Acquisitions

Gramercy-on-the-Park-Dallas

DALLAS AND PLANO, TEXAS — Chicago-based Waterton has acquired four multifamily assets totaling 1,634 units in Dallas and Plano. The properties include the 535-unit Gramercy on the Park in Dallas; the 417-unit Mockingbird Flats in Dallas; the 380-unit Creekside at Legacy in Plano; and the 302-unit Lakeshore at Preston in Plano. The properties, which were built between 1992 and 2012, were acquired in a portfolio sale from a partnership controlled by CBRE Global Investors for undisclosed prices. The portfolio also included multifamily assets in North Carolina, Arizona and Virginia.

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Huntington-Glen-Houston

HOUSTON — A partnership between California-based L5 Investments and Iowa-based BH Equities has sold Huntington Glen, a 364-unit multifamily community in southwest Houston. Built in 1982, Huntington Glen offers amenities such as two pools, a business center and a playground. The partnership acquired the asset in 2015 and implemented a capital improvement program. The buyer was Austin-based GVA Real Estate Group. Joey Rippel, Chris Young and Connor Phillips of HFF represented the partnership in the sale.

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Wimbledon-Apartment-Homes-Spring-Texas

SPRING, TEXAS — Western Wealth Capital (WWC) has purchased Wimbledon Apartment Homes, a 161-unit multifamily property in the northern Houston suburb of Spring, for $14.9 million. The property was built in 1979 and features one-, two- and three-bedroom units. Amenities include a pet park, business center and a coffee bar. This transaction marks WWC’s first acquisition of a multifamily property in Houston and its fourth overall in Texas.

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JANESVILLE, WIS. — CBL Properties has sold Janesville Mall in southern Wisconsin to RockStep Capital for $18 million. Boston Store, Dick’s Sporting Goods, Kohl’s and Sears anchor the 600,000-square-foot mall. Other tenants include Bath & Body Works, American Eagle Outfitters, Claire’s, Finish Line, GameStop, Ulta Beauty, Victoria’s Secret and Yankee Candle. CBL will use proceeds from the sale to supplement cash flow, fund redevelopment programs and other capital improvements, and reduce debt. Don MacLellan and Rick Chichester of Faris Lee Investments represented both the buyer and the seller in the transaction.

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PIQUA, OHIO — Industrial Property Brokers has arranged the sale of a 24,000-square-foot manufacturing and warehouse facility in Piqua in western Ohio. The price was not disclosed. The property is located at 9700 Looney Road. Innovated Technologies LLC, an equipment manufacturing and automation systems maker, purchased the building with plans to relocate from Sydney, Ohio, after tenant improvements are completed. Clear heights at the property range from 13 to 18 feet. Other features include four drive-in doors, two docks and 1,400 square feet of office space. Tim Echemann of Industrial Property Brokers arranged the transaction. Unity National Bank was the seller.

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HOBOKEN, N.J. — Spirit Bascom Ventures has acquired Columbus Park Apartments, a 37-unit multifamily community in Hoboken for $17.6 million. Located at 1024 Clinton St., the eight-story property is a former warehouse that was converted to multifamily use in the 1990s. The community also includes a 37-space parking structure. Stephen Simonelli of HFF and James Giaccio and Kevin Helsinki of Chelsea Realty represented the undisclosed seller in the transaction. HFF arranged acquisition financing through CIT Group. Spirit Bascom Ventures is a partnership between The Bascom Group LLC and Spirit Investment Partners LLC. The buyer plans to reposition the asset as a boutique institutional-quality property.

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NEW YORK CITY — TerraCRG has arranged the sale of a 55,000-square-foot industrial facility in the Brownsville neighborhood of Brooklyn. The property sold for $8.5 million, or $155 per square foot. Ofer Cohen, Dan Marks, and Mike Hernandez of TerraCRG represented the seller, Joseph Robles, in the transaction. The buyer was undisclosed. The building features open layouts with two drive-in doors and 13-foot ceilings on both levels as well as 290 feet of frontage on Osborn Street.

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NEW YORK CITY — Cushman & Wakefield has negotiated the $1.6 million sale of a multifamily building in the Jackson Heights neighborhood of Queens. Stephen R. Preuss, Denise Prevete and Kevin Louie of Cushman & Wakefield represented the seller, Tina M. Ng & Katherine Y. Ng, in the transaction. The buyer was Harry Otterman. Located at 35-15 72nd St., the three-story property consists of six units. Recent upgrades to the building include an updated roof, and boiler within the past four years.

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HOLLYWOOD, FLA. — Cushman & Wakefield has arranged the $11.5 million sale of Hollywood Medical Office Building, a 57,815-square-foot facility located on the Memorial Regional Hospital South campus in Hollywood. Scott O’Donnell, Greg Miller, Dominic Montazemi, Miguel Alcivar, Jason Hochman and Donna Kom of Cushman & Wakefield arranged the transaction on behalf of the seller, Miami-based SF Partners. A private real estate investor acquired the asset. The five-story building was constructed in 1975 and was 84 percent leased at the time of sale to tenants such as Oncology Associates of South Florida, Pinnacle Healthcare System, Reyes & Reyes MD, Internal Medicine Specialty and HealthCare Support Administrators.

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SMYRNA, GA. — Accesso Partners LLC has sold 7100 Highlands Parkway, a 150,000-square-foot office building in Smyrna, roughly 14 miles northwest of downtown Atlanta. Exeter Property Group acquired the asset for an undisclosed price. Completed in 1997, the single-story building was designed for IBM Corp. as its Atlanta call center. The technology company still occupies the building as its sole tenant. Jay O’Meara of CBRE arranged the transaction on behalf of Accesso.

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