Acquisitions

Creation, J.P. Morgan Asset Management Sell 532,000 SF Industrial Property in Fort Worth

by Taylor Williams August 2, 2024

FORT WORTH, TEXAS — A partnership between Phoenix-based developer Creation Real Estate and J.P. Morgan Asset Management has sold Fort West Commerce Center, a 531,601-square-foot industrial property in Fort Worth. The development comprises three buildings on a 30-acre site on the city’s north side. Tenants at Fort West Commerce Center include Lockheed Martin (136,135 square feet) and Big Ass Fans (221,444 square feet). The buyer was High Street Logistics Properties, an investment firm based in metro Boston. No third-party brokers were involved in the deal.

August 2, 2024

Acquisitions Multifamily New York Northeast

Stav Equities Negotiates $2.4M Sale of Brooklyn Apartment Building

by Taylor Williams August 2, 2024

NEW YORK CITY — Locally based brokerage firm Stav Equities has negotiated the $2.4 million sale of a three-unit apartment building located at 14 Third St. in the Carroll Gardens area of Brooklyn. The buyer intends to convert the units, which were vacant at the time of sale, into condominiums. Jacob Stavsky of Stav Equities represented the buyer and seller, both of which requested anonymity, in the off-market transaction.

August 2, 2024

Acquisitions Arkansas Industrial Southeast

Phoenix Investors Purchases Three Industrial Properties in Southwest Arkansas Totaling 816,000 SF

by John Nelson August 2, 2024

NASHVILLE, ARK. — Phoenix Investors has purchased three industrial properties in Nashville, a city in southwest Arkansas. Swedish power tool manufacturer Husqvarna sold the properties, which total roughly 816,000 square feet, for an undisclosed price. Husqvarna had previously decided to shutter its Nashville plants in July 2023 with the goal to phase out the properties by the end of 2024. The acquisition includes a 351,763-square-foot facility located at 630 Highway 27 Bypass; a 299,885-square-foot property at 1 Poulan Drive; and a 165,046-square-foot facility at 139 Old Airport Road. Phoenix Investors plans to implement a capital improvement plan to attract high-quality industrial users to the area. The acquisition also included a solar farm of an undisclosed size.

August 2, 2024

Acquisitions Florida Retail Southeast

Joint Venture Acquires Two Florida Shopping Centers Totaling 287,407 SF

by John Nelson August 2, 2024

BRANDON AND TAMARAC, FLA. — A joint venture between ShopOne Centers REIT, Pantheon and a global institutional investor has acquired two shopping centers in Florida totaling 287,407 square feet. Located in Tamarac, Midway Plaza comprises 218,400 square feet. Publix anchors the property, which was 84 percent occupied at the time of sale. Walmart anchors Lithia Square in Brandon. The 69,007-square-foot property was 79 percent occupied at the time of sale. The sellers and sales price were not disclosed. This acquisition brings the joint venture’s portfolio to 1.8 million square feet of grocery-anchored retail space.

August 2, 2024

Acquisitions Midwest Retail Wisconsin

Axiom Realty Acquires 110,266 SF Park Plaza Shopping Center in Manitowoc, Wisconsin

by Kristin Harlow August 2, 2024

MANITOWOC, WIS. — Axiom Realty has acquired Park Plaza, a 110,266-square-foot shopping center in Manitowoc, an eastern Wisconsin city along Lake Michigan. The purchase price was undisclosed. The property was 71.6 percent occupied at the time of sale. Erin Patton of Institutional Property Advisors brokered the sale. Time Equities Inc. was the seller. Prior to closing, Axiom negotiated a long-term lease extension with Hobby Lobby and completed lease negotiations with a national outlet provider for 28,894 square feet, bringing overall occupancy to 97.9 percent. Some of the other tenants include Community First Credit Union, Family Dollar and Cricket Wireless.

August 2, 2024

Acquisitions Arkansas Multifamily Southeast

TMG Brokers Sale of 242-Unit Apartment Community in North Little Rock, Arkansas

by John Nelson August 2, 2024

NORTH LITTLE ROCK, ARK. — The Multifamily Group (TMG), a Dallas-based brokerage firm, has arranged the sale of Sherwood Park, a 242-unit apartment community located at 1707 Arrowhead Road in North Little Rock. The buyer, seller and sales price were not disclosed. Paul Yazbeck of TMG represented the seller in the transaction, and Chase Davis, also with TMG, procured the buyer. Built in 1977, Sherwood Park includes amenities such as a package service, laundry facility, storage space, swimming pool, playground and picnic tables. The property has seven floor plans, including some townhomes, and more than half of the units are two-bedroom apartments.

August 2, 2024

Acquisitions Midwest Multifamily Ohio Seniors Housing

ESI Arranges Sale of Three-Property Seniors Housing Portfolio in Western Ohio

by Kristin Harlow August 2, 2024

OHIO — Evans Senior Investments (ESI) has arranged the sale of a three-property seniors housing portfolio in western Ohio for an undisclosed price. The seller was Mariner Management Group Inc., an independent owner and operator seeking to exit the industry. The buyer was an owner-operator in the state. The portfolio, which was built in stages between 1990 and 2013, consists of 317 licensed skilled nursing beds and 209 seniors housing units.

August 2, 2024

Acquisitions Arizona Multifamily Western

Tower 16, Raith Capital Partners Buy Ascend on Glendale Apartments in Arizona

by Amy Works August 2, 2024

GLENDALE, ARIZ. — Tower 16 Capital Partners, in partnership with Raith Capital Partners, has acquired Ascend on Glendale, a multifamily community in Glendale’s Westgate Entertainment District. Glendale is a suburb northwest of Phoenix. The price was not disclosed, but the property was purchased for “well below today’s replacement cost,” according to the buyers. The buyers plan to invest $1 million in upgrades and rebrand the Class A property as Obsidian on Glendale. Built in 2023, the two-story, garden-style community features 216 one-, two- and three-bedroom, averaging 921 square feet. Amenities include a swimming pool, fitness center and clubhouse. David Fogler and Steven Nicoluzakis of Cushman & Wakefield represented the undisclosed seller in the transaction. Brian Share and Craig Branton of Cushman & Wakefield secured debt financing for the buyer.

August 2, 2024

Acquisitions Colorado Multifamily Western

Brixton Capital Acquires 114-Unit Parkside at Littleton Village Multifamily Community in Colorado

by Amy Works August 2, 2024

LITTLETON, COLO. — Brixton Capital has purchased Parkside at Littleton Village, a multifamily property at 300 E. Fremont Place in Littleton, a suburb south of Denver. Terms of the transaction were not released, but Brixton plans to rebrand the property. Built in 2022, the community offers 114 units, with an average unit size of 1,215 square feet and ceiling heights from nine to 13 feet. Community amenities include a clubhouse, café, outdoor fireplaces, secure controlled entry doors and elevators, and an entertainment and game room. Additionally, the property offers a pet park, playground, co-working spaces with Wi-Fi, garage parking with electric vehicle charging stations, a fitness center, package lockers and outdoor barbecue areas. Brixton will partner with Sares-Regis to manage daily operations at the property. Matt Barnett of Walker & Dunlop represented the seller, while Brixton was self-represented in the deal.

August 2, 2024

Acquisitions California Industrial Western

Marcus & Millichap Brokers Sale of 33,183 SF Industrial Building in Cameron Park, California

by Amy Works August 2, 2024

CAMERON PARK, CALIF. — Canada-based Can-Windoor Hardware USA LLC has entered the United States market with the acquisition of an industrial headquarters property in Cameron Park, approximately 30 miles east of Sacramento. Reynolds Family Trust sold the asset for $5.3 million. The seller originally built the 33,183-square-foot property, located at 4261 Business Drive, as headquarters for its business, Snowline Engineering. The property includes a full rooftop solar array. Mark Hefner of Marcus & Millichap represented the seller, while David Campbell of Marcus & Millichap Capital Corp. advised the buyer and seller in the deal.

August 2, 2024

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