Acquisitions

Coro Realty Acquires 153,486 SF Noonday Creek Crossing Shopping Center in Kennesaw, Georgia

by John Nelson November 8, 2023

KENNESAW, GA. — Coro Realty has acquired Noonday Creek Crossing, a 153,486-square-foot shopping center located at 2911 George Busbee Parkway in Kennesaw, a northern suburb of Atlanta. An affiliate of Fletcher Bright Co. sold the retail center to Coro Realty for an undisclosed price. Situated on 15 acres adjacent to Kennesaw State University’s sports and entertainment complex, Noonday Creek Crossing was fully leased at the time of sale to tenants including Burlington, PGA Tour Superstore and Medici Medical Arts Center. The shopping center was built in 1996 and renovated in 2005. Zach Taylor of Institutional Property Advisors brokered the sale. Richard Henry, Mike Ryan, Brian Linnihan and J.P. Cordeiro of CBRE arranged an $8.6 million acquisition loan through Affinity Bank on behalf of Coro Realty.

November 8, 2023

Acquisitions Florida Multifamily Southeast

Berkadia Brokers Sale of 264-Unit Multifamily Community in Tampa

by John Nelson November 8, 2023

TAMPA, FLA. — Berkadia has brokered the sale of Berkshires at Citrus Park, a 264-unit apartment community located at 6201 Gunn Highway in Tampa’s Citrus Park submarket. Boston-based Berkshire Residential sold the property to Nuveen Real Estate for an undisclosed price. Matt Mitchell, Jason Stanton and Bailey Smith of Berkadia represented the seller in the transaction. Built in 2000, amenities at the garden-style property include a resort-style swimming pool with a sun deck, fitness and cardio center, clubhouse with business center, gated access, lake with fountain and fishing pier, two dog parks and a picnic area.

November 8, 2023

Acquisitions Industrial Lee & Associates Texas

Stonemont Financial Sells 218,000 SF Industrial Building in North Fort Worth

by Taylor Williams November 8, 2023

FORT WORTH, TEXAS — Atlanta-based investment and development firm Stonemont Financial Group has sold a newly built, 218,000-square-foot industrial building in North Fort Worth. Dot Foods purchased the building for an undisclosed price, and its subsidiary, OmniCable, will become the facility’s new tenant. Blaine Kelly of CBRE represented OmniCable and Dot Foods in the transaction. Becky Thompson of Lee & Associates represented Stonemont. The deal was finalized before the completion of construction, which began in mid-2022.

November 8, 2023

Acquisitions Development Multifamily New Jersey Northeast

CBRE, Cushman & Wakefield Broker $58M Sale of Multifamily Development Site in Jersey City

by Taylor Williams November 8, 2023

JERSEY CITY, N.J. — CBRE and Cushman & Wakefield have brokered the $58 million sale of Harborside 4, a 1.3-acre multifamily development site located at 20 Christopher Columbus Drive in Jersey City. Veris Residential sold the lot to Related Cos., which plans to develop a luxury rental tower with approximately 800 units. Jeff Dunne, Bill Shanahan and Roland Merchant of CBRE co-brokered the deal in coordination with Cushman & Wakefield’s Andy Merin, David Bernhaut, Gary Gabriel, Frank DiTommaso, Ryan Dowd and Brian Whitmer. Additional details about the development were not disclosed.

November 8, 2023

Acquisitions Loans Multifamily New Jersey Northeast

JLL Arranges $27M Acquisition Loan for Hoboken Apartment Complex

by Taylor Williams November 8, 2023

HOBOKEN, N.J. — JLL has arranged a $27 million acquisition loan for Edge Lofts, an apartment complex located in the Northern New Jersey community of Hoboken. Edge Lofts comprises 69 units across two five-story buildings located at 1405 Clinton and 1405 Adams St. that were constructed in 2013 and 2019, respectively. Units come in one-, two- and three-bedroom floor plans and average 975 feet. Amenities include a package room, resident lounge with a bar and TV, fitness center and a common terrace with grilling stations. Jim Cadranell, Greg Nalbandian, Salvatore Buzzerio and John Cumming of JLL arranged the 10-year, fixed-rate loan through an unnamed life insurance company. The borrower was also not disclosed. In addition, a JLL team of Jose Cruz, Steve Simonelli, Michael Oliver, Elizabeth DeVesty and Austin Pierce represented the seller, Bijou Properties, in the disposition of Edge Lofts.

November 8, 2023

Acquisitions California Office Western

Logos Missions Acquires 191,939 SF Plaza Tower Office Building in Cerritos, California

by Amy Works November 8, 2023

CERRITOS, CALIF. — Logos Missions has purchased Plaza Tower, a nine-story Class A office building located at 18000 Studebaker Road in Cerritos, approximately 20 miles southeast of downtown Los Angeles. An institutional seller sold the asset for an undisclosed price. Developed in 1986 and renovated in 2016, the elevator-served building features 191,939 rentable square feet. At the time of sale, the property was 84 percent leased. Current tenants include The Oncology Institute of Hope & Innovation, Thermal Engineering, Premier Workspaces and Fremont University. Kevin Shannon, Paul Jones, Ken White and Brandon White of Newmark represented the seller in the deal.

November 8, 2023

Acquisitions Colorado Development Industrial Self-Storage Western

Marcus & Millichap Brokers Sale of Self-Storage Development Site in Windsor, Colorado

by Amy Works November 8, 2023

WINDSOR, COLO. — The LeClaire-Schlosser Group of Marcus & Millichap has arranged the sale of a 7.5-acre parcel in Windsor. The city has already approved plans for a 78,550-square-foot storage facility on the site. A local land developer sold the asset to a local investment group for an undisclosed price. The purchase includes a fully entitled, light industrial-zoned site at 340 Crossroads Blvd. with plans for an enclosed single-story self-storage facility. Thomas Parsons and Adam Schlosser of Marcus & Millichap’s Denver office represented the seller and procured the buyer in the transaction.

November 8, 2023

Acquisitions Connecticut Northeast Retail

Arrowhead Properties Buys 17,557 SF Shopping Center in Newtown, Connecticut

by Taylor Williams November 8, 2023

NEWTOWN, CONN. — Arrowhead Properties has purchased a 17,557-square-foot shopping center that is situated along Church Hill Road in Newtown, located in the southern coastal part of Connecticut. An entity doing business as Church Hill & Queen LLC sold the property for $3.4 million. Bruce Wettenstein of Vidal/Wettenstein represented the seller in the transaction. Joe Wrinn and Garett Palmer of Coldwell Banker Commercial represented Arrowhead Properties.

November 8, 2023

Acquisitions Illinois Midwest Ohio Retail

Nassimi Realty Acquires Two Shopping Centers in Illinois, Ohio for $30M

by Kristin Harlow November 8, 2023

NILES, ILL. AND GARFIELD HEIGHTS, OHIO — Nassimi Realty has acquired two shopping centers in Illinois and Ohio for approximately $30 million. The two properties total about 500,000 square feet. Four Flaggs, a 326,084-square-foot center, is situated at the southeast corner of Golf Road and Milwaukee Avenue in Niles, a northern suburb of Chicago. The property is 75 percent leased to tenants such as Fresh Farms, Marshalls, PetSmart, Old Navy, JoAnn, Five Below and Ashley Furniture. Ben Wineman and Rick Drogosz of Mid-America Real Estate Corp. represented the seller, IRC Retail Centers/DRA Advisors. The property was managed by Pine Tree. Turney Town Plaza is located on Turney Road in Garfield Heights, a southern suburb of Cleveland. Tenants include Dave’s Market, Advance Auto Parts and Sherwin-Williams. Seller information was not provided.

November 8, 2023

Acquisitions Company News Florida Hospitality Southeast

Hilton Grand Vacations Agrees to Acquire Bluegreen Vacations for $1.5B, Including 48 Club Resorts

by John Nelson November 7, 2023

ORLANDO AND BOCA RATON, FLA. — Orlando-based Hilton Grand Vacations has entered into a definitive agreement to acquire Bluegreen Vacations, a time-share resort company based in Boca Raton. The all-cash transaction is valued at $75 per share, or $1.5 billion, including debt. The merger agreement will add more than 200,000 members and 48 club resorts in 14 new geographies for Hilton Grand Vacations. Additionally, Hilton Grand Vacations has reached a 10-year marketing agreement with Bass Pro Shops, which formerly had an exclusive marketing agreement with Bluegreen Vacations that includes a joint venture for four outdoor-themed resorts. The Bluegreen Vacations acquisition is expected to close in the first half of 2024.

November 7, 2023

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