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Acquisitions

AcquisitionsFloridaRetailSoutheast

Marcus & Millichap Negotiates Sale of New Gas Station in Metro Jacksonville Leased to Wawa

by John Nelson

MACCLENNY, FLA. — Marcus & Millichap’s Taylor McMinn Retail Group has negotiated the sale of a newly built gas station and convenience store in Macclenny, about 30 miles west of Jacksonville via I-10. Wawa occupies the retail property on a 20-year ground lease, with 7 percent increases every five years beginning in year 11 of the initial lease term. Don McMinn and Andrew Koriwchak of the Taylor McMinn Retail Group brokered the sale between a preferred Wawa developer and the buyer. Both parties requested anonymity. The sales price was also not disclosed. “This Wawa’s superior Florida location and lower price point helped it stand out among competing Wawa inventory and ultimately trade to an all-cash, 1031 exchange buyer who was considering multiple Wawa assets,” says McMinn.

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Midtown-Village
AcquisitionsAlabamaRetailSoutheastTop Stories

JLL Income Property Trust Acquires Shopping Center in Tuscaloosa, Alabama for $94M

by Abby Cox

TUSCALOOSA, ALA. — Chicago-based JLL Income Property Trust has acquired Midtown Village, a 345,000-square-foot shopping center located near the University of Alabama campus in Tuscaloosa, for $94 million. The seller requested anonymity. Built in 2007, Midtown Village consists of eight single-story buildings across a 30-acre site. The open-air center features a mix of retailers such as Barnes & Noble, Ulta Beauty, Old Navy, Best Buy, lululemon, American Eagle & Aerie, Fab’rik, Kay Jewelers, South Boutique, Loft, Tuscaloosa Nail & Spa and GameStop. Restaurants include Panera Bread, Blaze Pizza, Metro Diner and Tropical Smoothie Café. The tenant roster has a weighted average lease-term (WALT) of more than 16 years. “The enduring demand of this strong tenant roster supports stable operating performance, and the center is well-positioned in a thriving submarket with proven traffic,” says Allan Swaringen, president and CEO of JLL Income Property Trust. Midtown Village is situated on the southwest corner of McFarland Boulevard East and 15th Street and is one of the most visited retail shopping centers in the state, with over 5.7 million annual visits, according to JLL Income Property Trust. It is also located within one mile from DCH Regional Medical Center, Tuscaloosa’s largest regional hospital. With the …

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AcquisitionsIllinoisMidwestMultifamily

JVM Realty Buys 280-Unit Apartment Community in Oswego, Illinois

by Matthew Auchincloss

OSWEGO, ILL. — JVM Realty Corp. has purchased Springs at Oswego, a 280-unit apartment community located 48 miles west of Chicago, and rebranded the community as Trillium at Oswego. Continental Properties sold the property, and Cushman & Wakefield brokered the deal. The purchase price was not disclosed. Located at 801 Fifth St., the gated community was completed in 2019 and features townhome-style units across two-story residential buildings. Residences come in studio, one-, two- and three-bedroom floor plans. Amenities include a heated pool, 24-hour fitness center, a clubhouse with lounge and entertainment areas, outdoor grilling stations, fire pit, car wash, two dog parks and gated access.

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AcquisitionsMidwestMultifamilyNebraskaSeniors Housing

Agemark Acquires, Rebrands Seniors Housing Community in Omaha

by Matthew Auchincloss

OMAHA, NEB. — Agemark Senior Living has acquired Esprit Whispering Ridge, an assisted living and memory care community located in Omaha.  Agemark has rebranded the property as The Bellflower at Whispering Ridge. Along with its undisclosed investment partner, Agemark plans to invest approximately $1.3 million in capital improvements at the community. Moving forward, The Bellflower will also offer independent living and “assisted living plus” units. This acquisition brings Agemark’s Omaha portfolio to five communities totaling more than 450 units. 

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AcquisitionsMidwestOhioRetail

Prudent Growth Partners Purchases 25,400 SF Retail Center in Ashland, Ohio

by Matthew Auchincloss

ASHLAND, OHIO — Prudent Growth Partners has purchased Amberwood Plaza, a 25,400-square-foot neighborhood retail center located in the north-central Ohio city of Ashland, for $3.5 million. Constructed in 2006, Amberwood Plaza was 94 percent leased to 10 tenants, including Tacos and Tequila and Verizon Wireless, at the time of sale. More than 28 percent of the center’s leasable space has been occupied by the same tenants for over 15 years.

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AcquisitionsFloridaRestaurantRetailSoutheast

JLL Arranges Sale of Open-Air Retail Center in Land O’ Lakes, Florida

by John Nelson

LAND O’ LAKES, FLA. — JLL has arranged the sale of The Hub at Bexley, an open-air retail center located at 16954 Focus Loop in Land O’Lakes, about 20 miles north of Tampa. Jorge Portela, Danny Finkle and Jacob Wise of JLL represented the seller, Center Connect Development, which delivered The Hub at Bexley in 2023. CenterSquare Investment Management purchased the property for an undisclosed price. The 50,000-square-foot retail center, which is designed in a village setting, was fully leased at the time of sale to tenants including BellaBrava, Stillwaters Tavern and TREK Bikes.

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AcquisitionsOfficeTexas

Newmark Negotiates Sale of 229,307 SF Office Building in Richardson, Texas

by Taylor Williams

RICHARDSON, TEXAS — Newmark has negotiated the sale of Tower 2600, a 229,307-square-foot office building located in the northeastern Dallas suburb of Richardson. The nine-story building was 92 percent leased at the time of sale and offers amenities such as a fitness center, conference facilities, tenant lounge and grab-and-go food service. Gary Carr, Robert Hill, Chris Murphy and Austin Sheahan of Newmark represented the seller, Development Ventures Group, in the transaction. The buyer was Harkinson Investment Group.

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AcquisitionsRetailTexas

Marcus & Millichap Brokers Sale of 25,113 SF Retail Center in Seabrook, Texas

by Taylor Williams

SEABROOK, TEXAS — Marcus & Millichap has brokered the sale of a 25,113-square-foot retail center in Seabrook, about 30 miles southeast of Houston. Seabrook Shopping Center sits on a 1.5-acre site at 2100 E. NASA Parkway. Scott Jones, Gus Lagos and Alex Wolansky of Marcus & Millichap represented the seller, an undisclosed local investor, in the transaction. The buyer and sales price were also not disclosed.

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AcquisitionsCaliforniaMultifamilyWestern

CBRE Arranges $21M Sale of Tournament Patio Apartments in Torrance, California

by Amy Works

TORRANCE, CALIF. — CBRE has arranged the $21 million sale of Tournament Patio Apartments in the Southern California city of Torrance. JS Bower Foundation sold the property to Good Capital Group. Situated on 1.7 acres at 4111 W. 239th St., Tournament Patio Apartments features 60 apartments with an average units size of 1,023 square feet. The two-story, garden-style property was built in 1963. Derrek Ostrzyzek, Anna Kampling, Rachel Parsons, Kenji Thomas and Mike Murphy of CBRE represented the seller in the deal.

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AcquisitionsArizonaHealthcareIndustrialMixed-UseOfficeWestern

Venture West Group Sells Innovation Park in Oro Valley, Arizona for $21.2M

by Amy Works

ORO VALLEY, ARIZ. — Venture West Group has sold Innovation Park, a 333-acre master-planned business park in Oro Valley, to Bourn Cos. for $21.2 million. Robert Glaser, Richard Kleiner, Greg Furrier, Alexis Corona and Natalie Furrier of Cushman & Wakefield | PICOR represented the seller in the transaction. Kate Zimmerman, also with Cushman & Wakefield | PICOR, supported the transaction. Located at the northwest corner of Oracle and Tangerine roads, the business park is home to a variety of tenants, including Roche Tissue Diagnostics, the University of Arizona Center for Innovation at Oro Valley and Oro Valley Hospital.

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