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Acquisitions

AcquisitionsNew JerseyNortheastOffice

Cushman & Wakefield Brokers Sale of 271,988 SF Office Tower in New Jersey

by David Cohen

ISELIN, N.J. — Cushman & Wakefield has brokered the sale of a 271,988-square-foot office tower in Iselin. The sales price was undisclosed. Located at 99 Wood Ave., the property features a recently renovated full-service cafeteria, fitness center with locker rooms and a three-story parking structure. At the time of sale, the property was 84 percent leased to a roster of tenants that includes Citibank, Wells Fargo, Ernst & Young and Cushman & Wakefield. Andrew Merin, Gary Gabriel, David Bernhaut, Kyle Schmidt and Kubby Tischler of Cushman & Wakefield represented the seller, a private real estate investment firm, in the transaction. The buyer was Mack-Cali Realty. 

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AcquisitionsConnecticutMultifamilyNortheast

Clairmont Group Acquires 164-Unit Apartment Complex in Connecticut for $24M

by David Cohen

AVON, CONN. — The Clairmont Group has acquired Avon Place Apartments, a 164-unit apartment community in Avon for $24 million. Located at 46 Avonwood road, the 45-year-old property consists of three buildings and a clubhouse. The Clairmont Group secured financing for the acquisition through private equity firm RealtyMogul. Matt Schneid of Cole Scholz P.C. served as legal advisor on the transaction. The seller was undisclosed. 

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AcquisitionsHospitalityNew JerseyNortheast

HREC Negotiates Sale of Best Western Hotel Portfolio in New Jersey

by David Cohen

MORRISTOWN, WESTFIELD AND MURRAY HILL, N.J. — HREC has negotiated the sale of a three-property hotel portfolio in New Jersey. The sales price was undisclosed. The properties include the 60-room Best Western Plus Morristown, the 40-room Best Western Westfield, and the 76-room Best Western Plus Murray Hill. Mike Cahill and Ketan Patel of HREC represented the seller, Boyle Hotels, in the transaction. The buyer was undisclosed. 

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AcquisitionsDevelopmentNew YorkNortheastOfficeRetail

Marcus & Millichap Arranges $1.1M Sale of Two Development Sites in New York

by David Cohen

MIDDLETOWN, N.Y. — Marcus & Millichap has arranged the $1.1 million sale of two, one-acre pad sites at Middletown Commons, a retail center in Middletown. Located at 193 Dolson Ave., the properties have 235 feet of street frontage and are zoned for a variety of permitted uses, including retail and office. Alan Cafiero, Ben Sgambati, John Moroz and Matt Leszyk of Marcus & Millichap’s New Jersey office represented the seller, a limited liability company, in the transaction. The buyer was also a limited liability company. 

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H-E-B-Crossing-San-Antonio
AcquisitionsRetailTexas

Rainier Realty Purchases 150,582 SF Retail Power Center in San Antonio

by Taylor Williams

SAN ANTONIO — Dallas-based Rainier Realty Investments LP has purchased HEB Crossing, a 150,582-square-foot retail power center in northwest San Antonio. Shadow-anchored by a 182,000-square-foot H-E-B grocery store, the property was fully leased at the time of sale to anchor tenants Conn’s HomePlus and Academy Sports + Outdoors, as well as smaller users like Starbucks, Chase Bank and H&R Block. Rainier acquired the asset via a joint venture with an affiliate of Continuum Investments LLC. The seller was not disclosed. Metropolitan Capital Advisors arranged acquisition financing for the transaction.

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Meadows-at-Ferguson-Dallas
AcquisitionsAffordable HousingMultifamilyTexas

Greysteel Arranges Sale of 264-Unit Affordable Housing Property in Dallas

by Taylor Williams

DALLAS — Greysteel has arranged the sale of Meadows at Ferguson, a 264-unit affordable housing property in northeast Dallas. The garden-style community was built in 1983 and features one, two- and three-bedroom units averaging 723 square feet per unit. Communal amenities include two pools, a business center, picnic area,  a playground and onsite laundry services. Doug Banerjee, Boyan Radic, Andrew Mueller, Daniel Hartnett and Scott Simon of Greysteel represented the seller in the transaction and arranged acquisition financing for the buyer. Both parties requested anonymity.

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Sierra-Ridge-Apartments-San-Antonio
AcquisitionsMultifamilyTexas

Sterling Real Estate Acquires 230-Unit Apartment Community in San Antonio

by Taylor Williams

SAN ANTONIO — Sterling Real Estate Partners, which has offices in Scottsdale and Los Angeles, has acquired Sierra Ridge Apartments, a 230-unit multifamily community in San Antonio. The property was built in 1981 and was 94 percent occupied at the time of sale. The new ownership plans to upgrade the property’s unit interiors and amenity spaces, which include a pool, resident clubhouse and an outdoor grilling area. The seller was not disclosed. Walker & Dunlop provided an undisclosed amount of acquisition financing for the deal.

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AcquisitionsIndustrialTexas

Blue Road Investments Buys 80,000 SF Distribution Facility in El Paso

by Taylor Williams

EL PASO, TEXAS — Blue Road Investments LLC, a newly formed industrial real estate firm based in Dallas, has purchased an 80,000-square-foot distribution facility located at 9494 Escobar Drive in El Paso. The property, which represents Blue Road’s first acquisition, was 100 percent leased at the time of sale to Siemens and Forward Air. Will Brown and Adin Brown, SIOR designees with El Paso-based Sonny Brown Associates LLC, brokered the transaction and will handle leasing and management of the facility. The seller was not disclosed.

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AcquisitionsMarylandMultifamilySoutheast

Joint Venture Acquires Apartment Community in Metro D.C. for $42.6M

by Alex Tostado

HYATTSVILLE, MD. — The Donaldson Group, Declaration Capital and Angelo Gordon & Co. have acquired Plaza Tower Apartments, a 288-unit apartment community in Hyattsville, for $42.6 million. Plans to upgrade the property include adding a new leasing center, as well as upgrading common areas, building exteriors and interior amenities. Work on the upgrades is expected to start in late spring. The property is situated at 6700 Belcrest Road, about one mile south of the University of Maryland and about eight miles northeast of downtown Washington, D.C.

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AcquisitionsMultifamilySoutheastVirginia

Blackfin, GMF Capital Purchase 600-Unit Apartment Complex in Virginia Beach

by Alex Tostado

VIRGINIA BEACH, VA. — Blackfin Real Estate Investors and GMF Capital LLC have purchased Baker Crossing, a 75-building, 600-unit apartment complex in Virginia Beach. Amenities at Baker Crossing include a clubhouse, swimming pool, sundeck, grilling area, fitness center, playground, basketball court and a racquetball court. As part of the transaction, the buyers assumed an agency loan originated by Newmark Knight Frank. The sales price and seller were not disclosed.

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