Acquisitions

GID Industrial Acquires 105,469 SF Trolley Industrial Center in San Diego for $27.2M

by Amy Works September 26, 2024

SAN DIEGO — GID Industrial Acquisition has purchased Trolley Industrial Center, a multi-tenant, light industrial property in the San Ysidro submarket of San Diego, for $27.2 million. Bryce Aberg, Jeff Chiate, Jeffrey Cole, Matthew Leupold and Ryan Demerest of Cushman & Wakefield represented the seller, Washington Capital Management, in the deal. Originally built in the mid-1980s, Trolley Industrial Center has since been renovated and now offers 105,469 square feet of industrial space that is fully leased to three tenants. The building features a variety of bay sizes, 24-foot clear heights and grade-level and dock-high doors. The property is situated on 5 acres at 1330 30th St.

September 26, 2024

Acquisitions California Net Lease Restaurant Retail Western

Marcus & Millichap Facilitates Purchase of 3,500 SF Starbucks-Occupied Retail Property in Sacramento

by Amy Works September 26, 2024

SACRAMENTO, CALIF. — Marcus & Millichap has arranged the acquisition of a restaurant property located at 9660 Kiefer Blvd. in Sacramento. An individual/personal trust acquired the asset from an undisclosed seller for $2.6 million. Starbucks Coffee occupies the 3,500-square-foot property on a 15-year, corporate net-lease basis. Yuri Sergunin and J.J. Taughinbaugh of Marcus & Millichap’s Palo Alto, Calif., office represented the buyer, while Cushman & Wakefield represented the seller in the deal. The transaction included a 1031 exchange for the buyer.

September 26, 2024

Acquisitions Illinois Midwest Multifamily

Interra Realty Arranges Two Multifamily Sales on Chicago’s North Side Totaling $7.3M

by Kristin Harlow September 26, 2024

CHICAGO — Interra Realty has arranged the sales of two multifamily properties in Chicago for a total of $7.3 million. A 10-unit building at 4540 N. Ravenswood Ave. in the Ravenswood neighborhood sold for $4.2 million. Brad Feldman of Interra represented the buyer, a local private investor, and the seller, Vassil Bayraktarov, whom Feldman represented on the original acquisition in 2021. The property was built in 2019. In the second transaction, a 16-unit asset at 5408-5414 N. Campbell Ave. in the Lincoln Square neighborhood sold for $3.1 million. Feldman procured the local private buyer and represented the confidential seller. All of the units received renovations in 2009. The buyer plans to make cosmetic upgrades to increase the rent roll. The property sold for 99 percent of the list price.

September 26, 2024

Acquisitions Kansas Midwest Retail

Marcus & Millichap Brokers $5.3M Sale of Retail Strip Center in Derby, Kansas

by Kristin Harlow September 26, 2024

DERBY, KAN. — Marcus & Millichap has brokered the $5.3 million sale of Spring Creek Center, a 31,557-square-foot retail strip center in the Wichita suburb of Derby. Built in 2007, the property is situated on 3.3 acres at 1821 E. Madison Ave. There are 12 fully leased suites spread across three buildings featuring a mix of medical, dining and service-oriented tenants. Alex Perez and Chris Garavaglia of Marcus & Millichap represented the seller, a private equity group. An all-cash private investor from the East Coast was the buyer. Colby Haugness, broker of record in Kansas, assisted in closing the transaction.

September 26, 2024

Acquisitions Loans Massachusetts Multifamily Northeast Top Stories

Carmel Partners Purchases Downtown Boston Multifamily Tower Using $137.3M Acquisition Financing

by John Nelson September 26, 2024

BOSTON — Carmel Partners, a San Francisco-based multifamily investor, has purchased LUKA on the Common, a 30-story apartment high-rise in downtown Boston. Northern Virginia-based AvalonBay Communities sold the 398-unit property, which was formerly known as the AVA Theater District. Carmel Partners utilized a $137.3 million Fannie Mae acquisition loan to fund the purchase. Jeff Burns, senior managing director of multifamily finance at Walker & Dunlop, originated the five-year, interest-only loan on behalf of the buyer. The agency loan features an early rate lock. “Boston’s multifamily fundamentals are among the strongest in the nation, driven by limited existing and future supply,” says Burns. “The housing scarcity has impacted both rent growth and the for-sale condominium market [in Boston] and has enabled us to refinance successfully alongside the team at Carmel.” The sales price was not disclosed, but the Boston Business Journal reported that the property traded for $212 million. Walker & Dunlop’s investment sales team in Boston, which brokered the transaction, disclosed it was the highest price paid for an apartment complex in the city in more than a year. Lee Bloch, partner at Carmel Partners, says that LUKA on the Common has an “enviable location” as it is about a 10-minute …

September 26, 2024

Acquisitions Retail Texas

CBRE Brokers Sale of 379,829 SF Retail Center in Sugar Land, Texas

by Taylor Williams September 25, 2024

SUGAR LAND, TEXAS — CBRE has brokered the sale of First Colony Commons, a 379,829-square-foot retail center located in the southwestern Houston suburb of Sugar Land. Seafood City anchors the property, which was 97 percent leased at the time of sale. Mark Witcher, Chris Cozby, Jim Batjer, Harrison Tye and Jolie Duhon of CBRE represented the seller, TriGate Capital, which bought the property seven years ago, in the transaction. Ryan Watson of CBRE arranged acquisition financing on behalf of the buyer, Dhanani Private Equity Group.

September 25, 2024

Acquisitions Multifamily Texas

Resolute Capital Partners Buys 104-Unit Apartment Complex in South-Central Austin

by Taylor Williams September 25, 2024

AUSTIN, TEXAS — Locally based investment firm Resolute Capital Partners has purchased Thornton Flats, a 104-unit apartment complex located in south-central Austin. Built in 2017, the garden-style property offers one- and two-bedroom units that feature private balconies/yards. Amenities include a courtyard with a kitchen, fire pit and hammocks, as well as a lounge, business center and a dog park. Patton Jones and Andrew Dickson of Newmark represented the undisclosed seller in the transaction.

September 25, 2024

Acquisitions Retail Texas

Faris Lee Arranges $4M Sale of Fort Worth Retail Building

by Taylor Williams September 25, 2024

FORT WORTH, TEXAS — California-based brokerage firm Faris Lee Investments has arranged the $4 million sale of an 6,300-square-foot retail building in Fort Worth’s Golden Triangle area. Built in 2019, the pad structure is positioned near a Walmart Supercenter and was fully leased at the time of sale to Dunkin’, Golden Triangle Dental, Rosati’s Pizza and Bazooka Charlie’s Barber. Scott DeYoung, Jeff Conover and Greg Lukosky of Faris Lee represented the seller, a national developer, in the transaction. The buyer was a California-based 1031 exchange investor.

September 25, 2024

Acquisitions Florida Retail Southeast

Benderson Acquires 280,000 SF Shopping Center in Fort Myers, Florida

by Hayden Spiess September 25, 2024

FORT MYERS, FLA. — Benderson Development has acquired Cypress Trace, a 280,000-square-foot shopping center located in Fort Myers. Grocer Winn-Dixie anchors the property, which spans 29 acres. Other tenants at the center include Five Below, Burlington and Ross Dress for Less. Benderson’s other recent acquisitions in the state include Carillon Place in Naples, North River Marketplace in Venice, Glengary Shoppes in Sarasota and Linton Commons in Delray Beach.

September 25, 2024

Acquisitions Multifamily North Carolina Southeast

Gindi Equities Sells 109-Unit Greenview Meadows Multifamily Community in Metro Charlotte

by Hayden Spiess September 25, 2024

GASTONIA, N.C. — Gindi Equities has sold Greenview Meadows, a 109-unit multifamily community located in Gastonia, roughly 20 miles west of Charlotte. Gindi, which acquired the property for $10 million in February 2021, sold the community to an undisclosed buyer for $14.5 million. Located at 1613 Greenview Drive, the development features apartments in two- and three-bedroom layouts. Amenities at the community include a pet park, playground, picnic areas and a pool with a newly renovated deck.

September 25, 2024

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