Acquisitions

6401-Stockton-Blvd-6050-Elder-Creek-Rd-Sacramento-CA

Marcus & Millichap Negotiates Sale of 43,996 SF Industrial Property in Sacramento

by Amy Works July 16, 2024

SACRAMENTO, CALIF. — Marcus & Millichap has arranged the sale of a net-leased property located at 6401 Stockton Blvd. and 6050 Elder Creek Road in Sacramento. The asset sold for $1.6 million. The undisclosed buyer intends to lease the 43,996-square-foot property to a suitable tenant, according to Marcus & Millichap. Although the use of the property was not disclosed, the address is for a used car dealership in an industrial area. Christopher Hurd of Marcus & Millichap represented the seller, an individual/personal trust, in the deal.

July 16, 2024

Acquisitions Industrial Texas Top Stories

KKR Acquires 1.8 MSF Industrial Park in Southwest Houston for $234.2M

by John Nelson July 16, 2024

HOUSTON — KKR & Co. Inc. (NYSE: KKR), a global alternative asset management investor based in New York City, has purchased Park 8Ninety, a 1.8 million-square-foot industrial park in southwest Houston. Artis Real Estate Investment Trust, a REIT based in Winnipeg, Canada, sold the 12-building park to KKR for $234.2 million. Artis REIT and Trammell Crow Co. (TCC) developed Park 8Ninety in five phases between 2017 and 2022. The 127-acre park features a mix of single-tenant and multi-tenant logistics buildings with clear heights ranging from 24 to 36 feet. Park 8Ninety is situated along Beltway 8 (Sam Houston Parkway) and U.S. Route 90A and features multiple access points to both roads. The park is situated about 20 miles southwest of downtown Houston and 19 miles west of William P. Hobby Airport. “Park 8Ninety is a great addition to our national logistics portfolio and expands our footprint in Houston, which continues to benefit from strong demand fundamentals and comparatively lower supply than many other markets in the United States,” says Ben Brudney, a managing director in the real estate group at KKR who oversees the firm’s U.S. industrial investments. “Park 8Ninety is a high-quality, well-designed, multi-tenant park with a diverse and …

July 16, 2024

Cypress Run Marketplace, Coral Springs, Florida

Acquisitions Features Retail

Retail Real Estate Buyers Vie To Thaw ‘Frozen’ Sales Market

by Jeff Shaw July 16, 2024

The U.S. retail market is currently on a long stretch of rock-solid performance at the property level. The national vacancy rate is at a healthy 4.1 percent, according to first-quarter 2024 research from CoStar Group. This comes one quarter after a stellar 4 percent vacancy rate at year-end 2023. What’s more is net store openings are on pace to be positive for the third consecutive year, according to research from Cushman & Wakefield. There have been more than 1,700 announced retail store closures thus far in 2024, with recent examples including Family Dollar, Express, Macy’s and 99 Cents Only. However, the number of announced closures has been outpaced by the more than 3,000 announced openings this year, including from the likes of Walmart, Academy Sports + Outdoors, Aldi and Target. With tight occupancy, due in large part to limited retail deliveries compared to historical norms, plus the influence of stubbornly high inflation, rental rates are also peaking. Rental rates ended the year at about $25 per square foot, which is a 3 percent increase year-over-year, according to CoStar. Matthew Mousavi, managing principal at SRS Real Estate Partners, says that retail real estate is performing so well that it now …

July 16, 2024

Acquisitions Multifamily Seniors Housing Texas

SLIB Arranges Sale of 112-Bed Seniors Housing Property in Houston

by Taylor Williams July 15, 2024

HOUSTON — Senior Living Investment Brokerage (SLIB) has arranged the sale of Treemont Health Care Center, a 112-bed seniors housing property in Houston. Built in 1974, the 39,058-square-foot community sits on approximately 1.3 acres and offers 42 assisted living beds and 70 skilled nursing beds The buyer was a local seniors housing owner-operator, and the seller was a regional owner-operator. Vince Viverito, Matt Alley, Jason Punzel, Brad Goodsell and Jake Anderson of SLIB brokered the deal.

July 15, 2024

Acquisitions Kansas Midwest Multifamily Student Housing

Tailwind Group Acquires 192-Unit Student Housing Property in Lawrence, Kansas

by Kristin Harlow July 15, 2024

LAWRENCE, KAN. — Tailwind Group has acquired The Reserve on West 31st, a 192-unit student housing property located 1.5 miles from The University of Kansas in Lawrence. Built in 1999, the community features a mix of three- and four-bedroom floor plans. Amenities include a study lounge, pool, fitness center and picnic area. Ryan Lang, Jack Brett and Ben Harkrider of Newmark arranged a structured equity facility on behalf of Tailwind to finance student housing acquisitions nationwide. Tailwind leveraged the facility to complete the acquisition of The Reserve on West 31st and plans to make capital improvements to the property.

July 15, 2024

Acquisitions Connecticut Industrial Northeast

Devli Real Estate Acquires 176,000 SF Distribution Center in Beacon Falls, Connecticut

by Taylor Williams July 15, 2024

BEACON FALLS, CONN. — New Jersey-based investment firm Devli Real Estate has acquired a 176,000-square-foot distribution center in Beacon Falls, a northwestern suburb of New Haven. The site spans 32 acres at 158 Pines Bridge Road. According to LoopNet Inc., the single-tenant facility was constructed in 1966 and renovated in 1992 and features a clear height of 16 feet, two dock-high loading doors and two grade-level doors. The property was fully leased at the time of sale. The seller and sales price were not disclosed.

July 15, 2024

Acquisitions Georgia Multifamily Southeast

Peach Hill Capital, RK2 Acquire Georgetown Crossing Apartment Community in Savannah for $25.6M

by John Nelson July 15, 2024

SAVANNAH, GA. — Peach Hill Capital and RK2 Property Group have acquired Georgetown Crossing, an apartment community located in Savannah, for $25.6 million. Built in 1994 at 1015 King George Blvd., the property features 168 units in one- and two-bedroom layouts across seven three-story buildings. Amenities at the community include a clubhouse, pool, picnic areas, barbecues and a dog park. Mark Boyce and Blake Coffey of Berkadia represented the undisclosed seller in the transaction.

July 15, 2024

Acquisitions Georgia Retail Southeast

JLL Arranges Sale of 82,029 SF Shopping Center in Atlanta Suburb

by John Nelson July 15, 2024

ROSWELL, GA. — JLL Capital Markets has arranged the sale of Roswell Market Center, an 82,029-square-foot retail center located in the northern Atlanta suburb of Roswell. Tenants at the property, which was built in 1990, include AutoZone, Dollar Tree, Subway and AT&T. Jim Hamilton, Brad Buchanan and Andrew Kahn of JLL represented the seller, Sterling Organization, in the transaction. The buyer and sales price were not disclosed.

July 15, 2024

Acquisitions Florida Retail Southeast

Matthews Brokers $6.8M Sale of Retail Center on Florida’s Space Coast

by John Nelson July 15, 2024

INDIALANTIC, FLA. — Matthews Real Estate Investment Services has brokered the $6.8 million sale of The Shoppes at Paradise Beach, a retail center located in the Space Coast beachside town of Indialantic. Originally built in 1981 and renovated in 2005, the property totals 29,650 square feet at 2324 N. Highway A1A, roughly three miles from Melbourne, Fla. The Shoppes at Paradise Beach was fully leased to 12 tenants at the time of sale to users including a nail salon, local restaurants, a sporting goods store and a florist. A Miami-based private investor acquired the property from the original developer. Brandon Senia and Robert Goldberg of Matthews represented the seller in the transaction.

July 15, 2024

Acquisitions Northeast Office Pennsylvania

Coldwell Banker Brokers $14M Sale of Philadelphia Office Building

by Taylor Williams July 15, 2024

PHILADELPHIA — Coldwell Banker Commercial Realty has brokered the $14 million sale of a 136,000-square-foot office building located at 399 Market St. in Philadelphia’s Old City neighborhood. According to LoopNet Inc., the building rises five stories and was originally constructed in 1977. Peter Rothberg and Jonathan Dubrow of Coldwell Banker represented the seller, Colonial Penn Life Insurance, in the transaction. OCF Realty purchased the property in an off-market transaction. Coldwell Banker is also the building’s leasing agent.

July 15, 2024

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