Acquisitions

Silver Group Brokers Sale of Dunkin’ Donuts-Occupied Building in Richfield, Minnesota

by Kristin Harlow May 22, 2019

RICHFIELD, MINN. — The Silver Group has brokered the sale of a single-tenant retail building occupied by Dunkin’ Donuts in Richfield, a suburb of Minneapolis. The sales price was not disclosed. The newly constructed, 2,000-square-foot building includes a drive-through window and outdoor seating. Dunkin’ has a 15-year lease. The Silver Group represented the seller, a local developer. Amy Senn of Newmark Knight Frank represented the buyer, which completed a 1031 tax-deferred exchange. The Richfield location is one of six standalone Dunkin’ stores in the Twin Cities.

May 22, 2019

Acquisitions Massachusetts Northeast Retail

HFF Negotiates Sale of 291,860 SF Retail Center Near Downtown Boston

by Taylor Williams May 22, 2019

BOSTON — HFF has negotiated the sale of Meadow Glen, a 291,860-square-foot retail center located near downtown Boston. A Wegmans grocery store anchors the property, which was redeveloped in 2017 and now houses other tenants such as Dick’s Sporting Goods, Marshalls and Petco. Coleman Benedict, Riaz Cassum, Jim Koury and Ben Sayles of HFF marketed the property on behalf of the seller, a private partnership. The team also procured the buyer, global investment manager DWS Group. The sales price was not disclosed. Meadow Glen, which was fully leased at the time of sale, is one of only six retail centers in Boston that is anchored by a Wegmans.

May 22, 2019

Acquisitions Connecticut Multifamily Northeast

Northeast Private Client Group Brokers $12.4M Sale of Connecticut Apartment Portfolio

by Taylor Williams May 22, 2019

WINSTED AND TORRINGTON, CONN. — Northeast Private Client Group, an investment sales brokerage firm with offices throughout the Northeast, has brokered the $12.4 million sale of a portfolio of apartment properties located throughout Connecticut. The portfolio spans three properties totaling 187 units. Brad Balletto, Rich Edwards and Jeff Wright of the firm’s Shelton, Connecticut, office brokered the deal on behalf of the sellers and procured the buyer, Monsey, New York-based Yellowstone Property Group. The sale closed at a capitalization rate of 7.3 percent based on current net operating income.

May 22, 2019

Acquisitions Florida Hospitality Southeast

Cushman & Wakefield Arranges $39.6M Sale of Vacant Hotel in South Florida

by Alex Tostado May 21, 2019

PALM BEACH, FLA. — Cushman & Wakefield has arranged the $39.6 million sale of The Palm House Hotel, a 79-room hotel in Palm Beach. The hotel was originally built in 1961 and expanded in 1981. In 2006, the hotel underwent renovations that halted in 2014. The hotel is now vacant. The buyer, an affiliate of London + Regional Properties, acquired the site via a Section 363 bankruptcy sale. Robert Given, Errol Blumer, Robert Kaplan and Michael Mulkern of Cushman & Wakefield represented 160 Royal Palm LLC, a bankruptcy court-appointed receiver managed by former Delray Beach Mayor Cary Glickstein, in the transaction. The Palm House Hotel sits on 1.4 acres at 160 Palm Royal Way on Palm Beach Island one block from the Atlantic Ocean.

May 21, 2019

Acquisitions Retail Southeast Virginia

Finmarc Management Acquires Retail Center in Northern Virginia for $29.8M

by Alex Tostado May 21, 2019

MANASSAS, VA. — Finmarc Management Inc. has acquired Manaport Plaza Shopping Center, a 250,000-square-foot retail center in Manassas, about 30 miles west of Washington, D.C. Combined Properties Inc. sold the shopping center to Finmarc for $29.8 million. The property was 90 percent leased at the time of sale to tenants including Marshalls, Gabe’s, Ollie’s Bargain Outlet, Tuesday Morning, McKay Books, Advance Auto Parts and Dollar Tree. The property is located adjacent to Manassas Mall and the 117,000-square-foot retail center Festival at Manassas, which Finmarc bought in December 2017. Joseph Hoffman and Aaron Rosenfeld of Kelley Drye & Warren provided legal representation on behalf of Finmarc. Cliff Mendelson and Al Missirlian of Metropolis Capital Advisors arranged acquisition financing.

May 21, 2019

Acquisitions Florida Retail Southeast

HFF Negotiates Sale of 171,352 SF Shopping Center Near Daytona Beach

by Alex Tostado May 21, 2019

PALM COAST, FLA. — HFF has negotiated the sale of Palm Coast Landing, a 171,352-square-foot retail center in Palm Coast. Palm Coast Landing is shadow-anchored by Target and was 97 percent leased at the time of sale to tenants including Ross Dress for Less, TJ Maxx, Michaels, PetSmart, Ulta Beauty and Dollar Tree. The property is situated within an opportunity zone about 23 miles north of downtown Daytona Beach. Brad Peterson, Daniel Finkle, Whitaker Leonhardt and Ryan Stoffer of HFF represented the seller, an undisclosed, publicly traded REIT, in the transaction. Acadia Realty Trust acquired the center for an undisclosed amount.

May 21, 2019

Acquisitions Multifamily Texas

Muskin Commercial Brokers Sale of 42-Unit Multifamily Asset in Austin

by Taylor Williams May 21, 2019

AUSTIN, TEXAS — Locally based brokerage firm Muskin Commercial LLC has brokered the sale of Retama Trace Apartments, a 42-unit asset located in north-central Austin. Muskin Commercial represented the seller, 3405 Dimond LLC, in the transaction. Ray Quezada of Q Realty Austin represented the buyer, California-based Retama Trace Apartments LLC.

May 21, 2019

Acquisitions Retail Texas

STRIVE Arranges Sale of 6,500 SF Shopping Center in Jonestown, Texas

by Taylor Williams May 21, 2019

JONESTOWN, TEXAS — Dallas-based investment brokerage firm STRIVE has arranged the sale of Jonestown Center, a 6,500-square-foot retail property located on the outskirts of Austin. James Anderson of STRIVE represented the seller and worked with an outside broker to procure the buyer. Both parties were locally based investors. The population within a 10-mile radius of Jonestown Center has grown by 25 percent since 2010. The area also has an average household income of nearly $120,000.

May 21, 2019

Acquisitions California Multifamily Western

Tower 16 Capital Partners Buys 352-Unit Multifamily Project in California for $63M

by Amy Works May 21, 2019

COLTON, CALIF. — San Diego-based Tower 16 Capital Partners has acquired The District at Grand Terrace, a multifamily community located at 1315 S. Meadow Lane in Colton. FPA Multifamily sold the asset for $63 million in an off-market transaction. The District at Grand Terrace features 352 units in a mix of one-, two- and three-bedroom layouts with covered parking and private balconies or patios, four pools, a fitness center, two laundry facilities, two playgrounds and a leasing office. The buyer will oversee renovations and upgrades to the property, including new outdoor amenities, an upgraded leasing office and interior renovations. Alliance Residential will take over as property manager. Tyler Martin, Alex Garcia and Chris Zorbas of Institutional Property Advisors, a division of Marcus & Millichap, represented the buyer and seller in the deal. Scott Peterson and Bill Chiles of CBRE’s Capital Markets team in San Diego handled placement of the financing on behalf of Tower 16.

May 21, 2019

Acquisitions California Multifamily Western

Levin Johnston Brokers $25.5M Sale of Pacific Gardens Apartment Community in San Mateo, California

by Amy Works May 21, 2019

SAN MATEO, CALIF. — Levin Johnston of Marcus & Millichap has arranged the sale of Pacific Gardens, a townhome-style apartment community in San Mateo. Located at 25 McAker Court and constructed in 1993, Pacific Gardens features 38 two-story townhouse units with two bedrooms and 2.5 bathrooms, as well as in-unit washers/dryers, private patios, fireplaces, underground parking and individual storage. Adam Levin and Robert Johnston of Levin Johnston represented the undisclosed buyer and seller in the deal.

May 21, 2019

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