Acquisitions

LeCesse Sells 269-Unit Avila Apartment Community in Oviedo, Florida

by Hayden Spiess October 31, 2023

OVIEDO, FLA. — LeCesse Development Corp. has sold Avila, a 269-unit apartment community located in Oviedo, about 18 miles northeast of Orlando. LeCesse completed construction on the property — which features one-, two- and three-bedroom units across three buildings — in June 2022. Humphreys & Partners Architects was the project architect, and Roger B. Kennedy Construction served as the general contractor. Florida Engineering Group was the civil engineer. Wells Fargo and Federal Capital Partners provided financing. Amenities at the community include a clubhouse, dog park, car wash, grilling stations, a putting green, fire pits and electric car charging stations. GAIA Real Estate acquired the property for an undisclosed price. Scott Ramey, Brad Downing and Paul Grant of Newmark represented the buyer in the transaction.

October 31, 2023

Acquisitions Multifamily New York Northeast

ERG Commercial Negotiates $2.9M Sale of Yonkers Apartment Building

by Taylor Williams October 31, 2023

YONKERS, N.Y. — New York City-based brokerage firm ERG Commercial Real Estate has negotiated the $2.9 million sale of a 16-unit apartment building in Yonkers, located north of Manhattan. The four-story building at 15 Locust Hill Ave. was originally constructed in 1927. Mary Guarino of ERG Commercial represented the buyer and seller, both of which were locally based entities that requested anonymity, in the transaction.

October 31, 2023

Acquisitions California Company News Net Lease Retail Texas Top Stories Western

Realty Income Corp. to Acquire Spirit Realty Capital in $9.3B REIT Merger

by Katie Sloan October 31, 2023

SAN DIEGO AND DALLAS — Realty Income Corp. (NYSE: O) and Spirit Realty Capital Inc. (NYSE: SRC) have entered into an all-stock merger agreement valued at $9.3 billion. The combined company, which will operate under the Realty Income banner, is expected to become the fourth largest REIT on the S&P 500 index with a total enterprise value of $63 billion. Both companies primarily invest in freestanding, net-leased commercial properties. Realty Income boasts a portfolio of 13,100 properties located across the U.S. and Europe, and Spirit Realty owns a portfolio of 2,064 properties across 49 states. Primary tenants across the combined company’s portfolio include Life Time Fitness, BJ’s Wholesale Club, At Home, Dave & Buster’s, Dollar Tree, The Home Depot, Treasury Wine Estates, Sainsbury’s, 7-Eleven, Lowe’s and Chipotle Mexican Grill. Under terms of the agreement, each share of Spirit Realty Capital will be converted into 0.762 of a share of newly issued Realty Income stock. At closing, this will result in Realty Income and Spirit owning 87 percent and 13 percent of the combined company, respectively. No external capital is currently being used for the transaction. Realty Income and Spirit cite the potential for higher earnings, a more competitive cost of …

October 31, 2023

Acquisitions Content Partner Features Leasing Activity Multifamily NAI Single-Family Rental Southeast Texas

Southeast Single-Family Rental Market Remains Resilient

by Sarah Daniels October 31, 2023

Families searching for more space, in part as remote work options retain their hold on the workplace landscape, plus strong migration into the Southeast have helped fuel a robust single-family rental market, especially in Atlanta and other Georgia markets over the last several years. More recently, young renters pairing up to share the growing burden of housing costs, as well as would-be home buyers putting off a purchase because of higher interest rates, have also gravitated toward single-family rentals, says Troy Reynolds, a multifamily advisor with NAI G2 Commercial Real Estate, who has added single-family rentals to his business focus. Given the lack of housing supply in the Southeast, these conditions are likely to persist for the foreseeable future. As a result, a growing number of investors have been piling into the assets amid a multifamily investment market saturated with buyers and a consequent leap in prices over the past few years, he adds. “We just don’t have enough housing to meet all the demand, and we continue to see a mass exodus from other states into the Southeast, and particularly into Georgia,” Reynolds states. “So, we’re seeing a lot of younger as well as newer investment groups coming …

October 31, 2023

Acquisitions Florida Southeast Student Housing

CBRE, GMH Communities Acquire 734-Bed Student Housing Community in Tampa

by John Nelson October 30, 2023

TAMPA, FLA. — A joint venture between the CBRE Strategic Partners U.S. Value 9 investment management fund and GMH Communities has acquired Venue at North Campus, a 734-bed student housing community located in Tampa. Situated adjacent to the University of South Florida at 13702 42nd St., the property features units in studio, two-, four- and five-bedroom layouts. Amenities at the community include in-unit washers and dryers, valet garage service, two swimming pools, fitness centers, grilling stations, a study room and internet café, volleyball court and a convenience store. Venue at North Campus was fully leased at the time of sale. The seller and sales price were not disclosed.

October 30, 2023

Acquisitions Georgia Multifamily Southeast

Cushman & Wakefield Brokers Sale of 224-Unit Spoke Multifamily Community in Atlanta

by John Nelson October 30, 2023

ATLANTA — Cushman & Wakefield has brokered the sale of Spoke, a 224-unit multifamily community located in Atlanta’s Eastside neighborhood. Robert Stickel, Wesley Lacefield and Alex Brown of Cushman & Wakefield represented the seller, Waypoint Residential, in the transaction. The deal included a Fannie Mae loan assumption and tax abatement. The buyer and sales price were not disclosed.

October 30, 2023

Acquisitions Multifamily Texas

Marcus & Millichap Brokers Sale of 236-Unit Luna Vista Apartments in Fort Worth

by Taylor Williams October 30, 2023

FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Luna Vista, a 236-unit apartment complex in Fort Worth. The 32-building property was built in 1979 at the intersection of I-30 and Loop 820 on the city’s east side. Al Silva and Ford Braly of Marcus & Millichap represented the seller and procured the buyer, both of which were locally based investment groups that requested anonymity, in the transaction. The new ownership plans to implement a value-add program.

October 30, 2023

Acquisitions Nevada Retail Western

Brixton Capital Sells Decatur 215 Shopping Center in Las Vegas

by Amy Works October 30, 2023

LAS VEGAS — Brixton Capital has completed the disposition of Decatur 215, a grocery-anchored retail center in Las Vegas. Decatur Palm Plaza LLC acquired the asset for an undisclosed sum. Situated at the southeast corner of North Decatur Boulevard and West Tropical Parkway, the 126,678-square-foot property was fully leased at the time of sale. Current tenants include Petco, Hobby Lobby, Ulta Beauty, Sprouts Farmers Market, Sleep Number and Blaze Pizza. During its five-year ownership, Brixton Capital repaved and restriped the parking areas. Brixton Capital was self-represented, while Lucescu Realty represented the buyer in the deal.

October 30, 2023

Acquisitions Retail Texas

NewQuest Properties Arranges Sale of 30,400 SF Shopping Center in Waco

by Taylor Williams October 30, 2023

WACO, TEXAS — Houston-based investment and brokerage firm NewQuest Properties has arranged the sale of Center West, a 30,400-square-foot shopping center located at 4700 W. Waco Drive, southwest of the downtown area. The center was built in 1965 and is home to tenants such as cosmetics retailer RDA Pro-Mart, DreamMaker Bath & Kitchen and Studio Gallery. Dakota Workman of NewQuest brokered the all-cash, off-market transaction. The names of the locally based seller and North Carolina-based buyer were not disclosed.

October 30, 2023

Acquisitions California Restaurant Retail Western

SRS Real Estate Partners Brokers $4.6M Sale of Restaurant Property in Ontario, California

by Amy Works October 30, 2023

ONTARIO, CALIF. — SRS Real Estate Partners has arranged the sale of a freestanding restaurant building located at 4423 Mills Circle in the Inland Empire city of Ontario. A Southern California-based developer sold the asset to Culichi Lounge Inc. for $4.6 million. Culichi Town, a Mexican restaurant, occupies the 5,535-square-foot single-tenant property, which was built in 2001 as an outparcel at Ontario Mills Mall. The location is a new prototype concept for the restaurant, which currently has 22 locations. Matthew Mousavi and Patrick Luther of SRS Capital Markets represented the seller in the deal. Terrison Quinn and Zach Leffers of SRS arranged the lease with Culichi Town on behalf of the seller.

October 30, 2023

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