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Acquisitions

AcquisitionsMultifamilyNew YorkNortheast

Meridian Brokers $14.2M Sale of 29-Unit Apartment Building in East Harlem

by David Cohen

NEW YORK CITY — Meridian Investment Sales has brokered the sale of an 18,860-square-foot, 29-unit apartment building in East Harlem for $14.2 million. The buyer was BEB Capital. Located at 238 East 106th St., the eight-story building was constructed in 2016 and features 29 one- and two-bedroom units. Amenities include a modern lobby, onsite laundry and balconies on all units. David Benharouch and Abie Kassin of Meridian represented the undisclosed seller and procured the buyer in the transaction. Meridian Investment Sales is the commercial property sales division of Meridian Capital Group.

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Loop-Central-Houston
AcquisitionsOfficeTexas

TIER REIT Sells 575,000 SF Office Complex in West Houston to Griffin Partners

by Taylor Williams

HOUSTON — Dallas-based TIER REIT Inc. has sold Loop Central, a 575,000-square-foot office complex in west Houston, according to company filings. TIER REIT acquired the three-building property, which was built in 1985 and approximately 84 percent leased at the time of sale, in late 2007. The buyer was Griffin Partners, a Houston-based development and investment firm, according to realtynewsreport.com. HFF brokered the sale.

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Hampton-Inn-&-Suites-Grapevine-Texas
AcquisitionsHospitalityTexas

Marcus & Millichap Closes Sale of Two Hotels Totaling 190 Rooms in Metro Dallas

by Taylor Williams

GRAPEVINE, TEXAS — Marcus & Millichap has closed the sale of a 94-room Hampton Inn & Suites and a 96-room Comfort Suites, two hotels located in the Dallas metro of Grapevine. Chris Gomes and Allan Miller of Marcus & Millichap represented the seller, Dallas-based Supreme Bright Grapevine II and IV LLC, in the transaction. The duo also procured the buyer. Other terms of sale were not disclosed.  

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AcquisitionsRetailTexas

STRIVE Arranges Sale of Walgreens-Leased Store in McAllen, Texas

by Taylor Williams

MCALLEN, TEXAS — Dallas-based brokerage firm STRIVE has arranged the sale of a Walgreens-leased store located in the Rio Grande Valley (RGV) metro of McAllen. Will Merritt and Adam Gottschalk of STRIVE represented the seller, a New York-based investor. Merritt and Gottschalk also procured the buyer, a Michigan-based private investor that acquired the property via a 1031 exchange. At the time of sale, the property had 15 years remaining on its double net lease

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AcquisitionsGeorgiaMultifamilySoutheast

Cushman & Wakefield Brokers $141.7M Sale of Apartment Community in Metro Atlanta

by Camren Skelton

ALPHARETTA, GA. — Cushman & Wakefield has brokered the sale of Juncture, a 560-unit apartment community in Alpharetta, a northern suburb of Atlanta. CoStar reports Dallas-based JLB Partners, which developed the property in 2016, sold the asset for $141.7 million. The sales price sets a record for the highest suburban apartment sale in metro Atlanta, according to Cushman & Wakefield. Chris Spain, Robert Stickel, Travis Presnell and Alex Brown of Cushman and Wakefield arranged the transaction on behalf of JLB Partners. Nashville-based Carter-Haston Real Estate Services Inc. acquired the asset. Residences at Juncture features granite and quartz countertops, stainless steel appliances, hardwood flooring and crown molding. Community amenities include a fitness center, pool and an entertainment lounge.

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AcquisitionsFloridaRetailSoutheast

TSCG Arranges $6M Sale of Shopping Center in Central Florida

by Camren Skelton

WINTER HAVEN, FLA. — The Shopping Center Group (TSCG) has arranged the $6 million sale of Chain O’Lakes Plaza, a 91,160-square-foot shopping center located at the intersection of U.S. Highway 17 and Avenue O S.W. in Winter Haven, a city in Central Florida roughly 45 miles south of Orlando. Anthony Blanco, Lenard Williams, Mallory Silva and Tyler Freeman of TSCG arranged the transaction on behalf of the seller, an affiliate of Kimco Realty Corp. An undisclosed, Tampa-based investor acquired the asset. At the time of sale, the property was 97 percent leased to tenants such as Big Lots, Family Dollar, Jo-Ann Fabrics, Rainbow Shops and Dunkin’ Donuts/Baskin Robbins. Save-A-Lot shadow-anchors the center, which also includes a one-acre, undeveloped outparcel along U.S. Highway 17.

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AcquisitionsGeorgiaMultifamilySoutheastStudent Housing

Waypoint Acquires 194-Bed Student Housing Community Near Mercer University in Macon, Georgia

by Camren Skelton

MACON, GA. — Waypoint Residential has acquired The Lofts at College Hill, a 194-bed student housing community located one mile from Mercer University in Macon. Other terms of the transaction were not disclosed. The community was built in 2015 and is currently the only off-campus, purpose-built student housing property that serves the university. The Lofts at College Hill features a billiards room, grilling patio, rooftop terrace, fitness center, yoga studio and a coffee bar. In addition, the community features 12,000 square feet of ground-floor retail. The transaction marks Waypoint’s 13th student hosing acquisition since entering the sector in 2016.

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AcquisitionsMichiganMidwestOffice

L. Mason Capitani CORFAC International Brokers Sale of 55,528 SF Office Building in Auburn Hills, Michigan

by Kristin Harlow

AUBURN HILLS, MICH. — L. Mason Capitani CORFAC International has brokered the sale of Oakland Euro Center in Auburn Hills. The 55,528-square-foot office building is located at 3201 University Drive. The property is 97 percent leased by 10 tenants. The sales price was not disclosed, but the asking price was reported to be $5.7 million. Mason L. Capitani represented the buyer, LSTC Michigan LLC, in the transaction. This sale represents the seventh acquisition in metro Detroit for the California-based buyer. L. Mason Capitani CORFAC International will oversee leasing at the building, while its affiliated company, Liberty Property & Asset Management, will manage the property.

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AcquisitionsMichiganMidwestMultifamily

Franklin Property Acquires 43-Unit Multifamily Property in Sterling Heights, Michigan

by Kristin Harlow

STERLING HEIGHTS, MICH. — Franklin Property Corp., in partnership with Cranbrook Investment Partners LLC, has acquired Plumbrook Greens Townhouses in Sterling Heights for an undisclosed price. The property features 43 townhouse rental units with private garages and basements. Franklin plans to make minor improvements to the property over the next several months. Citi Real Estate Funding provided mortgage financing for the transaction. Franklin acquired the asset directly from the original developer’s family.

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AcquisitionsHospitalityMidwestMissouri

Mumford Co. Arranges Sale of 63-Room Hotel in Pevely, Missouri

by Kristin Harlow

PEVELY, MO. — Mumford Co. has arranged the sale of a Super 8 hotel in Pevely, about 29 miles south of St. Louis. The sales price was not disclosed. The three-story hotel features an indoor pool. George Arvanitis and Justin Pinkard of Mumford Co. represented the seller, Faiz Awana LLC. Investment Property Exchange Services Inc. purchased the asset.

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