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Acquisitions

AcquisitionsMixed-UseSoutheastVirginia

Sachs, Blackfin Purchase Mixed-Use Property Near Amazon HQ2 for $70M

by Alex Tostado

FALLS CHURCH, VA. — Sachs Cos. and Blackfin Real Estate Investors have purchased Loren Falls Church, a mixed-use property in Falls Church, for $70 million. Loren Falls Church comprises 185 multifamily units and 13,577 square feet of retail space. The property was built in 2017 and was 97 percent occupied at the time of sale. Communal amenities for residents include a swimming pool, fitness center, outdoor lounge, living room lounge and a community kitchen. Retail tenants include Orangetheory Fitness and Casual Pint. Located at 6410 Arlington Blvd., the asset is situated 10 miles west of National Landing, the future home of Amazon HQ2. The seller was not disclosed, although according to multiple media reports, Bozzuto was the seller and developer.

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AcquisitionsFloridaRetailSoutheast

JLL Negotiates $25.7M Sale of Publix-Anchored Shopping Center Near Pensacola

by Alex Tostado

PACE, FLA. — JLL has negotiated the $25.7 million sale of Santa Rosa Commons, a 138,850-square-foot retail center in Pace. The Publix-anchored property was 96 percent leased at the time of sale to tenants including T.J. Maxx, PetSmart, Shoe Carnival, Maurice’s, GameStop, Sally Beauty, Anytime Fitness, Chili’s, Wasabi House Restaurant and GNC. Target and The Home Depot shadow-anchor the center. Stirling Properties acquired the asset, which is located 10 miles north of downtown Pensacola. Brad Peterson, Whitaker Leonhardt, Michael Brewster, Ryan Stoffer and Coler Yoakam of JLL represented the undisclosed seller in the transaction.

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AcquisitionsFloridaMultifamilySoutheast

Arch Acquires Multifamily Community in Jacksonville for $14.1M

by Alex Tostado

JACKSONVILLE, FLA. — Arch Cos. has acquired Midtown Oaks, a 176-unit, garden-style community in Jacksonville, for $14.1 million. The property offers one- and two-bedroom floor plans. Communal amenities include a swimming pool, clubhouse, business center, grilling and picnic areas, onsite laundry services, fitness center and a dog park. Midtown Oaks was built in 1975 and is located at 1706 Art Museum Drive, three miles southeast of downtown Jacksonville. John Rutherford of Newmark Knight Frank represented the seller, InvestRes, in the transaction. Morris Betesh of Merdian Capital Group and Arch Advisors, an affiliate of Arch Cos., originated acquisition financing. Arbor Realty provided the Fannie Mae Green Rewards loan. Arch Cos. plans to implement a value-add rehab program, details of which were not disclosed.

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AcquisitionsMultifamilyTexas

29th Street Capital Acquires 318-Unit Apartment Community in West Houston

by Taylor Williams

HOUSTON — 29th Street Capital (29SC), a multifamily investment firm with offices in San Francisco and Chicago, has acquired 14220 at Park Row Apartments, a 318-unit apartment community in West Houston. Built in 1998, the property features one-, two- and three-bedroom units with granite countertops, stainless steel appliances, walk-in closets and private patios or balconies. Amenities include a pool with a tanning ledge, fitness center, outdoor grilling stations, business center, a resident clubhouse and access to jogging trails. 29SC will rebrand the property and introduce smart technology features. The seller was not disclosed.

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AcquisitionsOfficeTexas

Madison Marquette Buys 128,617 SF Office Building in Austin

by Taylor Williams

AUSTIN, TEXAS — Madison Marquette has purchased The Millennium, a 128,617-square-foot office building located in the Shepherd Mountain area of Austin. National Instruments originally developed the five-story property in 1985 as a build-to-suit project. Mike McDonald, Celeste Fowden and Katy Jane Jenevein of Cushman & Wakefield represented the seller of The Millennium, which was 66 percent occupied at the time of sale. Madison Marquette will implement a repositioning program that will add a management and conference facility and upgrade both interior and exterior common areas.

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AcquisitionsIndustrialOfficeTexas

NAI Partners Brokers Sale of 86,655 SF Office, Warehouse Property in Metro Houston

by Taylor Williams

MISSOURI CITY — NAI Partners has brokered the sale of an 86,655-square-foot office and warehouse property situated on 10 acres at 13840 Pike Road in Missouri City, a southwestern suburb of Houston. Clay Pritchett and Zane Carman of NAI Partners represented the seller, Champions Fairway Ltd. Will Austin and Hunter Johnston of Bridge Commercial Real Estate represented the buyer, Full Plus LLC.

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bouldevard-nj
AcquisitionsMultifamilyNew JerseyNortheast

CBRE Arranges $75.3M Sale of Two Multifamily Properties Near New York City

by Alex Patton

HASBROUCK HEIGHTS AND LODI, N.J.  — CBRE has arranged the $75.3 million sale of Skyline Apartments and Boulevard Apartments, two multifamily properties totaling 338 units in Hasbrouck Heights and Lodi, two adjacent western suburbs of New York City. Skyline Apartments comprises 124 apartments in Hasbrouck Heights, while Boulevard Apartments comprises 214 apartments located across both Hasbrouck Heights and Lodi. Jeffrey Dunne, Gene Pride, Jeremy Neuer, Steven Bardsley, David Gavin and Eric Apfel and Nat Gambuzza of CBRE represented the seller, an investment consortium between Griffen Ltd. and Kushner Cos. The CBRE team also represented the buyer, a New York-based private investment firm.

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industrial-morristown-nj
AcquisitionsIndustrialNew JerseyNortheast

JLL Brokers Sale of 40,781 SF Industrial Property in Oakland, New Jersey

by Alex Patton

OAKLAND, N.J. — JLL has brokered the sale of a 40,781-square-foot light industrial property in Oakland, located approximately 30 miles northwest of New York City. The building, which is located roughly a mile from Interstate 287, features 20-foot clear heights, two drive-in doors and several thousand square feet of office space. The property was fully leased at the time of sale. Jose Cruz, Marc Duval and Jordan Avanzato of JLL represented seller, North Jersey Development Group, in the transaction. A private investor purchased the asset.

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AcquisitionsIllinoisMidwestRetail

Quantum Brokers Sale of Studio Movie Grill-Occupied Property in Chicago

by Kristin Harlow

CHICAGO — Quantum Real Estate Advisors Inc. has brokered the sale of a single-tenant building net leased to Studio Movie Grill in Chicago for an undisclosed price. The property is located at 210 W. 87th St. Studio Movie Grill has 14 screens as well as a full bar and restaurant. Chad Firsel of Quantum represented the seller, a Chicago-based development company, and the buyer, a Michigan-based private real estate investor.

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Vista-Del-Rey-Tacoma-WA
AcquisitionsMultifamilyWashingtonWestern

Kidder Mathews Arranges $25.7M Sale of Vista Del Rey Apartment Complex in Tacoma, Washington

by Amy Works

TACOMA, WASH. — Kidder Mathews has negotiated the sale of Vista Del Rey, a multifamily property located at 319 N. Tacoma Ave. in Tacoma, a city approximately 35 miles south of Seattle along the banks of the Puget Sound. VDR Investments Homes, led by Rose Stanek-Norbe of Tyroda LLC, acquired the asset from an undisclosed seller for $25.7 million. Situated in Tacoma’s Stadium District, the 17-story Vista Del Rey features 130 apartments. Also included in the sale was the adjoining 0.67-acre land parcel that could accommodate an additional 130 residential units. Targa Property Management will manage the property. Tyler Stanek of Kidder Mathews represented the buyer in the transaction.

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