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Acquisitions

AcquisitionsBuild-to-RentMultifamilyNorth CarolinaSingle-Family RentalSoutheast

Berkadia Brokers $31M Sale of Build-to-Rent Community in Metro Charlotte

by John Nelson

INDIAN TRAIL, N.C. — Berkadia has brokered the sale of Poplin Trace, a 99-unit build-to-rent community in Indian Trail, a city about 15 miles southeast of Charlotte. The sales price was not disclosed, but the Charlotte Business Journal reported the asset traded for $31 million. The seller was Arizona-based Belleview. The buyer was not disclosed. Caleb Troop, Matt Robertson, Mark Forrester and Andrew Curtis of Berkadia led the transaction on behalf of Belleview. Built in 2021, Poplin Trace offers three-bedroom townhomes with attached two-car garages. The property was 93 percent occupied at the time of sale.

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AcquisitionsOfficeTexas

Cresa Arranges Sale of 124,480 SF Office Building in North Houston

by Taylor Williams

HOUSTON — Cresa has arranged the sale of a 124,480-square-foot office building in North Houston. The building sits on a 10-acre site at 785 Greens Parkway in the city’s Greenspoint neighborhood. According to LoopNet Inc., the building was originally constructed in 2002 and recently underwent capital improvements that upgraded select areas and systems, such as lighting and restrooms. Brandon Wuntch and Drew Altmann of Cresa represented the seller, GK Investments Group LLC, in the transaction and procured the buyer, Leva Patidar Samaj.

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AcquisitionsNew JerseyNortheastRetail

Joint Venture Buys 181,150 SF Shopping Center in Paramus, New Jersey

by Taylor Williams

PARAMUS, N.J. — A joint venture partnership between Heidenberg Properties Group, Red Starr Investments, Norse Realty Group and DAG Paramus has purchased Paramus Park South, a 181,150-square-foot shopping center in Northern New Jersey. Anchored by a 100,223-square-foot Stew Leonard’s Supermarket, the center was 67 percent leased at the time of sale. CBRE brokered the sale of the property, the seller of which was not disclosed. Ackman-Ziff Real Estate Group structured the joint venture and arranged acquisition financing for the deal.

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Zaterra-Apts-Chandler-AZ
AcquisitionsArizonaMultifamilyWestern

PB Bell, PCCP Sell Zaterra Multifamily Property in Chandler, Arizona for $137.5M

by Amy Works

CHANDLER, ARIZ. — PB Bell and PCCP have completed the sale of Zaterra, an apartment community in Chandler, to an undisclosed buyer for $137.5 million, or $350,765 per unit. Completed in 2023 on 22 acres, Zaterra features 392 apartments with walk-up layouts and garages spread across a two- and three-story garden-style property. Community amenities include two swimming pools with sundecks, a creative suite with a large conference room and individual workspaces, a 24-hour fitness center and yoga lawn. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the sellers and procured the buyer in the deal.

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AcquisitionsArizonaMultifamilyWestern

Providence Property Group Buys Tropicana Apartments in Tucson, Arizona for $1.7M

by Amy Works

TUCSON, ARIZ. — Providence Property Group has purchased Tropicana Apartments, a multifamily complex in Tucson, from TropicanaApartments LLC for $1.7 million. Located at 3815-3816 E. 3rd St., the 8,650-square-foot asset offers 14 units. Allan Mendelsberg and Joey Martinez of Cushman & Wakefield | PICOR represented both parties in the transaction.

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AcquisitionsIllinoisMidwestRetail

Marcus & Millichap Brokers Sale of Two-Tenant Retail Property in Chicago’s South Loop

by Kristin Harlow

CHICAGO — Marcus & Millichap has brokered the sale of 1160 S. Michigan Ave., a two-tenant, ground-floor retail property in Chicago. Located at the base of The Columbian, a 47-story residential tower, the fully leased property is home to Burger Bar Chicago and Elements Massage. The two tenants have been in place for over a decade and recently extended their leases. Mitchell Kiven and Nicholas Kanich of Marcus & Millichap represented the seller, a limited liability company. Kiven and Kanich procured the buyer, Zam Investment LLC, along with colleague Carson Dodge.

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AcquisitionsArkansasSoutheastStudent Housing

Student Quarters Acquires 232-Bed Student Housing Property Near University of Arkansas

by John Nelson

FAYETTEVILLE, ARK. — Student Quarters has acquired Champions Club, a 232-bed student housing property located near the University of Arkansas campus in Fayetteville. Located at 1629 S. Razorback Road, the community offers fully furnished units in two-, three- and four-bedroom configurations. Shared amenities include a resort-style pool, 24-hour fitness center, gaming lounge, computer café, dog park and outdoor grilling stations. Student Quarters plans to invest in both operational and experiential upgrades to the community, including the implementation of resident-focused programming and branded touchpoints. The seller and terms of the transaction were not released.

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AcquisitionsIndustrialTexas

Basis Industrial Buys 519,000 SF Portfolio in Richardson, Will Open New Office

by Taylor Williams

RICHARDSON, TEXAS — Florida-based investment firm Basis Industrial has purchased a portfolio of 24 buildings totaling approximately 519,000 square feet in the northeastern Dallas suburb of Richardson. The portfolio consists of Arapaho Business Park, a 408,000-square-foot development, and the 111,000-square-foot Westwood Business Park. Basis also plans to open a new regional office within Building 7 at Arapaho Business Park. The seller and sales price were not disclosed.

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AcquisitionsTexas

Stream Realty Negotiates Sale of 35,650 SF Commercial Development Site in South Houston

by Taylor Williams

HOUSTON — Stream Realty Partners has negotiated the sale of a 35,650-square-foot commercial development site located at 8323 Braniff St. in Houston. The site is located near William P. Hobby International Airport on the city’s south side. The site’s specific zoning designation was not disclosed. Jack Rathe of Stream represented the sellers, a pair of private investors, in the transaction. Daniel McKinney with McKinney Real Estate Inc. represented the buyer.

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AcquisitionsRetailTexas

JLL Brokers Sale of 31,832 SF Retail Center in Northwest Austin

by Taylor Williams

AUSTIN, TEXAS — JLL has brokered the sale of San Clemente at Davenport, a 31,832-square-foot retail center located at the corner of Loop 360 and West Lake Drive in northwest Austin. Mexican restaurant Fresa’s anchors the center, and other tenants include Iron Fitness and Greenlake Energy. JLL represented the seller, Texas-based HPI Real Estate Services & Investments, in the transaction. Houston-based Whitestone REIT purchased the center for an undisclosed price.

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