Tuesday, December 24, 2024
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Acquisitions

AcquisitionsGeorgiaMultifamilyRetailSoutheast

JLL Arranges $63.5M Sale of Cobb Place Shopping Center in Metro Atlanta

by John Nelson

KENNESAW, GA. — JLL Capital Markets has arranged the $63.5 million sale of Cobb Place, a 335,190-square-foot shopping center in Kennesaw. Jim Hamilton, Brad Buchanan, Andrew Kahn and Anton Serafini of JLL represented the seller, Savannah, Ga.-based Wicker Park Capital Management, in the transaction. The buyer was Miami-based Shaked Acquisitions. Located about 27 miles northwest of Atlanta, the shopping center is historically the top destination in the region for furniture and home-centric retailers, according to JLL. The longstanding anchor list includes Ashley Furniture HomeStore, American Signature Furniture, DSW, Cost Plus World Market, Hobbytown, Bassett Furniture, Natuzzi and BrandsMart USA.

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AcquisitionsMultifamilySoutheastVirginia

Berkadia Brokers Sale of 296-Unit Multifamily Property in Newport News, Virginia

by John Nelson

NEWPORT NEWS, VA. — Berkadia has brokered the sale of Forest Lake at Oyster Point, a 296-unit multifamily property located at 307 Saint Thomas Drive in Newport News. Richmond-based Levco Management acquired the property for an undisclosed price. Drew White, Carter Wood and Cole Carns of Berkadia represented the Nebraska-based seller, Haley Residential, in the transaction. Built in 1986 and renovated between 2008-2013, Forest Lake at Oyster Point offers a mix of one-, two- and three-bedroom apartments ranging in size from 780 to 1,235 square feet, according to Apartments.com. Amenities at the Class B property include a tennis court, grilling area, two swimming pools and a fitness center.

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AcquisitionsFloridaIndustrialLeasing ActivitySoutheast

MAG Capital Partners Acquires Sarasota Industrial Facility in Sale-Leaseback Deal

by John Nelson

SARASOTA, FLA. — MAG Capital Partners, a Dallas-based investment firm led by Dax T.S. Mitchell and Andrew Gi, has acquired a 23,895-square-foot industrial facility located at 6460 Parkland Drive in Sarasota. The firm purchased the asset for an undisclosed price in a sale-leaseback with the tenant and seller, MDC Precision. Andrew Sandquist, JC Asensio and Briggs Goldberg of Newmark represented MDC, which uses the facility for its insulator sealing division, in the transaction. The asset is situated on a 2.2-acre site near the Sarasota-Bradenton International Airport with 1,000 feet of frontage along US Highway 301.

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AcquisitionsIllinoisMidwestMultifamilySeniors Housing

Continuum Advisors Brokers $42M Sale of Seniors Housing Community in Suburban Chicago

by Kristin Harlow

CHICAGO — Continuum Advisors has brokered the sale of The Oaks at Bartlett in the northwest Chicago suburb of Bartlett for $42 million. Built in 2007, the 283-unit seniors housing community offers a full continuum of care with 10 cottages, 154 independent living apartments, 49 assisted living units, 16 memory care units and 54 skilled nursing units. The property sold through a court-supervised process with Michael Flanagan of Flanagan & Associates LLC serving as the receiver. After the community defaulted on its bond obligations, Minneapolis-based Certus Living was brought in to operate and turn around the campus to positive NOI. David Kliewer and Jay Jordan of Continuum Advisors brokered the transaction and led an extensive marketing campaign to identify a stalking horse bidder followed by a court-supervised overbid process A national institutional investor was the buyer.

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AcquisitionsHealthcareIndianaMidwest

Northmarq Arranges $13.5M Sale-Leaseback of Outpatient Primary Care Portfolio in Metro Indianapolis

by Kristin Harlow

NOBLESVILLE, IND. — Northmarq has arranged the $13.5 million sale-leaseback of two outpatient primary care properties in Noblesville, a northern suburb of Indianapolis. The portfolio totals 32,744 square feet and includes Riverview Health’s locations at 205 Noble Creek Drive and 865 Westfield Road. Christian Vaughan of Northmarq brokered the transaction. Riverview Hospital sold the assets to Four Corners Property Trust. The transaction represented a cap rate of 7.3 percent.

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AcquisitionsIllinoisIndustrialMidwestSelf-Storage

Marcus & Millichap Negotiates $11.2M Sale of Self-Storage Portfolio in Chicago

by Kristin Harlow

CHICAGO — Marcus & Millichap has negotiated the $11.2 million sale of a two-property self-storage portfolio in Chicago. Jeffrey Herrmann and Sean Delaney of Marcus & Millichap represented the seller, Honore Holdings, and procured the buyer, Storage Post. The portfolio includes two Honore Storage locations at 3215 W. Lawrence Ave. and 5145 N. Clark St. The properties total 50,858 rentable square feet. The Lawrence Avenue facility features 313 climate-controlled units and 95 non-climate-controlled units, while the Clark Street facility includes 108 climate-controlled units and 239 non-climate-controlled units.

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AcquisitionsIllinoisMidwestRestaurantRetail

Boulder Group Brokers $4.8M Sale of Net-Leased Restaurant Property in Lombard, Illinois

by Kristin Harlow

LOMBARD, ILL. — The Boulder Group has brokered the $4.8 million sale of a 10,682-square-foot restaurant property net leased to P.F. Chang’s in the Chicago suburb of Lombard. The building is located at 2361 Fountain Square Drive. Randy Blankstein and Jimmy Goodman of Boulder Group represented the seller, a Midwest-based real estate investor. The buyer was a real estate investment trust. P.F. Chang’s has operated at the location since 2000.

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AcquisitionsGeorgiaIndustrialLoansSouth CarolinaSoutheast

JLL Secures $357.8M Acquisition Loan for National Industrial Portfolio

by John Nelson

ATLANTA — JLL’s Capital Markets group has secured a $357.8 million acquisition loan for a national industrial portfolio on behalf of the borrower, Atlanta-based industrial real developer MDH Partners. Chris Drew, Michael Cosby, Ryan Ade, Brian Gaswirth, Jimmy Calvo and Nicole Barba of JLL arranged the balance sheet loan through Wells Fargo Bank and Capital One. Nathan Balmes and Michael Loffredo internally led the debt execution for MDH. The 5.5 million-square-foot portfolio, dubbed “MDH F3 Arctic Portfolio,” is located within the metropolitan areas of Houston, Austin, Chicago, Greenville, S.C., and Middletown, Pa. The portfolio comprises eight developments consisting of 12 individual buildings ranging in size from 140,300 to 1 million square feet, with an average clear height of 34 feet. The portfolio was fully leased at the time of financing to tenants across several industries, including automotive, e-commerce, food-and-beverage and home goods.

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AcquisitionsFloridaNAIOfficeSoutheast

NAI Miami | Fort Lauderdale Brokers $2.3M Sale of Office Building in Miami’s Pinecrest Village

by John Nelson

MIAMI — NAI Miami | Fort Lauderdale has brokered the $2.3 million sale of a two-story, 9,192-square-foot office building located at 9703 S. Dixie Highway in the Miami village of Pincecrest. Jeremy Larkin, Joseph Gallaher and Valentina Tawil of NAI Miami | Fort Lauderdale represented the seller, an entity doing business as 9703 Dixie LLC, in the transaction. Robert Eckstein, also with NAI Miami | Fort Lauderdale, represented the undisclosed buyer, which plans to invest in capital improvements to bring the office building to market-ready conditions. According to LoopNet Inc., the property is known as The Pile Building and was originally completed in 1959.

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AcquisitionsMultifamilyTexas

IPA Negotiates Sale of 680-Unit Place at Castle Hills Apartments in San Antonio

by Taylor Williams

SAN ANTONIO — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of The Place at Castle Hills, a 680-unit apartment community located about eight miles north of downtown San Antonio. Built on 23 acres in 1984, the property features one- and two-bedroom units with an average size of 687 square feet. Amenities include three pools, a business center and a resident clubhouse. Drew Garza, Will Balthrope and Ben Kalter of IPA represented the seller, MC Cos., in the transaction and procured the buyer, Philadelphia-based Harvest Equities. The new ownership has rebranded the property as Seraphina Castle Hills.

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