Acquisitions

Preiss, Investcorp Buy 267-Bed Student Housing Property in Austin

by Taylor Williams July 8, 2024

AUSTIN, TEXAS — A partnership between The Preiss Co. and Investcorp has purchased 21 Pearl, a 267-bed, 135-unit student housing property that is located on the University of Texas at Austin campus. Built in 2013 and recently renovated, 21 Pearl was 99 percent occupied at the time of sale. Ryan Lang, Jack Brett and Ben Harkrider of Newmark represented the seller, a partnership between Crow Holdings Capital and Texla Housing Partners, in the transaction. Ben Roelke, Ian Walker, Trent Houchin and Jeff Barnwell of Newmark arranged an undisclosed amount of acquisition financing on behalf of the new ownership.

July 8, 2024

Acquisitions Hospitality Texas

Marcus & Millichap Brokers Sale of 80-Room Dual-Branded Hotel in Lancaster, Texas

by Taylor Williams July 8, 2024

LANCASTER, TEXAS — Marcus & Millichap has brokered the sale of an 80-room dual-branded hotel in Lancaster, a southern suburb of Dallas. The three-story building houses Sleep Inn & Suites and Mainstay Suites and offers shared amenities such as a pool, fitness center, business center and outdoor picnic area. Chris Gomes and Allan Miller of Marcus & Millichap represented the seller, a Dallas-based investment firm, in the transaction. The duo also procured the buyer, an out-of-state 1031 exchange investor.

July 8, 2024

Acquisitions Northeast Office Pennsylvania

Stockton Real Estate Negotiates Sale of 126,000 SF Office Building in Downtown Philadelphia

by Taylor Williams July 8, 2024

PHILADELPHIA — Stockton Real Estate Advisors has negotiated the sale of 1760 Market Street, a 126,000-square-foot office building in downtown Philadelphia. The building offers a tenant lounge and conference center, as well as indoor bike storage space. Stockton previously co-owned the building and repositioned the asset for sale in 2018 via renovation of the penthouse suite, which now features private rooftop decks and mezzanine space, as well as the introduction of new building systems. The buyer and seller were not disclosed.

July 8, 2024

Acquisitions New York Northeast Office Retail

Marcus & Millichap Brokers $9M Sale of Manhattan Commercial Building

by Taylor Williams July 8, 2024

NEW YORK CITY — Marcus & Millichap has brokered the $9 million sale of a five-story, 17,645-square-foot commercial building located at 216 E. 49th St. in Manhattan’s Turtle Bay area. The building currently houses office space on the upper floors but is zoned to accommodate residential conversion. The building also features a 3,800-square-foot ground-floor space that is vented for a restaurant with a fully built-out basement. Peter Dodge, Joe Koicim, Logan Markley and Zan Colin of Marcus & Millichap represented the seller, a family office that owned and operated the property for 25 years, in the transaction. The buyer was a local restaurateur that plans to occupy the space.

July 8, 2024

Acquisitions Kansas Midwest Retail

Equity Bancshares Completes Merger with KansasLand Bancshares

by Kristin Harlow July 8, 2024

WICHITA, KAN. — Equity Bancshares Inc., the Wichita-based holding company of Equity Bank, has completed its acquisition of KansasLand Bancshares Inc., the parent company of KansasLand Bank. With the acquisition, Equity has added to its existing presence in Quinter, Kan., and expanded into Americus, Kan. KansasLand locations opened as Equity Bank on July 2. The company expects to consolidate the core and digital banking systems late in the third quarter. Equity first announced the merger in April. Equity has approximately $5.3 billion in proforma consolidated assets and operates 74 locations in Kansas, Missouri, Arkansas and Oklahoma. Equity’s Kansas franchise now includes 37 banks.

July 8, 2024

Acquisitions Industrial Michigan Midwest

Friedman Negotiates $3M Sale of Industrial Property in Mount Clemens, Michigan

by Kristin Harlow July 8, 2024

MOUNT CLEMENS, MICH. — Friedman Real Estate has negotiated the $3 million sale of a 42,385-square-foot industrial property in Mount Clemens, about 25 miles north of Detroit. The facility is located at 200 Elizabeth St. Zach Cummings of Friedman represented the seller, which completed a liquidation of its assets. The buyer was a local fabrication company, which will be relocating its operations.

July 8, 2024

Acquisitions Indiana Midwest Retail

Marcus & Millichap Brokers $1.7M Sale of Three-Tenant Retail Property in Valparaiso, Indiana

by Kristin Harlow July 8, 2024

VALPARAISO, IND. — Marcus & Millichap has brokered the $1.7 million sale of a three-tenant retail property that serves as an outlot to the Cumberland Crossing retail center in Valparaiso near Chicago. Built in 2008, the 7,541-square-foot building is leased to Salon Lofts, Venus Nails and Indiana Farm Bureau Insurance Agency. Mitchell Kiven and Nicholas Kanich of Marcus & Millichap represented the seller, an Indiana-based retail developer and manager, and procured the buyer, an Illinois-based real estate development and management company. Josh Caruana assisted in closing the transaction as the broker of record in Indiana. The property, located at 3029 Calumet Drive, closed at 97.5 percent of the list price.

July 8, 2024

Acquisitions Colorado Multifamily Western

Epp & Sons Acquires One19 Cherry Creek Apartments in Denver for $23M

by Amy Works July 8, 2024

DENVER — California-based Epp & Sons Inc. has purchased One19 Cherry Creek, a three-story multifamily community in Denver’s Cherry Creek submarket. Ready Capital sold the asset for $23 million. Located at 119 S. Harrison St., One19 Cherry Creek features 36 apartments, averaging 1,366 square feet. Built in 2021, the units feature walk-in closets, induction ranges, condo-grade finishes, cabinet-covered refrigerators and dishwashers, balconies, spa-inspired primary bathrooms and wide-plank hardwood flooring. Select units have oversized private terraces. Community amenities include a 24-hour gym, grilling stations, two-story underground parking garage, pet spa, Luxor package system and cold storage, 12 electric vehicle charging stations and an outdoor community terrace. Andy Hellman, Justin Hunt, Eril Toll and Brad Schlafer of CBRE represented the seller in the transaction.

July 8, 2024

Acquisitions Arizona Multifamily Western

Marcus & Millichap Negotiates Sale of Brio 14 Multifamily Property in Phoenix

by Amy Works July 8, 2024

PHOENIX — Marcus & Millichap has arranged the sale of Brio 14, an apartment community in Phoenix. The asset traded for $3.8 million. Located at 2950 N. 29th Place in Phoenix, Brio 14 offers six one-bedroom/one-bath units and eight two-bedroom/two-bath units, averaging 667 square feet. The community was built in 2022. Paul Bay, Adam Saylor and Darrell Moffitt of Marcus & Millichap represented the undisclosed buyer and seller in the deal.

July 8, 2024

Acquisitions Multifamily Washington Western

Private Investor Buys Park Place Townhomes in Everett, Washington for $5.7M

by Amy Works July 8, 2024

EVERETT, WASH. — A private investor has acquired Park Place Townhomes in Everett, a suburb north of Seattle, for $5.7 million. Located at 1225 W. Casino Road, Park Place Townhomes features 28 two- and three-bedroom townhome-style apartments, with an average size of 1,027 square feet. At the time of sale, the property was fully occupied. Zachary Mazzuca, Ryan Dinius and Sidney Warsinske of Marcus & Millichap’s Seattle office represented the seller, a private investor. Tanner Fogle, Dinius and Warsinske of Marcus & Millichap secured and represented the buyer in the deal.

July 8, 2024

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