Acquisitions

CBL Properties Sells Shopping Center in Mississippi for $31.8M

by Alex Tostado July 17, 2019

MADISON, MISS. — CBL Properties has sold The Forum at Grandview, a 216,000-square-foot retail center in Madison, for $31.8 million. Hendon Properties acquired the center in an all-cash deal. CBL developed the property in a 75-25 joint venture with Mattiace Development in 2010. CBL received all of the profits from the sale. Tenants at The Forum include Best Buy, Dick’s Sporting Goods, HomeGoods, Michaels, Stein Mart, Petco and Ulta Beauty. The property is situated along Grandview Boulevard, 15 miles north of downtown Jackson.

July 17, 2019

Acquisitions Industrial New Jersey Northeast

JLL Negotiates Sale of 373,420 SF Office Building in Paramus, New Jersey

by Taylor Williams July 17, 2019

PARAMUS, N.J. — JLL has negotiated the sale of a 373,420-square-foot office building located at 650 From Road in Paramus. Built in 1978, the property is situated on a 12-acre site about 12 miles from Manhattan that also has the potential for future development. The property also houses the headquarters of watchmaker Movado. José Cruz, Kevin O’Hearn, Andrew Scandalios, Stephen Simonelli, Michael Oliver and Mark Mahasky of JLL represented the seller, Mack-Cali Corp., in the transaction. A joint venture between Onyx Equities, LLC and Garrison Investment Group purchased the asset for an undisclosed price.

July 17, 2019

Acquisitions Multifamily Northeast Rhode Island

Northeast Private Client Group Brokers $7.3M Sale of Rhode Island Apartments

by Taylor Williams July 17, 2019

PROVIDENCE, R.I. — Northeast Private Client Group (NPCG) has brokered the $7.3 million sale of Ambassador Apartments, a residential building in Providence that consists of 33 apartments and three single-family homes. The property is located near Brown University as well as the shops and restaurants of nearby Thayer Street. Tim McGeary of NPCG represented the seller, DiPrete Realty Investment, and procured the buyer, S.M.H. Grandview, both of which are based in Rhode Island. The deal closed at a capitalization rate of 5.91 percent.

July 17, 2019

Acquisitions Arizona Multifamily Western

Investors Capital Group Acquires 289-Unit Multifamily Property Near Tucson, Arizona

by Amy Works July 17, 2019

TUCSON, ARIZ. — Investors Capital Group has purchased Domain 3201, a multifamily property located within the Casas Adobes area of Tucson. Aspen Square Management sold the property for $37.7 million. Situated on more than 12 acres, Domain 3201 features 298 apartments, three resort-style swimming pools, spas, poolside cabanas, picnic areas and a full-size tennis court. The property was constructed between 1985 and 1990. Hamid Panahi, Steve Gebing and Cliff David of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction.

July 17, 2019

Acquisitions Illinois Industrial Midwest Retail

MK Asset Investment Acquires Two Industrial Properties in Illinois, Sells Shopping Center

by Kristin Harlow July 17, 2019

ILLINOIS — MK Asset Investment has acquired industrial properties in Franklin Park and Waukegan and sold a retail center in Round Lake Beach. The aggregated value of the transactions exceeded $10 million. The Franklin Park industrial property spans 87,500 square feet and is situated on 5.9 acres at 11608 Copenhagen Drive. MK Asset will add new docks, upgrade the lighting and provide a fresh coat of paint. The Waukegan building spans 35,500 square feet and is located at 1850 S. Lakeside Drive within Amhurst Industrial Park. A private investor acquired the 61,685-square-foot Eagle Creek Shopping Center, which is anchored by Big Lots.

July 17, 2019

Acquisitions Illinois Midwest Multifamily

Colliers Brokers $3.9M Sale of Two-Building Apartment Portfolio in Chicago’s Hyde Park

by Kristin Harlow July 17, 2019

CHICAGO — Colliers International has brokered the sale of a two-building apartment portfolio that contains 24 units in Chicago’s Hyde Park neighborhood for $3.9 million. The buildings are located at 5427-29 and 5430-32 S. University Ave. Both properties rise three stories and were built in the early 1900s. Tyler Hague of Colliers represented the seller, The Lutheran School of Theology at Chicago. RDG Funds LLC purchased the portfolio.

July 17, 2019

Acquisitions Multifamily South Carolina Southeast

Cushman & Wakefield Arranges $57.8M Sale of Apartment Complex in Metro Charlotte

by Alex Tostado July 16, 2019

LAKE WYLIE, S.C. — Cushman & Wakefield has arranged the $57.8 million sale of The Village at Lake Wylie, a 392-unit apartment complex situated about 20 miles southwest of downtown Charlotte in South Carolina. Bucci Development delivered the gated community in 2002 with communal amenities such as a clubhouse with a business center and fitness center, swimming pool with a modern sundeck, outdoor fire pit, grilling patio, lake access, complimentary boat parking, professional-size tennis court, putting green, paved walking trail, playground and a car care center. Jordan McCarley, Tai Cohen and Marc Robinson of Cushman & Wakefield represented Bucci Development in the transaction. Southwood Realty/Triangle Real Estate acquired the property.

July 16, 2019

Acquisitions Kentucky Multifamily Southeast

Marcus & Millichap Negotiates $17.7M Sale of Multifamily Complex in Downtown Louisville

by Alex Tostado July 16, 2019

LOUISVILLE, KY. — Marcus & Millichap has arranged the $17.7 million sale of Kentucky Towers, a 276-unit multifamily complex in downtown Louisville. The property is located at 430 W. Muhammad Ali Blvd. The buyer was not disclosed, however, multiple media outlets report TEG The Flats on Fifth LLC acquired the property and will rebrand the 94-year-old building as The Flats on Fifth. Kentucky Towers offers studio through three-bedroom floor plans and communal amenities such as a fitness center, swimming pool, on-site retail and maid services. Colby Haugness, Jordan Dickman, J.D. Schmerge and Nicholas Andrews of Marcus & Millichap represented the buyer in the transaction. The seller was not disclosed.

July 16, 2019

Acquisitions Loans Multifamily Southeast Virginia

M&T Realty Capital Provides $16.1M Green Acquisition Loan for Townhome Community in Richmond

by Alex Tostado July 16, 2019

RICHMOND, VA. — M&T Realty Capital Corp. has provided a $16.1 million Freddie Mac acquisition loan for Berkeley & Warwick Place, a 265-unit townhome community in Richmond. The borrower, Walde Enterprises, plans to improve the property’s energy and water usage as part of Freddie Mac’s Optigo Green Up program. Details of the improvement plan were not disclosed. The 10-year loan is structured with three years of interest-only payments and a 30-year amortization schedule. Berkeley & Warwick Place offers one-, two- and three-bedroom townhomes for rent. Communal amenities include package services, laundry services and a playground. Matthew Hodson and Debra Goldstein of M&T Realty Capital arranged the loan on behalf of Walde Enterprises. The seller was not disclosed.

July 16, 2019

Acquisitions Retail Southeast Virginia

KLNB Brokers $9.7M Sale of Shopping Center in Northern Virginia

by Alex Tostado July 16, 2019

LEESBURG, VA. — KLNB has brokered the $9.7 million sale of a portion of Shenandoah Square Shopping Center in Leesburg. The two parcels included in the sale are located at 932 and 952 Edward Ferry Road NE and total 29,480 square feet. Tenants include Sherwin Williams, Cosmo Prof, Jenny Craig, Domino’s and Regional Finance. Shenandoah Square also includes a Walmart, Exxon gas station, Taco Bell, IHOP and 83,240 square feet of office space. The shopping center is situated 37 miles northwest of Washington, D.C. Kevin Goeller, Ryan Goeller, Veronica Kamara, Billy Kelly and Chase Stewart of KLNB represented the undisclosed seller in the transaction. David Weber and Kenneth Tamres, also of KLNB, represented the undisclosed private buyer.

July 16, 2019

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