Acquisitions

SRS Arranges Sale of Walmart-Anchored Shopping Center Near Chattanooga

by Amy Works October 17, 2018

KIMBALL, TENN. — SRS Real Estate Partners’ Investment Properties Group has arranged the sale of Kimball Crossing, a 280,476-square-foot retail center located in Kimball, 29 miles outside Chattanooga. Evansville, Ind.-based Regency Properties acquired the center for an undisclosed price. Kyle Stonis and Pierce Mayson of SRS represented the seller, Brixmor Property Group, in the transaction. The center was 98 percent leased at the time of sale to tenants such as Walmart, Goody’s, Goodwill, Dollar Tree, Shoe Show Mega Store, Hibbett Sports, Cato, H&R Block, Cricket Wireless, Little Caesars Pizza, Verizon Wireless, Subway, GNC and GameStop.

October 17, 2018

Acquisitions New Mexico Retail Western

Compass Commercial Real Estate Brokers $2.7M Acquisition of Retail Building in Albuquerque

by Amy Works October 17, 2018

ALBUQUERQUE, N.M. — Compass Commercial Real Estate Services has arranged the sale of a retail building located in Albuquerque. An undisclosed buyer acquired the property for $2.7 million. Situated on 1.1 acres at 1720 Unser Blvd., the property features 4,500 square feet of retail space. Jay Lyons and Grant Schultz of Compass Commercial represented the buyer in the deal. The name of the seller was not released.

October 17, 2018

Acquisitions Multifamily Student Housing Texas

CBRE Brokers Sale of 1,005-Bed Student Housing Community Near Texas Tech University in Lubbock

by Taylor Williams October 17, 2018

LUBBOCK, TEXAS — CBRE has brokered the sale of Wildwood of Lubbock, a 1,005-bed student housing community serving Texas Tech University in Lubbock. Built in 2017, the 294-unit property is located less than two miles from campus and features a pool, fitness center, a study center and community green space. Jaclyn Fitts, William Vonderfecht and Casey Schaefer of CBRE represented the developer and seller, Georgia-based Dovetail Development, in the transaction. The buyer was a private real estate fund advised by Dallas-based Crow Holdings Capital-Real Estate. The sales price was not disclosed.

October 17, 2018

Acquisitions Midwest Office Wisconsin

R2 Cos. Purchases 253,022 SF Office Complex in Milwaukee

by Kristin Harlow October 17, 2018

MILWAUKEE — R2 Cos. has purchased The Tannery, a six-building, 253,022-square-foot office complex on Virginia Street in Milwaukee’s Walker’s Point neighborhood. The purchase price was not disclosed. Ned Purtell and Scott Revolinski of Founders 3 Real Estate Services represented the seller, SARA Investment Real Estate. The property is home to several tenants, including Aurora Healthcare, Great Lakes Distillery and Springfield College.

October 17, 2018

Acquisitions Illinois Midwest Net Lease Retail

Stan Johnson Co. Arranges Sale of Property Net Leased to Jewel-Osco in Oswego, Illinois

by Kristin Harlow October 17, 2018

OSWEGO, ILL. — Stan Johnson Co. has arranged the sale of a single-tenant retail building net leased to Jewel-Osco in Oswego for an undisclosed price. The 62,000-square-foot property is located at 3795 Orchard Road. Jewel-Osco has more than 19 years remaining on its initial lease term. Tom Georges and Jon Cohen of Stan Johnson Co. represented the buyer, Los Angeles-based ASAS LLC, in the transaction. Jeff Hughes, Zach Haris and Jonathan Ameen, also of Stan Johnson Co., represented the seller, CF Albert Propco LLC.

October 17, 2018

Acquisitions Industrial New Jersey Northeast

HFF Negotiates $8.2M Sale of Industrial Development Site Near Newark International Airport

by David Cohen October 16, 2018

NEWARK, N.J. — HFF has negotiated the $8.2 million sale of a 4.5-acre land parcel in Newark. The property is located at 120 Frontage Road and is adjacent to Newark Liberty International Airport. HFF represented the undisclosed seller in the transaction. The buyer plans to construct an 80,000-square-foot industrial building on the site. The site is also located near Port Newark-Elizabeth, one of the largest containerized deep-water shipping terminals on the East Coast.

October 16, 2018

Acquisitions Maine Northeast Office

Cardente Real Estate Brokers $1.1M Sale of Office Property in Maine

by David Cohen October 16, 2018

FALMOUTH, MAINE — Cardente Real Estate has brokered the $1.1 million sale of a 6,085-square-foot office property in Falmouth. Located at 19 Northbrook Drive, the tenant roster includes Goldman Financial Planning, Maine Laser, Edward Jones and Joshua Rent. Matthew Cardente of Cardente Real Estate represented the seller, Mark Richards. The buyer was CPM-19 Northbrook Drive LLC.

October 16, 2018

Stadium-Walk-Overlook-Huntcrest-Atlanta-GA

Acquisitions Georgia Multifamily Southeast

Walker & Dunlop Brokers $133M Sale of Two Multifamily Properties in Metro Atlanta

by Amy Works October 16, 2018

ATLANTA — Walker & Dunlop’s Investment Sales division has arranged the sale of Stadium Walk and Overlook at Huntcrest, two multifamily properties located in Atlanta. Atlanta-based Brand Properties sold the properties to Charleston-based Blaze Partners for a total of nearly $133 million. Kris Mikkelsen and Chris Goldsmith of Walker & Dunlop represented the seller in the deal. Additionally, following the sale, Stephen West, Matthew Wallach and Justin Nelson of Walker & Dunlop’s multifamily finance and capital markets team arranged financing for the buyer’s acquisition. Situated in Atlanta’s Cumberland submarket in Cobb County, Stadium Walk features 309 Class A units and surface parking. The community is within walking distance to The Battery Atlanta and SunTrust Park, home of the Atlanta Braves. The 229-unit Overlook at Huntcrest is located in the Sugarloaf submarket of Gwinnett County.

October 16, 2018

Acquisitions Florida Multifamily Southeast

Cortland Sells 328-Unit Multifamily Community in Central Florida for $49.7M

by Amy Works October 16, 2018

OCALA, FLA. — Cortland Partners has completed the sale of Deerwood Village Apartment Homes, a garden-style multifamily community located at 1850 SE 18th Ave. in Ocala. An affiliate of Boston-based West Shore LLC acquired the Central Florida property for $49.7 million, or $151,677 per unit. Constructed in 2006, Deerwood Village comprises 40 two-story residential buildings, one clubhouse and one maintenance building. The community features 328 units in a mix of one-, two- and three-bedroom units with an average size of 1,015 square feet and an average market rent of $1,266. All units features full-size washers and dryers, deep-soaking bathtubs, granite countertops and nine-foot or vaulted ceilings. Situated on 38 acres, the community amenities include a renovated clubhouse and leasing center, resort-inspired swimming pool, Wi-Fi café, car care center, dog park, business center, nature trail and a 24-hour fitness center. At the time of sale, the property was 94 percent occupied. Jay Ballard and Ken Delvillar of Cushman & Wakefield’s Florida Multifamily team represented Atlanta-based Cortland in the transaction.

October 16, 2018

Acquisitions Mississippi Multifamily Southeast Student Housing

Vesper Acquires 792-Bed Student Housing Community Near University of Southern Mississippi

by Amy Works October 16, 2018

HATTIESBURG, MISS. — Vesper Holdings has acquired Vie at Hattiesburg, a 792-bed student housing community located near the University of Southern Mississippi campus in Hattiesburg. The property offers two- and four-bedroom units with bed-to-bath parity. Shared amenities include a clubhouse, swimming pool and poolside lounge with a TV, 24-hour fitness center, business center, computer lab, sand volleyball court and a private shuttle to campus. The community’s previous owner, whose name was undisclosed, recently completed a $2 million renovation that included upgrades to flooring, appliances, furniture, clubhouse and the fitness center. Vesper is planning to invest an additional $600,000 to further upgrade the amenities, enhance the property’s exteriors and make substantial technology upgrades throughout the complex.

October 16, 2018

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