, 2020

KALAMAZOO, MICH. — Sportsman’s Warehouse Holdings Inc. has entered into an agreement with Dick’s Sporting Goods Inc. to acquire a Field & Stream store in Kalamazoo. The store will be rebranded as Sportsman’s Warehouse. The company is also purchasing a Field & Stream store in Crescent Springs, Kentucky, and the total purchase price of $5 million for both stores will be funded through borrowings under Sportsman’s revolving credit facility. Sportsman’s will sublease the two locations from Dick’s and the transactions are expected to close this month. Field & Stream is a retailer of hunting, fishing, camping and outdoor recreation merchandise that is a subsidiary of Dick’s. Sportsman’s says the acquisitions are consistent with its “growth strategy of opportunistically expanding its store footprint in strong markets with well-established customer bases.”

March 23, 2020

Acquisitions Nevada Retail Western

Sun Commercial Brokers $3.5M Sale of Retail Building in North Las Vegas

by Amy Works March 23, 2020

NORTH LAS VEGAS, NEV. — Sun Commercial Real Estate has arranged the sale of a retail asset located in North Las Vegas. Passco Management Services sold the property to an undisclosed buyer for $3.5 million. Located at 1820 E. Lake Mead Blvd., the building features 28,129 square feet of retail space. Roy Fitz and Dylan Heroy of Sun Commercial Real Estate represented the seller in the transaction.

March 23, 2020

Acquisitions Illinois Midwest Multifamily

First Western Properties Brokers Sale of 11-Unit Multifamily Building in Chicago

by Kristin Harlow March 23, 2020

CHICAGO — First Western Properties has brokered the sale of an 11-unit multifamily building located at 1712-1716 W. 87th St. in Chicago’s Beverly neighborhood. The sales price was undisclosed. The property includes 10 paved parking spaces. Paul Tsakiris and Melsi Bifsha of First Western brokered the transaction. Buyer and seller information was not disclosed.

March 23, 2020

Acquisitions Multifamily Southeast Tennessee

GBT Realty Sells Two Multifamily Communities in Nashville for $52.2M

by Alex Tostado March 20, 2020

NASHVILLE, TENN. — GBT Realty Corp. has sold Village 21 and Belcourt Park, two multifamily communities in Nashville, for a total of $52.2 million. Atlanta-based TriBridge Residential acquired both properties. The 101-unit Village 21 sold for $31.7 million. The property is situated at 1620 21st Ave. S., two miles southwest of downtown Nashville. The community offers studio, one- and two-bedroom floor plans and communal amenities including a pool, fitness center, business center, pet washing station, car charging stations and a clubhouse. Village 21 features ground-floor retail space that was not included in the sale. Brentwood, Tenn.-based GBT Realty also sold Belcourt Park, a 76-unit community, for $20.5 million. Belcourt Park is situated at 1710 Belcourt Ave., three blocks from Village 21. The community also offers studio to two-bedroom floor plans. Communal amenities include a clubhouse, fitness center and a lounge.

March 20, 2020

Acquisitions Florida Hospitality Southeast

Marcus & Millichap Arranges $5.5M Sale of Travelodge Hotel in Orlando

by Alex Tostado March 20, 2020

ORLANDO, FLA. — Marcus & Millichap has arranged the $5.5 million sale of Travelodge by Wyndham Orlando Near Florida Mall, a 132-room hotel in Orlando. The property is situated at 1850 W. Landstreet Road, eight miles south of downtown Orlando and two miles from The Florida Mall. The hotel offers free parking, a pool, business center and laundry facilities. Ahmed Kabani of Marcus & Millichap represented the seller, an undisclosed limited liability company, and the buyer, a private investor, in the transaction.

March 20, 2020

Acquisitions Retail Texas

New Market Properties Acquires 85,599 SF Midway Market Retail Center in North Dallas

by Taylor Williams March 20, 2020

DALLAS — New Market Properties LLC, a subsidiary of Atlanta-based Preferred Apartment Communities (PAC) has acquired Midway Market, an 85,599-square-foot shopping center in Dallas. Kroger anchors the center, which is located at the corner of Frankford and Midway roads on the city’s north side. The seller was not disclosed. Approximately 145,000 people with an average household income in excess of $98,000 live within a three-mile radius of the center.

March 20, 2020

Acquisitions Multifamily New Jersey Northeast Retail

Federal Realty Acquires Multifamily, Retail Portfolio in Hoboken for $203M

by Alex Patton March 20, 2020

HOBOKEN, N.J. — Federal Realty Investment Trust, a Maryland-based REIT, has acquired a 39-property multifamily and retail portfolio in Hoboken, an eastern suburb of New York City, for $203 million. Concentrated primarily along the Washington Street retail corridor, the portfolio includes 129 residential units and 171,959 square feet of retail space. The portfolio totals 278,879 square feet. Retail tenants include French beauty chain Sephora, CVS and several restaurants. Kevin Welsh, Brian Schulz and Dean Tselepis of Newmark Knight Frank represented the seller, a private owner. The team also procured Federal Realty as the buyer.

March 20, 2020

Acquisitions Multifamily New Jersey Northeast

Alpha Realty Brokers $22M Sale of Multifamily Portfolio in Newark

by Alex Patton March 20, 2020

NEWARK, N.J. — Alpha Realty has brokered the $22 million sale of a 255-unit multifamily portfolio in Newark. The portfolio consists of eight buildings totaling 251,000 square feet, all of which are located on either Martin Luther King Jr. Boulevard or Quitman Street. The buyer was a New Jersey-based owner-operator of multifamily buildings. The seller was a Brooklyn-based landlord liquidating its holdings in New Jersey. Lev Mavashev of Alpha Realty represented both parties in the off-market transaction.

March 20, 2020

Acquisitions Connecticut Multifamily Northeast

Marcus & Millichap Arranges $3.8M Sale of Apartment Community in New Haven, Connecticut

by Alex Patton March 20, 2020

NEW HAVEN, CONN. — Marcus & Millichap has arranged the $3.8 million sale of Georgetown Apartments, a 32-unit apartment community in New Haven. Located at 241 Quinnipiac Ave., the property features townhouse-style apartments with two-bedroom floor plans. The property offers convenient access to Yale University, Albertus Magnus College and University of New Haven. Wes Klockner and Eric Pentore of Marcus & Millichap brokered the sale and arranged acquisition financing through Freddie Mac on behalf of the buyer. Both parties were limited liability companies that requested anonymity.

March 20, 2020

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