NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has arranged the $7.8 million sale of a multifamily development site in the Gowanus area of Brooklyn. The site at 284 4th Ave. can support 33,261 buildable square feet of product, although information on the proposed number of units was not disclosed. Sean Kelly, Stephen Vorvolakos and Nicole Daniggelis of Ariel represented the seller, a private investor, in the transaction. The buyer was also a private investor.
TERRYVILLE, CONN. — Regional brokerage firm Northeast Private Client Group (NEPCG) has negotiated the $5 million sale of Plymouth Village, a 46-unit apartment complex in Terryville, about 20 miles west of Hartford. According to Apartments.com, the property offers one- and two-bedroom units. Taylor Perun of NEPCG represented the seller and procured the buyer, both of which were Connecticut-based entities that requested anonymity, in the transaction.
WINTER HAVEN, FLA. AND NEW YORK CITY — JLL has arranged the sale-leaseback of 165 retail branches in six states that are occupied by SouthState Bank, a regional lender based in the Tampa area, in a transaction valued at approximately $467 million. The buyer is Blue Owl Capital (NYSE: OWL), and the transaction was executed through various funds managed by the New York City-based asset management firm. The bank branches are located throughout Alabama, Georgia, Florida, North Carolina, South Carolina and Virginia and total approximately 1.2 million square feet. Terms of the sale-leaseback call for SouthState Bank to continue to occupy the branches on 15-year, triple-net leases with 2 percent annual rent increases. SouthState Bank will also continue to operate the branches without any changes to its product or service offerings. Alex Sharrin, Coler Yoakam, Brian Shanfeld, Jeffrey Cicurel, Josh Katlin, Michael Roberts, Josh Hirsch and Andrew Weir of JLL structured the transaction on behalf of SouthState Bank. The lender did not specify what the proceeds from the sale might be allocated toward, saying only that funds would “enhance its balance sheet.” Others involved in the deal commented on the appeal of the structure itself in today’s market. “Sale-leaseback transactions continue …
DALLAS — Knightvest Capital, an investment firm with four offices across Sun Belt markets, has acquired SKYE of Turtle Creek, a 331-unit apartment building in Uptown Dallas that was completed in 1998. According to Apartments.com, SKYE of Turtle Creek offers one-, two- and three-bedroom units that range in size from 843 to 1,886 square feet, as well as a clubhouse, dog park and outdoor grilling and dining stations. The seller and sales price were not disclosed. Knightvest has since rebranded the property as Remi and plans to renovate select units and to upgrade building exteriors and common areas.
FORT WORTH, TEXAS — Orlando-based development and investment firm Foundry Commercial has purchased an industrial outdoor storage (IOS) site in Fort Worth. Located on the city’s south side, the site at 8800 S. Freeway spans 6 acres upon which Foundry plans to construct a 5,200-square-foot service building. Foundry is partnering with Manulife Investment Management on the purchase and development of the property, which will be known as Freeway Yards.
CYPRESS, TEXAS — Locally based brokerage firm Oxford Partners has arranged the sale of a 10,000-square-foot industrial building in the northwestern Houston suburb of Cypress. According to LoopNet Inc., the single-tenant building at 13233 N. Eldridge Parkway was completed in 2024. Jeffery Arnaud of Oxford Partners represented the buyer, Hernandez Office Supply, in the transaction. Darren O’Connor of Partners Real Estate represented the undisclosed seller.
RANCHO PALOS VERDES, CALIF. — The Bascom Group has acquired Highridge Apartments, a value-add multifamily property in Ranchos Palos Verdes, for $127 million, or $494,163 per unit. Built in 1972, Highridge Apartments has undergone significant upgrades and renovations over the years, including the addition of in-unit washers/dryers and enhanced amenities. The community features 257 apartments, averaging 1,157 square feet, as well as 28 loft-style units with high ceilings. Property amenities include ample parking, two pools and spas, two fitness centers, a tennis court and a clubhouse. Bascom plans to renovate unit interiors to a Class A standard and enhance amenities. Annie Rice and Jamie Kline of JLL Capital Markets arranged the debt financing for the acquisition, while AXA Investment Managers US Inc. provided the acquisition loan. Blake Rogers and Kevin Sheehan of JLL Investment Sales represented the undisclosed seller in the deal. AMC will provide property management services for the community and SD-Cap will manage planned property renovations.
PETALUMA, CALIF. — Brixton Capital has acquired Washington Square, a retail property in Petaluma, from El Segundo, Calif.-based Paragon Commercial Group for $67.5 million. Bryan Ley, Eric Kathrein and Warren McClean of JLL represented the seller, while Brixton was self-represented in the deal. Located at 301 S. McDowell Blvd., the eight-building property features 215,506 square feet that is more than 99 percent leased. Current tenants include Safeway, Staples, Harbor Freight Tools, Planet Fitness, Five Below and Marin Health. Originally built in 1971 and renovated in 1996, Brixton Capital plans to renovate the property with parking lot improvements, roof replacements, exterior painting, HVAC upgrades and façade enhancements. Additionally, the company plans to renovate the landscaping and update the signage to enhance curb appeal.
TORRANCE, CALIF. — Alta West Partners, Glendon Capital Management and an affiliate of A2 Capital Management have purchased 3401 Del Amo, an 83,000-square-foot flex research and development asset on 4.5 acres in Torrance, for $21.4 million. Originally built for Kubota Tractor Corp., the property offers a clear height of 28 feet, five roll-up doors, a detached loading dock, full wraparound surface parking and 2,000 amps of power. Since its construction in the 1990s, the asset has never been publicly marketed for lease. Brett Racanelli, Nathan Piehl and Jeff Morgan of Cushman & Wakefield represented the buyer and undisclosed seller in the all-cash transaction. The new owner has retained Cushman & Wakefield to handle leasing efforts for the asset.
MELBOURNE, FLA. — Carter Multifamily, a Carter Funds company, has acquired Mode at Melbourne, a 166-unit garden-style multifamily community on Florida’s Space Coast, for $37.7 million. The seller was not disclosed. Originally built in 2020, Mode at Melbourne spans approximately 218,592 rentable square feet and was 94 percent occupied at the time of sale. The complex features one-, two- and three-bedroom floorplans ranging in size from 1,219 square feet to 1,853 square feet. Amenities include a resort-style pool and sundeck, fitness center, resident clubroom, playground, electric vehicle charging stations, car care center, dog park and select units with water views. Carter Multifamily plans to renovate the property with interior and exterior upgrades, operational efficiency improvements and a revitalization of branding. Allegiant-Carter Management, the in-house property manager of Carter Funds, will oversee day-to-day operations at Mode at Melbourne.