Acquisitions

Marcus & Millichap Brokers Sale of 288-Unit Vanderbilt Apartments in Clute, Texas

by Taylor Williams July 17, 2024

CLUTE, TEXAS — Marcus & Millichap has brokered the sale of Vanderbilt Apartments, a 288-unit multifamily community located south of Houston in Clute. The property was built in 1978 and offers one-, two- and three-bedroom units. Amenities include a pool, dog park, playground and outdoor grilling and dining stations. Nico Bianchi and Kent Myers of Marcus & Millichap represented the seller, an entity doing business as Gupta Vanderbilt Place LLC, in the transaction. The duo also procured the buyer, a locally based limited liability company.

July 17, 2024

Acquisitions Multifamily New Jersey Northeast

CBRE Arranges $221.5M Sale of Jersey City Apartment Buildings

by Taylor Williams July 17, 2024

JERSEY CITY, N.J. — CBRE has arranged the $221.5 million sale of Lenox and Quinn Apartments, two adjacent buildings totaling 408 units in Jersey City’s Paulus Hook neighborhood. Built in 2017, Lenox consists of 255 units and includes a 257-space automated parking garage. Quinn was constructed in 2018 and totals 153 units. According to Apartments.com, both properties offer studio, one-, two- and three-bedroom floor plans. Both properties also house various Class A amenities. Jeffrey Dunne, Stuart MacKenzie, Eric Apfel, Travis Langer and Daniel Blumenkrantz of CBRE represented the seller, institutional investors advised by J.P. Morgan Asset Management, in the transaction. The team also procured the buyer, Hines Interests.

July 17, 2024

Acquisitions Multifamily New York Northeast

Marcus & Millichap Brokers $29M Sale of Manhattan Multifamily Portfolio

by Taylor Williams July 17, 2024

NEW YORK CITY — Marcus & Millichap has brokered the $29 million sale of a portfolio of three multifamily buildings totaling 59 units in Manhattan’s East Village neighborhood. The buildings at 129 Second Ave. and 36 Saint Marks Place all rise six stories and house 10 retail spaces between them. Joe Koicim, Logan Markley, Zan Colin and Matt Berger of Marcus & Millichap represented the seller, Jonis Realty, in the transaction and procured the buyer, Ryco Capital. Both parties are locally based.

July 17, 2024

Acquisitions Multifamily Seniors Housing Washington Western

JLL Arranges $28M Sale of Van Mall Retirement Community in Vancouver, Washington

by Amy Works July 17, 2024

VANCOUVER, WASH. — JLL has directed the sale of Van Mall Retirement, a seniors housing community in Vancouver, just across the Columbia River from Portland, Oregon. Lytle Enterprises sold the asset to a regional Pacific Northwest owner and operator for $28 million. Located at 7808 NE 51st St., Van Mall Retirement features 191 independent living and assisted living units in one- and two-bedroom layouts. The property was constructed in 1989 and expanded in 1994. The pet-friendly community features an on-site theater; salon and barbershop; fitness center; activity and games room; arts and crafts studio; library; and bistro. Jay Wagner, Rick Swartz, Aaron Rosenzweig, Alanna Ellis, Dan Baker and Dean Ferris of JLL Capital Markets represented the seller, procured the buyer and procured acquisition financing from a regional bank on behalf of the buyer in the transaction.

July 17, 2024

Acquisitions Industrial Nevada Western

CapRock Partners Buys 707,010 SF Industrial Warehouse in Sparks, Nevada

by Amy Works July 17, 2024

SPARKS, NEV. — CapRock Partners has acquired 3200 USA Parkway, a cross-dock industrial warehouse in the Reno suburb of Sparks. An institutional investor sold the asset for an undisclosed price in an off-market transaction. Situated on 48 acres within the Tahoe-Reno Industrial Center, 3200 USA Parkway features 707,010 square feet of space with 36-foot clear height, up to 131 dock-high doors, three grade-level doors and 14,890 square feet of office space, as well as ESFR sprinklers, ample power, LED lighting and 435 skylights. The property includes a 190-foot secured truck courts with dedicated truck access points. The asset was built in 2014. Brian Armon of NAI Alliance represented CapRock Partners on the acquisition.

July 17, 2024

Acquisitions Colorado Industrial Office Western

Pinnacle Brokers Sale of 38,114 SF Flex Property in Wheat Ridge, Colorado

by Amy Works July 17, 2024

WHEAT RIDGE, COLO. — Pinnacle Real Estate Advisors has arranged the sale of an office, industrial and warehouse facility situated on 3.3 acres in Wheat Ridge, just west of Denver. Tecta LLC and Solo@LHC LLC sold the asset to an undisclosed buyer for $4.8 million. Located at 4725 Independence St., two tenants fully occupy the 38,114-square-foot property. John Reynolds and James Wachholz of Cushman & Wakefield, along with RC Myles of Pinnacle Real Estate Advisors, represented the seller, while Mark Alley and Paul Schneider with Pinnacle Real Estate Advisors represented the buyer in the deal.

July 17, 2024

Acquisitions Arizona Retail Western

Marcus & Millichap Negotiates Ground Lease Sale of 4,500 SF US Bank-Occupied Retail Property in Scottsdale, Arizona

by Amy Works July 17, 2024

SCOTTSDALE, ARIZ. — Marcus & Millichap has arranged the sale of the ground lease for a U.S. Bank-occupied, net-leased retail property in the Phoenix suburb of Scottsdale. A private investor acquired the asset from a limited liability company for $5.5 million. The transaction included a 4,500-square-foot retail building and a new 10-year, absolute triple-net ground lease with corporate guaranty by U.S. Bank. Built in 2023, the property is located at 14900 N. Pima Road. Mark Ruble, Chris Lind and Zack House of Marcus & Millichap represented the seller and procured the buyer in the transaction.

July 17, 2024

Acquisitions Florida Multifamily Southeast

JBM Brokers $57M Sale of Brantley Pines Apartments in Fort Myers, Florida

by John Nelson July 17, 2024

FORT MYERS, FLA. — JBM Institutional Multifamily Advisors has brokered the $57 million sale of Brantley Pines, a 296-unit apartment community situated on 29.1 acres in Fort Myers. The Inland Real Estate Group of Cos. sold the Southwest Florida property to Boca Raton, Fla.-based Interface Properties for $192,568 per unit. Interface plans on continuing a renovation program for the unit interiors at Brantley Pines while also adding a lakeside walking path and enhancing the clubhouse, pool area and landscaping. The previous owner recently added pickleball courts to Brantley Pines, which was delivered in two phases in 1988 and 1997.

July 17, 2024

Acquisitions Illinois Midwest Retail

Quantum Brokers $8.5M Sale of Retail Center in St. Charles, Illinois

by Kristin Harlow July 17, 2024

ST. CHARLES, ILL. — Quantum Real Estate Advisors Inc. has brokered the $8.5 million sale of a 47,000-square-foot retail center in St. Charles, about 40 miles west of Chicago. At the time of sale, the property was 97 percent leased to Syrup, Consume Cannabis, CD One Price, La Huerta Market and other local and national tenants. Brett Berlin of Quantum represented the seller, an Illinois-based developer. The buyer was a private group of investors based in Illinois and New Jersey.

July 17, 2024

Acquisitions Industrial Texas

STRIVE Negotiates Sale of 94,249 SF Shopping Center in Webster, Texas

by Taylor Williams July 16, 2024

WEBSTER, TEXAS — Dallas-based brokerage firm STRIVE has negotiated the sale of Village Real Shopping Center, a 94,249-square-foot retail property located southeast of Houston in Webster. The center was 95 percent leased at the time of sale to tenants such as Office Depot, Family Dollar and Eduardo’s Mexican Kitchen. Jake Dutson of STRIVE represented the seller and procured the out-of-state buyer, both of which requested anonymity, in the transaction.

July 16, 2024

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