Acquisitions

Parkway Acquires 1.2 MSF Post Oak Central Office Campus in Uptown Houston

by Taylor Williams October 3, 2023

HOUSTON — Parkway, which is a partnership between Orlando-based Parkway Property Investments and Houston-based Midway, has acquired Post Oak Central, a 1.2 million-square-foot office campus in Uptown Houston. Designed by Philip Johnson and constructed between 1975 and 1981, the campus consists of three buildings on a 17-acre site. Post Oak Central also features 90,000 square feet of retail and restaurant space, including both fine dining and fast-casual concepts, as well as onsite medical and banking services. Eastdil Secured represented the undisclosed seller, which previously owned an interest in the property, in the transaction. Parkway will continue to operate Post Oak Central, and Parkway’s development partner, Midway, will oversee the redevelopment of the property.

October 3, 2023

Acquisitions Illinois Midwest Multifamily

Rany Management Acquires Remaining Condo Units at Multifamily Building in Chicago

by Kristin Harlow October 3, 2023

CHICAGO — An affiliate of Chicago-based Rany Management has acquired the remaining owned condominium units of the building at 4180 N. Marine Drive in Chicago’s Buena Park neighborhood. The purchase price for the approximately 8.9 percent of remaining units not previously owned by Rany affiliate, 4180 Holdings, was not disclosed. Formerly known as Polo Towers Condominium Association, the property will be renamed Marine Terrace Apartments. The 16-story building features 190 units and was built in 1957. The fully occupied property is located at the intersection of Marine Drive and Gordon Terrace. Amalgamated Bank of Chicago has been a lending partner on the project since 2013.

October 3, 2023

Acquisitions Industrial Texas

Partners Real Estate Arranges Sale of 13,530 SF Industrial Property in Irving

by Taylor Williams October 3, 2023

IRVING, TEXAS — Partners Real Estate has arranged the sale of a 13,530-square-foot industrial property in Houston. According to LoopNet Inc., the facility at 2300 Penn St. was built in 1984 and features 14-foot clear heights and six grade-level doors. Hanes Chatham Jr. and Graham Dressel of Partners represented the seller in the transaction. Rad Realty Group LLC represented the buyer, Garcia Laser Screeding. Quinn Conway of Partners arranged acquisition financing for the deal.

October 3, 2023

Acquisitions Illinois Midwest Restaurant Retail

SVN Chicago Commercial Brokers $1M Sale of Commercial Building in Chicago’s Edgewater Neighborhood

by Kristin Harlow October 3, 2023

CHICAGO — SVN Chicago Commercial has brokered the $1 million sale of a 5,000-square-foot commercial building along with the business sale of the ground-floor restaurant space at 5352 N. Broadway in Chicago’s Edgewater neighborhood. A local restaurant buyer purchased the building, which sits directly across the street from the CTA’s $2 billion Red/Purple Line modernization, which is set for completion in late 2024. Marcus Sullivan and Tim Rasmussen of SVN represented the undisclosed seller. The restaurant space was formerly home to Pearl’s.

October 3, 2023

Acquisitions Multifamily Washington Western

IPA Brokers $34.3M Sale of Two Multifamily Properties in Des Moines, Washington

by Amy Works October 3, 2023

DES MOINES, WASH. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of two apartment communities in Des Moines. Spinnaker Landing and Regatta sold for a combined $34.3 million, or $225,987 per unit. Philip Assouad, Giovanni Napoli, Nicholas Ruggiergo, Ryan Harmon and Anthony Palladino of IPA represented the sellers, Spinnaker Landing Apartments LLC and Regatta Apartments LLC, and procured the buyer, a private Los Angeles-based owner, in the transaction. Centrally located between Seattle and Tacoma, Wash., the two garden-style properties are surrounded by office and flex industrial space, including the headquarters of the Federal Aviation Administration and Alaska Airlines. Built in 1987, Spinnaker Landing features 66 units, and Regatta, which was built in 1983, features 86 units.

October 3, 2023

Acquisitions Multifamily Oregon Western

Trion Properties Divests of 52-Unit York Apartments in Tigard, Oregon

by Amy Works October 3, 2023

TIGARD, ORE. — Trion Properties has completed the disposition of York Apartments, a multifamily building in Tigard. An undisclosed buyer acquired the asset for $10.8 million, or $209,000 per unit. Located at 7582 SW Hunziker St., York Apartments features 52 units in a mix of three studio units, 48 two-bedroom/one-bath units and one four-bedroom/two-bathroom unit. Rob Marton of HFO Investment Real Estate represented the seller, while Greg Frick of HFO represented the buyer in the deal.

October 3, 2023

Acquisitions Multifamily New Jersey Northeast

Kislak Negotiates $11.1M Sale of Northern New Jersey Multifamily Portfolio

by Taylor Williams October 3, 2023

UNION CITY, WEST NEW YORK AND JERSEY CITY, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $11.1 million sale of a portfolio of three multifamily buildings totaling 66 units in Northern New Jersey. The portfolio consists of a 44-unit complex in Union City that sold for $6.2 million; a 16-unit property in West New York that traded for $3.8 million; and a six-unit building in Jersey City that fetched a price of $1.1 million. Don Baxter of Kislak brokered the deal. All parties requested anonymity.

October 3, 2023

Acquisitions Multifamily Texas

IPA Negotiates Sale of 115-Unit Apartment Complex in Northwest Houston

by Taylor Williams October 2, 2023

HOUSTON — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Icon at Yorktown, a 115-unit apartment complex in northwest Houston. Built on three acres in 2021, Icon at Yorktown offers one-, two- and three-bedroom units and amenities such as a pool, fitness center, outdoor grilling stations, package lockers, resident lounge and a coffee bar. Travis Austin, Greg Austin, Jackson Hart, Drew Kile and Will Balthrope of IPA represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

October 2, 2023

Acquisitions Massachusetts Northeast Retail

RK Centers Acquires 415,404 SF Retail Power Center in Attleboro, Massachusetts

by Taylor Williams October 2, 2023

ATTLEBORO, MASS. — RK Centers, an owner-operator with offices in New England and South Florida, has acquired Bristol Place, a 415,404-square-foot retail power center located south of Boston in Attleboro. The center sits on a 45.5-acre site along State Route 1A and is home to tenants such as grocer Market Basket, Home Depot, T.J. Maxx, Burlington, Hobby Lobby, Edge Fitness, Bob’s Discount Furniture and Party City. Nat Heald of CBRE represented the seller, an affiliate of Unison Realty Partners, in the transaction. RK Centers will rebrand the property, which was 96 percent leased at the time of sale, as RK Bristol Place.

October 2, 2023

Acquisitions Multifamily New York Northeast

Ariel Property Advisors Negotiates $5M Sale of Multifamily Development Site in Brooklyn

by Taylor Williams October 2, 2023

NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $5 million sale of a multifamily development site in the Cobble Hill area of Brooklyn. The site at 232 Smith St. allows for 10,000 square feet of buildable space that will include retail usage. Sean Kelly, Nicole Daniggelis, Stephen Vorvolakos, Shimon Shkury and Victor Sozio of Ariel Property Advisors represented the undisclosed seller in the transaction. The buyer was also not disclosed.

October 2, 2023

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