Acquisitions

Marymount University Acquires 267-Unit Multifamily Community in Northern Virginia, Plans Student Housing Conversion

by Alex Tostado February 25, 2020

ARLINGTON, VA. — Marymount University has acquired The Rixey, a 267-unit conventional multifamily community located in the Ballston neighborhood of Arlington, two miles south of the university. The university plans to convert the property into a 502-bed, college-affiliated community offering apartment-style units for upperclassmen, graduate students, faculty and staff. Marymount has tapped The Michaels Organization as a management partner for the community. Michaels will co-manage leasing efforts and solely handle the operations and resident life program at The Rixey. The new community will offer studio, one- and two-bedroom, fully furnished units. Shared amenities will include ground floor retail leased to Starbucks Coffee and Northwest Federal Credit Union, as well as an outdoor fire pit with cabanas, rooftop spa and a fitness center.

February 25, 2020

Acquisitions Retail Texas

JLL Negotiates Sale of 663,978 SF South Park Mall in San Antonio

by Taylor Williams February 25, 2020

SAN ANTONIO — JLL has negotiated the sale of South Park Mall, a 663,978-square-foot enclosed regional mall in south San Antonio. Built on 48.5 acres in 1968, the property has been renovated several times, most recently in 2018. South Park Mall was 95 percent leased at the time of sale to tenants including anchors JC Penney, Dick’s Sporting Goods and Beall’s, as well as Old Navy, Ulta Beauty and The Vitamin Shoppe. Dave Monahan, Cameron Pittman, Akhil Patel, Claudia Steeb and Barry Brown of JLL represented the undisclosed seller in the transaction. A partnership between Mason Asset Management, Namdar Realty Group and CH Capital Group purchased the asset.

February 25, 2020

Acquisitions Georgia Multifamily Southeast

Cushman & Wakefield Arranges Sale of 147-Unit Multifamily Property in Midtown Atlanta

by Alex Tostado February 25, 2020

ATLANTA — Cushman & Wakefield has arranged the sale of Lilli Midtown, a 24-story, 147-unit multifamily community in Midtown Atlanta. The property offers one-, two- and three-bedroom floor plans, as well as 3,965 square feet of ground-level retail space. Communal amenities include a pool, clubhouse, grilling area, fitness center and bike storage. The community is situated at 693 Peachtree St., three miles north of downtown Atlanta. The sellers, JPX Works, Mariner Group and ELV Associates, delivered the property in 2016. Oxford Properties Group acquired the asset. Robert Stickel, Alex Brown and Chris Spain of Cushman & Wakefield represented the sellers in the transaction.

February 25, 2020

Acquisitions Industrial Texas

TA Realty Acquires 350,000 SF East Belt Business Park in Southeast Houston

by Taylor Williams February 25, 2020

HOUSTON — Boston-based TA Realty has acquired East Belt Business Park, a 350,000-square-foot industrial development situated on 23.7 acres in southeast Houston. The property consists of two rear-load and two cross-dock buildings that include 20- to 24-foot clear heights, 114 dock-high doors, 120- to 180-foot truck court depths and 510 parking spaces. Trent Agnew, Rusty Tamlyn, Charlie Strauss and Tom Weber of JLL represented the seller, a fund advised by Morgan Stanley Real Estate Investing, in the transaction.

February 25, 2020

Acquisitions Colorado Industrial Mixed-Use Multifamily Self-Storage Western

Denver Realty Group Acquires 25-Property Portfolio in Colorado Springs for $22M

by Amy Works February 25, 2020

COLORADO SPRINGS, COLO. — Denver Realty Group, through its DRGinvest platform, has purchased a 25-property portfolio in Colorado Springs for $22 million. The portfolio totals 186 units and includes multifamily, single-family homes and a storage facility. The off-market deal was acquired using a unique, deal-specific loan arranged by NorthMarq’s Denver office and placed with ArrowMark Commercial Real Estate Partners and Arbor Realty SR as lenders. DRG was represented by Zach Hansen of Denver Realty Group and Stuart Sloat of Olive Realty Estate Group as transaction brokers.

February 25, 2020

Acquisitions California Multifamily Western

Levin Johnston Brokers $12.9M Sale of Apartment Community in San Mateo, California

by Amy Works February 25, 2020

SAN MATEO, CALIF. — Levin Johnston of Marcus & Millichap has negotiated the sale of 600 Mariners Island, a multifamily property located in San Mateo. A private owner sold the asset to an undisclosed buyer for $12.9 million. Originally constructed in 1976, 600 Mariners Island features 24 apartments in a mix of six two-bedroom/one-bath layouts and 18 one-bedroom/one-bath units. Community amenities include a swimming pool, children’s swimming pool, clubhouse, boat launch, private storage, modern fitness center, dog park and playground. Adam Levin and Robert Johnston handled the transaction.

February 25, 2020

Acquisitions Colorado Multifamily Western

Halaby Capital Sells Willowbrook Apartments in Colorado for $11.7M

by Amy Works February 25, 2020

WESTMINSTER, COLO. — Denver-based Halaby Capital has completed the sale of The Willowbrook Apartments, a multifamily asset located at 7155 Raleigh St. in Westminster. Summit Communities of Denver sold the property for $11.7 million, or $123,684 per unit. Built in 1973, Willowbrook features 95 apartment units and is located directly across the street from the England Park and Westminster Greenhouse Redevelopment and a short walk via the Little Dry Creek path to the new Westminster Light Rail Station B Line. Bill Morkes and Craig Stack of Colliers International represented the seller, while the buyer was self-represented in the deal.

February 25, 2020

Acquisitions Industrial Northeast Pennsylvania

ROCK Commercial Brokers Sale of 215,344 SF Industrial Property in York, Pennsylvania

by Alex Patton February 25, 2020

YORK, PA. — ROCK Commercial Real Estate has brokered the sale of a 215,344-square-foot industrial property in York, located approximately 100 miles west of Philadelphia. Situated at 441 East Market St., the property was originally built in 1900. The buyer was Mark Lane LLC, a company that acquires aged buildings for the purpose of redeveloping them for storage space, artist studios and industrial uses. Ted Turnbull, Jason Turnbull, Damian Reed and Heather Kreiger of ROCK Commercial represented the seller, IWM International LLC, in the transaction. The team also represented Mark Lane LLC.

February 25, 2020

Acquisitions New York Northeast Retail

Marcus & Millichap Closes Sale of 21,000 SF Retail, Office Property in West New York

by Alex Patton February 25, 2020

WEST NEW YORK, N.Y. — Marcus & Millichap has closed the $6.5 million sale of a retail and office property in West New York, a western suburb of New York City. Located at 4912 Bergenline Ave., the property is leased to 7-Eleven and Telco. The upper floors are occupied by office tenants on a month-to-month basis. Fahri Ozturk and Richard Gatto of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were private investors that requested anonymity.

February 25, 2020

Acquisitions Illinois Midwest Retail

Marcus & Millichap Brokers $3.2M Sale of Family Dollar-Anchored Retail Center in South Holland, Illinois

by Kristin Harlow February 25, 2020

SOUTH HOLLAND, ILL. — Marcus & Millichap has brokered the $3.2 million sale of a Family Dollar-anchored retail center in South Holland, about 20 miles south of Chicago. The 36,389-square-foot property is located at 1000 E. 162nd St. All tenants operate under net leases at the fully leased center. Six of the 15 tenants have occupied their space for an average of 25 years. Adrian Mendoza, Austin Weisenbeck and Sean Sharko of Marcus & Millichap represented the seller, a limited liability company. The team also procured the buyer, a limited liability company.

February 25, 2020

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