Acquisitions

JLL Negotiates Sale of 656-Bed Student Housing Community Near Kennesaw State University

by John Nelson January 15, 2025

KENNESAW, GA. — JLL has negotiated the sale of Bixby Kennesaw, a 656-bed student housing community located near the Kennesaw State University campus in metro Atlanta. Completed in 2020, the property offers 179 units in a mix of studio through five-bedroom configurations. Shared amenities include a rooftop sky deck overlooking the university’s football stadium, resort-style swimming pool, fitness center and multiple study spaces. Teddy Leatherman, Scott Clifton, Kevin Kazlow and Jack Goldberger of JLL represented the seller, Alden Street Capital, in the disposition. The buyer and terms of the transaction were not released.

January 15, 2025

Acquisitions Hospitality Kentucky Mixed-Use Southeast

Cronheim Hotel Capital Arranges $18.2M Acquisition Loan for Aloft Hotel in Newport, Kentucky

by John Nelson January 15, 2025

NEWPORT, KY. — Cronheim Hotel Capital has arranged an $18.2 million acquisition loan for Aloft Newport, a hotel in the Cincinnati suburb of Newport. Built in 2017, the hotel is situated adjacent to the Newport on the Levee, a mixed-use development now owned by Atlanta-based Jamestown. The Aloft Newport is located directly across the Ohio River from downtown Cincinnati via a pedestrian bridge. Cronheim Hotel Capital arranged the loan through a regional bank on behalf of the locally based borrower, Rolling Hills Hospitality. The new owner plans to invest in capital improvements to improve hotel room interiors after the acquisition closes.

January 15, 2025

Acquisitions Nevada Retail Western

Remington Nevada Sells 115,037 SF Shopping Center in Las Vegas for $50.3M

by Amy Works January 15, 2025

LAS VEGAS — Remington Nevada has completed the sale of Mountain’s Edge Marketplace, a neighborhood shopping center in Mountain’s Edge, a master-planned community in Las Vegas. An out-of-state investor acquired the asset for $50.3 million, or $37 per square foot. Roy Fritz and Preston Fetrow of CBRE’s National Retail Investment Partners-West represented the seller, a Las Vegas-based private investment firm. The purchase includes the assumption of a $33 million CMBS loan requiring the new borrower to engage a loan expeditor to facilitate the process. Situated on 14.7 acres at 7975 Blue Diamond Road, Mountain’s Edge Marketplace offers 115,037 square feet of retail space, which is 98 percent leased to 40 national and local retailers. Current tenants include Ross Dress for Less, Planet Fitness, Starbucks Coffee, Supercuts, The UPS Store, China A Go Go and T-Mobile. The property is shadow anchored by an Albertsons-occupied property, which was not included in the sale.

January 15, 2025

Acquisitions Georgia Restaurant Retail Southeast

Marcus & Millichap Brokers Sale of New Restaurant in Buford, Georgia Leased to Whataburger

by John Nelson January 15, 2025

BUFORD, GA. — Marcus & Millichap’s Taylor McMinn Retail Group has brokered the sale of a newly built restaurant located at 4996 Lanier Parkway in Buford, a northeast suburb of Atlanta. Built in 2024, the 3,318-square-foot restaurant is ground-leased to Whataburger and sits on a nearly 1.5-acre site at the entrance of a 1.1 million-square-foot Amazon logistics center. The popular quick-service restaurant (QSR) chain has a 15-year ground lease in place at the restaurant with scheduled rent increases and extension options. Whataburger is based in Texas and only recently began opening restaurants in Georgia, the first of which opened in Kennesaw in 2022. Don McMinn of Taylor McMinn Retail Group represented the seller, an unnamed developer, in the 1031 transaction. The buyer and sales price were also not disclosed. “This is our third Whataburger closing in fourth-quarter 2024 and will be bring more to market in 2025,” says McMinn. “Whataburger continues to garner strong demand and attractive pricing from investors and is one of the more desirable QSR options in the market today.”

January 15, 2025

Acquisitions Development Multifamily Northeast Rhode Island Seniors Housing

LRT Acquires Land in Providence for Development of $65M Seniors Housing Project

by Taylor Williams January 15, 2025

PROVIDENCE, R.I. — LRT Co., a developer of traditional multifamily and seniors housing properties, has acquired 12.4 acres in Providence for the development of a $65 million seniors housing project. Known as Tiffany Laurel Reserve, the property will total 157,000 square feet upon completion and feature 127 independent living residences and 77 assisted living and memory care units. Roughly 25 percent of the units will be reserved for low-income residents. The development will also feature 56 garage parking spaces. Construction is scheduled to begin this summer.

January 15, 2025

Acquisitions California Office Western

CBRE Negotiates $2.6M Sale of Two-Story Office Building in Irvine, California

by Amy Works January 15, 2025

IRVINE, CALIF. — CBRE has arranged the sale of an office building located at 9890 Irvine Center Drive in Irvine. Navigators Advisory Group acquired the property from ICD Equities for $2.6 million. Built in 2007, the two-story 4,950-square-foot building features a mix of open and private offices. Recent upgrades include a loft-style creative design that features open ceilings and exposed ducting. Jeff Carr and Jonathan Carr of CBRE represented the seller, while Blake Garrett of The Feed Group represented the buyer in the transaction.

January 15, 2025

Acquisitions Massachusetts Northeast Office Retail

Atlantic Capital Partners Negotiates $15.4M Sale of Massachusetts Retail, Office Portfolio

by Taylor Williams January 15, 2025

BOSTON — Locally based brokerage firm Atlantic Capital Partners has negotiated the $15.4 million sale of The Trapelo Portfolio, a collection of four retail properties and one office building totaling roughly 70,000 square feet in Massachusetts. The retail component of the portfolio includes Duxbury Plaza, a 44,014-square-foot, grocery-anchored shopping center located south of Boston, as well as three freestanding buildings in Billerica, Burlington and Shrewsbury that are leased to the United States Postal Service. Justin Smith, Chris Peterson, Sam Koonce, Mary Powers and Matt Ericson of Atlantic Capital Partners represented the buyer and seller, both of which requested anonymity, in the transaction.

January 15, 2025

Acquisitions Net Lease New Jersey Northeast Retail

SRS Real Estate Brokers $7.4M Ground-Lease Sale of Northern New Jersey Retail Building

by Taylor Williams January 15, 2025

LINDEN, N.J. — SRS Real Estate Partners has brokered the $7.4 million ground-lease sale of a 5,585-square-foot retail building in the Northern New Jersey community of Linden that is leased to convenience store operator Wawa. The building was constructed in 2023 on 1.5 acres within the 350,000-square-foot Legacy Square shopping center, and Wawa has 19 years remaining on the corporate-guaranteed lease. Kyle Fant, Britt Raymond, Matthew Mousavi and Patrick Luther of SRS represented the seller, a partnership between Dallas-based Cypress Equities and San Francisco-based Stockbridge Capital Group, in the deal. The undisclosed, New York-based buyer acquired the property via a 1031 exchange.

January 15, 2025

Acquisitions Industrial New Jersey Northeast

Dalfen, Centerbridge Buy 1.8-Acre Industrial Outdoor Storage Facility in Edison, New Jersey

by Taylor Williams January 15, 2025

EDISON, N.J. — A partnership between Dallas-based investment firm Dalfen Industrial and funds advised by affiliates of Centerbridge Partners LP has purchased a 1.8-acre industrial outdoor storage (IOS) facility in the Central New Jersey community of Edison. The facility at 83 Gross Ave. houses a 4,500-square-foot building with a clear height of 14 feet. Mark Silverman, Liam McGregor and Elli Klapper of CBRE represented the undisclosed seller in the off-market transaction.

January 15, 2025

Acquisitions Illinois Industrial Midwest

Colliers Arranges Sale of Whole Foods-Occupied Distribution Center in Chicago

by Kristin Harlow January 15, 2025

CHICAGO — Colliers has arranged the sale of a 140,310-square-foot distribution center fully leased to Whole Foods Market in Chicago for an undisclosed price. Jeff Devine, Steve Disse and Tyler Ziebel of Colliers represented the seller, Ryan Cos. US Inc. Built in 2017 by Ryan, the property at 716 E. 111th St. services Whole Foods locations in the Chicago area and throughout the Midwest and Canada. Metzler Real Estate advised the buyer, an offshore investor.

January 15, 2025

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