FORT WORTH, TEXAS — Industrial Realty Group (IRG) has acquired a 364,667-square-foot manufacturing and distribution facility in Fort Worth. The address of the property was not disclosed, but the site spans 10.4 acres and houses three buildings that were formerly owned by industrial equipment supplier S&B Technical Products, which will lease back a portion of the space. Lee & Associates is marketing the remainder of the space for lease. The new ownership plans to implement capital improvements to the property.
NEW YORK CITY — Marcus & Millichap has brokered the sale of a portfolio of six multifamily buildings totaling 56 units in Manhattan’s East Village area. The portfolio features units with floor plans that range from one to six bedrooms, with 70 percent of the residences rented at market rates, as well as commercial spaces. Joe Koicim, Logan Markley, Matt Berger and Zan Colin represented the seller, Kushner Cos., in the transaction. The team also procured the buyer, a partnership between Edifice Real Estate Partners, Holliswood Development and JSB Capital Group.
MANSFIELD CENTER, CONN. — The Kislak Co., a New Jersey-based brokerage firm, has negotiated the $12 million sale of East Brook Mall in Mansfield Center, located east of Hartford. Built in 1975 and renovated in 2005, the property totals 275,239 square feet and comprises an enclosed mall as well as open-air retail space and pad sites. Old Navy, Kohl’s, T.J. Maxx and Michaels are the anchor tenants. Barry Waisbrod of Kislak and Andrew Knight of New England Commercial Brokerage represented the seller, America’s Realty, in the transaction.
DORAL, FLA. — An affiliate of The Easton Group has acquired a single-tenant department store and adjacent parking lot in the Miami suburb of Doral for $12 million. Situated on a 10-acre site within Miami International Mall, the property totals 150,108 square feet of big box retail space. JCPenney currently occupies the building. Edward Easton, CEO and chairman of Easton Group, says that the company will keep JCPenney in place “as long as the rent payments remain current.”
ANNAPOLIS, MD. — Berkadia’s Seniors Housing & Healthcare team has brokered the sale of Gardens of Annapolis, a 106-unit active adult community. A joint venture between Corten Real Estate and Real Asset Industries purchased the property from Crow Holdings, a Texas-based real estate investment and development firm. Cody Tremper, Dave Fasano, Ross Sanders and Mike Garbers of Berkadia Seniors Housing & Healthcare represented Crow Holdings in the transaction. Berkadia also provided $17.4 million in Fannie Mae acquisition financing on behalf of the buyer. The seven-year, fixed-rate acquisition loan features both an attractive interest rate and interest-only period, according to Berkadia. Austin Sacco, Steve Muth and Alec Rosenfeld of Berkadia originated the acquisition financing. Built in 2002, Gardens of Annapolis is located near historic downtown Annapolis and the U.S. Naval Academy. The property features a mix of 42 one-bedroom, one-bathroom units; 23 two-bedroom, one-bathroom units; and 41 two-bedroom, two-bathroom units.
MEMPHIS, TENN. — Marcus & Millichap’s Taylor McMinn Retail Group in Atlanta has brokered the sale of a newly built restaurant in a southern suburb of Memphis. Whataburger occupies the 3,318-square-foot property on a 14-year, corporate-guaranteed ground lease with rent increases in the initial term and extension options. The restaurant serves as an outparcel to a Walmart Supercenter. Don McMinn of Taylor McMinn represented the seller, a Tennessee-based firm that is a preferred development partner of the Whataburger brand, in the transaction. The buyer was an all-cash investor from California that purchased the restaurant for an undisclosed price in a 1031 exchange. “You can’t underestimate the importance in the relationship between price point and cap rates in today’s market,” says McMinn. “Lower price point deals will get significantly more activity and trade more aggressively.”
COLUMBIA, MO. — A joint venture between The Preiss Co. and a private equity real estate fund advised by Crow Holdings Capital has acquired Elevate 231, a 972-bed student housing community located near the University of Missouri campus in Columbia. The development, which has been rebranded The Collective at Columbia, offers 318 cottage-style units in two- through four-bedroom configurations. Shared amenities at the 50-acre property include a newly renovated clubhouse, resort-style swimming pool, dog park, sand volleyball court and outdoor grilling and cornhole areas. The community was fully occupied at the time of sale. The new ownership plans to launch a comprehensive interior renovation for approximately half of the units imminently. Upgrades will include the installation of new cabinets, countertops, lighting and flooring, as well as the addition of modern furniture packages and smart home technology. Ben Roelke and Ian Walker of Newmark arranged $47.5 million in acquisition financing. An undisclosed life insurance company provided the five-year loan, which features a fixed interest rate of 5.56 percent and interest-only payments for the full term. Aspen Square Management was the seller.
CHICAGO — Southern California-based private equity firm IRA Capital has acquired a 41,500-square-foot medical outpatient facility in Chicago’s South Loop. The purchase price was $21.8 million, according to Crain’s Chicago Business. Located at 1411 S. Michigan Ave., the facility occupies five floors of a 15-story building and is fully leased to Rush University Medical Center. Constructed in 2018 as a build-to-suit for Rush, the facility is one of the healthcare provider’s largest outpatient centers, offering both adult and pediatric primary care as well as more than 20 medical specialties. The multispecialty clinic includes 61 exam and procedure rooms and is supported by a team of over 60 physicians.
HARRISONVILLE, MO. — STRIVE has brokered the sale of Harrisonville Crossing, a 45,260-square-foot retail center in Harrisonville, a southern suburb of Kansas City. The sales price was undisclosed. The property, located off Route 291, is 82 percent leased. Hudson Lambert of STRIVE represented the seller, a California-based investor, and procured the buyer, a Pennsylvnia-based investor.
BOTHELL, WASH. — LaSalle Investment Management has completed the disposition of Stonemeadow Farms, an apartment community in Bothell, a suburb of Seattle. An undisclosed buyer acquired the asset for $93.1 million. Situated on 29 acres at 23028 27th Ave. SE, Stonemeadow Farms offers 280 apartments spread across 20 residential buildings. Originally constructed in 1999, the garden-style property underwent renovations from 2014 to 2018. Each apartment features private balconies, wood-style flooring, deep soaker-style bathtubs, stainless steel appliances, Shaker-style cabinets, mosaic and subway tile backsplashes, black quartz countertops and undermount kitchen sinks. Community amenities include a 24-hour fitness center, clubhouse with a kitchen and lounge, resort-style pool and an outdoor terrace with firepits and barbecue areas. David Young, Corey Marx and Chris Ross of JLL Capital Markets Investment and Sales Advisory represented the seller in the deal. JLL also represented the buyer in the transaction.