Acquisitions

DSC Partners, Harbert Management Buy Industrial Portfolio in Suburban Maryland for $86.4M

by John Nelson June 4, 2024

LANHAM, MD. — DSC Partners, in partnership with Harbert Management Corp. (HMC), has purchased Forbes Center, a 17-property, 785,000-square-foot portfolio comprising industrial, flex and office buildings in Lanham, about 12 miles northeast of Washington, D.C. The seller was not disclosed. Tenants at the property include distribution companies, government contractors, local and national service providers and medical groups. Rob Pugh, Ken Fellows, Keiry Martinez and Aaron Carroll of KLNB will lease the properties on behalf of the buyers, and Transwestern will provide property management services.

June 4, 2024

Acquisitions Alabama Multifamily Southeast

Oakley Group Purchases 110-Unit Deerfield Place Apartments in Florence, Alabama

by John Nelson June 4, 2024

FLORENCE, ALA. — Birmingham-based Oakley Group has acquired Deerfield Place, a 110-unit apartment community located at 137 Deerfield Place in Florence. Built in 2018 and totaling 137,500 net rentable square feet, the property comprises 13 one- and two-story buildings. Pinehurst Investments, the original developer, sold the community to Oakley Group for an undisclosed price. David Sizemore of CommerceOne Bank arranged acquisition financing on behalf of the buyer in the form of a fixed-rate, five-year loan. The property was 95 percent occupied at the time of sale. Oakley Group plans to implement improvements to the community, including the addition of a fitness center and outdoor gathering place. Arlington Properties will continue to serve as the onsite management firm on behalf of the new owner.

June 4, 2024

Acquisitions Hospitality Self-Storage Texas

Marcus & Millichap Arranges Sale of Storage, Hospitality Portfolio in Quinlan, Texas

by Taylor Williams June 4, 2024

QUINLAN, TEXAS — Marcus & Millichap has arranged the sale of The Lake Tawakoni Portfolio, a collection of storage and hospitality properties in Quinlan, about 45 miles east of Dallas. The portfolio consists of 219 RV sites, 198 storage units, 39 cabins and 39 boat slips across three properties. Brad Dorsey, Skyler Henderson, Blake Eisenberg, Edgar Martinez and Katie Eaton of Marcus & Millichap brokered the deal. The buyer and seller were not disclosed.

June 4, 2024

Acquisitions Net Lease Retail Texas

Boulder Group Arranges $3.7M Sale of Net-Leased Retail Building in Norman, Oklahoma

by Taylor Williams June 4, 2024

NORMAN, OKLA. — The Boulder Group, a brokerage firm specializing in single-tenant, net-leased retail deals, has arranged the $3.7 million sale of a building at 3501 NW 36th Avenue in Norman, Okla. CVS occupies the building, which according to LoopNet Inc. was built in 2010 and totals 12,888 square feet. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer, a California-based 1031 exchange investor, in the transaction. The seller was undisclosed.

June 4, 2024

Acquisitions Illinois Midwest Multifamily

MLG Capital Acquires 272-Unit Orchard Village Multifamily Property in Aurora, Illinois

by Kristin Harlow June 4, 2024

AURORA, ILL. — MLG Capital has acquired Orchard Village, a 272-unit multifamily property in the western Chicago suburb of Aurora. The purchase price was undisclosed. Built in 2000, the community is located at 1240 W. Indian Trail. Amenities include a heated pool, clubhouse, fitness center and dog park. MLG acquired an interest in the property using 1031 exchange proceeds from its Legacy Fund, which offers a tax-deferred exit strategy for private real estate owners. Orchard Village marks MLG’s ninth acquisition in metro Chicago. The firm owns more than 1,700 units in Illinois.

June 4, 2024

Acquisitions Michigan Midwest Retail

Gerdom Realty & Investment Brokers Sale of 12,000 SF Commercial Building in Suburban Detroit

by Kristin Harlow June 4, 2024

DEARBORN HEIGHTS, MICH. — Gerdom Realty & Investment has brokered the sale of a 12,000-square-foot commercial building in the western Detroit suburb of Dearborn Heights. The sales price was undisclosed. The property is located on Van Born Road just east of Telegraph Road. Jack Melton and Michael Murphy of Gerdom represented the undisclosed seller. Ali Elkhalil of Own It Realty represented the buyer, which plans to convert the building into use for a towing company.

June 4, 2024

Acquisitions Industrial New Hampshire Northeast

Colliers Arranges Sale of 51,216 SF Industrial Building in Manchester, New Hampshire

by Taylor Williams June 4, 2024

MANCHESTER, N.H. — Colliers has arranged the sale of an industrial building located at 299 Pepsi Road in Manchester, located near the Massachusetts-New Hampshire border. According to LoopNet Inc., the property was built on an 18.9-acre site in 1997 as a food processing facility and totals 51,216 square feet. Bob Rohrer and Doug Martin of Colliers represented the seller in the transaction. Ellen Garthoff of Stubblebine Co. represented the buyer, an affiliate of Lilly’s Fresh Pasta.

June 4, 2024

Acquisitions California Multifamily Western

AvalonBay Communities Divests of AVA North Hollywood Multifamily Property in Los Angeles for $62.1M

by Amy Works June 4, 2024

LOS ANGELES — AvalonBay Communities has sold AVA North Hollywood, a multifamily community in the NoHo Arts District of Los Angeles. Prime Residential acquired the asset for $62.1 million, or $393,077 per unit. Kevin Green, Joseph Grabiec and Gregory Harris of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal. Built in 2015, AVA North Hollywood features 156 apartments with full appliance packages, washers/dryers and private patio areas. Most apartments have nine-foot ceilings and loft-style units have 14-foot ceilings. Common-area amenities include a swimming pool and spa, clubroom, sky deck, leasing office, movement studio, cybercafé and business center. The property also offers 11,000 square feet of ground-floor retail space, which is fully occupied by four eateries, a Pilates studio and a massage and spa center.

June 4, 2024

Acquisitions Loans Multifamily Oregon Student Housing Western

JLL Provides Acquisition Financing for K14 Campus Flats Student Housing Near the University of Oregon

by Amy Works June 4, 2024

EUGENE, ORE. — JLL has provided an undisclosed amount of acquisition financing for K14 Campus Flats, a student housing community located across the street from the University of Oregon campus in Eugene. Patricia Heminger, Dan Kearns, Stephen VanLeer, Rebecca Brielmaier, Sam Tarter and Merrick Evans of JLL worked on behalf of the borrower, Waterway Family Funds, to place the 10-year acquisition financing with Freddie Mac. JLL Real Estate Capital will service the loan. The seller in the transaction was not disclosed. Located at 1414 Kincaid St., K14 Campus Flats offers 45 units in two-, three- and four-bedroom configurations. The property was fully leased at the time of sale. Shared amenities include a community courtyard, lounge, grilling station and onsite bicycle storage.

June 4, 2024

Acquisitions Colorado Retail Western

Pinnacle Real Estate Advisors Brokers Sale of 5,885 SF Retail Building in Denver

by Amy Works June 4, 2024

DENVER — Pinnacle Real Estate Advisors has arranged the sale of a 5,885-square-foot retail building located at 4923 W. 38th Ave. in Denver. The asset traded for $1.5 million. Levi Saxen and Keith Lenz of the Sandberg Monette Team of Pinnacle Real Estate Advisors facilitated the transaction for the undisclosed buyer and seller.

June 4, 2024

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