Acquisitions

Landmark Properties Acquires Galleria Mall in Ann Arbor, Plans to Build 950-Bed Student Housing Project

by Kristin Harlow December 23, 2024

ANN ARBOR, MICH. — Landmark Properties has acquired the site of Galleria Mall in Ann Arbor with plans to build a 950-bed student housing community with its in-house construction arm, Landmark Construction. Named The Metropolitan on South U, the 241-unit development will be situated in the South University neighborhood a few blocks away from the Ross School of Business. Rising 18 stories, The Metropolitan will feature approximately 5,200 square feet of ground-floor retail space as well as community amenities, including a clubhouse, fitness center, pool and rooftop lounge. A timeline for construction was not provided. The community marks Landmark’s third ground-up residential development in Ann Arbor and seventh project in the market managed by the company.

December 23, 2024

Acquisitions Massachusetts Multifamily Northeast

Marcus & Millichap Brokers $9M Sale of Boston Apartment Building

by Taylor Williams December 23, 2024

BOSTON — Marcus & Millichap has brokered the $9 million sale of Spring Street Apartments, a 32-unit multifamily building located in the West Roxbury area of Boston. The elevator-served building was originally constructed in 1965 and offers two studios and 30 one-bedroom apartments. Evan Griffith and Tony Pepdjonovic of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

December 23, 2024

Acquisitions New York Northeast Retail

Horvath & Tremblay Negotiates $8M Sale of Retail Building in Seaford, New York

by Taylor Williams December 23, 2024

SEAFORD, N.Y. — Regional brokerage firm Horvath & Tremblay has arranged the $8 million sale of a single-tenant retail building in Seaford, located on Long Island. CVS has occupied the property at 350 N. Broadway since 2004 and has nine years remaining on its current lease term. Bob Horvath and Todd Tremblay of Horvath & Tremblay represented the undisclosed seller in the transaction. The name and representative of the buyer were also not disclosed.

December 23, 2024

Acquisitions Multifamily Northeast Pennsylvania

V2 Properties Sells 21-Unit Apartment Building in North Philadelphia

by Taylor Williams December 23, 2024

PHILADELPHIA — Regional investment firm V2 Properties has sold Lofts at Henry Hall, a 21-unit apartment building located at 2209 N. Broad St. on the north side of Philadelphia. The property was built in 2023 and offers one-, two-and three-bedroom units, as well as immediate proximity to Temple University. Vince Peruto of Marcus & Millichap represented V2 Properties in the transaction and procured the buyer, Felicity Street Investments. The deal traded for $3.6 million.

December 23, 2024

Acquisitions Industrial Loans Retail South Carolina Southeast

CBRE Arranges Acquisition Financing for 307,492 SF Industrial Portfolio in North Charleston

by John Nelson December 20, 2024

NORTH CHARLESTON, S.C. — CBRE has arranged $29 million in acquisition financing for a two-building industrial portfolio in North Charleston totaling 307,492 square feet. The properties include a 60,640-square-foot facility at 4275 Arco Lane and a 246,852-square-foot property at 4750-4760 Goer Drive. The borrower, Miami-based COFE Properties, purchased the buildings for $48.3 million. Brian Linnihan, Mike Ryan, Richard Henry and J.P. Cordeiro of CBRE’s Atlanta office arranged the fixed-rate loan, which features interest-only payments for the full five-year term, through Nuveen Real Estate. The two buildings were fully leased at the time of financing to tenants including Carrier Enterprises, Perfect 10 Distribution, College of Charleston and Beers Millwork.

December 20, 2024

Acquisitions Florida Retail Southeast

Colliers Brokers Sale of 125,538 SF Casselberry Exchange Shopping Center in Metro Orlando

by John Nelson December 20, 2024

CASSELBERRY, FLA. — Colliers has brokered the sale of Casselberry Exchange, a 125,538-square-foot shopping center located at 5803 US Highway 17-92 in Casselberry, approximately 12 miles north of Orlando. Funds managed by affiliates of Apollo sold the value-add property to RD Management for an undisclosed price. Brad Peterson and Whitaker Leonhardt of Colliers represented the seller in the transaction. Situated adjacent to Sole at Casselberry apartments, the shopping center features multiple single-tenant and strip retail buildings leased to retailers including Starbucks Coffee, Einstein Bagel Bros, Fresenius Kidney Care, Amscot and Little Caesars. Casselberry Exchange also features three vacant big box anchor stores totaling nearly 83,500 square feet and a former 7-Eleven gas station outparcel.

December 20, 2024

Acquisitions North Carolina Retail Southeast

Ziff Real Estate Acquires South Charlotte Retail Center for $11.2M

by John Nelson December 20, 2024

CHARLOTTE, N.C — Ziff Real Estate Partners (ZRP) has acquired Camfield Corners, a 70,000-square-foot neighborhood retail center in south Charlotte, for $11.2 million. Simpson Commercial Real Estate’s Wells Herndon and Wesley Fricks represented the undisclosed seller in the transaction. Christian Chamblee, Jack Jardina and Kayla Hamilton were the internal representatives for ZRP. Camfield Corners spans 9.7 acres and includes tenants like Planet Fitness and Goodwill. ZRP owns three retail assets near the recent purchase, including Carolina Crossing, Matthews Festival and Turnberrry Place.

December 20, 2024

Acquisitions Multifamily Texas

Bright Realty Sells 260-Unit Multifamily Property in Lewisville, Texas

by Taylor Williams December 20, 2024

LEWISVILLE, TEXAS — Locally based developer Bright Realty has sold Valor at The Realm, a 260-unit multifamily property in the northern Dallas suburb of Lewisville. Built in 2021 within the 324-acre Realm at Castle Hills mixed-use development, the property offers one- and two-bedroom units. Amenities include a pool and a yoga studio, and the building also houses approximately 35,000 square feet of retail space. Weidner Apartment Homes purchased Valor at the Realm for an undisclosed price. JLL brokered the deal.

December 20, 2024

Acquisitions Industrial Texas

IRG Acquires 221,879 SF Manufacturing Facility Near Port Houston

by Taylor Williams December 20, 2024

HOUSTON — Industrial Realty Group (IRG) has acquired a 221,879-square-foot manufacturing facility located at 16730 Jacintoport Blvd. near Port Houston. The site spans 21 acres and includes multiple structures with barge docks, nine cranes, 10 acres for outdoor storage or expansion and 800 feet of frontage along the Houston Ship Channel. The facility was roughly 60 percent leased at the time of sale. The seller and sales price were not disclosed.

December 20, 2024

Acquisitions Arizona Development Hospitality Western

Waterton Acquires 137-Key Resort in Sedona, Arizona, Plans Repositioning

by Amy Works December 20, 2024

SEDONA, ARIZ. — Chicago-based Waterton has purchased Poco Diablo Resort, a 137-key hotel located at 1752 AZ-179 in Sedona. Terms of the transaction were not released. Waterton plans to reposition and rebrand the asset as Outbound Sedona. Planned renovations include adding a heated pool and hot tub with rock formations, mini-waterfall features and zero gravity lounging options, as well as expanding the spa to include new treatment rooms. Situated on 18 acres adjacent to Oak Creek, the hotel features a lobby, onsite restaurant, 8,500 square feet of indoor/outdoor event space, a swimming pool and spa center. Outbound Sedona will be operated by Denver-based CoralTree Hospitality. The property will the fifth hotel under Waterton’s Outbound Hotels brand, a collection of lifestyle hotels in outdoor destinations.

December 20, 2024

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