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Acquisitions

AcquisitionsIndustrialSouth CarolinaSoutheast

JLL Brokers Sale of 158,340 SF Distribution Facility in Summerville, South Carolina

by John Nelson

SUMMERVILLE, S.C. — JLL has brokered the sale of Jedburg Logistics Park – Building 2, a 158,340-square-foot distribution facility located at 237 Jedburg Road in Summerville, a suburb of Charleston. Clarion Partners purchased the newly constructed facility from a partnership between Trinity Capital Advisors and Hartford Investment Management Co. The sales price was not disclosed. The property was fully leased at the time of sale to an unnamed global e-commerce company and features 32-foot clear heights, ESFR sprinklers and parking for automobiles and trailers.

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AcquisitionsAlabamaRetailSoutheast

Halpern Enterprises Acquires 60,767 SF Shopping Center in Madison, Alabama

by John Nelson

MADISON, ALA. — Atlanta-based Halpern Enterprises Inc. has acquired Heritage Square, a 67,767-square-foot shopping center located at 7696 Highway 72 NW in Madison, a suburb of Huntsville. Franklin Street represented the seller, Fairway Investments, in the transaction. The sales price was not disclosed. Built in 2008, Heritage Square was fully leased at the time of sale to tenants including a 28,000-square-foot T.J. Maxx anchor store.

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AcquisitionsOfficeTexas

Newmark Brokers Sale of Three Metro Dallas Office Buildings Totaling 304,099 SF

by Taylor Williams

CARROLLTON, TEXAS — Newmark has brokered the sale of three office buildings totaling 304,099 square feet in the northern Dallas metro of Carrollton. The buildings are numbered 8, 9 and 10 within International Business Park, a 300-acre mixed-use development that includes retail and multifamily components. Chris Murphy, Robert Hill and Gary Carr of Newmark represented the seller, locally based developer Billingsley Co., in the transaction. The buyer was undisclosed. The campuswide occupancy rate at International Business Park was 79 percent at the time of sale.

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AcquisitionsMultifamilyTexas

NewStreet, Thane Partners Acquire 178-Unit Riley Apartments in Burleson, Texas

by Taylor Williams

BURLESON, TEXAS — A joint venture between NewStreet Properties LLC and Thane Partners has acquired The Riley, a 178-unit apartment complex in Burleson, approximately 16 miles south of Fort Worth. Completed in 2023, The Riley offers one-, two- and three-bedroom units and amenities such as a pool, dog spa and park, fitness center, wine bar, rideshare pick-up lounge, game area with shuffleboard and a clubhouse with an activity center and coworking offices. Grant Raymond and Asher Hall of Cushman & Wakefield represented the seller, Corsair Ventures, in the transaction. The sales price was not disclosed.

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AcquisitionsLoansRetailTexas

Marcus & Millichap Arranges Sale, Financing of 90,327 SF Shopping Center in Houston

by Taylor Williams

HOUSTON — Marcus & Millichap has arranged the sale and financing of Providence Plaza, a 90,327-square-foot shopping center in Houston. Built on 7.7 acres in 1984 on the city’s southwest side and renovated in 2018, the property was 97 percent occupied at the time of sale. Tenants at the center include Dollar Tree and Spec’s Wines, Spirits & Foods. Alex Wolansky and Gus Lagos of Marcus & Millichap represented the seller, Whitestone REIT, in the transaction. Additionally, Jamie Safier of Marcus & Millichap Capital Corp. (MMCC) originated an undisclosed amount of acquisition financing on behalf of the unnamed buyer.

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AcquisitionsFloridaRetailSoutheast

CBRE Brokers Sale of 460,136 SF Britton Plaza Shopping Center in South Tampa

by John Nelson

TAMPA, FLA. — CBRE has brokered the sale of Britton Plaza, a 460,136-square-foot shopping center located at 3900 S. Dale Mabry Highway in south Tampa. Pennsylvania-based Brixmor Property Group purchased the Publix-anchored property for an undisclosed price. Dennis Carson, Casey Rosen, Michael Etemad and Sriram Rajan of CBRE represented the seller, a private investor that owned the property for more than 50 years. David Conn, Denny St. Romain and Scott Peek of CBRE assisted in the transaction. Britton Plaza is situated on 32 acres near Tampa Bay and downtown Tampa. The property’s tenant roster includes Publix Liquors, Marshalls, Burlington, Michaels, Dollar Tree, Pet Supermarket, Dunkin’ and Taco Bell. The acquisition of Britton Plaza represents a prime value-add and/or redevelopment opportunity for the new owner due to store vacancies in recent years including Stein Mart, Beall’s Outlet and Big Lots, according to local media outlets.

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AcquisitionsMarylandMultifamilySoutheast

Continental Realty Corp. Acquires Metro Baltimore Multifamily Community for $86.5M

by John Nelson

ELKRIDGE, MD. — Continental Realty Corp. (CRC) has purchased Dartmoor Place at Oxford Square, a 258-unit, garden-style multifamily community in Elkridge, a southwest suburb of Baltimore in Howard County. Mike Muldowney of CBRE represented the seller, Preston Partners, in the $86.5 million, off-market transaction. CRC purchased the five-story apartment development via Core Multifamily Fund LP, a private equity fund that the company sponsors in partnership with Brown Advisory, which is also based in Baltimore. CRC assumed a HUD-insured mortgage as part of the transaction. Preston Partners delivered Dartmoor Place in 2019. The property was 94 percent occupied at the time of sale and serves as a multifamily component within the 122-acre Oxford Square master-planned community. Apartments are configured in one-, two- and three- bedroom floor plans ranging in size from 725 to 1,407 square feet. Amenities include a clubhouse, fitness center, game room and digital access package-acceptance lockers. Outdoor amenities include a resort-style saltwater swimming pool with sundeck, an open recreation and entertainment area, playground, pet spa, bike storage area, grilling area, courtyards and community walking trails.

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AcquisitionsGeorgiaHospitalitySoutheast

Flacks Group Purchases 180-Room Crowne Plaza North Augusta Hotel

by John Nelson

AUGUSTA, GA. — Miami-based Flacks Group has purchased Crowne Plaza North Augusta, a 180-unit hotel in Augusta. Built in 2019 near the Augusta GreenJackets’ Minor League Baseball ballpark, the hotel features meeting spaces, the Salt + Marrow steakhouse and a rooftop bar called Jackson’s Bluff. Hodges Ward Elliott represented Flacks Group in the transaction. The seller and sales price were not disclosed, but the Post and Courier North Augusta reports that Ackerman Greenstone sold the property. Blue Lotus Ventures was a consultant in the transaction, and J.P. Morgan provided an undisclosed amount of acquisition financing.

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AcquisitionsLoansMultifamilySoutheastVirginia

Berkadia Provides $37M Agency Loan for Metro Richmond Apartment Community

by John Nelson

MIDLOTHIAN, VA. — Berkadia has provided a $37 million Fannie Mae acquisition loan for Commonwealth Apartments, a 234-unit multifamily community located at 5401 Commonwealth Centre Parkway in Midlothian, a Richmond suburb in Chesterfield County. Patrick McGlohn, Brian Gould, Miles Drinkwalter, Hunter Wood, Patrick Cunningham and Natalie Hershey of Berkadia originated the loan on behalf of the buyer, Atlanta-based Mesa Capital Partners. Additionally, the Berkadia team of Drew White, Carter Wood and Cole Carns represented seller, CMB Development, in the sale. Built in 2022, Commonwealth Apartments features a gaming lounge and 24/7 fitness center, among other amenities.

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AcquisitionsDevelopmentMultifamilySoutheastVirginia

Northmarq Arranges $18.5M Sale of Multifamily Development Site in Tysons, Virginia

by John Nelson

TYSONS, VA. — Northmarq has arranged the $18.5 million sale of a multifamily development site in Tysons, an affluent suburb of Washington, D.C., in Northern Virginia. The 1.3-acre parcel is approved for a 25-story high-rise comprising 447 one-, two- and three-bedroom apartments and 15,207 square feet of retail space. The site is part of Scotts Run, a 40-acre master-planned development comprising 6.5 million square feet of multifamily, office, retail and hotel space. The future apartment high-rise is located within walking distance of the McLean Metro Station’s Silver Line. The buyer and construction timeline were not released.

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