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Acquisitions

AcquisitionsGeorgiaMultifamilySoutheast

CBRE Arranges $126.3M Sale of New Apartment Community in Atlanta’s Old Fourth Ward

by John Nelson

ATLANTA — CBRE has arranged the $126.3 million sale of Iris O4W, a newly built apartment community in Atlanta’s Old Fourth Ward neighborhood. Equity Residential purchased the 320-unit property from the developer, Trammell Crow Residential, and equity partner, Diamond Realty Investments. Shea Campbell, Ashish Cholia, Kevin Geiger, Colleen Hendrix and Don Hoffman of CBRE’s Southeast Multifamily team represented the sellers in the transaction. Located at 652 Angier Ave. NE, Iris O4W is situated steps from the Atlanta BeltLine’s Eastside Trail and features a saltwater pool with a sun ledge, outdoor rooftop lounge with an entertainment bar, outdoor club area with grills and a pizza oven, fitness center, an indoor clubroom with game tables and HDTVs and a pet spa. Delivered last year, the community comprises studio, one- and two-bedroom apartments averaging 860 square feet in size.

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AcquisitionsMarylandRetailSoutheast

DLC, Meadow Partners Purchase 378,205 SF Penn Mar Shopping Center in Forestville, Maryland

by John Nelson

FORESTVILLE, MD. — DLC and Meadow Partners have purchased Penn Mar Shopping Center, a 378,205-square-foot, grocery-anchored retail center in Forestville, for $68.5 million. Apollo and Athene provided an undisclosed amount of acquisition financing for the deal. The seller was not disclosed. Situated within the Washington, D.C., suburb of Prince George’s County, Penn Mar is anchored by Shoppers Food Warehouse, which recently extended its lease and fully renovated its store. Other tenants include Burlington, Ross Dress for Less, Dollar Tree, Petco and Foot Locker, as well as outparcel pads for Starbucks, Truist Bank, Taco Bell, Raising Cane’s, IHOP, Wendy’s and Long John Silver’s. Penn Mar was 91.5 percent leased at the time of sale.

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AcquisitionsData CentersDevelopmentIndustrialOfficeSoutheastVirginia

Finmarc Sells Land in Northern Virginia to Data Center Developer for $60M

by John Nelson

ASHBURN, VA. — Finmarc Management Inc. has sold a 25.3-acre site at 19886 Ashburn Road in Ashburn, a city in Loudoun County. The buyer, a data center developer doing business as JK Land Holdings LLC, purchased the site for $60 million. The new ownership plans to develop a new 360,000-square-foot data center on the site. The construction timeline for the project was not disclosed. Ryan Goeller of KLNB represented JK Land Holdings in the land acquisition, and Rob Faktorow, Josh Greenberg and Anna Faktorow of CBRE represented the seller. Finmarc acquired the site, which includes a 110,000 square foot office building and a nearly 80,000-square-foot industrial/R&D structure, in 2019. The two-building portfolio currently serves as the global headquarters for Telos Corp., a cybersecurity IT firm that has occupied the facility since 1988.

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Audra-Townhomes-Denton
AcquisitionsMultifamilyTexas

GREA Arranges Sale of 161-Unit Multifamily Property in Denton, Texas

by Taylor Williams

DENTON, TEXAS — Multifamily brokerage firm GREA has arranged the sale of Audra Townhomes, a 161-unit property located in the North Texas city of Denton. Homes come in three- and four-bedroom floor plans, have an average size of 1,650 square feet and are furnished with quartz countertops, stainless steel appliances and walk-in closets. Residences also feature attached two-car garages. An entity doing business as Audra Townhomes 1 LLC sold the property to an undisclosed, publicly traded REIT. Mark Allen and Lee Robinson of GREA brokered the deal.

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AcquisitionsDevelopmentRetailTexas

The Farm League Buys 35 Acres in Metro Houston for Recreational Sports Facility

by Taylor Williams

MAGNOLIA, TEXAS — The Farm League, an operator of recreational sports facilities, has purchased 35 acres in the northwestern Houston suburb of Magnolia for the development of its latest complex. The site is located at the northwest corner of State Highway 149 and FM 148 and will be combined with a 12-acre parcel, yielding a 47-acre complex that will feature multiple baseball, softball, football and soccer fields. Construction is slated to begin later this year and wrap up in 2026. Parkside Capital sold the land for an undisclosed price.

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Paramus-Plaza
AcquisitionsNew JerseyNortheastRetail

Cushman & Wakefield Brokers $36.8M Sale of Northern New Jersey Shopping Center

by Taylor Williams

PARAMUS, N.J. — Cushman & Wakefield has brokered the $36.8 million sale of Paramus Plaza, a 153,494-square-foot shopping center in Northern New Jersey. The center was fully leased at the time of sale to tenants such as Hobby Lobby, Marshalls, Ashley, Skechers and Chipotle Mexican Grill. Frank DiTommaso, Gary Gabriel, David Bernhaut, Andy Merin, Max Helfman and Mark Gilbert of Cushman & Wakefield represented the seller, a partnership between Acadia Realty Trust and Fortress Investment Group, in the transaction. Brad Domenico of Cushman & Wakefield arranged acquisition financing through Bank United on behalf of the buyer, a partnership between DRA Advisors and an affiliate of Crown Acquisitions.

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AcquisitionsNew JerseyNortheastRetail

NAI DiLeo-Bram Brokers $5.5M Sale of Retail Center in Edison, New Jersey

by Taylor Williams

EDISON, N.J. — NAI DiLeo-Bram has brokered the $5.5 million sale of a 21,929-square-foot retail center in Edison, located roughly midway between Newark and Trenton. The center at 1825 Route 27 consists of a 13,769-square-foot plus vacant basement space and an 8,160-square-foot building whose three units are fully leased. Marc Shein and Robert DiLeo of NAI DiLeo-Bram represented the seller, Sam Ash Properties Corp., in the transaction. Remax represented the buyer, an undisclosed, out-of-state grocer that also plans to occupy the building.

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AcquisitionsDevelopmentIllinoisIndustrialMidwest

Brown Commercial Group Negotiates Land Sale for 166,575 SF Industrial Development in Bartlett, Illinois

by Kristin Harlow

BARTLETT, ILL. — Brown Commercial Group has negotiated a land sale that will bring a new 166,573-square-foot industrial building to Bartlett in suburban Chicago. The project on the southeast corner of Kenyon Road and Illinois Route 25 will support warehousing, distribution or e-commerce tenants. Dan Brown of Brown Commercial Group represented Cratos Industrial in the acquisition. The project team includes Cornerstone Architects and DSI Group. The project will be divisible by three units of 45,000 to 65,000 square feet. Plans call for a clear height of 32 feet, 36 exterior truck docks, three-drive in doors and 202 parking spaces. Occupancy is slated for 2025.

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AcquisitionsIndustrialMidwestOhioSelf-Storage

Marcus & Millichap Brokers Sale of 489-Unit Self-Storage Property in Delaware, Ohio

by Kristin Harlow

DELAWARE, OHIO — Marcus & Millichap has brokered the sale of Premier Storage of Delaware, a 489-unit self-storage property in Delaware near Columbus. The sales price was undisclosed. The facility offers a mix of climate-controlled units, non-climate-controlled units and parking options across 68,053 square feet. Originally built in 1999 with an expansion in 2024, the asset spans a nearly 11-acre lot with room for additional growth. Gabriel Coe, Nathan Coe and Brett Hatcher of Marcus & Millichap represented the undisclosed seller and procured the local buyer. Michael Glass, broker of record in Ohio, assisted in the transaction.

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AcquisitionsMultifamilyWashingtonWestern

Glencrest Group Buys 177-Unit Meadowscape Apartments in Lacey, Washington for $40.9M

by Amy Works

LACEY, WASH. — Glencrest Group has purchased Meadowscape Apartments in Lacey for $40.9 million. The property was acquired as part of the bankruptcy proceedings of Tacoma-based Harbor Custom Development. Located at 7641 3rd Way SE, Meadowscape features 177 units in a mix of studio, one- and two-bedroom apartments with high ceilings, modern finishes, in-unit laundry and private patios and balconies. Community amenities include a heated pool, barbecue area, dog run and oversized clubhouse with fitness center, entertainment lounge, business center and package lockers. At the time of sale, Meadowscape was 50 percent leased.

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