FAIRFAX, VA. — GID has acquired Arbors at Fair Lakes, a 282-unit apartment community located in Fairfax, roughly 20 miles outside of Washington, D.C. Amenities at the property, which will be rebranded as Windsor Fair Oaks, include a clubhouse, pool and sundeck, 24-hour fitness center, dog park, tennis court, two outdoor grilling stations and a complimentary shuttle to the Vienna Metro station. The seller and sales price were not disclosed.
MARIETTA, GA. — BWE has arranged financing for the acquisition of The Beacon, a student housing community located near Kennesaw State University’s Marietta campus, roughly 20 miles outside Atlanta. Situated at 315 Freys Gin Road, the property totals 456 beds across 158 units. Residences at the community feature private bedrooms and bathrooms, as well as full-size washers and dryers, and amenities include high-speed Wi-Fi, package delivery lockers, a yoga room, private study rooms, 24-hour fitness center, free parking and a swimming pool. Chris Carroll and Max Miller of BWE secured the financing on behalf of the buyer, Campus Realty Advisors. Campus Realty Management, a division of Campus Realty Advisors, will manage The Beacon.
MIAMI BEACH, FLA. — Azora has purchased a retail building in the South Beach neighborhood of Miami Beach for $16 million. Located at 1000 17th St., the property totals 18,000 square feet. Azora acquired the property, which was fully leased at the time of sale, through its subsidiary Azora Exan. The buyer plans to maintain the current operation of the building, with gradual increases to rental rates. The seller was not disclosed.
TULSA, OKLA. — CBRE has brokered the sale of a 178,150-square-foot industrial building in Tulsa. The single-story building was constructed on a 60-acre site in 2018 and features 25.6-foot clear heights and a 250-space parking lot. Matt Klimisch, David Glasgow, Alex Powell, Kurt Giller and Kerry Shields of CBRE represented the seller, Titan Sports & Performance Center LLC, in the transaction. Craft Capital LLC purchased the asset for $14.9 million.
ROUND ROCK, TEXAS — The investment arm of Partners Real Estate has sold Triangle Center, a 58,929-square-foot shopping center located in the northern Austin suburb of Round Rock. According to LoopNet Inc., the property was built on 6.1 acres in 1985 and is home to tenants such as Sherwin-Williams, Pizza Hut, Animal Care Clinic and Express Employment. Cathy Nabours and Kyle Shaffer of SRS Real Estate Partners represented Partners in the transaction. The buyer was not disclosed.
DELRAN, N.J. — JLL has negotiated the sale of Hartford Corners, a 214,896-square-foot shopping center in the Southern New Jersey community of Delran. Anchored by grocer ShopRite, the center was 95 percent leased at the time of sale to tenants such as Planet Fitness, Five Below, Virtua Health, Five Guys and Mattress Firm. Jim Galbally, Christopher Munley, Colin Behr, James Graf and Patrick Higgins of JLL represented the seller, Principal Asset Management, in the transaction. Jim Cadranell, also with JLL, led the team that arranged acquisition financing on behalf of the buyer, Haverford Properties.
WACHTUNG, N.J. — A joint venture between two regional investment firms, Agus Holdings and Treeco, has acquired a 10-screen Cinemark movie theater in the Northern New Jersey community of Wachtung. The theater was constructed in 2019 at the six-acre site of a former Sears store, spans 37,630 square feet and features luxury recliners and an XD auditorium. J.B. Bruno, Kevin O’Hearn, Ryan Robertson and Jose Cruz of JLL represented the undisclosed seller in the transaction.
ALTOONA, PA. — Marcus & Millichap has brokered the $2.4 million sale of a 5,290-square-foot retail property at 220 Park Hills Plaza in Altoona, located roughly midway between Pittsburgh and Harrisburg, that is net leased to Denny’s. Mark Taylor, Howard Levy and Brian Sy of Marcus & Millichap represented the buyer, a private investor that acquired the asset via a 1031 exchange, in the transaction. The seller was a REIT. Both parties requested anonymity.
HUNTINGTON BEACH, CALIF. — Advanced Real Estate has acquired an apartment community in Huntington Beach, formerly known as Citron House, for $96 million. The buyer plans to implement a $7 million renovation project and rebrand the community as Surf House. Located on Warner Avenue, the property features 264 apartments. The community will undergo an exterior facelift with new windows, balcony upgrades, paint, pool area overhaul with new cabanas, new signage and drive-entry enhancements. Apartment interiors will be modernized with new cabinetry, countertops, flooring, fixtures and a contemporary paint scheme. R3 Construction, Advance’s in-house renovation company, is completing the renovations. Advanced Management Co., Advanced’s in-house management company, will operate the property. In the transaction, Advanced assumed an approximately $53 million Freddie Mac loan, which has a remaining term of 1.5 years and bears interest at a 4.22 percent rate. Geoff Boler, Johnathan Merhaut and Eugene Chong of Eastdil Secured’s Newport Beach office brokered the transaction.
TUCSON, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Juniper Canyon, an apartment community in Tucson. Terms of the transaction were not released. Clint Wadlund, Hamid Panahi, Art Wadlund, Steve Gebing and Cliff David of IPA represented the undisclosed seller and procured the undisclosed buyer in the deal. Situated near Interstate 10 and Oracle Road/State Route 77, Juniper Canyon features 140 apartments.