Acquisitions

Walker & Dunlop Negotiates $80M Sale of Apartment Complex in Sarasota, Florida

by Alex Tostado May 6, 2019

SARASOTA, FLA. — Walker & Dunlop has arranged the $80 million sale of The DeSota, a 180-unit apartment complex in Sarasota. The property includes 15,000 square feet of retail space, as well as amenities such as a swimming pool, outdoor kitchen, clubroom, bike storage, amenity deck, health center and a fitness center. The seller was Atlanta-based Carter, which also developed the property. Brian Moulder of Walker & Dunlop arranged the transaction on behalf of the buyer, Bluerock Residential, and seller.

May 6, 2019

Acquisitions Maryland Multifamily Southeast

HFF Brokers Sale of 366-Unit Apartment Community Near D.C.

by Alex Tostado May 6, 2019

ROCKVILLE, MD. — HFF has arranged the sale of Hanover Shady Grove, a 366-unit apartment complex in Rockville. The five-story building was completed in 2016 and offers studio, one-, two- and three-bedroom floor plans averaging 970 square feet. Community amenities include a swimming pool, outdoor grilling areas, 24-hour fitness center, private media room, conference room and a catering kitchen. The property was 95 percent occupied at the time of sale. The property is situated at 9305 Corporate Blvd., 24 miles north of downtown Washington, D.C. Walter Coker and Brian Crivella of HFF and Stephen Conley, a private real estate agent based in Maryland, represented both the sellers, Hanover Co. and Berkshire Residential Investments, and the buyer, Equity Residential. The sales price was not disclosed.

May 6, 2019

Acquisitions Connecticut Northeast Retail

SRS Brokers $2.6M Sale of Single-Tenant Retail Asset in Torrington, Connecticut

by Taylor Williams May 6, 2019

TORRINGTON, CONN. — Dallas-based SRS Real Estate Partners has brokered the $2.6 million sale of a single-tenant retail property that is net leased to AFC Urgent Care in Torrington, Connecticut, located west of Hartford. The tenant’s lease term is 15 years. Britt Raymond and Kyle Fant of SRS represented the Connecticut-based seller, which completed construction of the property earlier this year. Terri Frohnmayer of First Commercial Oregon represented the Oregon-based buyer, which acquired the asset via a 1031 exchange.

May 6, 2019

Acquisitions Arizona Healthcare Western

JLL Capital Markets Arranges Sale of Thunderbird Wellness Centre in Peoria, Arizona

by Amy Works May 6, 2019

PEORIA, ARIZ. — JLL Healthcare Capital Markets Group has brokered the sale of Thunderbird Wellness Centre in Peoria. A joint venture between developer/owner MedProperties Group and Virtus Real Estate Capital sold the property to Chicago-based MBRE Healthcare for an undisclosed price. A USPI-affiliated ambulatory surgery center anchors the four-building, 56,190-square-foot, Class A medical office and specialty retail asset. At the time of sale, the property was fully occupied. Daniel Turley of JLL Healthcare Capital Markets Group advised the seller in the deal.

May 6, 2019

Acquisitions Colorado Multifamily Western

Marcus & Millichap Negotiates $5.2M Apartment Building Acquisition in Colorado

by Amy Works May 6, 2019

WESTMINSTER, COLO. — Marcus & Millichap has facilitated the purchase of Bradburn Gardens, a 44-unit apartment building located at 7545 Bradburn Blvd. in Westminster. A private investor acquired the property for $5.2 million. Clayton Primm of Marcus & Millichap’s Denver office represented the buyer in the deal. Built in 1973 and situated on 1.5 acres, the building features 12 one-bedroom units, 31 two-bedroom apartments and one three-bedroom unit.

May 6, 2019

Acquisitions Net Lease Restaurant Retail Utah Western

FCPT Acquires Three Restaurant Properties in Utah for $4.9M

by Amy Works May 6, 2019

LOGAN, UTAH — Four Corners Property Trust (FCPT) has purchased three restaurant outparcel properties located adjacent to a mall in Logan. The aggregate acquisition price was $4.9 million. The name of the seller was not released. The properties are a Texas Roadhouse, Olive Garden and Arby’s, and each property is leased to corporate operators under triple-net leases with approximately seven years of weighted average term remaining.

May 6, 2019

Acquisitions Colorado Retail Western

Newmark Knight Frank Brokers $1.3M Sale of Retail Property Near Denver

by Amy Works May 6, 2019

LAKEWOOD, COLO. — Newmark Knight Frank Colorado has arranged the sale of a retail property located at 1460 S. Wadsworth Blvd. in Lakewood. Wild Diversified LLC acquired the property from John Schmalz for $1.3 million. The property features 9,600 square feet of retail space. Steven Fletcher of Newmark Knight Frank Colorado represented the seller. Land Title Guarantee Co. and Colliers Bennett & Kahnweiler also participated in the transaction.

May 6, 2019

Acquisitions Multifamily Texas

AvalonBay Sells 474-Unit Houston Apartment Community for $98M

by Taylor Williams May 6, 2019

HOUSTON — AvalonBay Communities (NYSE: AVB), a Virginia-based multifamily REIT, has sold Archstone Toscano, a 474-unit multifamily community in Houston, for $98 million. The company announced the deal in its first-quarter earnings report. Built in 2013, the community offers one-, two- and three-bedroom units ranging in size from 642 to 1,745 square feet and offering stainless steel appliances, walk-in closets and individual washers and dryers. Amenities include a resort-style pool with a sundeck, fitness center, business center, outdoor grilling areas, access to hiking and jogging trails and a clubroom with a TV and coffee bar. The buyer was not disclosed.

May 6, 2019

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 735-Unit Self-Storage Facility in Corsicana, Texas

by Taylor Williams May 6, 2019

CORSICANA, TEXAS — Karr Self-Storage, a division of Marcus & Millichap, has brokered the sale of Mini-West Storage, a 735-unit facility located in Corsicana, about 60 miles south of Dallas. Built in stages between 1986 and 2016, the property comprises 192 climate-controlled units and 543 non-climate-controlled, drive-up units totaling 81,050 net rentable square feet. Additional features include property-wide surveillance cameras, perimeter fencing and lighting and the capacity for future expansion. Brandon Karr and Danny Cunningham of Karr Self-Storage represented the seller, a private investor, and procured the buyer, a Colorado-based owner-operator. The sale included two adjacent parcels, one of which houses a self-service car wash. The sales price was not disclosed.

May 6, 2019

Acquisitions Industrial Self-Storage Texas

SBI Negotiates $3.5M Sale of Self-Storage Facility in Metro Dallas

by Taylor Williams May 6, 2019

ROWLETT, TEXAS — Southeastern Business Intermediaries (SBI), an Atlanta-based self-storage brokerage firm, has negotiated the sale of Long Horn Self Storage, a 345-unit facility located in the eastern Dallas suburb of Rowlett. The sales price was approximately $3.5 million. SBI represented the buyer, a national self-storage investment and management firm, in the transaction. Craig Rice of CSD Realty Co. represented the undisclosed seller.

May 6, 2019

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