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Acquisitions

19360-US-Highway-93-White-Hills-AZ
AcquisitionsArizonaNet LeaseRestaurantRetailWestern

SRS Brokers $7.5M Sales of Two Fast Food Restaurant Properties in White Hills, Arizona

by Amy Works

WHITE HILLS, ARIZ. — SRS Real Estate Partners Capital Markets has arranged the sales of two quick-service restaurants in White Hills for a total consideration of $7.5 million. The newly constructed, adjacent properties are occupied by Carl’s Jr. and Del Taco, both of which have 20-year, absolute triple-net leases in place. White Hills is located in the Mojave Desert, approximately 70 miles southeast of Las Vegas. The Carl’s Jr. property, located at 19360 U.S. Highway 93, sold for $3.8 million. The 2,586-square-foot asset was built in 2022. Located at 19312 U.S. Highway 93, the Del Taco asset sold for $3.7 million. The 2,304-square-foot property was built in 2023. Matthew Mousavi, Patrick Luther and Winston Guest of SRS Capital Markets represented the seller, a multi-unit franchisee. The properties were acquired by individual out-of-state 1031 buyers.

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AcquisitionsCompany NewsGeorgiaMixed-UseSoutheastTop Stories

Jamestown to Acquire North American Properties Atlanta Office, Including $2B Real Estate Portfolio

by John Nelson

ATLANTA — Jamestown, a real estate development, investment and management firm based in Atlanta, has announced plans to purchase the Atlanta-based subsidiary of North American Properties (NAP), a prominent mixed-use developer and operator based in Cincinnati. Terms of the acquisition were not disclosed, but NAP’s Atlanta office had $2 billion in assets under management (AUM) as of June 30, 2024. That portfolio includes nine mixed-use destinations across six states on the East Coast. As part of the transaction, a Jamestown affiliate will make an investment in the platform’s portfolio comprising Colony Square in Midtown Atlanta; The Forum Peachtree Corners in Peachtree Corners, Ga.; Avenue East Cobb in Marietta, Ga.; Birkdale Village in Huntersville, N.C.; Ridge Hill in Yonkers, N.Y.; and Newport on the Levee in Newport, Ky. The acquisition also includes the platform’s real estate services business that manages Avalon in Alpharetta, Ga.; Mercato in Naples, Fla.; and Riverton in Sayreville, N.J. These third-party services will add to Jamestown’s real estate services business, which currently includes 22 projects across 19 cities and 10 countries. “This acquisition will bolster our differential advantage in the market as a vertically integrated, mixed-use operator with a focus on placemaking,” says Michael Phillips, president of Jamestown. …

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AcquisitionsGeorgiaIndustrialLoansSoutheast

Byline Bank Provides $18.3M Acquisition Financing for Industrial Property in Metro Atlanta

by John Nelson

SUWANEE, GA. — Byline Bank’s Commercial Real Estate Group (BCREG) has provided an $18.3 million loan for the acquisition of a warehouse and distribution facility located at 460 Horizon Drive in Suwanee, roughly 30 miles northeast of Atlanta. High Street Logistics Properties is the borrower. Situated on 18.5 acres, the property totals 230,530 square feet and can be configured for one or three tenants. The seller was not disclosed. The loan marks the fifth transaction Byline Bank has funded for High Street Logistics to date, with previous loans funding industrial properties in Georgia, Texas and Illinois.

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The-Place-at-Saddle-Creek-Carrollton
AcquisitionsMultifamilyTexas

S2 Capital Acquires Place at Saddle Creek Apartments in Metro Dallas

by Taylor Williams

CARROLLTON, TEXAS — Locally based investment firm S2 Capital has acquired The Place at Saddle Creek, a 238-unit apartment community located in the northern Dallas metro of Carrollton. According to Apartments.com, the property was built in 1983 and offers one- and two-bedroom units. Select residences feature modern finishes such as quartz countertops, stainless steel appliances, balconies, fireplaces and upgraded flooring. Amenities include a pool, fitness center, pickleball and tennis courts, outdoor grilling and dining stations, business center and a dog park. S2 Capital, which assumed the undisclosed seller’s existing fixed-rate loan, plans to continue with capital improvements and rebrand the property as Brookbend.

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AcquisitionsRetailTexas

STRIVE Arranges Sale of 57,612 SF Teas Crossing Shopping Center in Conroe, Texas

by Taylor Williams

CONROE, TEXAS — Dallas-based investment sales brokerage firm STRIVE has arranged the sale of Teas Crossing, a 57,612-square-foot shopping center in Conroe, about 40 miles north of Houston. Built in 2008, the center was 70 percent leased at the time of sale to tenants such as Verizon Wireless, Benihana, Firehouse Subs and Massage Envy. Jake Dutson and Adam Gottschalk of STRIVE represented the seller, Houston-based development and investment firm Read King Commercial, in the transaction. John Harry of John Harry Realty Advisors represented the buyer, an undisclosed, Houston-based 1031 exchange investor.

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AcquisitionsIndustrialTexas

Colliers Brokers Sale of 25,992 SF Industrial Building in Southwest Houston

by Taylor Williams

HOUSTON — Colliers has brokered the sale of a 25,992-square-foot industrial building that sits on a 2.2-acre site in southwest Houston. According to LoopNet Inc., the single-tenant building at 4303 South Drive was constructed in 2006 and features 30-foot clear heights. Christopher Winters and Walter Menuet of Colliers represented the seller, Glenmorangie LLC, in the transaction. Michael Stavinoha with Dominion International Group | eXp Realty represented the undisclosed buyer.

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Boston-East
AcquisitionsMassachusettsMultifamilyNortheast

CBRE Brokers Sale of 200-Unit Apartment Complex in East Boston

by Taylor Williams

BOSTON — CBRE has brokered the sale of a 200-unit apartment complex in East Boston. Built in 2018 and known as Boston East, the six-story building houses studio, one-, two- and three-bedroom units and amenities such as a clubroom with meeting space, sky lounge and terrace, fitness center and community arts space. Simon Butler, Biria St. John, John McLaughlin and Brian Bowler of CBRE represented the seller, an affiliate of Los Angeles-based investment firm American Realty Advisors, in the transaction. CBRE also procured the buyer, Goldman Sachs Alternatives.

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AcquisitionsMidwestMissouriMultifamily

Northmarq Brokers Sale of 428-Unit Multifamily Property in St. Louis

by Kristin Harlow

ST. LOUIS — Northmarq has brokered the sale of The District, a 428-unit multifamily property in St. Louis. The sales price was undisclosed. Built in 1953, the community is located at 633 McKnight Road directly off I-170. Amenities include a pool, fitness center, two dog parks, a children’s playground, clubhouse, resident lounge and barbecue areas. Dominic Martinez, Parker Stewart and Alex Malzone of Northmarq represented the seller, Freeman Webb. The buyer was a Coloardo-based private investor.

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AcquisitionsIllinoisIndustrialMidwest

Entre Commercial Realty Arranges Sale of 35,000 SF Industrial Building in Franklin Park, Illinois

by Kristin Harlow

FRANKLIN PARK, ILL. — Entre Commercial Realty has arranged the sale of a 35,000-square-foot industrial building in the Chicago suburb of Franklin Park for an undisclosed price. The property at 10100 Pacific Ave. is situated near I-294 and O’Hare International Airport. Chris Wilbur and Jeffrey Locascio of Entre represented the seller, Climate Solutions Window & Doors, which expanded and relocated to a larger facility within Franklin Park. Edward Pohn of Coldwell Banker Commercial represented the undisclosed buyer.

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AcquisitionsMultifamilyNevadaWestern

Continental Realty Group Acquires Villa Del Rio Apartments in Las Vegas for $27M

by Amy Works

LAS VEGAS — Denver-based Continental Realty Group, through its subsidiary Continental Realty Assets, has purchased Villa Del Rio Apartments on Nellis Boulevard in Las Vegas for $27 million, or $160,714 per unit. The name of the seller was not released. This marks the buyer’s sixth acquisition in the Las Vegas market since 2015. Built in 1990, Villa Del Rio features 168 apartments in a mix of one-, two- and three-bedroom units in four layouts. Community amenities include a clubhouse/leasing center, swimming pool, fitness center and outdoor lounge and barbecue areas. The previous owner refurbished 38 units, and the buyer plans to spend approximately $2.4 million to complete the renovation of all units, as well as other property improvements.  

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