Acquisitions

Klein Enterprises Purchases 140,000 SF Shopping Center in North Carolina’s Outer Banks Region

by John Nelson September 20, 2023

SOUTHERN SHORES, N.C. — Baltimore-based Klein Enterprises has purchased Southern Shores Marketplace, a 140,000-square-foot shopping center in North Carolina’s Outer Banks region. The grocery-anchored property is located at 5539 N. Croatan Highway in Southern Shores. Situated near the Wright Memorial Bridge, Southern Shores Marketplace is anchored by Food Lion and leased to tenants including Starbucks, Verizon Wireless, CVS, Jersey Mike’s, OBX Optical and Coastal Rehabilitation. The seller, Charlotte-based Aston Properties, recently redeveloped the shopping center and executed brand new leases with Marshalls, Rack Room Shoes and Five Below. An affiliate of Klein Enterprises purchased the property for an undisclosed price using acquisition financing from TD Bank. Berkeley Capital Advisors brokered the transaction. Southern Shores Marketplace represents Klein’s entry into North Carolina.

September 20, 2023

Acquisitions Florida Net Lease Restaurant Retail Southeast

SRS Brokers $4.6M Sale of New Restaurant Building in Jacksonville Leased to Panera Bread

by John Nelson September 20, 2023

JACKSONVILLE, FLA. — SRS Real Estate Partners has brokered the $4.6 million sale of a new 3,937-square-foot restaurant building located at 9725 Applecross Road in Jacksonville. Completed earlier this year as an outparcel to Oakleaf Town Center, the 1.5-acre site is triple-net leased to Panera Bread. The 15-year lease has scheduled rental increases every five years. Patrick Nutt and William Wamble of SRS represented the seller, a national real estate development firm, in the transaction. The 1031 buyer was a private investor based in South Florida.

September 20, 2023

Acquisitions Illinois Midwest Multifamily

Kiser Group Brokers Sale of 41-Unit Apartment Building in Chicago’s Humboldt Park

by Kristin Harlow September 20, 2023

CHICAGO — Kiser Group has brokered the sale of a 41-unit apartment building in Chicago’s Humboldt Park neighborhood for an undisclosed price. The property at 3935-45 W. Division St. consists of 37 apartment units and four retail spaces. The asset was converted into condos in 2006, and then was transformed when 85 percent of its units were acquired through a bank sale following the market downtown in 2008-2009. The undisclosed buyer is poised to increase rents, seeking a value-add opportunity.

September 20, 2023

Acquisitions Hospitality Indiana Midwest

Marcus & Millichap Arranges Sale of 90-Room Holiday Inn Express Hotel in Indianapolis

by Kristin Harlow September 20, 2023

INDIANAPOLIS — Marcus & Millichap has arranged the sale of the Holiday Inn Express East Indianapolis for an undisclosed price. The 90-room hotel, built in 1999, is located at 7035 Western Select Drive. Jasdeep Sohi of Marcus & Millichap represented the seller, a limited liability company, and the buyer, a limited liability company. The property will undergo full renovations in accordance with IHG’s Formula Blue Package in the coming months.

September 20, 2023

Acquisitions California Multifamily Western

TruAmerica Acquires Nineteen01 Apartment Complex in Santa Ana, California for $102.9M

by Amy Works September 20, 2023

SANTA ANA, CALIF. — TruAmerica Multifamily, in partnership with PCCP, has acquired Nineteen01, a multifamily community in Santa Ana, from an undisclosed seller for $102.9 million. Built in 2016, Nineteen01 features 264 apartments in a three- and five-story building. Located at 1901 E. 1st St., Nineteen01 offers one-, two- and three-bedroom floorplans with fully appointed kitchens, full-size washers/dryers, private patios or balconies, walk-in closets and ceiling fans. Community amenities include a rooftop resort-style pool area with spa, 24/7-access fitness center, business center, cybercafé, private conference room, dog park, game room, package system, communal fire pit, outdoor grilling areas and community green spaces. Shane Shafer of Northmarq brokered the transaction.

September 20, 2023

Acquisitions Massachusetts Multifamily Northeast

Marcus & Millichap Brokers $5.2M Sale of Boston Apartment Building

by Taylor Williams September 20, 2023

BOSTON — Marcus & Millichap has brokered the $5.2 million sale of Beals Street Apartments, a nine-unit multifamily building in Boston’s Brookline neighborhood. Constructed in 1909, Beals Street Apartments features six condo-style, two-bedroom residences and three studio apartments. Matthew Pierce of Marcus & Millichap represented the seller, an individual/personal trust, in the transaction and procured the buyer, a limited liability company. Both parties requested anonymity.

September 20, 2023

Acquisitions Connecticut Multifamily Northeast Retail

CBRE Negotiates $5.1M Sale of Apartment, Retail Building in Greenwich, Connecticut

by Taylor Williams September 20, 2023

GREENWICH, CONN. — CBRE has negotiated the $5.1 million sale of a commercial building in Greenwich, located in southern coastal Connecticut, that consists of four apartments and two retail spaces. The building was constructed in 2016 and was fully occupied at the time of sale, with Club Pilates and Estate Treasures of Greenwich serving as the retail tenants. Jeffrey Dunne, David Gavin, Stuart MacKenzie, Travis Langer and Daniel Blumenkrantz of CBRE represented the seller, Marx Realty, in the transaction. CBRE also procured the buyer, a Connecticut-based private investor.

September 20, 2023

Acquisitions Office Oregon Western

Newmark Brokers Sale of 118,104 SF Leland James Office Building in Portland, Oregon

by Amy Works September 20, 2023

PORTLAND, ORE. — Newmark has brokered the sale of Leland James, a multi-tenant office building in Portland’s Slabtown District. Spear Street Capital acquired the fully occupied asset. Terms of the transaction were not released. Located at 2175 NW Raleigh St., the four-story Leland James building features 118,104 square feet of office space. Formerly a corporate office building, the property was redeveloped in 2018. The redevelopment included seismic upgrades, a new brick façade and the addition of a heavy timber penthouse level with an eco-roof, as well as new mechanical, electrical and plumbing systems. Nick Kucha, James Childress and Jakob Nicholls of Newmark represented the undisclosed seller in the deal. Dave Squire and Josh Williams of Newmark served as leasing advisors on behalf of the seller and helped bring the property to 100 percent occupancy.

September 20, 2023

Acquisitions Colorado Hospitality Western

Mission Hill Hospitality Acquires 120-Key Residence Inn by Marriott in Breckenridge, Colorado

by Amy Works September 19, 2023

BRECKENRIDGE, COLO. — Mission Hill Hospitality has purchased the Residence Inn by Marriott in Breckenridge. Terms of the transaction were not released. Opened in 2016, Residences Inn Breckenridge features 129 guest rooms, a fitness center, full breakfast, cocktail hour and lounge, year-round outdoor pool and spa, barbeque grills, a 24-house front desk, ski storage and 1,700 square feet of event space.

September 19, 2023

Acquisitions Colorado Retail Western

Hawkeye INVSCO Sells Three-Property Retail Portfolio in Littleton, Colorado for $15.1M

by Amy Works September 19, 2023

LITTLETON, COLO. — Greenwood Village-based Hawkeye INVSCO has completed the disposition of a three-property retail portfolio in Littleton to an undisclosed investor for $15.1 million. Totaling 101,103 square feet, the portfolio includes Marketplace at Ken Caryl, Columbine Plaza and Marina Pointe Shopping Center. Located at 10143 W. Chatfield Ave., Marketplace at Ken Caryl features 47,606 square feet and was originally built in 1981. Columbine Plaza, located at 6671-6745 Ken Caryl Ave., offers 33,947 square feet of multi-tenant space. Marina Pointe Shopping Center, located at 7444 W. Chatfield Ave., features 19,550 square feet on 1.8 acres. Jon Hendrickson, Aaron Johnson and Mitch Veremeychik of Cushman & Wakefield represented the seller in the deal.

September 19, 2023

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