Acquisitions

Fogelman Properties, DRA Advisors Acquire 334-Unit Multifamily Community in Metro Atlanta

by Alex Tostado July 16, 2020

LITHIA SPRINGS, GA. — A joint venture between Fogelman Properties and DRA Advisors has acquired Fields Waterford Point, a 334-unit multifamily community in Lithia Springs. The buyer plans to renovate all unit interiors and communal spaces, as well as rebrand the property as 670 Thornton. The property offers one-, two- and three-bedroom floor plans with rents ranging from $750 per month to $1,300. Communal amenities include a business center, pool, tennis court, pond and a fitness center. The asset, which was built between 1989 and 1992, is located at 670 Thornton Road, 15 miles west of downtown Atlanta. The seller and sales price were not disclosed.

July 16, 2020

Acquisitions Indiana Midwest Multifamily

Birge & Held Acquires 348-Unit Apartment Property in Noblesville, Indiana

by Kristin Harlow July 16, 2020

NOBLESVILLE, IND. — Birge & Held has acquired Northlake Village in Noblesville for an undisclosed price. The 348-unit apartment property is located at 1100 Northlake Drive near I-69. The community has undergone interior renovations for 273 of its 348 units. Renovations to the clubhouse and leasing office have also been completed and an outdoor kitchen has been added. Steve LaMotte Jr., Dane Wilson and Alex Possick of CBRE represented the seller, Buckingham Cos.

July 16, 2020

Acquisitions Multifamily Texas

Atlantic | Pacific Acquires 378-Unit Mira Loma Apartments Near San Antonio

by Taylor Williams July 16, 2020

LIVE OAK, TEXAS — Miami-based Atlantic | Pacific Cos. has acquired Mira Loma Apartments, a 378-unit multifamily community located in Live Oak, a northeastern suburb of San Antonio. Built in 2008, the property features one-, two- and three-bedroom units ranging in size from 628 to 1,364 square feet. Amenities include a pool, outdoor kitchen, 24-hour fitness center and an indoor basketball court. Atlantic Pacific acquired the asset through its Blue Atlantic Partners Fund III, a private equity fund. The seller was not disclosed.

July 16, 2020

Acquisitions Multifamily New York Northeast

Cushman & Wakefield Arranges Sale of 121,188 SF Residential Development Site in The Bronx

by Taylor Williams July 16, 2020

NEW YORK CITY — Cushman & Wakefield has arranged the sale of a 121,188-square-foot residential development site in the Fieldston neighborhood of The Bronx. The property sold for $7.9 million, or $114 per buildable square foot. The site is zoned for the development of nearly 70,000 square feet of above-grade residential space and roughly 52,000 square feet of space for a community facility and parking garage. Jonathan Squires and Addison Berniker of Cushman & Wakefield represented the undisclosed seller in the transaction.

July 16, 2020

Acquisitions Northeast Pennsylvania Retail

Adler Realty Acquires 67,215 SF Bensalem Crossing Retail Center Near Philadelphia

by Taylor Williams July 16, 2020

BENSALEM, PA. — California-based Adler Realty Investments Inc. has acquired Bensalem Crossing, a 67,215-square-foot retail center located on the northeastern outskirts of Philadelphia, for $11.5 million. The center is leased to three tenants: anchor and grocer ShopRite, CVS and a wireless telecommunications provider. Jim Galbally, Chris Munley and Colin Behr of JLL represented the New York City-based seller in the transaction. Chad Orcutt, Brian Halpern and Mike Pagniucci of JLL arranged $7.1 million in acquisition financing on behalf of Adler Realty.

July 16, 2020

211-Benigno-Boulevard-Bellmawr-New-Jersey

Acquisitions New Jersey Northeast Office

Yada Property Management Buys 40,000 SF Office Property in Bellmawr, New Jersey

by Taylor Williams July 16, 2020

BELLMAWR, N.J. — New Jersey-based Yada Property Management has purchased a 40,000-square-foot office property in Bellmawr, a southern suburb of Philadelphia. The two-story building is located at 211 Benigno Blvd. within Interstate Business Park, a 40-building office and industrial development that houses large corporate users such as Amazon, FedEx and Singer Equipment Co. Scott Mertz of NAI Mertz represented the seller, Choice Services International LLC, in the transaction.

July 16, 2020

Acquisitions Industrial Massachusetts Northeast

Stubblebine Arranges $4.2M Sale of Industrial Portfolio in Stoughton, Massachusetts

by Taylor Williams July 16, 2020

STOUGHTON, MASS. — Stubblebine Co., a locally based brokerage firm and member of CORFAC International, has arranged the $4.2 million sale of a 78,000-square-foot industrial portfolio in the southern Boston suburb of Stoughton. The portfolio consists of three buildings that are primarily leased to Peak Party Rentals. David Stubblebine, James Stubblebine and David Skinner represented the buyer, Tosca Drive LLC, in the transaction. Mark Donahue of Donahue Associates represented the seller.

July 16, 2020

Acquisitions Multifamily Texas

Castle Lanterra Buys The Triangle Apartments in Downtown Austin for $129M

by Taylor Williams July 15, 2020

AUSTIN, TEXAS — New York-based investment firm Castle Lanterra Properties has acquired The Triangle, a 529-unit apartment community in downtown Austin for $129 million, or roughly $244,000 per unit. The property, which was built between 2006 and 2008, is part of a mixed-use development that offers retail and restaurant space and proximity to the city’s education and technology hubs. Units come in studio, loft, one-, two- and three-bedroom formats and are equipped with stainless steel appliances, granite or quartz countertops, individual washers and dryers and private balconies. Residential amenities include three pools, a fitness center, communal kitchen, conference center, coffee bar, dog park and fire pits. The seller was not disclosed.

July 15, 2020

Acquisitions Multifamily Texas

Avid Realty, Electra Capital Acquire 330-Unit Apartment Community in Houston

by Taylor Williams July 15, 2020

HOUSTON — A joint venture between Avid Realty Partners and preferred equity partner Electra Capital and has acquired The Pines at Woodcreek, a 330-unit apartment community in north Houston. Built in 2015, the property offers studio, one and two-bedroom units and amenities such as a pool, coffee lounge, business center, fitness center, entertainment room, outdoor grilling stations, package locker system and a dog park. Newmark Knight Frank brokered the transaction, the seller in which was not disclosed.

July 15, 2020

Acquisitions Industrial New Jersey Northeast

Innovative Industrial Properties Acquires 111,000 SF Cannabis Facility in Blue Anchor, New Jersey

by Taylor Williams July 15, 2020

BLUE ANCHOR, N.J. — Innovative Industrial Properties (IIP), a publicly traded investment firm focused on the cannabis industry, has acquired a 111,000-square-foot facility in Blue Anchor for cultivation and processing. The sales price was $5.5 million. IIP has signed operator and grower Curaleaf to a long-term, triple-net lease at the property, which is located south of Philadelphia. New Jersey has taken steps in recent years to expand access to medical cannabis, such as introducing oil-based formulations and adding qualifying conditions. In addition, the prospective legalization of adult-use cannabis is on the ballot for residents via the New Jersey Marijuana Legalization Amendment in November.

July 15, 2020

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