Acquisitions

Edgewood REIT Buys 25,393 SF Industrial Building in Phoenix from Alliance Plumbing in Sale-Leaseback Transaction

by Amy Works February 19, 2024

PHOENIX — Arizona-based Alliance Plumbing Service and Repair has completed the sale-leaseback of an industrial building located at 2626 E. Elwood St. in central Phoenix. Edgewood REIT acquired the asset for $6.4 million. Built in 2019, the property features a 25,393-square-foot building on a C-2-zoned lot and a secured yard with electrical gate for equipment and trucks. Alliance Plumbing has leased the property for 12 years. Brian Ackerman of Colliers in Arizona handled the transaction and assisted in structuring the lease for Alliance Plumbing. Edgewood REIT is a North Dakota-based REIT that was founded in 2010.

February 19, 2024

Acquisitions Multifamily Washington Western

Kidder Mathews Negotiates $3.6M Sale of Autumn Leaf Apartments in Airway Heights, Washington

by Amy Works February 19, 2024

AIRWAY HEIGHTS, WASH. — Kidder Mathews has brokered the sale of The Autumn Leaf Furnished Apartments, located at 12911 W. 13th Ave. in Airway Heights, a suburb west of Spokane. The property traded for $3.6 million. Max Frame of the Simon and Anderson team at Kidder Mathews represented the undisclosed seller in the deal. The name of the buyer was also not released. Built in 2017, The Autumn Leaf features 24 units.

February 19, 2024

Acquisitions Colorado Net Lease Retail Western

CW Real Estate Partners Brokers $3.3M Sale of 7-Eleven-Occupied Retail Property in Westminster, Colorado

by Amy Works February 19, 2024

WESTMINSTER, COLO. — CW Real Estate Partners has arranged the sale of a retail property located at 10128 Wadsworth Parkway in Westminster, a northern suburb of Denver. Equitas Development LLC & CAP Cincy LLC acquired the asset from 10108 Wadsworth Parkway LLC for $3.3 million. 7-Eleven occupies the property on a net-lease basis. Chris Wiedenmayer of CW Real Estate Partners represented the seller in the transaction.

February 19, 2024

Acquisitions Connecticut Northeast Retail

Atlantic Capital Partners Negotiates $24.6M Sale of Shopping Center in Stratford, Connecticut

by Taylor Williams February 16, 2024

STRATFORD, CONN. — Regional brokerage firm Atlantic Capital Partners has negotiated the $24.6 million sale of North Town Center, a 115,000-square-foot shopping center located in the southern coastal Connecticut city of Stratford. Big Y Supermarket has anchored North Town Center, which was 93 percent leased at the time of sale, since 2008. Other tenants include X-Golf, Town Line Liquors and Town Fair Tire. Justin Smith, Chris Peterson, Sam Koonce and Matt Ericson of Atlantic Capital Partners represented the buyer and seller, both of which requested anonymity, in the transaction. Stephen Joseph of Atlantic Capital arranged long-term financing for the buyer.

February 16, 2024

Acquisitions Florida Retail Southeast

Sembler, Forge Capital Acquire 133,419 SF Publix-Anchored Shopping Center in Leesburg, Florida

by John Nelson February 16, 2024

LEESBURG, FLA. — A joint venture between The Sembler Co. and Forge Capital Partners, doing business as Forge Real Estate Partners V LP, has acquired Palm Plaza, a 133,419-square-foot shopping center located at 715 N. 14th St. in Leesburg, a city in Central Florida. Crosspoint sold the property for $17.8 million. Publix anchors Palm Plaza, which was 92 percent occupied at the time of sale. Other tenants at the center include Planet Fitness, Popeyes, Quest Diagnostics, Rent-A-Center, Firehouse Subs, Core Health, OneMain Financial, T-Mobile and The UPS Store. Brad Peterson, Whitaker Leonhardt and Tommy Isola of Colliers represented the seller in the transaction.

February 16, 2024

Acquisitions Colorado Multifamily Western

Brixton Capital Buys 352-Unit The Windsor Multifamily Community in Lakewood, Colorado for $124.2M

by Amy Works February 16, 2024

LAKEWOOD, COLO. — Brixton Capital has acquired The Windsor, a townhome and apartment property in Lakewood, from Boston-based TA Realty for $124.2 million. The buyer plans to rebrand the community as Brixton Townhomes at Bear Creek and complete a comprehensive renovation to unit interiors and enhance common area amenities. Located at 8152 W. Eastman Place on 29 acres, The Windsor features 53 buildings totaling 392,000 square feet of leasable space. The property offers 352 units, averaging 1,115 square feet, with one- and two-car direct-access garages, in-unit washers/dryers and nine- to 10-foot ceilings. San Francisco-based Carmel Properties originally built the property, which offers a blend of single-family-style living at apartment rental rates. In collaboration with Greystar, Brixton’s third-party property management company, the firm will provide asset management for the property. Brixton Capital and TA Realty were both self-represented in the transaction.

February 16, 2024

Acquisitions Office Washington Western

Palisade Group, Sabal Investment Holdings Acquire Two-Building Office Campus in Seattle for $47.5M

by Amy Works February 16, 2024

SEATTLE — Palisade Group and Sabal Investment Holdings have purchased two office buildings at 1000 and 1100 Dexter Ave. in Seattle’s South Lake Union submarket for $47.5 million, or $213 per square foot. Totaling 223,333 square feet, the Class A property offers access to various transportation options, including direct connectivity to Westlake, Eastlake and bike paths for the Fremont commuters, along with proximity to an abundance of walkable amenities and neighborhoods. Kevin Shannon, Nick Kucha, Michael Moll, Rachel Jones and Liam Ogburn of Newmark represented the sellers, SBC and Stockbridge, in the deal.

February 16, 2024

Acquisitions California Multifamily Western

Greystar Sells 135-Unit Cobalt Apartments in Los Angeles to Helio Group

by Amy Works February 16, 2024

LOS ANGELES — Greystar has completed the disposition of Cobalt Apartments, a multifamily community in the West Los Angeles-Culver City area of Los Angeles. The acquisition price was not released. Kevin Green, Joseph Grabiec and Gregory Harris of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer, Hello Group, in the deal. Built in 2019, Cobalt Apartments offers 135 units with stackable washers/dryers, stainless steel appliances and vinyl-plank flooring. Select units have large private patios or balconies, walk-in closets and linen closets. Community amenities include a clubhouse, fitness center, heated pool and spa, two open-air lounges, gated covered parking and bike storage.

February 16, 2024

Acquisitions California Retail Western

Newmark Brokers Sale of Fox Village Theatre in Los Angeles

by Amy Works February 16, 2024

LOS ANGELES — Newmark has arranged the sale of Fox Village Theatre at 945 Broxton Ave. and 10959 Weyburn Ave. in Los Angeles’ Westwood Village. Terms of the transaction were not released. Built in 1929, Fox Village Theatre had its original grand opening in 1931. Designed by Percy Park Lewis, Fox Village Theatre spans a combined building area of 24,099 square feet, including a 17,155-square-foot operating theatre and 6,944 square feet of retail space that includes a 3,088-square-foot Starbucks Coffee. The property also features a 170-foot tower. At the time of sale, the asset was 84 percent occupied. Steven Salas, Bill Bauman and Kyle Miller of Newmark represented the undisclosed sellers in the deal.

February 16, 2024

Acquisitions Hospitality Illinois Midwest

Marriott to Purchase Sheraton Grand Chicago Hotel in $500M Deal

by Kristin Harlow February 16, 2024

CHICAGO — Marriott International will purchase the Sheraton Grand Chicago in the city’s Streeterville neighborhood in a $500 million transaction, according to Marriott’s fourth-quarter 2023 results. Marriott will purchase the hotel for $300 million and spend an additional $200 million for the land. According to Crain’s Chicago Business, Tishman Realty has exercised its option to require Marriott to purchase the hotel, which was granted to Tishman as part of a 2017 settlement. The 1,218-room property is located at 301 E. North Water St.

February 16, 2024

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