Acquisitions

Berkeley Capital Arranges $43.8M Sale of GreenWise-Anchored Shopping Center in Metro Atlanta

by Alex Tostado January 29, 2020

MARIETTA, GA. — Berkeley Capital Advisors has arranged the $43.8 million sale of Sandy Plains Marketplace, a 72,913-square-foot shopping center in Marietta. GreenWise Market, the smaller footprint organic grocery concept from Publix, anchors the property, which includes other tenants such as Hollywood Feed, Thrive Affordable Vet Care, Pacific Dental Services, MOD Pizza, First Watch, Bad Daddy’s, Synovus Bank and Panda Express. The seller, Atlanta-based Fuqua Development, delivered the asset at the beginning of January. The buyer was not disclosed.

January 29, 2020

Acquisitions Multifamily Northeast Pennsylvania Seniors Housing

ESI Negotiates $18.2M Sale of Seniors Housing Community in Sellersville, Pennsylvania

by Alex Patton January 29, 2020

SELLERSVILLE, PA. — Evans Senior Investments (ESI) has negotiated the $18.2 million sale of a 94-unit seniors housing community in Sellersville, located approximately 30 miles north of Philadelphia. Hidden Meadows on the Ridge features 54 assisted living units, while The Laurels features 40 memory care units. Built in 2007 and renovated in 2018, the community recently underwent a capital improvements program that delivered new flooring, full facility furniture replacement and new dining options. The two facilities had a combined occupancy rate of 94 percent at the time of sale. ESI represented the seller, an independent owner-operator, in the transaction. The buyer was an undisclosed REIT based on the East Coast.

January 29, 2020

Acquisitions Multifamily New York Northeast

CW Realty Acquires 20,000 SF Multifamily Development Site in Brooklyn

by Alex Patton January 29, 2020

NEW YORK CITY — CW Realty has acquired 251 Front Street, a 20,000-square-foot development lot in the Vinegar Hill neighborhood of Brooklyn, for $20 million. CW plans to build a five-story multifamily building comprising 59 units, a fitness center and a parking garage. Construction is slated to begin in June. Brendan Maddigan and Ethan Stanton of JLL represented the seller, Tocci Brothers, in the transaction. The team also procured CW Realty as the buyer.

January 29, 2020

Acquisitions Industrial Massachusetts Northeast

CBRE Brokers Sale of Two Industrial Properties in Northborough, Massachusetts

by Alex Patton January 29, 2020

BROCKTON, MASS. — CBRE has brokered the sale of two industrial properties located at 1150 and 1120 W. Chestnut St. in Brockton, about 25 miles south of Boston, for $7.7 million and $1.4 million, respectively. The first property is a 100-square-foot warehouse that was 89 percent leased to two tenants at the time of sale. The second property is a 1.7-acre lot that was fully leased for truck and vehicle parking at the time of sale. Scott Dragos, Doug Jacoby and Chris Skeffington led a CBRE team that represented the seller, a partnership between CIP 1120 Realty LLC and MA Industrial Brockton LLC. The team also procured the buyer, Northbridge Partners.

January 29, 2020

Acquisitions Multifamily Texas

Bell Partners Acquires Two Apartment Communities Totaling 722 Units in Frisco

by Taylor Williams January 29, 2020

FRISCO, TEXAS — Bell Partners Inc., a North Carolina-based multifamily investment firm, has acquired The Emerson and Emerson Court, two adjacent communities in Frisco totaling 410 and 312 units, respectively. Both properties offer a resort-style pool with grilling stations and cabanas, indoor and outdoor gaming lounges and a fitness center. Bell Partners will merge the two properties, both of which were built within the last five years, into a single community that will be rebranded as Bell Frisco Market.

January 29, 2020

Acquisitions Multifamily Texas

PaulsCorp Buys 464-Unit Morgan Apartments Near Fort Worth

by Taylor Williams January 29, 2020

BEDFORD, TEXAS — Denver-based investment firm PaulsCorp LLC has purchased The Morgan, a 464-unit multifamily community in Bedford, a northeastern suburb of Fort Worth. The seller, a partnership between Transwestern Investment Group and S2 Capital LLC, acquired the property in 2018 and upgraded roughly half the units with stainless steel appliances, quartz countertops and custom cabinetry. The partnership also upgraded the clubhouse, leasing office and fitness center. The Morgan was 91 percent occupied at the time of sale.

January 29, 2020

Acquisitions New Jersey Northeast Office Top Stories

KBS Sells Park Avenue at Morris County Office Park in New Jersey for $311M

by Taylor Williams January 29, 2020

FLORHAM PARK, N.J. — California-based investment firm KBS has sold Park Avenue at Morris County, a trophy office park in Florham Park for $311 million. The deal marks the highest price for a multi-tenant office building in suburban New Jersey since 2008, according to CBRE, which brokered the deal. The buyer was a New York City-based private investor. Situated on 135 acres, Park Avenue at Morris County consists of six Class A office buildings totaling just under 1.2 million square feet. The campus, located in Northern New Jersey approximately 20 miles west of Manhattan, was developed in phases between 1989 and 1999. The property also features a 7,000 square-foot private daycare and preschool facility. During its ownership period, KBS introduced new amenities such as a fitness center with personal training spaces, basketball courts, volleyball courts and a soccer field, as well we service-based amenities like a car wash and a dry cleaner. KBS also upgraded the buildings’ roofs, HVAC systems, elevators and conference centers while adding transportation amenities such as electric car charging stations and shuttle service to nearby public transit lines. The property was 89 percent occupied at the time of sale. “Though we purchased this property during the economic …

January 29, 2020

Acquisitions Midwest Office Wisconsin

CG Schmidt Purchases 34,255 SF Office Building in Madison, Wisconsin, Plans Modernization

by Kristin Harlow January 29, 2020

MADISON, WIS. — CG Schmidt, a Milwaukee-based construction management and general contracting firm, has purchased an office building located at 433 W. Washington Ave. in Madison. The building will serve as CG Schmidt’s Madison office, replacing the current office at 10 W. Mifflin St. Keller Real Estate Group sold the five-story, 34,255-square-foot building. CG Schmidt plans to remodel the building and update it for efficiency and sustainability. Kahler Slater Architects designed the modernization. Construction has begun with completion slated for this July. CG Schmidt will occupy three floors, with the two remaining floors available for commercial and retail lease.

January 29, 2020

Acquisitions Indiana Midwest Retail

Hanley Investment Group Arranges $3.8M Sale of Aldi-Occupied Property in Northern Indiana

by Kristin Harlow January 29, 2020

MISHAWAKA, IND. — Hanley Investment Group Real Estate Advisors has arranged the $3.8 million sale of a single-tenant property net leased to Aldi in northern Indiana’s Mishawaka. Originally built in 2007 and remodeled in 2019, the 20,000-square-foot building is located at 210 W. Douglas Road. Jeff Lefko, Bill Asher and Dylan Mallory of Hanley, in association with Midland Atlantic Properties Inc., represented the California-based 1031 exchange buyer. A Florida-based private investor sold the asset. The sales price represents a cap rate of 4.5 percent.

January 29, 2020

Acquisitions Arizona Multifamily Student Housing Western

Nelson Partners Acquires 977-Bed Student Housing Community Near University of Arizona for $200M

by Amy Works January 29, 2020

TUCSON, ARIZ. — Nelson Partners Student Housing has acquired Sol y Luna, a 977-bed student housing community serving the University of Arizona in Tucson, for $200 million. The 14-story property was developed in 2013, and features 341 units alongside 9,140 square feet of retail space. The community offers one-, two-, three-, four- and five-bedroom, fully furnished apartments. Shared amenities include an outdoor television lounge, rooftop pool, hot tub, steam room, fitness center, yoga and dance studio, outdoor study area, computer lounge and private study spaces. TSB Realty brokered the acquisition of the community. The seller in the transaction was undisclosed.

January 29, 2020

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