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Acquisitions

Loma-Clara-Morgan-Hill-CA
AcquisitionsCaliforniaMultifamilySeniors HousingWestern

Steadfast Senior Living Sells 67-Unit Community in Morgan Hill, California 

by Amy Works

MORGAN HILL, CALIF. — Steadfast Senior Living has sold Loma Clara, a 67-unit seniors housing community located in Morgan Hill, for an undisclosed price. LTC REIT was the buyer.  Completed in 2018, Loma Clara features 42 assisted living units and 25 memory care units. The property was roughly 92 percent occupied at the time of sale. Units total 529 square feet on average. Amenities at the community include a theater, fitness center, activity and game rooms, a library, outdoor courtyard, physical therapy space and bistro. Discovery Management will continue to operate the property.  Aaron Rosenzweig and Dan Baker of JLL arranged the sale on behalf of the seller. 

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Glencrest-Apts-Anaheim-CA
AcquisitionsCaliforniaMultifamilyWestern

Marcus & Millichap Brokers Sale of 31-Unit Glencrest Apartments in Anaheim, California

by Amy Works

ANAHEIM, CALIF. — Marcus & Millichap has arranged the sale of Glencrest Apartments, a multifamily property in Anaheim. A local family sold the asset to a limited liability company for $7.6 million. Glencrest Apartments offers 31 apartments, a swimming pool, two onsite laundry facilities and ample garage parking. Drew Holden, Nick Kazemi and Tyler Leeson of The Leeson Group of Marcus & Millichap represented the seller, while Christian Tait procured the buyer in the deal.

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AcquisitionsKansasMidwestRetail

Marcus & Millichap Brokers $3.4M Sale of Retail Strip Center in Hutchinson, Kansas

by Kristin Harlow

HUTCHINSON, KAN. — Marcus & Millichap has brokered the $3.4 million sale of a four-suite retail strip center in Hutchinson within central Kansas. The sale of the property at 401 E. 4th Ave. also included a Dillon’s Fuel Station ground lease. Built in 1968, the 50,420-square-foot asset is leased to Planet Fitness, Dollar Tree and Dillon’s. Mark Ruble, Chris Lind, Zack House and Colby Haugness of Marcus & Millichap represented the seller, a Kansas-based limited liability company.  

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AcquisitionsRetailTexas

JLL Negotiates Sale of 110,000 SF Shopping Center in Lufkin, Texas

by Taylor Williams

LUFKIN, TEXAS — JLL has negotiated the sale of Southloop Crossing, a shopping center in Lufkin, about 120 miles north of Houston. According to a property flyer from the seller, Ball Ventures, and Bridgepoint Real Estate, Southloop Crossing totals roughly 110,000 square feet. The property traded as part of a portfolio deal that included a retail center in Killeen, as well as two other shopping centers in Arkansas. The buyer was Chase Properties. Adam Howells, Barry Brown Erin Lazarus of JLL represented Ball Ventures, in the transaction. Deborah Johnson of JLL assisted in closing the deal as the broker of record.

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AcquisitionsDelawareMultifamilyNortheast

NAI Emory Hill Brokers Sale of 88-Unit Apartment Building in Wilmington, Delaware

by Taylor Williams

WILMINGTON, DEL. — NAI Emory Hill has brokered the sale of Lancashire Apartments, an 88-unit multifamily building located on the north side of Wilmington. The property offers a mix of studio, one- and two-bedroom units that range in size from 312 to 733 square feet. Kyle McLaughlin and Rich Dudek of NAI Emory Hill represented the undisclosed seller in the transaction. Tommy Ciccarone Jr. of Bennett Williams Commercial represented the buyer, Berger Communities, which has rebranded the property as Larkwood Place Apartments.

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AcquisitionsMultifamilyNew JerseyNortheast

Kislak Negotiates $6.3M Sale of Apartment Complex in East Orange, New Jersey

by Taylor Williams

EAST ORANGE, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated a $6.3 million sale of Arlington Court Apartments, a 53-unit multifamily complex in East Orange, located in Northern New Jersey. The three-building property offers 10 studios, 23 one-bedroom units and 20 two-bedroom units. Joni Sweetwood of Kislak represented the seller and procured the buyer, both of which were limited liability companies, in the transaction.

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AcquisitionsIndustrialSoutheastTennessee

Local Investment Group Buys 47-Acre Scrapyard Site in Nashville’s East Bank Area

by Abby Cox

NASHVILLE, TENN. — A group of Tennessee-based investors doing business as TEB LLC, which was organized by ARRT Global’s SRE investment fund I, has acquired a 47-acre scrapyard site in Nashville’s East Bank region. The purchase price was $245 million, according to several media outlets. David Byerley and Sam Lingo of ARRT Global led TEB LLC in the transaction, while Bryan Fort, Frank Thomasson and Ryan Coulter of CBRE represented the seller, Icahn Enterprises. The scrapyard site fronts the Cumberland River and ranks among one of the largest land purchases in Nashville history, falling slightly below Oracle Corp.’s $253.7 million purchase in 2021 for more than 65 acres of East Bank land for its future campus, as reported by the Nashville Business Journal.  SA Recycling has managed the site since its acquisition of PSC Metals in 2021. The scrapyard has primarily been used for metal recycling since the early 1960s. Plans for the redevelopment have not been disclosed.

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Towne Center at Cedar Lodge
AcquisitionsLouisianaRetailSoutheast

DLC, DRA Advisors Acquire Whole Foods-Anchored Shopping Center in Baton Rouge for $81M

by Abby Cox

BATON ROUGE, LA. — A partnership between New York-based companies DLC and DRA Advisors has acquired Towne Center at Cedar Lodge, a 316,031-square-foot shopping center located near the Louisiana State University (LSU) campus in Baton Rouge. The purchase price was $81 million, according to the Baton Rouge Advocate. The seller was undisclosed. Whole Foods Market anchors the property, which was 93 percent leased at the time of sale. Other tenants include Barnes & Noble, Nike, Gap and Ulta Beauty.

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730 4th St. N.
AcquisitionsFloridaRetailSoutheast

SRS Real Estate Arranges $7.3M Sale of a Multi-Tenant Retail Property in St. Petersburg, Florida

by Abby Cox

ST. PETERSBURG, FLA. — SRS Real Estate Partners has arranged the $7.3 million sale of a two-parcel, multi-tenant retail strip center located at 730 4th St. N in St. Petersburg. Built in 2009, the property totals 10,802 square feet and was fully leased to a mix of tenants including Foxtail Coffee, The UPS Store, Jimmy John’s, Chipotle Mexican Grill and Verizon Wireless at the time of sale. Patrick Nutt and William Wamble of SRS Capital Markets represented the seller, a Tampa-based investment group, in the transaction. The buyer was a national fund that targets multi-tenant retail properties. Both parties requested anonymity.

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790-E-Colorado-Blvd-Pasadena-CA
AcquisitionsCaliforniaOfficeWestern

Swift Real Estate Partners Sells 146,000 SF Office Building in Pasadena, California

by Amy Works

PASADENA, CALIF. — Swift Real Estate Partners has completed the sale of 790 East Colorado Boulevard, an office property in Pasadena, to Arash Danialifar of GD Realty for an undisclosed price. Originally built in the 1980s, 790 East Colorado Boulevard features 146,000 square feet of office space. The property offers operable windows and balconies, furnished outdoor terraces, a fitness center, covered parking, 24/7 security and a conference facility with board room, training room and full-service kitchen. The nine-story, LEED-Gold certified building is currently 70 percent leased. Andrew Harper, Jeff Bramson, Will Poulsen and Jacob Malloy of JLL represented the seller, while Omid Broukhim of Barak Investors Group represented the buyer in the deal.

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