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Acquisitions

Flintridge-Arlington
AcquisitionsMultifamilyTexas

IPA Negotiates Sale of 188-Unit Apartment Complex in Arlington

by Taylor Williams

ARLINGTON, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Flintridge, a 188-unit, garden-style apartment complex in Arlington. Built in 1979, Flintridge offers one- and two-bedroom units with an average size of 743 square feet and amenities such as a pool, clubhouse, business center and onsite laundry facilities. Michael Ware, Drew Kile, Joey Tumminello and William Hubbard of IPA represented the seller, an undisclosed lender, in the transaction and procured the buyer, Apogee Capital.

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AcquisitionsMassachusettsMultifamilyNortheast

NEPCG Negotiates Sale of 66-Unit Apartment Building in Great Barrington, Massachusetts

by Taylor Williams

GREAT BARRINGTON, MASS. — Regional brokerage firm Northeast Private Client Group (NEPCG) has negotiated the sale of a 66-unit apartment building in Great Barrington, located in western Masschusetts. Beech Tree Apartments comprises eight buildings on a 4.5-acre site. Daniel Scherban and Joseph Scherban of NEPCG represented the seller, Rowin Capital, in the transaction and procured the buyer, the Alander Group.

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AcquisitionsIndianaIndustrialMidwest

Wafra Acquires 899,080 SF Industrial Portfolio in Brownsburg, Indiana

by Kristin Harlow

BROWNSBURG, IND. — Wafra Inc., a New York-based alternative investment firm, has acquired Brownsburg Logistics Park Portfolio, a collection of three industrial buildings totaling 899,080 square feet in Brownsburg. Funds advised by Wafra are acquiring the assets from a venture between Scannell Properties and Manulife Investment Management. Completed in 2022 and 2023, the buildings are home to seven tenants. The portfolio offers direct access to I-74 and is located about 12 miles from the Indianapolis International Airport.

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AcquisitionsMidwestMinnesotaMultifamilySeniors Housing

JLL Arranges Sale of Two Seniors Housing Communities Totaling 216 Units in Metro Twin Cities

by Kristin Harlow

LAKE ELMO AND ARDEN HILLS, MINN. — JLL Capital Markets has arranged the sale of Boulder Ponds Senior Living and Round Lake Senior Living, two Class A communities totaling 216 units in the Twin Cities market. JLL represented the seller and developer, Trident Development, and procured the buyer, LTC Properties Inc. Lifespark will remain the operator of both properties, which feature independent living, assisted living and memory care services. Boulder Ponds Senior Living, completed in 2020, is a 95-unit community in Lake Elmo. Round Lake Senior Living, which opened in 2023, is a 121-unit community in Arden Hills.

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AcquisitionsIndianaIndustrialMidwest

Matthews Brokers $9.5M Sale of Goodwill Distribution Facility in Greenwood, Indiana

by Kristin Harlow

GREENWOOD, IND. — Matthews has brokered the $9.5 million sale of a Goodwill distribution facility in Greenwood. The transaction marked the highest-priced industrial property sale in the Johnson County submarket over the past year, according to Matthews. Built in 2016, the approximately 125,000-square-foot property sits on 18 acres with immediate access to I-65. The asset is leased to Goodwill Industries of Central Indiana and is positioned alongside major industrial users including Amazon, FedEx and Ulta. Alexander Harrold and Brett Davis of Matthews represented both the seller and the 1031 exchange buyer. Matthews leveraged Artemis, the firm’s proprietary artificial intelligence-powered customer relationship management platform, to identify a targeted pool of qualified industrial investors.

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AcquisitionsFloridaMultifamilySoutheast

Berkadia Arranges $89.8M Sale of Apartment Community in Naples, Florida

by John Nelson

NAPLES, FLA. — Berkadia has arranged the $89.9 million sale of Orchid Run, a 282-unit, garden-style apartment community located at 10991 Lost Lake Drive in Naples. Matt Mitchell and Chris Burtner of Berkadia represented the seller, an affiliate of The Inland Real Estate Group of Cos. Inc., in the transaction. The buyer, Cardone Capital, utilized funding from 282 Bitcoin for the acquisition, which increases the Miami-based company’s portfolio to 14,800 apartments and its total assets under management to more than $5.4 billion. Built in 2015, Orchid Run features one-, two- and three-bedroom apartments averaging 1,040 square feet in size. Amenities at the gated community include a swimming pool and spa with private cabanas, fitness center with a dedicated yoga studio, clubhouse with a resident lounge and demonstration kitchen, coffee bar, outdoor grilling and entertaining areas, pet washing station and a car wash.

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AcquisitionsNorth CarolinaRetailSoutheast

JLL Brokers Sale of 273,105 SF Shopping Center in Raleigh

by John Nelson

RALEIGH, N.C. — JLL has brokered the $36 million sale of Townridge Shopping Center, a 273,105-square-foot shopping center in Raleigh. Tom Kolarczyk, Michael Nieder and Brian Page of JLL represented the seller, Zeisler-Morgan Properties, in the transaction. Travis Anderson and Ward Smith, also with JLL, secured $26.5 million in acquisition financing for the buyer, Armstrong Capital Development (ACD). Walmart and Planet Fitness anchor the center, which was 96 percent leased at the time of sale. Other tenants include Chipotle Mexican Grill, Advance Auto Parts, Cato, AT&T, Burger King, Edible Arrangements and Papa Johns Pizza, according to LoopNet Inc. The property features five buildings at Townridge Shopping Center and a single building at the adjacent Village at Townridge that function together as a unified commercial site.

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AcquisitionsRetailSoutheastVirginia

Finmarc Sells Shopping Center in Manassas, Virginia for $24.5M

by John Nelson

MANASSAS, VA. — Bethesda, Md.-based Finmarc Management Inc. has sold Festival at Manassas, a 117,675-square-foot shopping center in Northern Virginia, for $24.5 million. JCR Cos. purchased the grocery-anchored property, which is located at 10288-10388 Festival Lane in Manassas. Ryan Sciullo, Chris Munley, Colin Behr and Casey Smith of CBRE represented Finmarc in the transaction. Situated near the intersection of Sudley and Portsmouth roads, Festival at Manassas was 88 percent leased at the time of sale to tenants including Global Foods, Golden Royal Buffet, SudsMore, My Salon Suites and Potbelly Sandwich Works.

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AcquisitionsCaliforniaRetailWestern

JLL Negotiates $30.4M Sale of Fully Leased Retail Center in Chula Vista, California

by Amy Works

CHULA VISTA, CALIF. — JLL Capital Markets has arranged the $30.4 million sale of Terra Nova Plaza, a fully leased retail center in the San Diego Bay city of Chula Vista. A global investment manager sold the property to an undisclosed buyer. Located at 390 H St., Terra Nova Plaza features 96,114 square feet of retail space that is home to a 44,477-square-foot Dick’s Sporting Goods store and a 51,637-square-foot Floor & Decor store, both of which are subject to long-term leases. Gleb Lvovich, Daniel Tyner and Geoff Tranchina of JLL Capital Markets represented the seller in the transaction.

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INDUS-Industrial-Bldg-Phoenix-AZ.jpg
AcquisitionsArizonaIndustrialWestern

INDUS Realty Trust Acquires 418,000 SF Warehouse in Phoenix

by Amy Works

PHOENIX — INDUS Realty Trust has aacquired 418,000-square-foot warehouse in Phoenix. Terms of the transaction were not released. Fully leased at the time of sale, the cross-dock building can support distribution uses and features “ample” loading doors and trailer parking with 180-foot deep, fully secured and gated truck courts. Will Strong, Jack Stamets, Molly Miller, Michael Matchett and Madeline Warren of Cushman & Wakefield’s National Industrial Advisory Group – Mountain West arranged the transaction.

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