Acquisitions

Marcus & Millichap Arranges Sale of 40-Unit Jefferson Park Apartment Community in Louisville

by John Nelson November 20, 2023

LOUISVILLE, KY. — Marcus & Millichap has arranged the sale of Jefferson Park, a 40-unit apartment community located at 5161 Jefferson Blvd. in Louisville. Built in 2016, the single-building property was constructed and sold by an unnamed, locally based developer. Aaron Kuroiwa and Tony Rogers of Marcus & Millichap represented both the seller and buyer, a limited liability company, in the transaction. Grant Fitzgerald assisted in closing the sale as the Kentucky broker of record for Marcus & Millichap. The sales price was not disclosed.

November 20, 2023

Acquisitions Retail Texas

Marcus & Millichap Brokers Sale of 156,343 SF Shopping Center in Northeast Houston

by Taylor Williams November 20, 2023

HOUSTON — Marcus & Millichap has brokered the sale of Shoppes at Kingsgate, a 156,343-square-foot shopping center located within the 14,000-acre Kingwood master-planned development in northeast Houston. Built in 1980 and renovated in 2013, the center was 95 percent occupied at the time of sale. Aldi anchors the property, and other tenants include Cell Doc, Binh’s Tailor, Trademark Kitchen & Bath, The Mint National Bank, Schlotzky’s and On the Park Toy Store. Philip Levy and Chris Gainey of Marcus & Millichap represented the seller in the transaction. John Indelli and Ryan West of JLL represented the buyer, DML Capital.

November 20, 2023

Acquisitions Industrial Nevada Western

CBRE Brokers $9.6M Sale of Industrial Building in Henderson, Nevada

by Amy Works November 20, 2023

HENDERSON, NEV. — CBRE has negotiated the sale of an industrial property located at 975 American Pacific Drive in Henderson. Apenzell Investments acquired the asset from Unilev Capital Corp. and Mandalay Advisors, an affiliate of Palladius Capital Management, for $9.6 million. The two-story, 55,974-square-foot building features seven docks, five drive-in doors, 26-foot clear height and 126 surface parking spaces. Additionally, the asset includes three egress/ingress points. Tyler Ecklund of CBRE’s Investment Properties represented the seller in the transaction.

November 20, 2023

Acquisitions Development Multifamily New Jersey Northeast

CBRE Brokers $8.5M Sale of Multifamily Development Site in Hoboken

by Taylor Williams November 20, 2023

HOBOKEN, N.J. — CBRE has brokered the $8.5 million sale of a multifamily development site located at 921-931 Madison St. in Hoboken, located just outside New York City. Locally based firm AIRN Management sold the site, which formerly housed the operations of Water Music Studios, to an undisclosed private developer that plans to construct a 36-unit building with roughly 10,000 square feet of retail space. Fahri Ozturk, Richard Gatto, Zach McHale and Jeff Babikian of CBRE brokered the deal.

November 20, 2023

Acquisitions Kansas Midwest Retail

RockStep Capital Acquires 367,000 SF Manhattan Town Center in Eastern Kansas

by Kristin Harlow November 20, 2023

MANHATTAN, KAN. — RockStep Capital has acquired Manhattan Town Center, a 367,000-square-foot shopping mall in Manhattan within eastern Kansas. The purchase price was undisclosed. Anchor tenants include Dillard’s, JC Penney and the AMC Dine-In IMAX Theater. There are more than 50 small shops and full-service restaurants at the regional mall, which was built in 1987. RockStep plans to make improvements to the property.

November 20, 2023

Acquisitions Arizona Multifamily Top Stories Western

MG Properties Acquires NOVO Broadway Apartments in Tempe, Arizona for $100.2M

by Taylor Williams November 20, 2023

TEMPE, ARIZ. — San Diego-based investment firm MG Properties has acquired NOVO Broadway Apartments, a newly built apartment community in the eastern Phoenix suburb of Tempe, for $100.2 million. The seller, Evergreen Devco Inc., originally developed and delivered the property as Parc Broadway in 2022. According to Apartments.com, the property totals 324 units and features studio, one-, two- and three-bedroom units that range in size from 632 to 1,262 square feet. Residents enjoy proximity to a number of employment centers that are anchored by large technology, manufacturing and healthcare companies. Communal amenities include a pool, fitness center, outdoor grilling and dining stations, resident lounge with a TV and coffee bar, dog park and a coworking lounge. Unit amenities include stainless steel appliances, wood-style flooring, individual washers and dryers, and private balconies/patios. “NOVO Broadway Apartments is a high-quality community that is well-positioned to benefit from regional employment growth, making it an ideal fit for our long-term investment strategy,” says Jeff Gleiberman, president of MG Properties. Steve Gebing and Cliff David of Institutional Property Advisors (IPA), a division of Marcus & Milliichap, represented Evergreen Devco in the sale. Brian Eisendrath and Cameron Chalfant, also with IPA, originated an undisclosed amount of Freddie …

November 20, 2023

Acquisitions Features Western Feature Archive

Replacement Cost is Central Acquisitions Metric in a Volatile Market

by Jeff Shaw November 20, 2023

— By Brett Silverstein — With uncertainty looming large and terms like risk, crash and recession swirling around the industry, it comes as no surprise that some investors are clinging to their cash reserves. But savvy investors go back to the fundamentals of the real estate cycle. While the economic conditions that influence the cycle are often different, such as the Dot-Com bubble, the Global Financial Crisis and, most recently, COVID, the predictability of the real estate cycle is consistent. In my opinion, a sound acquisitions strategy today is one grounded in acquiring high-quality assets below replacement cost in Intermountain West markets that exhibit strong fundamentals, such as outsized rent growth, continued strong household formation patterns and limited future supply growth. Distress leads to discounts Amidst the prevailing market turbulence, the acquisition of existing assets at a discount to the cost of building new ones becomes an even more compelling proposition. Replacement cost alone may not suffice as an investment metric, but the combination of discounted prices and robust market fundamentals creates the secret sauce of sound investment decisions. Housing is an essential good that is always in demand and has historically inflated over time. The foundational concept of “heads …

November 20, 2023

Acquisitions Retail South Carolina Southeast

ZRP Acquires Wando Crossing Shopping Center Near Charleston for $46.8M

by John Nelson November 17, 2023

MOUNT PLEASANT, S.C. — Ziff Real Estate Partners (ZRP) has acquired Wando Crossing, a retail center located in the Charleston suburb of Mount Pleasant, for $46.8 million. Marshalls/HomeGoods, T.J. Maxx, Total Wine & More, Petco, Ashley HomeStore, Michaels and Five Below anchor the property, which totals 214,029 square feet. Ohio-based SITE Centers Corp. was the seller. Brad Peterson, Scott Israel, Whitaker Leonhardt, Joe Montgomery and Patrick Nealon of Colliers represented the seller in the transaction. Donald Jennewein of Colliers arranged an undisclosed amount of acquisition financing for ZRP.

November 17, 2023

Acquisitions Georgia Retail Southeast

Franklin Street Arranges Sale of 66,387 SF Shopping Center in Metro Atlanta

by John Nelson November 17, 2023

MCDONOUGH, GA. — Franklin Street has arranged the sale of Kelleytown Village, a 66,387-square-foot shopping center located at 3500 Highway 155 N in McDonough, roughly 30 miles southeast of Atlanta. Publix anchors the property, which was constructed in 2022. Other tenants at the center include Your Pie, Allure Nails, UPS and 100% Chiropractic. Bryan Belk and John Tennant of Franklin Street represented the seller, Georgia- and Alabama-based Venture South Investments, in the transaction. The buyer and sales price were not disclosed.

November 17, 2023

Acquisitions Multifamily Texas

GREA Negotiates Sale of 109-Unit Apartment Complex in Garland, Texas

by Taylor Williams November 17, 2023

GARLAND, TEXAS — Global Real Estate Advisors (GREA) has negotiated the sale of Woods Edge Apartments, a 109-unit multifamily complex in the northeastern Dallas suburb of Garland. Woods Edge was originally built in the 1960s and offers one-, two- and three-bedroom units. Mark Allen of GREA represented the locally based seller, Entrust Investment Group, in the transaction and procured the undisclosed, out-of-state buyer.

November 17, 2023

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