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Acquisitions

AcquisitionsMixed-UseNorth CarolinaRetailSoutheast

CBRE Arranges $110M Sale of 14-Level Parking Facility in Uptown Charlotte

by John Nelson

CHARLOTTE, N.C. — CBRE has arranged the $110 million sale of SEVEN20 at Legacy Union, a 14-level parking facility located at 720 S. Church St. in Uptown Charlotte. Lincoln Harris sold the 1.1 million-square-foot property to Highwoods Properties. Patrick Gildea and Matt Smith of CBRE represented the seller in the transaction. Built in 2019 as part of the 10.2-acre Legacy Union mixed-use development, SEVEN20 at Legacy Union is the largest parking facility in the Carolinas, according to CBRE. The facility features a double-helix structure, two elevator towers, 3,057 parking stalls, 14,360 square feet of ground-level retail space and a pedestrian bridge on the fifth level that connects to Bank of America tower. The property is also equipped to accommodate guest parking for Carolinas Panthers games and other events taking place at the nearby Bank of America Stadium.

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AcquisitionsAffordable HousingFloridaMultifamilySoutheast

Franklin Street Negotiates Sale of 200-Unit Wild Pines of Naples Apartments

by John Nelson

NAPLES, FLA. — Franklin Street has negotiated the sale of Wild Pines of Naples, a 200-unit apartment community located at 2580 Wild Pines Lane in Naples. The property was originally built in 1968 and expanded in 1986 and 2001. Wild Pines features market-rate apartments and income-restricted units that were developed with Low-Income Housing Tax Credits. Darron Kattan, Avery Jordan, Mark Savarese, Cary Brown and Eve Lowry of Franklin Street represented the buyer, Interface Properties, and the seller, JSB Capital, in the transaction. The sales price was not disclosed.

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AcquisitionsIndustrialSoutheastVirginia

Cushman & Wakefield | Thalhimer Brokers $7.9M Sale of Industrial Facility in Fredericksburg, Virginia

by John Nelson

FREDERICKSBURG, VA. — Cushman & Wakefield | Thalhimer has brokered the $7.9 million sale of a 79,240-square-foot industrial facility located at 4701 Market St. in Fredericksburg, a city in Spotsylvania County that sits about 57 miles south of Washington, D.C. The buyer, Rappahannock Area Community Services Board, purchased the building from the previous owner and tenant, Rappahannock Goodwill Industries. Wilson Greenlaw and Berkley Mitchell of Cushman & Wakefield | Thalhimer represented the seller in the transaction. Rappahannock Area Community Services Board plans to relocate its headquarters to the facility.

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Longview-Mall
AcquisitionsRetailTexas

Trademark, Dillard’s Buy Longview Mall in East Texas, Plan Repositioning

by Taylor Williams

LONGVIEW, TEXAS — Fort Worth-based owner-operator Trademark Property Co. and department store retailer Dillard’s have partnered to purchase Longview Mall in East Texas, with plans to undertake a repositioning. The Wall Street Journal reports that the sales price was $34 million. The mall originally opened in 1978 and welcomes some 3.7 visitors annually. In addition to Dillard’s, tenants at the property include Dick’s Sporting Goods, J.C. Penney, HomeGoods, Bath & Body Works, Foot Locker, H&M, Kay Jewelers, Auntie Anne’s, Chick-fil-A and Chuck E. Cheese. The name of the seller, as well as specifics of the repositioning plan, were not disclosed.

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AcquisitionsHospitalityTexas

Partners Capital Buys 162-Room, Hilton-Branded Hotel in Houston

by Taylor Williams

HOUSTON — Partners Capital, the investment arm of Partners Real Estate, has purchased the 162-room Homewood Suites by Hilton — Houston Galleria hotel. The extended-stay hotel was originally built in 2006 and had an average nightly occupancy rate of 84 percent at the time of sale. Following the 2026 World Cup, Partners Capital will commence a multi-million dollar renovation of the hotel that will include upgrades to guestrooms, public areas and the building exterior, as well as the modernization of several building systems.  The seller and sales price were not disclosed.

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AcquisitionsOfficeTexas

STRIVE Negotiates Sale of 2,996 SF Office Building in Keller, Texas

by Taylor Williams

KELLER, TEXAS — Locally based brokerage firm STRIVE has negotiated the sale of a 2,996-square-foot office building in Keller, located north of Fort Worth. The building is known as Keller Parkway Office and was fully leased at the time of sale. Parker Tims of STRIVE represented the undisclosed, locally based seller in the transaction. The buyer and sales price were also not disclosed.

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623-Fifth-Avenue
AcquisitionsNew YorkNortheast

Vornado Realty Trust Agrees to Buy Midtown Manhattan Office Condo for $218M

by Taylor Williams

NEW YORK CITY — Locally based REIT Vornado Realty Trust (NYSE: VNO) has entered into an agreement to purchase the office condo at 623 Fifth Avenue in Midtown Manhattan for $218 million. The 36-story, 382,000-square-foot building, which is situated above the flagship Saks Fifth Avenue department store, is currently 75 percent vacant. Vornado, which expects the deal to close in September, plans to implement a capital improvement program that is expected to be complete by early 2027. According to Crain’s New York Business, the seller was local developer Charles Cohen.

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AcquisitionsIndustrialNew YorkNortheastSelf-Storage

Marcus & Millichap Brokers Sale of 291-Unit Self-Storage Facility in Oakdale, New York

by Taylor Williams

OAKDALE, N.Y. — Marcus & Millichap has brokered the sale of a 291-unit self-storage facility in Oakdale, located on Long Island. Oakdale Self Storage was built in 2005 and spans 27,320 net rentable square feet across 190 climate-controlled units, 86 non-climate-controlled units and 15 outdoor parking spaces. Andreas Makris and Kevin Bledsoe of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction. John Horowitz of Marcus & Millichap assisted in closing the deal as the broker of record. The facility was 88 percent occupied at the time of sale.

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AcquisitionsMultifamilyNew JerseyNortheast

CBRE Negotiates $12.1M Sale of Apartment Building in Old Bridge, New Jersey

by Taylor Williams

OLD BRIDGE, N.J. — CBRE has negotiated the $12.1 million sale of Oak Tree Plaza, a 36-unit apartment building in the Central New Jersey community of Old Bridge. Built in 2023, Oak Tree Apartments comprises 16 one-bedroom apartments, 17 two-bedroom units and three three-bedroom residences that range in size from 702 to 1,184 square feet. Fahri Ozturk, Richard Gatto and Zach McHale of CBRE represented the seller, New York City-based developer EOM Realty, in the transaction. CBRE also procured the buyer, REVL Holdings.

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AcquisitionsFloridaLeasing ActivityRetailSoutheast

Ram Realty Acquires Shoppes at Jupiter in South Florida, Inks Anchor Lease With Whole Foods

by John Nelson

JUPITER, FLA. — Ram Realty Advisors has acquired The Shoppes at Jupiter, a 197,000-square-foot shopping center located at the intersection of Indiantown Road and U.S. Highway 1 in Jupiter. The Palm Beach Gardens, Fla.-based investor acquired the property from Orion Real Estate Group for $52.8 million. Noah Jones and Dan Lynch of Atlantic Retail brokered the transaction. Orion previously acquired the property in 2015 for $27.8 million. Prior to closing, Ram Realty secured an anchor lease with Whole Foods Market, which will join existing tenants at The Shoppes at Jupiter including Cinépolis Luxury Cinemas, Palm Beach Sports Club Gym, Staples and Bealls.

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