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Acquisitions

AcquisitionsRetailSoutheastVirginia

KLNB Brokers $21M Sale of Maplewood Center in Manassas, Virginia

by John Nelson

MANASSAS, VA. — KLNB has brokered the $21 million sale of Maplewood Center, a 135,674 square-foot grocery-anchored retail center located at 8300-8370 Centreville Road in Manassas. Andy Stape, Vito Lupo and Stephen Porter of KLNB’s Retail Investment Sales Group represented the undisclosed seller and procured the unnamed purchaser for this transaction. Anchored by Megamart Supermarket, a Mid-Atlantic supermarket chain, Maplewood Center was 98 percent leased at the time of sale. Other notable tenants include Dollar General, McDonald’s, Popeyes and Pizza Hut.

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AcquisitionsArkansasIndustrialOfficeSoutheast

NAS Acquires 27,465 SF Flex Building in Springdale, Arkansas Leased to BNSF Logistics

by John Nelson

SPRINGDALE, ARK. — Real estate investment company NAS Investment Solutions has acquired a newly constructed, 27,465 square-foot flex building fully occupied by BNSF Logistics in Springdale, less than six miles north of Fayetteville. Located at 2708 S. 48th St. the facility completes the second phase of BNSF’s property expansion that serves as the company’s regional headquarters. National Asset Services (NAS) will assume responsibility for asset and property management for the newly acquired property. NAS currently manages the 30,339-square-foot Phase I building and will assume management responsibilities for the newly created campus. BNSF Logistics is a third-party supply chain management firm based in Flower Mound, Texas. The company is a subsidiary of BNSF Railway but works with all major and secondary railroad lines.

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AcquisitionsMississippiNet LeaseRetailSoutheast

Boulder Group Arranges $1.6M Sale of Mississippi Store Leased to Dollar General

by John Nelson

QUITMAN, MISS. — Investment real estate service firm The Boulder Group has arranged the $1.6 million sale of a single-tenant store leased to Dollar General located at 403 S. Archusa Ave. in Quitman, 25 miles south of Meridian. The 12,596-square-foot property is located along Mississippi Highway 18. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a commercial real estate investment firm based in the Southwest United States, in the transaction. The buyer, a private West Coast investor, purchased the store in a 1031 exchange. The property was built in 2013 and Dollar General has nine years remaining on the lease, expiring in 2028. The lease features rental escalations in year 11 and in each of the five 5-year renewal option periods. The absolute triple-net lease has zero landlord responsibilities, according to Boulder Group.

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AcquisitionsMultifamilyNortheastPennsylvaniaSeniors Housing

Blueprint Arranges Sale of 180-Unit Seniors Housing Community in Metro Philadelphia

by Alex Patton

WYNDMOOR, PA. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Wyndmoor Hills, a 180-unit rental continuing care retirement community (CCRC). The community is located on 12 acres in Wyndmoor, a northern suburb of Philadelphia. The building totals 214,288 square feet. A regional buyer acquired the property for an undisclosed price with plans to reposition it. Steve Thomes, Michael Segal and Dan Mahoney of Blueprint were the lead advisors on the transaction.

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AcquisitionsMassachusettsMultifamilyNortheastSeniors Housing

OREC Securities Brokers Sale of Pleasant Bay Nursing and Rehabilitation Center on Cape Cod

by Alex Patton

BREWSTER, MASS. — OREC Securities has brokered the sale of Pleasant Bay Nursing and Rehabilitation Center in the Cape Cod town of Brewster. The community houses 135 skilled nursing beds and 59 assisted living units. Although the original plan was to split the community into two separate sales, a regional owner-operator bought the properties as a single asset. Laca Wong-Hammond, Chad Elliott, Kevin Laidlaw and Aaron Becker led the transaction for OREC. The seller and price were not disclosed.

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AcquisitionsMidwestOhioRetail

ICP Purchases Former Kmart Building in Suburban Cleveland

by Kristin Harlow

GARFIELD HEIGHTS, OHIO — Industrial Commercial Properties (ICP) has purchased a building formerly occupied by a Kmart store in Garfield Heights, a suburb of Cleveland. The purchase price was not disclosed. The 89,300-square-foot property is located at 12501 Rockside Road and is situated on 9.3 acres. ICP plans to update the building and repurpose it into industrial space.

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AcquisitionsHospitalityIllinoisMidwest

Marcus & Millichap Brokers $4.9M Sale of Red Roof Inn Hotel in Deerfield, Illinois

by Kristin Harlow

DEERFIELD, ILL. — Marcus & Millichap has brokered the sale of the Red Roof Inn Deerfield, a 115-room hotel, for $4.9 million. The property is located at 340 S. Waukegan Road. Ebrahim Valliani, Michael Klar, Allan Miller and Chris Gomes of Marcus & Millichap secured and represented the buyer, a private investor. Seller information was not disclosed.

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Salix-Juanita-Village-Kirkland-WA
AcquisitionsMultifamilyWashingtonWestern

Rise Properties Trust Buys Salix Juanita Village Mixed-Use Asset in Washington for $101.5M

by Amy Works

KIRKLAND, WASH. — Canada-based Rise Properties Trust has acquired Salix Juanita Village, a mixed-use property located at 9740 NE 119th Way in Kirkland. An undisclosed seller sold the asset for $101.5 million. Rise plans to reposition the 211-unit property, which features 20,891 square feet of retail space. Including Salix Juanita Village, Rise has acquired nine properties with a total capitalization of $588 million this year. The company owns approximately 4,150 units across 23 multifamily properties in the Pacific Northwest. Seattle-based Thrive Communities will manage the property. JLL negotiated the transaction.

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AcquisitionsHospitalityLoansMontanaWestern

Berkadia Negotiates Sale of, Financing for 81-Room TownePlace Suites in Montana

by Amy Works

WHITEFISH, MONT. — Berkadia’s Hotels & Hospitality team has arranged the sale and financing of TownePlace Suites Whitefish Kalispell, an all-suite hotel in Whitefish. Scottsdale, Ariz.-based Glacier House Hotels sold the asset to Venture Hospitality for an undisclosed price. Matt Bailly and Spencer Scott of Berkadia represented the seller, while Adrienne Kautzman, also of Berkadia, secured financing for the buyer in the deal. The 10-year, fixed-rate loan features a 60 percent loan-to-cost ratio and three years of interest-only payments. Built in 2018, the 81-suite hotel is located next to Glacier National Park and the Going-to-the-Sun highway. The property is also near Glacier International Airport, Whitefish Lake, Whitefish Mountain Resort and Flathead Lake.

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AcquisitionsHealthcareNevadaOfficeWestern

Marcus & Millichap Brokers $1.6M Sale of Medical Office Building in Las Vegas

by Amy Works

LAS VEGAS — Marcus & Millichap has arranged the sale of a medical office property located at 8678 Spring Mountain Road. A limited liability company sold the property to an undisclosed buyer for $1.6 million. Southwest Neck & Back Clinic occupies the 9,672-square-foot building. Ray Germain and Austin Lee of Marcus & Millichap’s Las Vegas office represented the seller in the deal.

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