Acquisitions

Reynolds Acquires Two Multifamily Properties Totaling 500 Units in Metro Shreveport, Louisiana

by John Nelson October 16, 2023

BOSSIER CITY AND SHREVEPORT, LA. — Reynolds Asset Management has acquired two multifamily properties in the greater Shreveport area. The first property, Preston Place and Port Au Prince in Bossier City, totals 272 apartments in a mix of one- and two-bedroom floorplans, as well as one three-bedroom unit. Stabilized monthly rental rates at the community, which is located at 400 Preston Blvd. and will be renovated and rebranded as Preston Place North and South, range from $880 to $1,265. Reynolds purchased the property in partnership with Devli Real Estate and iintoo. John Hamilton and Josh Jacobs of Marcus & Millichap brokered the transaction. Situated on 17 acres in Shreveport, the second property — Townhomes at South Highlands — comprises 228 apartments in one-, two- and three-bedroom layouts. Reynolds acquired the community in partnership with Newport Capital Group. Stabilized monthly rents at the property range from $715 to $1,080. Renovations at the community are currently underway and scheduled for completion in October 2024.

October 16, 2023

Acquisitions Massachusetts Northeast Office

Newmark Negotiates Sale of 142,765 SF Office Building in Boston

by Taylor Williams October 16, 2023

BOSTON — Newmark has negotiated the sale of 855 Boylston, a 142,765-square-foot office building in Boston’s Back Bay area. The building was fully leased to 13 tenants at the time of sale and offers an updated lobby and glass curtainwall, as well as multiple outdoor terraces and 32 below-grade parking spaces. Robert Griffin, Edward Maher, Matthew Pullen and Samantha Hallowell of Newmark represented the seller, an undisclosed global investment manager, in the transaction. The buyer and sales price were not disclosed.

October 16, 2023

Acquisitions Massachusetts Multifamily Northeast

Marcus & Millichap Brokers $2.5M Sale of Multifamily Portfolio in Abington, Massachusetts

by Taylor Williams October 16, 2023

ABINGTON, MASS. — Marcus & Millichap has brokered the $2.5 million sale of a portfolio of three multifamily buildings totaling 16 units in Abington, about 25 miles south of Boston. The portfolio spans a combined 1.2 acres and consists of one studio apartment, 13 one-bedroom units and two two-bedroom residences. Tony Pepdjonovic and Evan Griffith of Marcus & Millichap represented the seller, an individual/personal trust, in the transaction and procured the buyer, a locally based limited liability company.

October 16, 2023

Acquisitions California Loans Retail Western

3650 REIT Provides $71.5M Acquisition Financing for Creekside Town Center in Roseville, California

by Amy Works October 16, 2023

ROSEVILLE, CALIF. — 3650 REIT has provided a $71.5 million loan for the acquisition of Creekside Town Center, a retail center located in Roseville, roughly 20 miles northeast of Sacramento. Built in 2001, the property comprises 10 buildings and was 95.6 occupied at the time of financing. Tenants at the center include Best Buy, Barnes & Noble, Old Navy, Michaels, Marshalls, Nordstrom Rack, Burlington and Bob’s Discount Furniture. Palmer Capital arranged the financing on behalf of the borrower, Cane Cos. Management. The seller was not disclosed.

October 16, 2023

Acquisitions Office Washington Western

T&T Hospitality Services Acquires Office Building in Vancouver, Washington for $21.1M

by Amy Works October 16, 2023

VANCOUVER, WASH. — Colorado-based T&T Hospitality Services has purchased 4000 Columbia House Boulevard, a Class A office property in Vancouver. An undisclosed seller sold the asset for $21.1 million, or $478 per square foot. Nick Kucha, James Childress and Jakob Nicholls of Newmark represented the seller in the transaction. The buyer acquired the asset in a 1031 exchange, using proceeds from a hotel sale. Delivered in 2018, the 44,100-square-foot building is located within Vancouvers’s Lower Grand Employment Area that includes Grand Central Shopping Center and the Columbia Business Center.

October 16, 2023

Acquisitions Arizona Industrial Western

Midloch Investment Partners, ATLAS Buy Two Industrial Properties in Gilbert, Arizona

by Amy Works October 16, 2023

GILBERT, ARIZ. — Midloch Investment Partners, in joint venture partnership with Scottsdale-based ATLAS, has acquired two industrial buildings and two additional acres of industrial outdoor storage in Gilbert. It is Midloch’s first acquisition in metro Phoenix. Terms of the transaction were not released. Located at 455 and 481 E. Baseline Road, the assets are a 36,325-square-foot facility occupied by Gannett Co., which publishes the Arizona Republic among other media; and a 25,220-square-foot building occupied by four tenants. Additionally, the sale included two outdoor storage yards that two tenants occupy.

October 16, 2023

Acquisitions Midwest Office Wisconsin

Coldwell Banker Commercial River Valley Brokers $10M Sale of Office Building in Onalaska, Wisconsin

by Kristin Harlow October 16, 2023

ONALASKA, WIS. — Coldwell Banker Commercial River Valley has brokered the $10 million sale of a three-story, 66,000-square-foot office building in Onalaska, a city in western Wisconsin. The property is located at 2700 Midwest Drive. The buyer was Kwik Trip Inc., which will use the building for its training department, part of its accounting department and other office employees. Kwik Trip’s corporate headquarters will remain at its current location on the far north side of La Crosse, where the company’s production facilities are also located. Kwik Trip operates roughly 880 convenience stores primarily in Wisconsin, Minnesota and Iowa. Chuck Olson of Coldwell Banker Commercial River Valley represented the seller, Ron Houser, owner of Midwest Investment I LLC. Houser developed the property and began utilizing it in 1993. He later sold the asset but then repurchased it a few years ago.

October 16, 2023

Acquisitions Illinois Midwest Retail

Bianco Properties Acquires 61,000 SF Schaumburg Plaza Shopping Center in Suburban Chicago

by Kristin Harlow October 16, 2023

SCHAUMBURG, ILL. — Bianco Properties has acquired Schaumburg Plaza, a 61,000-square-foot shopping center in the Chicago suburb of Schaumburg. The sales price and seller were undisclosed. Tenants include Starbucks, O’Reilly Auto Parts, Lou Malnati’s Pizzeria and Joann Fabrics. Nirav Express Market is set to open later this year. St. Louis-based Bianco focuses on retail and industrial investment opportunities.

October 16, 2023

Acquisitions Multifamily Texas

CIM Group Acquires 390-Unit Apartment Community in Northwest Austin

by Taylor Williams October 13, 2023

AUSTIN, TEXAS — Los Angeles-based CIM Group, in partnership with an undisclosed entity, has acquired Onyx183, a 390-unit apartment community in northwest Austin’s Parmer Corridor. Built on 21 acres in 1995, the recently renovated property offers one-, two- and three-bedroom units that are furnished with stainless steel appliances, quartz countertops and tile backsplashes. Amenities include two pools, outdoor grilling and dining stations, a pet park and spa, fitness center and a resident clubhouse. The seller and sales price were not disclosed.

October 13, 2023

Acquisitions Georgia Multifamily Southeast

Berkadia Brokers $70.5M Sale of Multifamily Property in Metro Atlanta

by John Nelson October 13, 2023

ROSWELL, GA. — Berkadia has brokered the $70.5 million sale of Grace Apartment Homes Roswell, a 396-unit multifamily property in Roswell, roughly 22 miles north of Atlanta. Located at 100 Chattahoochee Circle, the community features apartments in one-, two- and three-bedroom layouts. Amenities at the property include a swimming pool, fitness center, clubhouse and a business center. Andrew Mays, Paul Vetter, Matt White, Judy MacManus and Ian Shaw of Berkadia represented the seller, Georgia-based MSC Investment, in the transaction. RH Investment Management purchased the property.

October 13, 2023

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