Acquisitions

Faris Lee Investments Brokers $12.9M Sale of Zecca Plaza Retail Asset in Gallup, New Mexico

by Amy Works August 9, 2024

GALLUP, N.M. — Faris Lee Investments has arranged the sale of Zecca Plaza, a retail property located in Gallup, a small city near the Arizona border approximately 150 miles west of Albuquerque. The asset traded for $12.9 million, or $126 per square foot. Situated on 6.3 acres, Zecca Plaza offers 110,593 square feet of retail space. Current tenants include Albertsons, Goodwill, O’Reilly Auto Parts and Aaron Rents. Don MacLellan and Chris DePierro of Faris Lee Investments represented the undisclosed seller and undisclosed buyer in the transaction.

August 9, 2024

Acquisitions California Net Lease Restaurant Retail Western

Hanley Investment Group Negotiates $4.3M Ground Lease Sale of Chipotle-Occupied Restaurant Property in Rancho Cordova, California

by Amy Works August 9, 2024

RANCHO CORDOVA, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the pre-sale of a new restaurant property at Anatolia Marketplace in Rancho Cordova, a suburb east of Sacramento. Locally based Anatolia Marketplace sold the absolute triple-net ground lease to a private 1031 exchange investor for $4.3 million. A Chipotle Mexican Grill with a drive-thru occupies the 2,325-square-foot building, which is located at 4001 Sunrise Blvd. Bill Asher and Jeff Lefko of Hanley Investment Group represented the seller and the buyer in the transaction.

August 9, 2024

Acquisitions Multifamily Texas

Decron Properties Acquires 334-Unit Citizen House Pflugerville Apartments in Metro Austin

by Taylor Williams August 9, 2024

PFLUGERVILLE, TEXAS — Los Angeles-based investment firm Decron Properties has acquired Citizen House Pflugerville, a 334-unit apartment community located on the northern outskirts of Austin. The garden-style property houses one- and two-bedroom units that are furnished with quartz countertops, stainless steel appliances, wood-style flooring and walk-in closets. The amenity package comprises a pool with a spa and cabanas, clubhouse with a demonstration kitchen and coffee bar, a two-level fitness center with virtual training capabilities, an outdoor entertainment lounge, package lockers and a dog park. The seller and sales price were not disclosed.

August 9, 2024

Acquisitions Multifamily Texas

Equity Residential Buys 324-Unit Apartment Community in Grapevine, Texas

by Taylor Williams August 9, 2024

GRAPEVINE, TEXAS — Chicago-based investment firm Equity Residential has purchased Marlowe Grapevine, a 324-unit apartment community located in the northern-central part of the Dallas-Fort Worth metroplex. The property was built on 15 acres in 2023. According to Apartments.com, Marlowe Grapevine features one-, two- and three-bedroom units that range in size from 705 to 1,693 square feet. Amenities include a pool, fitness center, clubhouse, lounge, spa and a pet play/washing area. Equity Residential purchased the property from a partnership between Greystar and Carlyle Group for an undisclosed price. Drew Kile, Joey Tumminello, Michael Ware, Taylor Hill and Shelby Clark of Institutional Property Advisors (IPA), a division of Marcus & Millichap, brokered the deal.

August 9, 2024

Acquisitions Multifamily Texas

KW Commercial Arranges Sale of 238-Unit Apartment Complex in Boerne, Texas

by Taylor Williams August 9, 2024

BOERNE, TEXAS — KW Commercial has arranged the sale of Legacy at Cibolo, a 238-unit apartment complex located in the northwestern San Antonio suburb of Boerne. Built in 2020, the property offers one-, two- and three-bedroom units and amenities such as a pool, fitness center, business center, clubhouse, outdoor grilling and dining stations and access to walking trails. Greg Brownd of KW Commercial brokered the deal. The buyer and seller were not disclosed.

August 9, 2024

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 229-Unit Self-Storage Facility in Canton, Texas

by Taylor Williams August 9, 2024

CANTON, TEXAS — Marcus & Millichap has brokered the sale of Eason Storage, a 229-unit self-storage facility in Canton, about 60 miles east of Dallas. The facility, which was built on 4.7 acres in 2000 and expanded in 2017, consists of 39,265 net rentable square feet and comprises 20 climate-controlled units, 208 non-climate-controlled units and one rental house. Brandon Cunningham and Brandon Karr of Marcus & Millichap represented the seller in the transaction and procured the buyer, both of which requested anonymity.

August 9, 2024

Acquisitions Illinois Midwest Retail

Mid-America Brokers Sale of Trophy Retail Property on Chicago’s Michigan Avenue

by Kristin Harlow August 9, 2024

CHICAGO — Mid-America Real Estate Corp. has brokered the sale of a trophy retail property along Chicago’s Michigan Avenue for an undisclosed price. Located at 8 N. Michigan Ave., the property features a long-term lease with Starbucks and is located directly across the street from Millennium Park. Joe Girardi and Emily Gadomski of Mid-America represented the undisclosed seller. The buyer was a foreign high-net-worth family office.

August 9, 2024

Acquisitions Illinois Midwest Multifamily

Bender Cos., Eastham Capital Acquire 85-Unit Arrive Town Center in Vernon Hills, Illinois

by Kristin Harlow August 9, 2024

VERNON HILLS, ILL. — Bender Cos. and Eastham Capital have acquired Arrive Town Center in the Chicago suburb of Vernon Hills. Built in 2010, the property features 85 luxury apartment units, amenities and 10,000 square feet of ground-floor retail space. Floor plans average 1,200 square feet. Amenities include a lounge, fitness center, storage lockers and heated indoor parking garage. The property will undergo improvements and a rebranding, taking on the new name The Landing at Town Center. Kevin Girard, Zach Kaufman and Bill Baumann of JLL represented the buyer. The seller and sales price were undisclosed.

August 9, 2024

Acquisitions Illinois Midwest Multifamily

Kiser Group Arranges $1.8M Sale of Multifamily Property in Chicago’s Grand Crossing

by Kristin Harlow August 9, 2024

CHICAGO — Kiser Group has arranged the sale of a multifamily property located at 7042 S. Michigan Ave. in Chicago’s Grand Crossing neighborhood for $1.8 million. All of the units have been renovated in the last 10 years, and the property was nearly fully occupied at the time of sale. Aaron Sklar and Noah Birk of Kiser represented the buyer and seller, both of which were long-term owners in the area. The sales price represented a cap rate of nearly 9 percent.

August 9, 2024

Acquisitions Connecticut Multifamily Northeast

Cushman & Wakefield Brokers Sale of 189-Unit Apartment Complex in Darien, Connecticut

by Taylor Williams August 9, 2024

DARIEN, CONN. — Cushman & Wakefield has brokered the sale of Avalon Darien, a 189-unit apartment complex in southern coastal Connecticut. Avalon Darien offers a mix of recently renovated one-, two- and three-bedroom units and amenities such as a pool, fitness center, lounge and playground. Niko Nicolaou, Ryan Dowd, Matthew Torrance, Al Mirin and J.P. Hohl of Cushman & Wakefield, in coordination with Brian Whitmer of RePropCo., represented the seller, AvalonBay Communities, in the transaction. The team also procured the undisclosed buyer. The sales price was also not disclosed.

August 9, 2024

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