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Acquisitions

AcquisitionsMidwestMinnesotaRestaurantRetail

Boulder Group Arranges $3.4M Sale of Outback Steakhouse-Occupied Retail Property in Metro Minneapolis

by Kristin Harlow

COON RAPIDS, MINN. — The Boulder Group has arranged the $3.4 million sale of a single-tenant retail property net leased to Outback Steakhouse in Coon Rapids within metro Minneapolis. The 6,268-square-foot restaurant building is located at 8880 Springbrook Drive NW. Randy Blankstein and Jimmy Goodman of Boulder represented the buyer, a California-based private investor. The seller was a New York-based real estate private equity firm. Outback has 12 years remaining on its lease with three five-year renewal options as well as 1.8 percent annual rental increases in the primary term. The tenant has operated at the property for 27 years. Outback, a subsidiary of Bloomin’ Brands, operates more than 1,000 restaurants worldwide.

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AcquisitionsMultifamilySeniors HousingTop Stories

Brookdale Senior Living Agrees to Acquire Three Portfolios Totaling 41 Properties for $610M

by Taylor Williams

BRENTWOOD, TENN. — Brookdale Senior Living (NYSE: BKD), an owner-operator based in the Nashville area, has entered into agreements to acquire three seniors housing portfolios totaling 41 properties and 2,789 units. The combined purchase price is $610 million. Brookdale currently leases and operates the properties on triple-net bases. In explaining the move, company officials noted that by taking ownership of these communities, Brookdale will gain portfolio management flexibility that is not present in a leased structure, providing additional opportunities to further enhance shareholder value. “The immediate and long-term benefits of these real estate transactions are wide-ranging,” says Cindy Baier, Brookdale’s president and CEO. “They include future portfolio flexibility that comes through asset ownership, the opportunity to fully realize the long-term benefits of the powerful senior housing outlook and, following closing, the expected immediate improvement in adjusted free cash flow from a lower-cost capital structure.” In the first transaction, Brookdale agreed to buy 11 properties totaling 1,228 units from a joint venture led by Ohio-based REIT Welltower Inc. (NYSE: WELL) for $300 million. The properties are largely concentrated in West Coast markets, and the portfolio comprises 470 independent living units, 723 assisted living units and 36 memory care units with a …

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AcquisitionsIndustrialTexas

Trive Real Estate Equity Management Buys 57,000 SF Industrial Building in Northwest Dallas

by Taylor Williams

DALLAS — Dallas-based Trive Real Estate Equity Management has purchased a 57,000-square-foot industrial building on the city’s northwest side. According to LoopNet Inc., the building at 7 Justice Way was built on a 22.4-acre lot in 2023 and features three dock-high loading doors and nine grade-level drive-in doors. Giovanni Scardino and Jason Moser of Stream Realty Partners represented both the buyer and the seller, an entity doing business as HTH 9800 Stemmons LLC, in the transaction.

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AcquisitionsMassachusettsMultifamilyNortheast

CBRE Brokers Sale of 696-Unit Apartment Community in Waltham, Massachusetts

by Taylor Williams

WALTHAM, MASS. — CBRE has brokered the sale of Gardencrest Apartment Homes, a 696-unit multifamily community located in the western Boston suburb of Waltham. Built in phases on a 34-acre site between 1949 and 1972, Gardencrest consists of 64 buildings that house a mix of traditional apartments and direct-entry townhomes with an average size of 906 square feet. Amenities include a pool, clubhouse and a fitness center. Simon Butler, Biria St. John, John McLaughlin and Brian Bowler of CBRE represented the seller, an affiliate of Virginia-based Harbor Group International, in the transaction. The team also procured the buyer, an affiliate of San Francisco-based Fowler Property Acquisition, which has rebranded the property as ReNew Waltham.

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AcquisitionsMultifamilyNew YorkNortheast

Ariel Property Advisors Negotiates $16.5M Sale of Two Apartment Buildings in Harlem

by Taylor Williams

NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $16.5 million sale of two apartment buildings totaling 110 units that are located at 226 and 259 W. 144th St. in Harlem. The elevator-served buildings both rise six stories and include one ground-floor commercial space between them. Victor Sozio, Shimon Shkury, Gabriel Elyaszadeh and Remi Mandell of Ariel represented the undisclosed seller in the transaction. The buyer was also not disclosed.

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AcquisitionsFloridaRetailSoutheast

Benderson Development Acquires 347,740 SF Shops at Midtown Miami

by John Nelson

MIAMI — Benderson Development has purchased Shops at Midtown Miami, a 347,740-square-foot infill power shopping center located at 3401 N. Miami Ave. in Miami. Danny Finkle, Eric Williams, Jorge Portela and Kim Flores of JLL represented the seller in the transaction. The seller and sales price were not disclosed, but South Florida Business Journal reports that SITE Centers Corp. is the seller. Built in 2006, Shops at Midtown Miami spans more than 18 acres and is leased to tenants including Target, Ross Dress for Less, Dick’s Sporting Goods, Marshalls and HomeGoods. The property also features 2,860 structured garage parking spaces.

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AcquisitionsIndustrialNorth CarolinaSoutheast

Trinity Capital, Nuveen Sell 441,072 SF Industrial Portfolio in Research Triangle Park to Prologis

by John Nelson

DURHAM, N.C. — Trinity Capital Advisors and partner Nuveen Real Estate have sold Alexander Commerce Park, a three-building industrial property located along TW Alexander Drive in Durham’s Research Triangle Park. San Francisco-based Prologis acquired the park for an undisclosed price. Built in 2023, the development was fully leased at the time of sale to tenants including Upper Deck, Wolfspeed, Wesco and Running Logistics. The properties feature 32-foot clear heights, ESFR sprinklers, LED lighting and abundant auto and trailer parking. Pete Pittroff, Dave Andrews and Zachary Lloyd of JLL represented the seller in the transaction.

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AcquisitionsGeorgiaRetailSoutheast

Cohen & Steers, Sterling Purchase 142,000 SF Shopping Center Near Savannah

by John Nelson

POOLER, GA. — Cohen & Steers Income Opportunities REIT (CNSREIT) has acquired Village on Pooler Parkway, a 142,000-square-foot shopping center located in Pooler, roughly 15 miles outside Savannah. CNSREIT purchased the center through a joint venture with Sterling Organization. Built in 2014, the property was fully leased at the time of sale. Tenants at the center include T.J. Maxx, Ross Dress for Less, Michaels, PetSmart, Panera Bread, Buffalo Wild Wings and Jersey Mike’s. 

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AcquisitionsKentuckySeniors HousingSoutheast

SLIB Arranges Sale of Four-Property Seniors Housing Portfolio in Henderson, Kentucky

by John Nelson

HENDERSON, KY. — Senior Living Investment Brokerage (SLIB) has arranged the sale of a four-property portfolio in Henderson, located in western Kentucky along the Ohio River and approximately 11 miles south of Evansville, Ind. Known as the Colonial Portfolio, the properties in the transaction included Colonial Assisted Living (69 units), Colonial Court Independent Living (22 units), Colonial Senior Living (51 assisted living units) and Colonial Cottages (16 independent living units). The seller was a local owner that developed and operated the assets since their inception. The buyer was a Kentucky-based owner and operator looking to grow its portfolio strategically in western Kentucky. Ryan Saul and Daniel Geraghty led the transaction for SLIB.

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AcquisitionsLoansMichiganMidwestMultifamilyStudent Housing

IPA Capital Markets Arranges $17M Loan for Acquisition of Student Housing Property in Ann Arbor

by Kristin Harlow

ANN ARBOR, MICH. — IPA Capital Markets, a division of Marcus & Millichap, has arranged a $17 million loan for the acquisition of a 62-unit student housing property adjacent to the University of Michigan’s main campus in Ann Arbor. Max Hulsh, Max Herzog, Marko Kazanjian and Andrew Cohen of IPA arranged the loan through A10 Capital on behalf of the borrower, Havenly Ventures, a New York City-based real estate investment firm that specializes in value-add acquisitions primarily in the student housing sector. The buyer plans to densify the property’s oversized two-bedroom units into four-bedroom units. The asset has maintained full occupancy for over 25 years.

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