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Acquisitions

210-220-E.-22nd-St
AcquisitionsMultifamilyNew YorkNortheast

JLL Negotiates $104.5M Sale of Manhattan Apartment Building

by Taylor Williams

NEW YORK CITY — JLL has negotiated the $104.5 million sale of a 204-unit apartment building located in Manhattan’s Gramercy Park neighborhood. The seven-story building at 210-220 E. 22nd St. comprises 82 studios, 75 one-bedroom units, 39 two-bedroom residences and eight three-bedroom apartments. Amenities include a fitness center, resident lounge and onsite laundry facilities. Andrew Scandalios, Jeffrey Julien, Rob Hinckley and Steven Rutman of JLL represented the undisclosed seller in the transaction. The team also procured the buyer, a joint venture between New York-based Canvas Property Group, Declaration Partners and Tokyu Land US Corp. The property was 95 percent occupied at the time of sale.

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AcquisitionsNortheastPennsylvania

Newmark Brokers $59M Sale of Philadelphia Industrial Building

by Taylor Williams

PHILADELPHIA — Newmark has brokered the $59 million sale of a 450,000-square-foot industrial building in Philadelphia. The site at 6250 Baltimore Ave. is located on the city’s west side, and the facility features a clear height of 24 feet, 125-foot truck court depths, more than 80 loading docks and dedicated storage space and trailer parking. An affiliate of Velocity Venture Partners sold the property, which was 96 percent leased at the time of sale, with Ryan Guittare of Newmark brokering the deal. Newmark also arranged acquisition financing on behalf of the undisclosed buyer.

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AcquisitionsIllinoisMidwestSeniors HousingTop Stories

JLL Brokers Sale of 20-Property National Seniors Housing Portfolio for $725M

by John Nelson

CHICAGO — Chicago-based JLL has brokered the $725 million sale of a seniors housing portfolio comprising 20 communities located primarily in the Sun Belt, Northeast and Midwest markets. Chicago Pacific Founders sold the portfolio to Ventas Inc. (NYSE: VTR) in an all-cash transaction. Roughly two-thirds of the properties are independent living communities, with the remainder of the assets falling into the categories of assisted living and memory care. The communities are spread across 14 states including Alabama, Arizona, Florida, Illinois, Kansas, Maine, Michigan, Nevada, New York, Ohio, Oklahoma, South Carolina, Tennessee and Texas. Chicago Pacific Founders owned the portfolio properties within an investment vehicle titled CPF Living Fund I. Jay Wagner, Rick Swartz, Jim Dooley and Sean Kirk of JLL’s Seniors Housing Capital Markets team, as well as Ted Flagg of Jones Lang LaSalle Securities (an affiliate of JLL), represented the sellers in the transaction. “As one of the largest seniors housing transactions closed year-to-date, this is a meaningful indicator that appetite for scaled seniors housing portfolios is back,” says Wagner. “The significant supply-demand imbalance, precipitated by tepid recent development levels, is setting up the markets for an incredible run on occupancy and margin growth over the medium term.” Grace …

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AcquisitionsMultifamilyNorth CarolinaSoutheast

Northmarq Arranges $41.8M Sale of South Tryon Apartments in Charlotte

by John Nelson

CHARLOTTE, N.C. — Northmarq has arranged the $41.8 million sale of South Tryon Apartments, a 216-unit multifamily community located at 7601 Holliswood Court in Charlotte. McDowell Properties acquired the asset from MAA. Andrea Howard, Allan Lynch, John Currin, Caylor Mark, Jeff Glenn and Austin Jackson of Northmarq’s Carolinas Multifamily Investment Sales team represented the seller in the transaction. Additionally, Faron Thompson, Grant Harris and Cabell Thomas of Northmarq secured a $24.8 million acquisition loan on behalf of the buyer. The permanent, fixed-rate loan features a five-year term with a 35-year amortization schedule. Built in 2002 and renovated in 2022, South Tryon Apartments features units in one-, two- and three-bedroom layouts. Amenities at the property include 36 detached garages, 42 storage spaces, a fitness center, pool, dog park, grilling area, car care center and playground. The community is situated roughly nine miles from both Charlotte Douglas International Airport and Uptown Charlotte.

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AcquisitionsFloridaMultifamilySoutheast

MLG Capital Acquires 180-Unit Venetian at Capri Isles Multifamily Community in Venice, Florida

by John Nelson

VENICE, FLA. — MLG Capital has acquired Venetian at Capri Isles, a 180-unit multifamily community located at 1050 Capri Isles Blvd. in Venice. MLG purchase the property from an undisclosed buyer through its Legacy Fund, which offers a tax-deferred exit strategy for private real estate owners. The sales price was also not disclosed. The buyer plans to make capital improvements to the property, including upgrades to the unit interiors, exteriors and amenities. This marks MLG’s 24th acquisition in the state of Florida.

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AcquisitionsFloridaIndustrialOfficeSoutheast

Cushman & Wakefield Brokers $21M Sale of Flex Office Portfolio in Kissimmee, Florida

by John Nelson

KISSIMMEE, FLA. — Cushman & Wakefield has brokered the $21 million sale of a flex office portfolio located in Kissimmee. Comprising two buildings — 3600 and 3700 Commerce Boulevard — the portfolio totals 193,571 square feet. Realife Real Estate Group acquired the properties from the Speer Foundation. Rick Colon, Rick Brugge, Mike Davis and Mark Stratman of Cushman & Wakefield represented the seller in the transaction. Built in 2001, the buildings were 93 percent leased at the time of sale. The properties, which include both office and warehouse space, feature 24- and 28-foot clear heights and a mix of dock-high and grade-level loading.

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AcquisitionsGeorgiaIndustrialSoutheast

Cove Capital Investments Purchases 113,157 SF Industrial Property in Athens, Georgia

by John Nelson

ATHENS, GA. — Cove Capital Investments, a Delaware Statutory Trust (DST) sponsor company, has completed the purchase of an industrial property located in Athens, roughly 70 miles northeast of Atlanta. Situated within the 35-acre General Time mixed-use development, the property totals 113,157 square feet. Originally built in 1990, the asset was redeveloped between 2018 and 2021. The property was acquired as part of Cove Capital’s growing portfolio of debt-free DST real estate assets for 1031 exchange and direct-cash investors, according to Dwight Kay, managing member and founding partner of Cove Capital Investments. The seller and sales price were not disclosed.

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Twin-Canyon-Shopping-Center-San-Ramon-CA
AcquisitionsCaliforniaRetailWestern

TownCentre Capital Buys Twin Canyon Shopping Center in San Ramon, California for $9M

by Amy Works

SAN RAMON, CALIF. — TownCentre Capital has acquired Twin Canyon Shopping Center, a retail strip center in San Ramon, from a private entity for $9 million.Located at 2450-2550 San Ramon Valley Blvd., Twin Canyon Shopping Center offers 23,149 square feet of retail space. The property is fully leased to a variety of tenants, including Round Table Pizza, Beer Area Liquors and Bricks & Minifigs. The shopping center was built in 1980. Eric Kathrein and Warren McClean of JLL Capital Markets represented the seller in the deal.

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2505-2575-Highland-Ave-San-Bernardino-CA
AcquisitionsCaliforniaRetailWestern

Progressive Real Estate Negotiates Sale of Four Adjacent Retail Properties in San Bernardino for $7M

by Amy Works

SAN BERNARDINO, CALIF. — Progressive Real Estate Partners has arranged the sale of four adjacent separately parceled retail properties in San Bernardino. An undisclosed Los Angeles-based seller sold the assets to an undisclosed San Bernardino County, Calif.-based buyer for $7 million. Located at 2505-2575 Highland Ave., the properties are net leased to tenants including IHOP, Wienerschnitzel, Taco Bell and a 76 gas station. Lance Mordachini and Trinnie Lee of Progressive Real Estate represented the seller, while Kevin Kwan of Realiv represented the buyer in the transaction.

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Keystone-South-Orange-County-CA
AcquisitionsCaliforniaIndustrialLoansWestern

Keystone Mortgage Secures $6.8M Acquisition Loan for Industrial Flex Building in South Orange County

by Amy Works

SOUTH ORANGE COUNTY, CALIF. — Keystone Mortgage Corp. has arranged a $6.8 million permanent loan to fund the acquisition of an industrial flex building in South Orange County. Situated on 2.7 acres, the property offers one dock-high loading door, one grade-level loading door and 24-foot clear heights. At the time of sale, the building was fully occupied by a single tenant. No further information about the property was released. Nick Viscount of Keystone’s Orange County production office secured the financing on behalf of the borrower, a private real estate investor. One of Keystone’s correspondent life company lenders provided the non-resource loan, which features a 30-year amortization schedule.

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