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Acquisitions

1819-E-St-Sacramento-CA
AcquisitionsCaliforniaIndustrialOfficeWestern

Marcus & Millichap Arranges Sale of 9,600 SF Flex Property in Midtown Sacramento

by Amy Works

SACRAMENTO, CALIF. — Marcus & Millichap has arranged the sale of a single-tenant flex property located in midtown Sacramento. Toms Printing sold the asset to Flower Fist Art Market for $1.7 million. Constructed in 1966, the 9,600-square-foot building is located at 1819 E. St. The seller has operated its business at the location since 1989 until closing in 2015. James Beeghly, Russ Moroz, Christopher Drake, Adbullah Sulaiman and Matt Sulaiman of Marcus & Millichap represented the seller in the deal.

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AcquisitionsMidwestMissouriRetail

CBRE Brokers $71.6M Sale of Retail Power Center in Brentwood, Missouri

by Kristin Harlow

BRENTWOOD, MO. — CBRE has brokered the sale of The Promenade at Brentwood, a 337,800-square-foot power center in the western St. Louis suburb of Brentwood. The sales price was $71.6 million, according to Crain’s Cleveland Business. CBRE’s NRP Midwest team represented the seller, Beachwood, Ohio-based SITE Centers. Haverford Retail Partners was the buyer. Tenants at the property include Target, Trader Joe’s, Burlington, Five Below, PetSmart, Ulta, World Market and Chase Bank.

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AcquisitionsMidwestNebraskaRetail

Marcus & Millichap Negotiates $7.5M Sale of Old Mill Centre Retail Property in Omaha

by Kristin Harlow

OMAHA, NEB. — Marcus & Millichap has negotiated the $7.5 million sale of Old Mill Centre, a 21-suite retail strip property in Omaha. The center totals 75,089 square feet across four buildings on 6.1 acres at 10888 W. Dodge Road. The asset was 67 percent occupied at the time of sale and anchored by the Social Security Administration, which recently signed a 15-year lease renewal through 2036. The tenant mix includes medical and service retailers with eight vacant suites. Chris Garavaglia, Alex Perez and Dave Saverin of Marcus & Millichap represented the seller, a private individual out of California, and procured the buyer, a local value-add investment group.

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AcquisitionsIllinoisMidwestMultifamily

Kiser Group Arranges $5.9M Sale of Apartment Building in Chicago’s Morgan Park

by Kristin Harlow

CHICAGO — Kiser Group has arranged the $5.9 million sale of a 42-unit multifamily property in Chicago’s Morgan Park neighborhood. The sales price of $140,000 per unit represents the highest price-per-unit ever recorded in the area, according to Kiser. The building includes four commercial spaces and 38 large apartment units, all of which are two- or three-bedroom layouts. The asset was fully leased at the time of sale and has been self-managed by the owner. Craig Robinson was the buyer.

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AcquisitionsIndustrialSelf-StorageTexas

SmartStop Self Storage REIT Buys 3,800-Unit Portfolio in Greater Houston

by Taylor Williams

LADERA RANCH, CALIF. — California-based SmartStop Self Storage REIT (NYSE: SMA) has purchased a portfolio of five facilities totaling approximately 3,800 units in the greater Houston area. The portfolio totals roughly 420,000 net rentable square feet. The properties are located at 2412 W. Holcombe Blvd. on the city’s west side; 21836 Holzwarth Road in the northern suburb of Spring; 9040 Louetta Road in Spring; 32620 FM 2978 in the northwestern suburb of Magnolia; and 18250 I-45 S. in Shenandoah, about 35 miles north of downtown Houston. The seller was not formally named, but the press release identified  Kathy and Scott Tautenhahn of Amazing Spaces Storage Centers as the developers of the portfolio. The release also credited Aaron Swerdlin of Newmark as instrumental to the transaction.

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The-Carter-Grapevine
AcquisitionsMultifamilyTexas

IPA Negotiates Sale of 276-Unit Apartment Complex in Grapevine, Texas

by Taylor Williams

GRAPEVINE, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of The Carter, a 276-unit apartment complex in Grapevine, located in the northern-central part of the metroplex. Built in 2023, the property offers one-, two- and three-bedroom units with an average size of 1,000 square feet and amenities such as a pool, fitness center, pet park, wine lounge, wellness center, package lockers and a rooftop terrace. Drew Kile, Joey Tumminello, Taylor Hill, Michael Ware and Shelby Clark of IPA represented the seller, Integrated Real Estate Group, in the transaction. The team also procured the buyer, Rockport Equity.

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Reserve-at-Westchase-Houston
AcquisitionsOfficeTexas

JLL Brokers Sale of 194,919 SF Office Building in West Houston

by Taylor Williams

HOUSTON — JLL has brokered the sale of Reserve at Westchase, a 194,919-square-foot office building in West Houston. Built in 1999, the four-story building has undergone significant renovations in recent years and offers amenities such as a tenant lounge and conference center. Kevin McConn led the JLL team that represented the seller, Transwestern Investment Group, in the transaction. Michael Johnson and Michael King, also with JLL, arranged acquisition financing through an undisclosed insurance company on behalf of the buyer, DML Capital. The building was 76 percent leased at the time of sale.

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AcquisitionsMississippiSoutheastStudent Housing

Morgan Stanley, Scion Acquire 2,000-Bed Student Housing Portfolio Near Ole Miss for $262M

by John Nelson

OXFORD, MISS. — A joint venture between Morgan Stanley Investment Management, through funds managed by Morgan Stanley Real Estate Investing (MSREI), and The Scion Group has acquired a 2,000-bed student housing portfolio located near the University of Mississippi (Ole Miss) campus in Oxford for $262 million. The portfolio is located within two miles of campus and includes 600 apartments, townhomes and cottages. The acquisition of College Town Oxford, a cottage-style community located on the west side of campus, closed earlier this month. The remaining acquisitions — which include a garden-style community located south of campus and four smaller properties in downtown Oxford — are expected to close in the third quarter. TSB Capital Advisors arranged financing for the acquisitions. The sellers were not disclosed.

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AcquisitionsDevelopmentGeorgiaHospitalitySoutheast

DoveHill Invests in Redevelopment of Historic Boutique Hotel in Savannah

by John Nelson

SAVANNAH, GA. — Fort Lauderdale, Fla.-based DoveHIll has placed a preferred equity investment for the redevelopment of a boutique hotel in Savannah’s Historic District. The project will deliver The Sabal House, a 64-room luxury hotel, in place of the former President’s Quarter Inn. The hotel is located on Oglethorpe Square and directly across from the Owens-Thomas House. In addition to upgraded and brand new hotel rooms, The Sabal House will feature Oak Steakhouse, a restaurant concept by Indigo Road Hospitality Group. Terms of DoveHill’s investment were not released. The hotel’s management firm, TPG Hotels & Resorts, says the development team includes Procaccianti Cos., Kim King Associates and Ross Hotel Partners.

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AcquisitionsFloridaRetailSoutheast

Native Realty Brokers $10.3M Sale of Pinecrest Square Shopping Center in Fort Lauderdale

by John Nelson

FORT LAUDERDALE, FLA. — Native Realty has brokered the $10.3 million sale of Pinecrest Square, a 40,409-square-foot shopping center located in the Fort Lauderdale neighborhood of Cypress Creek. Tenants at the property include ChenMed, 7-Eleven, Jiffy Lube, Cheers Food and Spirits and Veterinary Emergency Group. Jaime Sturgis of Native Realty represented the buyer, an entity doing business as 903 Cypress Creek LLC, in the transaction. An entity operating as Pinecrest AP LLC was the seller. Native is also leasing Pinecrest Square on behalf of the new owner.

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