Acquisitions

Cushman & Wakefield Brokers Sale of 328-Unit Apartment Community in League City, Texas

by Taylor Williams October 6, 2023

LEAGUE CITY, TEXAS — Cushman & Wakefield has brokered the sale of Amalfi at Tuscan Lakes, a 328-unit apartment community located in the southeastern Houston suburb of League City. Built in 2008, the property offers one-, two- and three-bedroom units and amenities such as a pool, business center, coffee bar, fitness center, game room, multiple lounges and courtyards and a pet play area. John Carr, Jennifer Campbell, Ben Fuller, Josh Hoffman, Avery Klatt, Asher Hall and Grant Raymond of Cushman & Wakefield represented the seller, New York City-based Sachs Cos., in the transaction. The buyer and sales price were not disclosed.

October 6, 2023

Acquisitions Industrial Texas

Rosewood Property Acquires 170,000 SF Industrial Facility in Schertz, Texas

by Taylor Williams October 6, 2023

SCHERTZ, TEXAS — Dallas-based Rosewood Property Co. has acquired Four Oaks Distribution Center, a 170,000-square-foot industrial facility located northeast of San Antonio in Schertz. Rosewood co-developed the 6.5-acre property on a speculative basis with Phelan Bennett Development and is now purchasing the California-based investment firm’s interest. Four Oaks Distribution Center, which features 30-foot clear heights, 32 dock doors and 147-foot truck court depths, was fully leased at the time of sale to building materials provider MSI (65,000 square feet) and shipping company OnTrac (104,000 square feet). John Brownlee and John Bauman of JLL arranged acquisition financing through Lincoln Financial Group for the deal.

October 6, 2023

Acquisitions Indiana Industrial Midwest

Newmark Brokers Sale-Leaseback of 754,795 SF Industrial Portfolio Across Five States

by Kristin Harlow October 6, 2023

INDIANA, ARIZONA, PENNSYLVANIA, TEXAS AND UTAH — Newmark has brokered the sale-leaseback of a nine-building industrial portfolio totaling 754,795 square feet across five states. The tenant, Novae Corp., sold the portfolio for an eight-figure price. Four of the properties are in Indiana, while two are in Pennsylvania, one is in Arizona, one is in Utah and one is in Texas. Andrew Sandquist, Daniel Katcher, Adam Petrillo, JC Asensio and Briggs Goldberg of Newmark represented Novae, which is a manufacturer and exporter of utility trailers. According to Newmark, the sale-leaseback transaction provided capital liquidity for several initiatives, including organic growth opportunities and future acquisitions. The buyer was undisclosed.

October 6, 2023

Acquisitions Illinois Industrial Midwest

Colliers Arranges Sale of Three-Building Industrial Portfolio in Metro Chicago

by Kristin Harlow October 6, 2023

ELGIN, ROMEOVILLE AND BUFFALO GROVE, ILL. — Colliers has arranged the sale of a three-building industrial portfolio totaling 541,283 square feet in metro Chicago. The sales price was undisclosed. The properties are located at 277 Alft Court in Elgin, 1881 Normantown Road in Romeoville and 351-355 Hastings St. in Buffalo Grove. The buildings were fully leased at the time of sale. Jeff Devine, Steve Disse and Tyler Ziebel of Colliers represented the seller, Ares Industrial Management. Venture One Real Estate was the buyer.

October 6, 2023

Acquisitions New York Northeast Retail

CBRE Brokers Sale of 68,842 SF Retail Building Leased to Stop & Shop in Somers, New York

by Taylor Williams October 6, 2023

SOMERS, N.Y. — CBRE has arranged the sale of a 68,842-square-foot retail building in Somers, about 40 miles north of Manhattan, that is fully leased to grocer Stop & Shop. The store is located within Somers Commons, a 134,760-square-foot center that fronts U.S Route 6. Jeffrey Dunne, David Gavin and Travis Langer of CBRE represented the seller, Ceruzzi Properties, in the transaction. CBRE also procured the buyer, an undisclosed institutional investor.

October 6, 2023

Acquisitions Multifamily Washington Western

Jackson Square Properties Sells Waters Edge Multifamily Property in Kent, Washington for $80M

by Amy Works October 6, 2023

KENT, WASH. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Waters Edge, an apartment community in Kent. Jackson Square Properties sold the asset to FPA Multifamily for $80 million, or $263,125 per unit. Giovanni Napoli, Philip Assouad, Nicholas Ruggerio, Ryan Harmon and Anthony Palladino of IPA represented the seller and procured the buyer in the deal. Completed in 1987, Waters Edge features 304 apartments in a mix of one-, two- and three-bedroom apartments, averaging 879 square feet, with oversized laundry rooms and wood-burning fireplaces with brick mantels. Community amenities include a private lake with walking trail, central clubhouse, leasing office, lounge, fitness center, outdoor pool, walking trails and children’s playground.

October 6, 2023

Acquisitions California Retail Western

Newmark Brokers Sale of 110,511 SF Pacific Pearl Shopping Center in Pleasanton, California

by Amy Works October 6, 2023

PLEASANTON, CALIF. — Newmark has arranged the sale of Pacific Pearl, an ethnic grocery-anchored retail center in Pleasanton. Terms of the transaction were not released. Nicholas Bicardo, Bill Bauman, Kyle Miller and Cheyne Bloch of Newmark facilitated the transaction. Developed in 2018, Pacific Pearl features 110,511 square feet of retail space. 99 Ranch Market, a Chinese and Pan-Asian supermarket, anchors the asset. Other tenants include 85 Degrees Bakery, Mochinut, Kura Sushi and Bonchon Chicken. Tourmaline Capital acquired the property and retained Vestar as manager.

October 6, 2023

Acquisitions California Multifamily Western

TMG Negotiates Sale of 100-Unit Rosemont Terrace Apartments in Sacramento

by Amy Works October 6, 2023

SACRAMENTO, CALIF. — The Mogharebi Group (TMG) has arranged the sale of Rosemont Terrace, a garden-style apartment property in Sacramento. A Southern California-based private investment group sold the community to an undisclosed buyer for $17.9 million. Located at 3690 S. Port Drive, Rosemont Terrace features 100 apartments in a mix of one-, two- and three-bedroom layouts spread across 15 two-story residential buildings. Community amenities include a swimming pool, laundry facilities, an outdoor picnic area and carport parking. The property was built in 1970. Otto Ozen of TMG represented the seller in the deal.

October 6, 2023

Acquisitions Massachusetts Multifamily Northeast Top Stories

CBRE Arranges $182 Million Sale of Multifamily Complex in Cambridge, Massachusetts

by Jeff Shaw October 6, 2023

CAMBRIDGE, MASS. — CBRE has negotiated the sale of Hanover North Cambridge, an apartment community in North Cambridge. A fund advised by Goldman Sachs Asset Management purchased the asset from The Hanover Co. and its institutional partner for $182 million. Completed in 2022, Hanover North Cambridge offers 294 units, as well as more than 26,000 square feet of amenity space. The property is also home to a 7,067-square-foot, Caribbean-inspired restaurant, and is built over a podium that offers two levels of covered parking. Community amenities include a lobby with a reception area; clubroom with a projector screen and shuffleboard court; co-working lounge; private meeting spaces; and fitness center. According to the property website, Hanover North Cambridge offers studio, one-, two- and three-bedroom floor plans. Rental rates range from $2,976 per month for a studio to $6,284 per month for a three-bedroom apartment. The property is LEED Gold-certified. The community is located adjacent to the MBTA Alewife Station, giving residents train access to the greater Cambridge and Boston areas. Cambridge is home to more than 32 million square feet of office space, as well as Harvard University and the Massachusetts Institute of Technology (MIT). A CBRE Capital Markets team consisting of Simon …

October 6, 2023

Acquisitions Office Texas

JLL Negotiates Sale of 226,586 SF Office Building in Houston’s Energy Corridor

by Taylor Williams October 5, 2023

HOUSTON — JLL has negotiated the sale of Memorial Pointe, a 226,586-square-foot office building in Houston’s Energy Corridor area. The 11-story building sits on 2.5 acres and has received multiple capital improvements since 2017, including a renovated lobby, and was 25 percent leased at the time of sale. Rick Goings, Tom Hall and Chad Coluccio of JLL represented the undisclosed seller in the transaction. The buyer was Interra Capital, a Houston-based private equity and financial advisory firm.

October 5, 2023

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