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Acquisitions

6221-Rich-Rd-SE-Olympia-WA
AcquisitionsIndustrialWashingtonWestern

Marcus & Millichap Brokers Sale of 63,500 SF Arts Industrial Park in Olympia, Washington

by Amy Works

OLYMPIA, WASH. — Marcus & Millichap has brokered the sale of Arts Industrial Park, an industrial property in Olympia, about midway between the Seattle/Tacoma area and the Pacific Coast. A partnership sold the asset to a value-add syndicator buyer for $4.8 million. Located at 6221 Rich Road SE, Arts Industrial Park features 63,500 square feet of industrial space. The buyer plans to spend $1 million on renovations and improvements to the property. Matthew Herman and RJ Vara of Marcus & Millichap’s Seattle office represented the seller in the transaction.

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AcquisitionsMarylandRetailSoutheast

CRC Sells Centre at Hagerstown Shopping Center in Maryland for $36.3M

by John Nelson

HAGERSTOWN, MD. — Continental Realty Corp. (CRC) has sold Centre at Hagerstown, a shopping center in northern Maryland, for $36.3 million. The buyer was not disclosed. JLL brokered the transaction. Baltimore-based CRC purchased the 292,000-square-foot shopping center in 2019 for $23.5 million and has since sold nine of the center’s 10 freestanding pad sites for a total of $16.1 million. Located at the intersection of I-81 and National Pike at 17850 Garland Groh Blvd., Centre at Hagerstown was roughly 97 percent leased at the time of sale to tenants including Burlington, Crunch Fitness, HomeGoods, Marshalls, PetSmart, Regency Furniture, 2nd & Charles and Party City.

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AcquisitionsArkansasRetailSoutheast

Hanley Investment Arranges Sale of 145,588 SF Shopping Center in Harrison, Arkansas

by John Nelson

HARRISON, ARK. — Hanley Investment Group Real Estate Advisors has arranged the sale of a 145,588-square-foot shopping center located at 605-627 U.S. Highway 62 in Harrison, about 72 miles east of Fayetteville in north Arkansas. Built on 13.8 acres in 1978, the property was 95 percent leased at the time of sale to tenants including Tractor Supply, Planet Fitness, Big Lots, Dunham’s Sports, Golden Tickets Cinemas, Factory Connection and Popeyes. Five of the six tenants have signed new leases or extensions recently. The undisclosed buyer, which is based in Fayetteville, purchased the retail center from a consortium of multiple partners for an undisclosed price. Jeff Lefko, Kevin Fryman and Bill Asher of Hanley Investment, in association with ParaSell Inc., represented the seller in the transaction.

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AcquisitionsMultifamilySeniors HousingSouth CarolinaSoutheastUncategorized

Berkadia Negotiates Sale of 159-Unit Active Adult Community in Greenville

by John Nelson

GREENVILLE, S.C. — Berkadia has arranged the sale of The Aspens Verdae, a newly built, 159-unit active adult community in Greenville. Texas-based active adult developer Aspens Senior Living sold the community to Charleston-based Blaze Capital Partners and Partners Group, acting on behalf of its clients. Cody Tremper, Mike Garbers, Dave Fasano and Ross Sanders led the Berkadia team in the transaction. The sales price was not disclosed. Located in Greenville’s master-planned, 1,100-acre Verdae neighborhood, the Aspens Verdae provides direct access to retail, restaurants, healthcare and outdoor activities. The property was built in 2022 and features one- and two-bedroom apartments.

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Prose-Eastgate-Fate
AcquisitionsMultifamilyTexas

American Landmark Buys 366-Unit Prose Eastgate Apartments in Fate, Texas

by Taylor Williams

FATE, TEXAS — Tampa-based investment firm American Landmark has purchased Prose Eastgate, a 366-unit apartment community in Fate, a northeastern suburb of Dallas. Built in 2023, the property offers one- and two-bedroom units that are furnished with stainless steel appliances, granite countertops and walk-in closets. Amenities include a pool, outdoor grilling and dining stations, resident lounge, entertainment kitchen, a fitness center, business center, dog park and package lockers. The seller and sales price were not disclosed, but Prose is the workforce housing brand of Alliance Residential. American Landmark has since rebranded the property as Jameson Apartments.

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Axis-Kessler-Park-Dallas
AcquisitionsMultifamilyTexas

Partnership Acquires 299-Unit Apartment Community in West Dallas

by Taylor Williams

DALLAS — A partnership between Waterford Property Co., The Vistria Group and the City of Dallas Housing Finance Corp. has acquired Axis Kessler Park, 299-unit apartment community in West Dallas. The sales price was $67 million. The new ownership plans to convert the property to workforce housing, with rents for all but 10 percent of the residences to be restricted to households earning between 60 and 140 percent of the area median income. Units come in one-, two- and three-bedroom floor plans, and amenities include a pool, clubhouse, fitness center, business center and a dog park. John Makus of CBRE represented the undisclosed seller in the transaction. Walker & Dunlop originated an undisclosed amount of Freddie Mac acquisition financing for the deal.

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AcquisitionsMultifamilyTexas

Marcus & Millichap Brokers Sale of 231-Unit Multifamily Portfolio in Texarkana, Texas

by Taylor Williams

TEXARKANA, TEXAS — Marcus & Millichap has brokered the sale of a portfolio of six multifamily properties totaling 231 units in Texarkana, located near the confluence of the Texas, Arkansas and Louisiana borders. The properties — Isabella Acres, Hidden Brook, Pecan Haven, Park Villa, Jasmine and Gardens at Wake Village — include build-to-rent communities and traditional multifamily complexes. Matt Aslan of Marcus & Millichap represented the undisclosed seller in the transaction. The buyer, which also requested anonymity, assumed the seller’s loan, which carries a 3.48 percent fixed interest rate with four years of term remaining.

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AcquisitionsDevelopmentKansasMidwestMixed-UseRetail

Advisors Excel Begins Revitalization of West Ridge Mall in Topeka, Kansas

by Kristin Harlow

TOPEKA, KAN. — Advisors Excel has acquired the West Ridge Mall in Topeka with plans to convert it into a mixed-use destination with dining, event, entertainment, green and corporate spaces. Advisors Excel is a Topeka-based financial and investment services company. West Ridge Mall, totaling 992,000 square feet, is the third-largest enclosed mall in Kansas. Upon completion of the renovation project, the property will serve as Advisors Excel’s new headquarters, accommodating more than 1,000 employees. Originally opened in 1988, West Ridge Mall has seen a steady decline in business and occupancy over the last decade. Anchor stores Macy’s and Sears closed in 2012 and 2018, respectively. By 2021, the mall’s occupancy rate had dropped to 39 percent. Renovation plans call for a fresh urban design and layout. The new center will incorporate uses such as coworking spaces, theaters, fitness spaces, spas, breweries and cafes. Advisors Excel selected Texas-based investment and development firm Russell Glen to assist with the redevelopment. Architectural firm RDC will be responsible for the design of the retail, entertainment and restaurant components, while Hufft will focus on the design of Advisors Excel’s new headquarters. The mall redevelopment is currently in its initial stages, with Advisors Excel working to …

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AcquisitionsMassachusettsMultifamilyNortheast

Marcus & Millichap Negotiates $15.2M Sale of Metro Boston Apartment Building

by Taylor Williams

NEWTON, MASS. — Marcus & Millichap has negotiated the $15.2 million sale of Curtis Arms Apartments, a 44-unit multifamily building located in the western Boston suburb of Newton. The property consists of four buildings that each house 11 two-bedroom units on a 1.8-acre site. The Curtis Family originally developed the property in 1969 and sold it to an undisclosed buyer. Tony Pepdjonovic and Evan Griffith of Marcus & Millichap brokered the deal.

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AcquisitionsIndustrialMidwestWisconsin

Founders 3 Negotiates $6.6M Sale of Industrial Property in Waukesha, Wisconsin

by Kristin Harlow

WAUKESHA, WIS. — Founders 3 Real Estate Services has negotiated the sale of a 115,500-square-foot industrial property in Waukesha for $6.6 million. The asset is located at 21027 Crossroads Circle. Bob Flood of Founders 3 represented the seller, Kalmbach Media Co. Silgan Containers was the buyer.

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