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Acquisitions

AcquisitionsAffordable HousingSeniors HousingSoutheastVirginia

Greysteel Brokers $5.9M Sale of Affordable Seniors Housing Community in Berryville, Virginia

by John Nelson

BERRYVILLE, VA. — Greysteel has brokered the $5.9 million sale of Mary Hardesty House, an affordable seniors housing community located in Berryville, roughly 65 miles northwest of Washington, D.C. Fletcher Hultman, Justin Mazzamaro and Henry Mathies of Greysteel represented the seller, The Wentwood Cos., in the transaction. Community Housing Partners was the buyer. Totaling 60 units, the property was developed using low-income housing tax credit (LIHTC) financing and is engaged in a long-term affordable housing use agreement. Amenities at the property include a game room, social gathering area, fitness center, outdoor patio and grill and a salon.

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Fairlawn-Estates-at-the-T-Mattapan
AcquisitionsMassachusettsNortheast

Related Beal Buys 347-Unit Apartment Community in Metro Boston, Plans Affordable Conversion

by Taylor Williams

MATTAPAN, MASS. — Related Beal has purchased Fairlawn Estates at the T, a 347-unit apartment community in Mattapan, located just south of downtown Boston, with plans to convert the property into affordable housing. Related Beal has entered into an agreement with the City of Boston to add a perpetual affordable deed restriction to the property, which was formerly known as SoMa at the T, that will restrict all units to households earning between 60 and 80 percent of the area median income. The agreement allows all current residents to remain in their homes. Related Beal also plans to invest about $6.4 million in capital improvements to the property, which consists of 12 buildings that were originally constructed in the 1960s and house studio, one- and two-bedroom units. Simon Butler, Biria St. John, John McLaughlin and Brian Bowler of CBRE represented the seller, The DSF Group, in the transaction.

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1555-Burke-Ave-San-Francisco-CA
AcquisitionsCaliforniaIndustrialWestern

MCA Realty Buys 40,000 SF Multi-Tenant Industrial Building in San Francisco

by Amy Works

SAN FRANCISCO — MCA Realty has acquired a multi-tenant industrial building located at 1555 Burke Ave. in San Francisco for $11 million. The firm purchased the building with its MCA Realty Industrial Growth Fund II from a San Francisco-based private investor in an off-market transaction. MCA Realty plans to implement a capital improvement program at the 40,000-square-foot building. Planned exterior upgrades include new paint, concrete repairs, roof overlay, modern landscaping, identity signage and exterior fencing. Interior improvements include office refreshes, new carpet/ceiling tiles and bathroom fixtures, LED lighting, painting and insulation of the warehouse. The building features 16 condominium units featuring 18-foot clear heights, grade-level loading, well-designed ingress/egress and efficient warehouse and office layouts. At the time of sale, the property was 94 percent leased to 15 tenants. Jim Farris of JMF Capital represented the buyer, while Karl Hansen of CBRE represented the seller in the deal.

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AcquisitionsDevelopmentMidwestMultifamilyWisconsin

Cushman & Wakefield | Boerke Arranges Sale of Multifamily Development Site Near Milwaukee

by Kristin Harlow

MOUNT PLEASANT, WIS. — Cushman & Wakefield | Boerke has arranged the sale of 18.1 acres of land in Mount Pleasant, a southern suburb of Milwaukee. The site, located near I-94, will be developed into a 280-unit garden-style apartment community. The buyer, Continental Properties, plans to break ground immediately. The seller was undisclosed.

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AcquisitionsMichiganMidwestRetail

Mid-America Brokers Sale of 62,079 SF Retail Center in Portage, Michigan

by Kristin Harlow

PORTAGE, MICH. — Mid-America Real Estate Corp. has brokered the sale of Shoppes at Romence Village in Portage, just south of Kalamazoo. The sales price was undisclosed. The 62,079-square-foot retail center was 96 percent leased at the time of sale to tenants such as AAA, Great Clips, Michigan Secretary of State, Jet’s Pizza, Once Upon a Child and Clothes Mentor. Ben Wineman, Daniel Stern and Brad Lefkowitz of Mid-America represented the seller, Bloomfield Hills, Mich.-based Bleznak Real Estate Investment Group. New York-based Time Equities Inc. was the buyer.

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AcquisitionsNew YorkNortheastRetailSoutheastTop StoriesVirginia

Dollar Tree to Sell Family Dollar Business to Private Equity Firms for $1B

by Kristin Harlow

CHESAPEAKE, VA. AND NEW YORK CITY — Dollar Tree Inc. (NASDAQ: DLTR) has agreed to sell the Family Dollar business segment to Brigade Capital Management LP and Macellum Capital Management LLC for $1 billion. The sales price represents a fraction of the $8.5 billion that Dollar Tree paid for the discount brand in 2015. Family Dollar will remain headquartered in Chesapeake. Family Dollar, which caters to low-income customers with its roughly 8,000 U.S. stores, has struggled in recent years. In March 2024, Dollar Tree unveiled plans to close approximately 970 underperforming Family Dollar stores. After a review of potential alternatives for the Family Dollar business segment, the Dollar Tree leadership team and board of directors determined that a sale of Family Dollar to Brigade and Macellum best unlocks value for Dollar Tree shareholders and positions Family Dollar for future success. “This is a major milestone in our multi-year transformation journey to help us fully achieve our potential,” says Mike Creedon, CEO of Dollar Tree. “We will continue to grow and optimize our Dollar Tree business to maximize value for Dollar Tree associates, customers and shareholders with an enhanced focus on compelling initiatives, including our expanded assortment, significant planned new store …

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AcquisitionsOfficeTexas

Marcus & Millichap Brokers Sale of 126,790 SF Office Building in Irving

by Taylor Williams

IRVING, TEXAS — Marcus & Millichap has brokered the sale of O’Connor Ridge, a 126,790-square-foot office building in Irving. The four-story building was constructed in 1980 and houses 30 suites. Ron Hebert, Joseph Jaques, David Fersing, Nick Fluellen and Bard Hoover of Marcus & Millichap represented the California-based seller in the transaction. Hebert and Jaques also procured the locally based buyer. Both parties requested anonymity.

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Slate-at-Merrimack
AcquisitionsMultifamilyNew HampshireNortheast

CBRE Brokers Sale of 224-Unit Slate at Merrimack Apartments in Southern New Hampshire

by Taylor Williams

MERRIMACK, N.H. — CBRE has brokered the sale of Slate at Merrimack, a 224-unit apartment complex located near the Massachusetts-New Hampshire border. Built in 2023, the property houses one- and two-bedroom units with an average size of 943 square feet. Amenities include a pool, fitness center, coworking café and outdoor grilling and dining areas. Simon Butler, Biria St. John, John McLaughlin and Brian Bowler of CBRE represented the seller, LeCesse Development Corp., in the transaction. The team also procured the undisclosed buyer.

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AcquisitionsBuild-to-RentMultifamilySingle-Family RentalSoutheastTennessee

PPR Capital Management Buys Build-to-Rent Community in Knoxville for $87M

by John Nelson

KNOXVILLE, TENN. — PPR Capital Management, a private equity firm based in Berwyn, Pa., has purchased Highline at Knoxville, a new build-to-rent residential community in Knoxville, for $87 million. The acquisition includes both Phase I, which comprises 110 single-family rental (SFR) homes currently in lease-up, and Phase II, 151 townhomes and detached SFR homes that will break ground immediately and be delivered in tranches between 2026 and 2027. Project partners include general contractor BTR Group and property manager Greystar. PPR also partnered with Center Creek Capital Group, a real estate investment and development firm, on the acquisition. The deal structure includes a total equity investment of $26.6 million, with PPR contributing $25 million as the primary equity partner. Highline at Knoxville represents the first BTR purchase and second acquisition in Tennessee for PPR.

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AcquisitionsMarylandRetailSoutheast

First Washington Realty Acquires Whole Foods-Anchored Shopping Center Near DC

by John Nelson

RIVERDALE PARK, MD. — First Washington Realty has acquired a 163,000-square-foot shopping center in the Washington, D.C. suburb of Riverdale Park. The retail property, which is situated within the mixed-use district of The Station at Riverdale Park near the University of Maryland, is anchored by Whole Foods Market. Additional tenants at the shopping center include Burton’s Grill, Starbucks Coffee, Gold’s Gym, Jersey Mike’s Subs, Denizens Brewing Co. and District Taco. Amrit Chase negotiated the transaction on behalf of First Washington Realty on an internal basis. The seller and sales price were not disclosed.

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