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Acquisitions

AcquisitionsMultifamilySouth CarolinaSoutheast

JLL Arranges Sale of 270-Unit Apartment Community Near Myrtle Beach

by John Nelson

LITTLE RIVER, S.C. — JLL has arranged the sale of The Lorrel, a 270-unit, garden-style apartment community located at 3465 Sandler Blvd. in Little River, a suburb of Myrtle Beach. Atlanta-based ANiMAL Group purchased the property from Virginia Beach-based Wakefield Residential for an undisclosed price. John Mikels of JLL led the transaction on behalf of the seller. Completed in 2023, The Lorrel was 96 percent occupied at the time of sale. The property includes one-, two- and three-bedroom apartments with an average unit size of 879 square feet. Amenities include a resort-style pool with a tanning ledge, pickleball court, 24-hour fitness center, outdoor fire pit with fireside seating, leash-free dog park, pet spa, business center with private conference rooms, game lawn, courtyards and guest suites.

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AcquisitionsFloridaRetailSoutheast

TSCG Brokers $8.4M Sale of Publix-Anchored Shopping Center in Fort Walton Beach, Florida

by John Nelson

FORT WALTON BEACH, FLA. — TSCG has brokered the $8.4 million sale of The Shoppes at Paradise Pointe, a Publix-anchored shopping center located at U.S. Highway 98 and Perry Avenue SE in Fort Walton Beach. The 73,416-square-foot property sits at the mainland approach to Brooks Bridge, which connects Fort Walton Beach to Okaloosa Island. Anthony Blanco of TSCG represented the seller, SITE Centers Corp., in the transaction. The buyer was an undisclosed private investor. Built in 1987, The Shoppes at Paradise Pointe was 82.5 percent leased at the time of sale to tenants including Publix, which has anchored the center since 2001, as well as Great Clips, Mariner Finance and Painting With a Twist. The acquisition also included two developed outparcels occupied by Waffle House and Beach Liquors.

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Griffis-North-Creek-Apts-Bothell-WA
AcquisitionsMultifamilyWashingtonWestern

GID Acquires 524-Unit Griffis North Creek Multifamily Community in Bothell, Washington

by Amy Works

BOTHELL, WASH. — GID has purchased Griffis North Creek, a multifamily property in Bothell, from Griffis Residential for an undisclosed price. Giovanni Napoli, Philip Assouad, Ryan Harmon, Nick Ruggiero and Anthony Palladino of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal. Built in 1999, Griffis North Creek features 524 one-, two- and three-bedroom apartments, with an average size of 835 square feet, spread across 23 three-story buildings. All units offer a private deck or patio, full-size washers/dryers, walk-in closets and linen closets. Community amenities include wooded walking trails, pagodas, footbridges, a renovated central clubhouse and lounge, a heated swimming pool and spa, two playgrounds and a fenced-in dog park.

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Sagecliff-Apts-Reno-NV
AcquisitionsMultifamilyNevadaWestern

Berkadia Negotiates $54.7M Sale of Sagecliff Apartment Community in Reno

by Amy Works

RENO, NEV. — Berkadia has directed the sale of Sagecliff, a multifamily property located at 2777 Northtowne Lane in Reno. A California-baed real estate investment firm sold the asset to a California-based private family office for $54.7 million. Jared Glover of Berkadia represented the seller. Built in 1997, Sagecliff features 220 one- and two-bedroom residences, with one-bedroom units comprising 49 percent of the property and two-bedroom units comprising 51 percent. The average unit size is 941 square feet. Onsite amenities include a pool, spa, fitness center, clubhouse and detached garages. Sagecliff benefited from more than $2 million in capital improvements since 2021, including interior upgrades to 29 units, HVAC and water-heater replacements, curb-appeal enhancements and refreshed amenities.

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AcquisitionsCaliforniaRetailWestern

Faris Lee Investments Brokers $38.7M Sale of Two-Tenant Retail Property in Lakewood, California

by Amy Works

LAKEWOOD, CALIF. — Faris Lee Investments has arranged the sale of a two-tenant retail property within Lakewood Center in Lakewood. A consortium of multiple owners sold the asset for $38.7 million to a high-net-worth family office. Don MacLellan, Jeff Conover, Scott DeYoung and Greg Lukosky of Faris Lee Investments represented the seller and buyer in the deal. Totaling 154,997 square feet on 14.7 acres, the property includes The Home Depot and Albertsons. The two tenants occupy their respective parcels under absolute below-market ground leases, with both operating at the location for more than 30 years.

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Capital-Commercial-Capital-San-Jose-CA
AcquisitionsCaliforniaRetailWestern

Marcus & Millichap Arranges $7M Sale of Retail Center in San Jose, California

by Amy Works

SAN JOSE, CALIF. — Marcus & Millichap has arranged the sale of Capital Commercial Center, a retail property in San Jose. A partnership sold the asset to a California-based limited liability company for $7 million, or $485.19 per square foot. Steve Sauter of Marcus & Millichap represented the seller, while Bryan DiMesio and Scott Ferguson of Marcus & Millichap represented the buyer in the transaction. Located at 175 S. Capitol Ave., Capital Commercial Center features 14,479 square feet of retail space. Built in 1988 on a 1.1-acre parcel, the property is fully leased to nine tenants under triple-net leases with an average occupancy tenure of more than 11 years. The buyer plans to maintain the property and benefit from contractual rent increases.

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AcquisitionsIllinoisIndustrialMidwest

Entre Commercial Realty Brokers Sale of 142,370 SF Industrial Facility in Plainfield, Illinois

by Kristin Harlow

PLAINFIELD, ILL. — Entre Commercial Realty has brokered the sale of a 142,370-square-foot industrial facility in Plainfield. Situated on 20 acres, the freestanding property features 19 loading docks, two drive-in doors, approximately 11,000 square feet of office space, heavy power and eight private rail spurs. A local transportation company purchased the building with plans to utilize it as its new corporate headquarters. Mike DeSerto, Cory Kay and Elisabeth Lazzara of Entre represented the buyer, while Colliers represented the undisclosed seller.

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AcquisitionsIllinoisMidwestRetail

TEI Acquires Retail Property on Jeweler’s Row in Chicago for $3.9M

by Kristin Harlow

CHICAGO — Time Equities Inc. (TEI) has acquired 33 South Wabash Avenue in Chicago for $3.9 million. Located in the heart of South Loop along historic Jeweler’s Row, the property offers 38 feet of frontage on Wabash Avenue at the base of a 360-unit luxury condominium building, which is also home to the School of the Art Institute of Chicago. Currently fully leased, the 7,400-square-foot, three-unit retail property is home to Goddess & the Baker, Reckless Records and Prasino. Ami Ziff and Jonathan Kim represented TEI on an internal basis. Mitchell Kiven of Marcus & Millichap represented the seller, Newcastle Investors.

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Copper-Mountain-Killeen
AcquisitionsMultifamilyTexas

Marcus & Millichap Brokers Sale of 214-Unit Apartment Complex in Killeen, Texas

by Taylor Williams

KILLEEN, TEXAS — Marcus & Millichap has brokered the sale of Copper Mountain, a 214-unit apartment complex located in the Central Texas city of Killeen. Built on 8.7 acres in 1985, Copper Mountain offers studio, one- and two-bedroom units and amenities such as a pool, fitness center, business center, playground, basketball and volleyball courts, a pet park and outdoor grilling and dining stations. Alec Schenk, Nick Fluellen, Bard Hoover, Peter Flis and John McGregor of Marcus & Millichap represented the seller, a California-based investor, in the transaction and procured the buyer, a New York-based family office that purchased the property via a 1031 exchange.

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AcquisitionsRetailTexas

JLL Negotiates Sale of 179,376 SF Shopping Center in Southwest Fort Worth

by Taylor Williams

FORT WORTH, TEXAS — JLL has negotiated the sale of Village at Camp Bowie, a 179,376-square-foot shopping center in Fort Worth. Sprouts Farmers Market anchors the center, which is located on the city’s southwest side. Adam Howells, Chris Gerard, Michael Jankovich and Elizabeth Anne Casillas of JLL represented the seller, Dallas-based Dunhill Partners, in the transaction. EDENS, a regional retail owner-operator based in South Carolina, purchased Village at Camp Bowie for an undisclosed price.

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