Acquisitions

Sagard Real Estate Sells Tustin Financial Plaza in Southern California for $27.5M

by Amy Works October 21, 2024

TUSTIN, CALIF. — Sagard Real Estate has completed the disposition of Tustin Financial Plaza, a multi-tenant office property in Tustin. A local investment firm acquired the asset for $27.5 million. The five-building asset is located at 17772, 17782, 17852 and 17862 E. 17th St. in north Tustin, about 34 miles south of Los Angeles via I-5. Totaling 185,180 square feet, Tustin Financial Plaza consists of four two-story buildings, one four-story building and a 533-space parking lot. At the time of sale, the plaza was 70 percent occupied. Tustin Financial Plaza was built on 8.5 acres in 1973. Anthony DeLorenzo, Sammy Cemo, Bryan Johnson and Greg Sullivan of CBRE represented the seller in the deal.

October 21, 2024

Acquisitions Alabama Southeast Student Housing

Muinzer Acquires 752-Bed Student Housing Community Near Auburn University

by John Nelson October 18, 2024

AUBURN, ALA. — Muinzer has acquired Samford Square, a 752-bed student housing community located near the Auburn University campus. The property offers units in two-, three- and four-bedroom configurations, all of which were fully leased at the time of sale. Shared amenities at Samford Square include a resort-style swimming pool, cyber café, resident activity room, sand volleyball court, clubhouse, hammock garden, 24-hour gaming lounge and a tanning bed. Peter Katz of Institutional Property Advisors (IPA), a division of Marcus & Millichap, brokered the transaction. The seller and terms of the deal were not disclosed.

October 18, 2024

Acquisitions Hospitality Texas

NewcrestImage Acquires 296-Room Beeman Hotel in Dallas

by Taylor Williams October 18, 2024

DALLAS — Locally based hospitality investment and management firm NewcrestImage has acquired the 296-room Beeman Hotel in the Highland Park area of Dallas. The nine-story hotel was renovated in 2021 and houses an indoor pool, fitness center, 12,000 square feet of meeting and event space, coffee shop, video game lounge and an onsite barbeque restaurant. The seller and sales price were not disclosed. NewcrestImage has tapped Dallas-based Coury Hospitality to manage the property.

October 18, 2024

Acquisitions Affordable Housing Multifamily Texas

Marcus & Millichap Brokers Sale of 248-Unit Affordable Housing Complex in Arlington

by Taylor Williams October 18, 2024

ARLINGTON, TEXAS — Marcus & Millichap has brokered the sale of Rush Creek, a 248-unit affordable housing complex in Arlington. Built on 16 acres in 2004, the property offers two- and three-bedroom units and amenities such as a pool, afterschool children’s classroom, business center and a sports court. Wes Racht, Nick Fluellen, Bard Hoover and Sam Pettigrew of Marcus & Millichap represented the undisclosed seller in the transaction and procured the buyer, locally based real estate private equity company Brazos Residential.

October 18, 2024

Acquisitions Industrial Texas

Bradford Arranges Sale of 19,000 SF Warehouse in Aledo, Texas

by Taylor Williams October 18, 2024

ALEDO, TEXAS — Dallas-based brokerage firm Bradford Commercial Real Estate Services has arranged the sale of a 19,000-square-foot warehouse in Aledo, located west of Fort Worth. The two-tenant building was constructed on a four-acre site at 377 Savage Lane in 2017. Shane Benner of Bradford represented the buyer, an entity doing business as 4T4 Pack LLC, in the transaction. Cole Collins of Marcus & Millichap represented the seller.

October 18, 2024

Acquisitions New Jersey Northeast Retail

SRS Real Estate Negotiates $14.3M Sale of Northern New Jersey Retail Building Leased to LA Fitness

by Taylor Williams October 18, 2024

LINDEN, N.J. — SRS Real Estate Partners has negotiated the $14.3 million sale of a 41,000-square-foot retail building in the Northern New Jersey community of Linden that is leased to LA Fitness. The building sits on a five-acre site within Legacy Square Shopping Center, and the gym opened last November. 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 transaction. Josh Kanter and Tony D’Ambrosia of NNN Pro represented the undisclosed buyer. Chris Marks and Steve Filippo of Marcus & Millichap Capital Corp. arranged an $8 million acquisition loan for the deal that carried a five-year term and 7.73 percent interest rate.

October 18, 2024

Acquisitions Mixed-Use New York Northeast

Marcus & Millichap Brokers $5.9M Sale of Mixed-Use Building in Lower Manhattan

by Taylor Williams October 18, 2024

NEW YORK CITY — Marcus & Millichap has brokered the $5.9 million sale of a five-story mixed-use building in Lower Manhattan. The building at 133 Eldridge St. features ground-floor retail space with residential units above. Joe Koicim and Logan Markley of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

October 18, 2024

Acquisitions Healthcare Midwest Minnesota

Davis Acquires 201,000 SF Outpatient Medical Center in Suburban Minneapolis for $72M

by Kristin Harlow October 18, 2024

PLYMOUTH, MINN. — Davis has acquired WestHealth, a three-building outpatient medical center totaling nearly 201,000 square feet in Plymouth, a western suburb of Minneapolis. The purchase price was $72 million. The campus comprises two outpatient medical buildings, an ambulatory surgical center and an emergency/urgent care facility. The buildings were 96 percent occupied at the time of sale. The anchor tenant is Allina Health, which occupies roughly 73 percent or 146,000 square feet within the property. Originally purpose-built by Allina Health and acquired by the current ownership in 2013 through a long-term ground lease, the asset has undergone expansions to meet the increasing demand for outpatient services. Eric Gundersen of Alerus Financial and Healthpeak arranged acquisition financing. Brian Bruggeman of Colliers represented Allina Health. Chris Bodnar, Brannan Knott, Zack Holderman, Cole Reethof, Trent Jemmett, Jesse Greshin and Ryan Watts of CBRE partnered with Steve Brown of Forte Real Estate Partners as the seller’s advisors.

October 18, 2024

Acquisitions Michigan Midwest Office

Farbman Group Opens New 40,000 SF Headquarters in Farmington Hills, Michigan

by Kristin Harlow October 18, 2024

FARMINGTON HILLS, MICH. — Farbman Group has opened its new 40,000-square-foot shared headquarters for the broader Farbman family-owned enterprises at 31700 Middlebelt Road in Farmington Hills. The move re-unifies Farbman with its family-owned enterprises for the first time in nearly 10 years. The enterprises include Farbman Group, NAI Farbman, Huntington Construction, Apex Mechanical Solutions, Huntington Maintenance, Campusville, Carbon TV and Healthrise. Farbman purchased the Yamasaki-designed building.

October 18, 2024

Acquisitions Arizona Industrial Leasing Activity Western

CBRE Negotiates $17.5M Sale-Leaseback of 106,174 SF Industrial Portfolio in Phoenix

by Amy Works October 18, 2024

PHOENIX — CBRE has facilitated the sale-leaseback of the MarLam Industries Manufacturing portfolio in Phoenix. A joint venture led by Wentworth Property Co. acquired the asset from MarLam Industries for $17.5 million. Located at 2425 S. 10th St. and 834 E. Hammond Lane, the two adjacent buildings offer a total of 106,174 square feet. The 48,504-square-foot building on South 10th Street features 5,403 square feet of office space, 22-foot clear heights and 11 grade-level doors. The 47,438-square-foot facility on East Hammond Lane offers 20-foot clear heights, 11 grade-level doors and a 4,829-square-foot mezzanine office level. MarLam Industries, a manufacturer of laminate and cultured marble tops and tubs and fabricator of Corian and granite kitchen and bath countertops, leased back the portfolio as part of the transaction. Geoffrey Turbow, Anthony DeLorenzo and Matt Pourcho of CBRE represented the seller in the deal.

October 18, 2024

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