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Acquisitions

AcquisitionsNortheastPennsylvania

NKF Negotiates $108M Sale of Office Tower in Conshohocken, Pennsylvania

by David Cohen

CONSHOHOCKEN, PA. — Newmark Knight Frank has negotiated the $108 million sale of Eight Tower Bridge, a 16-story, 346,659-square-foot office tower in Conshohocken. The property features a tenant roster that includes Marsh & McLennan Cos., Allied Universal, Penn Mutual, AMG Funds and Airgas. Edward Maher, Matthew Pullen and James Tribble of NKF represented the seller, Barings, in the transaction. The buyer was American Real Estate Partners. The property also includes a seven-level, 1,200-space parking garage.

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AcquisitionsNew YorkNortheast

Marcus & Millichap Orchestrates $6.8M Sale of Mixed-Use Building in Manhattan

by David Cohen

NEW YORK CITY — Marcus & Millichap has brokered the sale of a six-story mixed-use building in Manhattan for $6.8 million. Located at 1469 Saint Nicholas Ave., the 22,008-square-foot property contains 23 apartments and three retail stores. Peter Von Der Ahe, Seth Glasser and Jacob Kahn of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was also a private investor.

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AcquisitionsConnecticutMultifamilyNortheast

IPA Brokers Sale of 339-Unit Multifamily Property in Groton, Connecticut

by David Cohen

GROTON, CONN. — Institutional Property Advisors has brokered the sale of The Ledges Apartment Homes, a 339-unit multifamily property in Groton. The sales price was undisclosed. The property was built in 2004 and comprises 14 buildings on nearly 30 acres. The average unit size is 1,034 square feet. Victor Nolletti and Eric Pentore of IPA represented the seller, B.A.G. Investments Inc., in the transaction. The buyer was Merion Realty Partners.  

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Canopy-Apts-Villa-Orlando-FL
AcquisitionsFloridaMultifamilySoutheast

Taurus Investment Acquires 296-Unit Multifamily Property in Orlando for $47.9M

by Amy Works

ORLANDO, FLA. — An affiliate of Boston-based Taurus Investment Holdings has purchased Canopy Apartment Villas, a multifamily property located at 5762 Folkstone Lane in Orlando. Robbins Property Associates and Philadelphia-based LEM Capital sold the asset to Taurus for $47.9 million, or $161,993 per unit. Berkadia arranged a $35.2 million loan for the acquisition of the property. Mitch Sinberg and Matthew Robbins of Berkadia’s Boca Raton, Fla., office arranged the 10-year, floating-rate loan with five years interest-only financing for the borrower. Fannie Mae provided the loan as part of its Green Rewards program. Developed in 1981, the property comprises 56 one- and two-story villa and townhome-style residential buildings featuring 296 units in a mix of one-, two- and three-bedroom units. The units have an average size of 1,090 square feet and an average market rent of $1,355. At the time of sale, the property was 96.3 percent occupied. All units at the property features private entries, fenced patios, ceramic tile flooring, modern maple cabinetry, washers and dryers, a wood-burning fireplace and two-inch mini-blinds. Select apartments have stainless steel appliances, 16-foot vaulted ceilings and California closets. Community amenities include two resort-style swimming pools with summer kitchens, a renovated clubhouse, cyber café, fitness …

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AcquisitionsLouisianaMultifamilySoutheast

Carter Multifamily Buys Apartment Community Near New Orleans for $28.6M

by Amy Works

SLIDELL, LA. — Carter Multifamily has acquired Pelican Pointe Apartments, a multifamily community located in Slidell, approximately 30 miles northeast of downtown New Orleans. An undisclosed seller sold the property for $28.6 million. Built in 2000, Pelican Pointe comprises 22 three-story residential buildings, a two-story clubhouse/office building and a maintenance building. The property features 266 units in a mix of one-, two- and three-bedroom layouts. Carter Multifamily plans to implement a renovation program to modernize the property. Renovations will include flooring, appliance and lighting updates in units, as well as upgrades to building exteriors and common areas. The buyer also plans to add a tech café, an outdoor kitchen with grills, bar seating by the pool, outdoor fitness trail, dog park and fire pits.

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AcquisitionsIndustrialSelf-StorageTexas

Strategic Storage Trust Acquires Self-Storage Portfolio Totaling 3,600 Units in Houston Area

by Taylor Williams

HOUSTON — Strategic Storage Trust IV, a self-storage REIT sponsored by SmartStop Asset Management LLC, has acquired a portfolio of six properties totaling approximately 3,600 units and recreation vehicle spaces in the greater Houston area. The properties were built between 2002 and 2007 and offer a total of roughly 483,000 net rentable square feet. Nick Walker, John Fenoglio and Trevor Roberts of CBRE represented the seller, Metro Mini Storage, in the transaction.

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AcquisitionsIllinoisIndustrialMidwest

Entre Arranges Sale of 65,000 SF Flex Office Building in McHenry, Illinois

by Kristin Harlow

MCHENRY, ILL. — Entre Commercial Realty LLC has arranged the sale of a 65,000-square-foot flex office building in McHenry for an undisclosed price. The property is located at 1391 Corporate Drive. Mike DeSerto and Dan Jones of Entre represented the undisclosed seller. The buyer, Papazyan Capital Group, plans to utilize a portion of the building for its own use while subdividing and leasing up other portions as small as 3,000 square feet.

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AcquisitionsMaineNortheastRetail

Marcus & Millichap Negotiates $6.4M Sale of Retail Center in Maine

by David Cohen

STANDISH, MAINE — Marcus & Millichap has negotiated the $6.4 million sale of Colonial Marketplace, a retail center in Standish. Located at 111 Ossipee Trail, the property is approximately 17 miles west of Portland. Preet Sabharwal, Zachary Weiss and Richard Dorfman of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was undisclosed. Hannaford Supermarket has anchored the retail center for more than 25 years.

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AcquisitionsIndustrialNew YorkNortheast

NKF Brokers Sale of 12,000 SF Industrial Facility in Ronkonkoma, New York

by David Cohen

RONKONKOMA, N.Y. — Newmark Knight Frank has brokered the sale of 16 Colt Court, a 12,000-square-foot industrial facility in Ronkonkoma. The sales price was undisclosed. Daniel Gazzola, Chuck Tabone and Keith Kito of NKF represented the seller, Colt Properties LLC, in the transaction. The buyer was 16 Colt Realty LLC. The property was formerly occupied by Link Control Systems Inc., a manufacturer of control devices for a range of complex and large mechanical devices for drawbridges.

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Brookfield-Apts-Virginia-Beach-VA
AcquisitionsMultifamilySoutheastVirginia

Besyata, Scharf Group Acquire 352-Unit Multifamily Community in Virginia Beach for $37.7M

by Amy Works

VIRGINIA BEACH, VA. — Besyata Investment Group and The Scharf Group have purchased Brookfield Apartment Homes, a multifamily property located at 1101 Craftsman Drive in Virginia Beach. Bonaventure Investment Group sold the property for $37.7 million. Constructed in the early 1970s, Brookfield comprises 44 two-story apartment buildings holding 352 units. The property includes two swimming pools, two community rooms and a tennis court. George Hankins and Victoria Pickett of CBRE|Hampton Roads teamed with William Roohan, Robert Dean III, Jonathan Greenberg, Yalda Ghamarian and Thomas Leachman of CBRE’s Multifamily Investment Properties team in Washington, D.C., to represent the seller in the transaction.

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