Acquisitions

Hanley Arranges $3.7M Sale of BLISS Car Wash Property in Santa Clarita, California

by Amy Works October 31, 2023

SANTA CLARITA, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $3.7 million sale of a car wash property currently under construction in the Valencia neighborhood of Santa Clarita. The building, which is scheduled for completion in the first quarter of 2024, will total 4,263 square feet. BLISS Car Wash will occupy the property on a triple-net lease upon completion. Bill Asher and Jeff Lefko of Hanley represented the developer and seller, Fountainhead Development, in the transaction. Jenny Eng of CBRE represented the undisclosed buyer.

October 31, 2023

Acquisitions Multifamily Texas

Greysteel Arranges Sale of 274-Unit Park at Rialto Apartments in Northwest San Antonio

by Taylor Williams October 31, 2023

SAN ANTONIO — Greysteel has brokered the sale of Park at Rialto, a 274-unit apartment community located on the northwest side of San Antonio. Built in 2017, Park at Rialto is a garden-style community that offers a pool, media lounge and a fitness center. Units come in studio, one-, two- and three-bedroom units, according to Apartments.com. J.R. Ellis and Matthew Romanchuk of Greysteel negotiated the sale on behalf of the buyer and seller, both of which requested anonymity.

October 31, 2023

Acquisitions Illinois Industrial Midwest

Brit Properties Buys Three-Building Industrial Asset in Chicago for $13M

by Kristin Harlow October 31, 2023

CHICAGO — Brit Properties, a Chicago-based industrial real estate firm, has acquired Belmont Properties, a three-building industrial asset totaling 82,000 square feet on Chicago’s North Side. The purchase price was $13 million. The five-acre development is situated along the east bank of the Chicago River at Belmont Avenue. The Class B, single-tenant buildings were constructed between 1968 and 1991 and are fully leased to Tampico Beverages and Beverage Flavors International. Union National Bank of Elgin provided debt amounting to a 30 percent loan-to-value ratio. Nick Stellas of Hansen Realty represented Brit Properties, while Michael Milstead of Hansen Realty represented the seller, a family that had owned the property for 30 years.

October 31, 2023

Acquisitions Illinois Midwest Retail

NewMark Merrill Acquires Two Retail Centers in Chicago

by Kristin Harlow October 31, 2023

CHICAGO — NewMark Merrill Cos. Inc. has acquired Pulaski Promenade and Midway Square in Chicago for undisclosed prices. Pulaski Promenade totals 122,710 square feet and is situated on 10.5 acres along Pulaski Road. The center is fully leased to tenants such as Marshalls, Shoe Carnival, Ross Dress for Less, PetSmart, Ulta and Carter’s. DRA/Pine Tree was the seller. Midway Square totals 55,332 square feet and is located at the corner of Pulaski Road and South Archer Avenue. The center is 92 percent leased to tenants such as Dollar Tree, Chase Bank, T-Mobile and Sally’s Beauty. TRC Retail was the seller. With these two acquisitions, NewMark Merrill now owns and operates six properties in metro Chicago representing more than 1.5 million square feet and over $220 million in value. The company plans to make various upgrades to both Pulaski Promenade and Midway Square. Sandy Sigal, Jim Patton, Brad Pearl, Sandra Kist and Susan Rorison represented NewMark Merrill on an internal basis. Rick Drogosz of Mid-America and Danny Spitz and Jason St. John of Greenstone Partners represented the sellers.

October 31, 2023

Acquisitions Multifamily Texas

Cooper Street Capital Buys 174-Unit Multifamily Property in Southeast San Antonio

by Taylor Williams October 31, 2023

SAN ANTONIO — San Francisco-based investment firm Cooper Street Capital has purchased South Hill Apartments, a 174-unit multifamily property in southeast San Antonio. Built in 1965, South Hill Apartments offers one-, two- and three-bedroom units and amenities such as three pools, tennis courts, a playground and a business center. Zar Haro, Moses Siller, Bryan VanCura, Brian Booth and Phil Grafe of Northmarq represented the seller in the transaction.

October 31, 2023

Acquisitions Multifamily Texas

Marcus & Millichap Brokers Sale of 165-Unit Polk Villas Apartments in South Dallas

by Taylor Williams October 31, 2023

DALLAS — Marcus & Millichap has brokered the sale of Polk Villas, a 165-unit apartment complex in South Dallas. The 16-building property was built in phases between 1960 and 1973. Al Silva and Ford Braly of Marcus & Millichap represented the undisclosed seller and procured the buyer, a partnership led by Henley Properties, in the transaction. The new ownership plans to implement a value-add program. Tyler Rentfro, Travis Headapohl and Diego Garcia of Marcus & Millichap Capital Corp. arranged $12.8 million in preferred equity and agency financing for the deal.

October 31, 2023

Acquisitions Office Texas

Formation Capital Acquires 147,135 SF Office Building in North Houston

by Taylor Williams October 31, 2023

HOUSTON — Atlanta-based investment firm Formation Capital has acquired a 147,135-square-foot office building that sits on a 3.1-acre site at 16666 Northchase Drive in North Houston. The building rises six stories and was constructed in 1985. David Carter of Colliers represented the seller, Geosam Capital Group, in the transaction. The sales price was not disclosed.

October 31, 2023

Acquisitions Florida Multifamily Southeast

LeCesse Sells 269-Unit Avila Apartment Community in Oviedo, Florida

by Hayden Spiess October 31, 2023

OVIEDO, FLA. — LeCesse Development Corp. has sold Avila, a 269-unit apartment community located in Oviedo, about 18 miles northeast of Orlando. LeCesse completed construction on the property — which features one-, two- and three-bedroom units across three buildings — in June 2022. Humphreys & Partners Architects was the project architect, and Roger B. Kennedy Construction served as the general contractor. Florida Engineering Group was the civil engineer. Wells Fargo and Federal Capital Partners provided financing. Amenities at the community include a clubhouse, dog park, car wash, grilling stations, a putting green, fire pits and electric car charging stations. GAIA Real Estate acquired the property for an undisclosed price. Scott Ramey, Brad Downing and Paul Grant of Newmark represented the buyer in the transaction.

October 31, 2023

Acquisitions Multifamily New York Northeast

ERG Commercial Negotiates $2.9M Sale of Yonkers Apartment Building

by Taylor Williams October 31, 2023

YONKERS, N.Y. — New York City-based brokerage firm ERG Commercial Real Estate has negotiated the $2.9 million sale of a 16-unit apartment building in Yonkers, located north of Manhattan. The four-story building at 15 Locust Hill Ave. was originally constructed in 1927. Mary Guarino of ERG Commercial represented the buyer and seller, both of which were locally based entities that requested anonymity, in the transaction.

October 31, 2023

Acquisitions California Company News Net Lease Retail Texas Top Stories Western

Realty Income Corp. to Acquire Spirit Realty Capital in $9.3B REIT Merger

by Katie Sloan October 31, 2023

SAN DIEGO AND DALLAS — Realty Income Corp. (NYSE: O) and Spirit Realty Capital Inc. (NYSE: SRC) have entered into an all-stock merger agreement valued at $9.3 billion. The combined company, which will operate under the Realty Income banner, is expected to become the fourth largest REIT on the S&P 500 index with a total enterprise value of $63 billion. Both companies primarily invest in freestanding, net-leased commercial properties. Realty Income boasts a portfolio of 13,100 properties located across the U.S. and Europe, and Spirit Realty owns a portfolio of 2,064 properties across 49 states. Primary tenants across the combined company’s portfolio include Life Time Fitness, BJ’s Wholesale Club, At Home, Dave & Buster’s, Dollar Tree, The Home Depot, Treasury Wine Estates, Sainsbury’s, 7-Eleven, Lowe’s and Chipotle Mexican Grill. Under terms of the agreement, each share of Spirit Realty Capital will be converted into 0.762 of a share of newly issued Realty Income stock. At closing, this will result in Realty Income and Spirit owning 87 percent and 13 percent of the combined company, respectively. No external capital is currently being used for the transaction. Realty Income and Spirit cite the potential for higher earnings, a more competitive cost of …

October 31, 2023

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