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Acquisitions

AcquisitionsRetailSoutheastVirginia

BC Wood Purchases Virginia Beach Shopping Center for $34.9M

by John Nelson

VIRGINIA BEACH, VA. — Lexington, Ky.-based BC Wood Properties has acquired Fairfield Shopping Center, a 184,106-square-foot shopping center located in Virginia Beach, for $34.9 million. Food Lion and T.J. Maxx anchor the center, which was 93 percent leased at the time of sale. Additional tenants at the property include Burn Boot Camp, Papa John’s Pizza, Ivy Rehab, Jovi Salon, Fairfield Flowers, Truist Bank, Starbucks Coffee and Verizon Wireless. David Webb and Thompson Brown of Berkeley Capital Advisors represented the seller, Charlotte-based Crosland Southeast and an undisclosed joint venture partner, in the transaction.

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AcquisitionsMississippiSoutheastStudent Housing

TSB Realty Brokers Sale of 528-Bed Student Housing Community Near Ole Miss

by John Nelson

OXFORD, MISS. — TSB Realty has brokered the sale of U Club Townhomes at Oxford, a 528-bed student housing community located near the University of Mississippi (Ole Miss) campus in Oxford. College Town Communities purchased the property from an undisclosed seller. The terms of the transaction were not disclosed. Delivered in 2018, the community offers three-bedroom units with front and back porches. Shared amenities include a resort-style pool and hot tub, sun deck, poolside lounge, Jumbotron, sand volleyball court, fitness center, recreation center, grilling stations, fire pits, two dog parks, group and private study lounges and a computer lab.

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5500-Telluride-St-Denver-CO
AcquisitionsColoradoMultifamilyWestern

Colliers Arranges $56M Sale of 200-Unit Multifamily Community in Denver

by Amy Works

DENVER — Colliers has directed the sale of Momentum at First Creek, an apartment property located at 5500 Telluride St. in Denver. A local Colorado-based developer sold the asset to a private out-of-state investment firm for $56 million. Completed in 2023, Momentum at First Creek offers 200 apartments, a resort-style pool, an outdoor chef-inspired kitchen with a pizza oven, a fitness center and a clubhouse featuring a game room and collaborative workspaces. Craig Stack, Bill Morkes and Nate Moyer of Colliers represented the seller in the transaction. Colliers Debt and Structured Finance team secured financing for the property on behalf of the buyer.

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13100-Danielson-St-Poway-CA
AcquisitionsCaliforniaIndustrialWestern

Realty Income Acquires Industrial Facility in Poway, California for $43.3M

by Amy Works

POWAY, CALIF. — Realty Income has purchased a light industrial and manufacturing facility, located at 13100 Danielson St. in Poway, for $43.3 million. Hunter Rowe, Brian Russell, Michael Longo and Matt Carlson of CBRE represented the undisclosed seller in the deal. Situated on 7.2 acres, the 133,844-square-foot building features nine dock-high doors, 11 grade-level doors, a secure truck court and a loading area. At the time of sale, the property was fully leased to a manufacturer specializing in corrugated boxes and packaging solutions.

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Redmond-Industrial-Park-Redmond-OR
AcquisitionsIndustrialOregonWestern

Ethos Development, Alpine Capital Buy 200,000 SF Redmond Industrial Park in Oregon

by Amy Works

REDMOND, ORE. — A partnership between Portland, Ore.-based Ethos Development and San Diego-based Alpine Capital Investments has acquired Redmond Industrial Park, an industrial asset situated on 45 acres in Redmond. Terms of the transaction were not disclosed. The 200,000-square-foot property consists of four industrial buildings and approximately 26 acres of excess land with development potential. At the time of sale, the asset was fully leased to a variety of regional and national tenants, including BasX Solutions and Old Dominion Freight Line. The property team includes KCB Private Equity as capital partner, Ethos Commercial Advisors as debt broker, Meritus Property Group as property manager and Fratzke Commercial as investment sales broker.

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297-E-Hospitality-Ln-San-Bernardino-CA
AcquisitionsCaliforniaRetailWestern

Hanley Investment Group Brokers Sales of Two Car Wash Properties in San Bernardino County Totaling $5.2M

by Amy Works

HESPERIA AND SAN BERNARDINO, CALIF. — Hanley Investment Group Real Estate Advisors has negotiated the sales of two newly constructed, single-tenant Quick Quack Car Wash properties in two separate transactions located in Hesperia and San Bernardino. Each 3,596-square-foot property operates on a 20-year absolute triple-net ground lease and sold for roughly $2.6 million. Bill Asher and Jeff Lefko of Hanley represented both sellers.

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AcquisitionsIllinoisMidwestRetail

Greenstone Partners Brokers $5.2M Sale of Retail Portfolio in Chicago’s Wicker Park

by Kristin Harlow

CHICAGO — Greenstone Partners has arranged the $5.2 million sale of a portfolio of retail properties situated along North Milwaukee Avenue in Chicago’s Wicker Park neighborhood. The portfolio totals 9,470 square feet and includes one corner property at North Milwaukee Avenue and Honore, along with three spaces directly across the street. The assets are fully leased to tenants such as Crossroads Trading Co., 2nd STREET, Thursday Boot Co. and Saint Alfred. Danny Spitz and Brewster Hague of Greenstone represented the seller, a Chicago-based investment and development company, and procured the buyer, a New York-based investor.

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Miami Worldcenter
AcquisitionsFloridaRetailSoutheastTop Stories

Joint Venture Acquires 300,000 SF Retail District at $6B Miami Mixed-Use Development

by Hayden Spiess

MIAMI — A joint venture comprising affiliates of the Falcone Group, ROK Acquisitions, Andre Mirmelli, The Davis Cos. and Jamestown has acquired a retail and entertainment district situated within Miami Worldcenter, a new $6 billion mixed-use destination in downtown Miami.  The seller was master development group Miami Worldcenter Associates, which is a partnership between Falcone Group, Nitin Motwani and CIM Group. The sales price was $210 million. Totaling 300,000 square feet of retail, dining and entertainment space with 100,000 square feet of parks and plazas, the acquired property will be operated by Falcone Group, along with ROK Acquisitions and Andrew Mirmelli. Davis Cos. and Jamestown will serve as limited partners.  Tenants within the retail district include a flagship Apple store, Sephora, lululemon, Ray-Ban, Lucid Motors, Free People, Savage X Fenty, Posman Books, HŸP Sneakers & Streetwear, Timeluxe, Openbank by Santander, SkinSpirit, Blo Blow Dry Bar and Club Studio. Food-and-beverage offerings include Maple & Ash, Eight Bar, Sixty Vines, Earls Kitchen + Bar, Sweet Paris Crêperie & Café, Serafina, Go Greek Yogurt and Starbucks Coffee. Entertainment venues include Lucky Strike Bowling and the Museum of Ice Cream. “By combining continuity of vision with additional institutional capital, strategic oversight and operational discipline, …

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Forty649-North-Hills-El-Paso
AcquisitionsMultifamilyTexas

JLL Negotiates Sale of 342-Unit Apartment Community in El Paso

by Taylor Williams

EL PASO, TEXAS — JLL has negotiated the sale of Forty649 North Hills, a 342-unit apartment community in El Paso. Built on 17.7 acres in 2009 on the city’s northeast side, the property comprises 42 two-story buildings that house one-, two- and three-bedroom units with an average unit size of 897 square feet. Amenities include a pool, fitness center, clubhouse and a dog park. Steven Hahn Jr., Art Barnes and William Jennings of JLL represented the seller, Hamilton Point Investments, in the transaction. The buyer and sales price were not disclosed.

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AcquisitionsIllinoisMidwestMultifamily

Aimco Closes Sale of 1,495-Unit Multifamily Portfolio in Metro Chicago for $455M

by Kristin Harlow

CHICAGO — Aimco (NYSE: AIV) has completed the sale of a seven-property multifamily portfolio in metro Chicago totaling 1,495 units as part of its liquidation plan approved by stockholders in February. LaTerra Capital Management and Respark Residential purchased the portfolio for $455 million. The Aimco Chicago Portfolio consists of the following stabilized properties: Pete Evans and Richard Evans of Berkadia represented the seller in the transaction. 3650 Capital provided approximately $104 million in acquisition financing to the buyers. The transaction was also capitalized with roughly $308 million of Fannie Mae loan assumptions as well as equity capital from LaTerra and Respark. Approximately $20 million of the invested capital will fund improvements to the properties, including both common area and unit upgrades. “In the post-COVID era, the greater Chicago region has emerged as one of the strongest multifamily housing markets in the country,” says Michael Fleischer, deputy CIO at 3650. “While some regions are experiencing oversupply, the Midwest is seeing a sustained period of strong performance and stability driven by limited new supply, robust demand and relative affordability compared to coastal markets.”

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