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Acquisitions

AcquisitionsFloridaOfficeSoutheast

Cushman & Wakefield Arranges $48.5M Sale of Office Building in Metro Orlando

by Alex Tostado

MAITLAND, FLA. — Cushman & Wakefield has arranged the $48.5 million sale of Maitland Promenade One, a 230,371-square-foot office building in Maitland. KBS purchased the asset, which is situated within Maitland Center, an office park with eight Class A office buildings. KBS already owns Maitland Promenade Two. Maitland Promenade One is located about 10 miles north of downtown Orlando and was 98.1 percent leased at the time of sale to tenants including Allstate, Spectrum Communications, Adventist Health and Taylor Morrison. Michael Lerner, Mike Davis, Rick Brugge and Rick Colon of Cushman & Wakefield represented the seller, Boston-based TA Realty, a private real estate investment firm, in the transaction.

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AcquisitionsMultifamilySoutheastTennessee

Woodyard Realty Brokers $6.8M Sale of Multifamily Complex in Memphis

by Alex Tostado

MEMPHIS, TENN. — Woodyard Realty Corp. has arranged the $6.8 million sale of Lakeville Townhomes, a 228-unit apartment community in Memphis. The asset was originally built in 1975, and in 2007, the undisclosed seller repositioned it as part of a condo-grade overhaul. The undisclosed New York-based buyer is planning further renovations. The property is situated about two miles from Memphis International Airport, and was 96 percent occupied at the time of the transaction. Lea Heilig of Woodyard Realty represented the buyer and seller in the transaction.

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Residence-Inn-Anaheim-CA
AcquisitionsCaliforniaHospitalityWestern

Pacifica Hotels Acquires 128-Room Residence Inn by Marriott in Orange County for $25.5M

by Amy Works

ANAHEIM, CALIF. — Pacifica Hotels has purchased Residence Inn by Marriott Anaheim Hills Yorba Linda, an extended-stay hotel located at 125 S. Festival Drive in Anaheim. An institutional seller sold the property for $25.5 million. Completed in 2002, the Residence Inn by Marriott comprises one common area building and two guest-room buildings. The 128-unit hotel features a meeting room, complimentary breakfast, evening social event, outdoor terrace with built-in grill, outdoor swimming pool, fitness center and business center. Scott Hall, Tony Malk, Aaron Lapping and Blake Malecha of HFF represented the seller in the deal.

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8470-W-Charleston-Blvd-Las-Vegas-CA
AcquisitionsIndustrialNevadaSelf-StorageWestern

US Storage Centers Buys 1,269-Unit Self-Storage Facility in Las Vegas

by Amy Works

LAS VEGAS — US Storage Centers has purchased a self-storage facility located at 8470 W. Charleston Blvd. in Las Vegas. Durango Mini Storage & Charleston Mini Storage sold the property for an undisclosed price. The 177,955-square-foot property features 1,269 self-storage units, video monitoring, gated access and RV/boat/auto storage. US Storage Centers, which was self-represented in the acquisition, currently owns and operates five self-storage facilities in the Las Vegas area.

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AcquisitionsFloridaMultifamilySoutheast

Carter Multifamily Acquires Apartment Complex in Tallahassee for $41.8M

by Alex Tostado

TALLAHASSEE, FLA. — Carter Multifamily has acquired Polos on Park, a 440-unit apartment community in Tallahassee, for $41.8 million. Built in 1999, the complex is situated at 2626 E. Park Ave., about four miles east of downtown Tallahassee. The property comprises 21 two- and three-story residential buildings, nine garage structures and an amenity building. Carter Multifamily is planning a series of renovations and will rebrand the community as 2626 Park. Planned renovations include updating residential interiors, the pool, clubhouse and recreational areas. The company also plans to add a dog park, fitness center and outdoor gathering areas. The seller was not disclosed.

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AcquisitionsFloridaIndustrialSoutheast

Geneva Group, Genet Property Purchase Industrial Park in Tampa

by Alex Tostado

TAMPA, FLA. — Geneva Group and Genet Property Group have purchased Executive Industrial Park, a seven-building campus on 15 acres in Tampa’s Westshore industrial submarket. The 201,620-square-foot property was 94 percent leased at the time of the sale and is situated about six miles from Tampa International Airport. Rick Brugge, Mike Davis and Michael Lerner of Cushman & Wakefield represented the undisclosed seller in the transaction. The sales price was not disclosed.

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Westmount-at-the-Colonnade-Grand-Prairie-Texas
AcquisitionsMultifamilyTexas

Westmount Realty Capital Sells 192-Unit Apartment Community in Metro Dallas

by Taylor Williams

GRAND PRAIRIE, TEXAS — Dallas-based Westmount Realty Capital has sold Westmount at the Colonnade, a 192-unit multifamily community in Grand Prairie, roughly midway between Dallas and Fort Worth. Built in 2001, the Class A property features one-, two- and three-bedroom units ranging in size from 772 to 1,258 square feet. Amenities include a pool, media and business center and a fitness center. Westmount acquired the property in 2015 and implemented $1.4 million in capital improvements. The buyer was not disclosed.

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AcquisitionsGeorgiaMultifamilySoutheastStudent Housing

Zargo Invest Acquires Student Housing Community Near University of Georgia for $8.4M

by Alex Tostado

ATHENS, GA. — Zargo Invest has acquired Farmer’s Exchange, a 121-bed student housing community located near the University of Georgia campus in Athens, for $8.4 million. The name of the seller was undisclosed. Zargo plans to invest $1 million in renovations, including interior and exterior painting, installation of smart security systems in units, a new business center and lounge and new security cameras. CollegeTown Properties has been tapped to manage the community. A renovation timeline has yet to be announced.

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AcquisitionsKentuckyRetailSoutheast

SRS Arranges $3.5M Sale of Retail Center in Suburban Louisville

by Alex Tostado

CRESTWOOD, KY. — SRS Real Estate Partners has arranged the $3.5 million sale of Crestwood Crossing, a 19,129-square-foot retail center in Crestwood, about 19 miles west of Louisville.  Matthew Mousavi, Patrick Luther and Chris Edwards of SRS represented the seller, a local developer, in the transaction. The property was 94 percent leased at the time of the sale to a mix of fitness, dental, service-oriented and restaurant tenants. The Ohio-based buyer bought the center that was built in 2007.

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Albertsons-Arlington
AcquisitionsRetailTexas

JLL Negotiates Sale of 63,124 SF Retail Property Leased to Albertsons in Arlington

by Taylor Williams

ARLINGTON, TEXAS — JLL has negotiated the sale of a 63,124-square-foot retail property leased to Albertsons and located at 6620 Highway 287 Frontage Road in Arlington. The sale includes the 6.4 acres on which the single-tenant property is situated. Matthew Berres and Caroline Binning of JLL marketed the property on behalf of the undisclosed seller. The buyer was also undisclosed.

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