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Acquisitions

71737-29-Palms-Hwy-Twentynine-Palms-CA
AcquisitionsCaliforniaNet LeaseRetailWestern

Marcus & Millichap Brokers Sale of Dollar Tree-Occupied Property in Twentynine Palms, California

by Amy Works

TWENTYNINE PALMS, CALIF. — Marcus & Millichap has arranged the sale of Dollar Tree, a net-leased retail property in Twentynine Palms, just north of Joshua Tree National Park in Southern California. An individual/personal trust sold the asset to an undisclosed buyer for $2.1 million. The 15,506-square-foot Dollar Tree is located at 71737 29 Palms Highway. Dollar Tree has committed to four and a half years on the lease, having recently exercised its five-year option period. There are two additional five-year extension options. The asset occupies a 1.5-acre lot within a 90,000-square-foot retail plaza featuring Stater Bros., Burger King and Total Fitness Gym. Michael Grandstaff and Christopher Hurd of Marcus & Millichap represented the seller, while Karl Markarian of JohnHart Corp. represented the buyer in the deal.

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AcquisitionsNew YorkNortheast

Ariel Property Advisors Arranges $21M Sale of Midtown Manhattan Development Site

by Taylor Williams

NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has arranged the sale of a development site located at 240 W. 54th St. in Midtown Manhattan. The site can support up to 75,000 square feet of buildable space, and the zoning allows for either residential or commercial product. Christoffer Brodhead, Howard Raber and Nikola Cosic of Ariel represented the undisclosed seller in the transaction. The buyer was also not disclosed.

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AcquisitionsNew JerseyNortheastOffice

Newmark Brokers Sale of 87,460 SF Office Building in Mount Laurel, New Jersey

by Taylor Williams

MOUNT LAUREL, N.J. — Newmark has brokered the sale of an 87,460-square-foot office building located at 250 Century Parkway in the Southern New Jersey community of Mount Laurel. According to LoopNet Inc., the four-story building was originally constructed in 2000. David Dolan, Angelo Brutico and John Cook of Newmark represented the seller, Four Springs Capital Trust, in the transaction. The buyer was a partnership between an entity doing business as 250 Century Parkway LLC and the Needleman Management Co.

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AcquisitionsSouth CarolinaSoutheastStudent Housing

CapitaLand Ascott Trust Completes Acquisition of 678-Bed Student Housing Community Near University of South Carolina

by John Nelson

COLUMBIA, S.C. — CapitaLand Ascott Trust (CLAS) has acquired the Standard at Columbia, a student housing community located near the University of South Carolina campus in Columbia. CLAS acquired the property in phases over the past three years. In June 2021, CLAS jointly acquired a 90 percent stake in the development alongside The Ascott Limited. The company acquired Ascott’s 45 percent stake in the property in November 2022. The remaining 10 percent stake not owned by CLAS was recently acquired, bringing the company to full ownership of the community. The 678-bed property was completed in August 2023 and offers studio through five-bedroom units. Shared amenities include a fitness center, academic lounge, private study rooms, a computer lab, rooftop swimming pool, jumbotron, fire pit, grilling station, bike storage, multi-sport simulator and a resident clubroom.

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AcquisitionsArkansasSeniors HousingSoutheast

SLIB Brokers Sale of 121-Unit Indian Rock Village Seniors Housing Property in Fairfield Bay, Arkansas

by John Nelson

FAIRFIELD BAY, ARK. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Indian Rock Village, a 121-bed independent living, assisted living and memory care community in Fairfield Bay. Located along Greers Ferry Lake approximately 80 miles north of Little Rock, the community was built in 1990. A regional seniors housing owner-operator looking to exit the skilled nursing industry sold the asset to a regional owner. The sales price was not disclosed. Daniel Geraghty and Bradley Clousing handled the transaction for SLIB.

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AcquisitionsMichiganMidwestRetail

Marcus & Millichap Arranges $8.9M Sale of Retail Strip Center in Auburn Hills, Michigan

by Kristin Harlow

AUBURN HILLS, MICH. — Marcus & Millichap has arranged the $8.9 million sale of Shops at the Crossing, a 48,364-square-foot retail strip center in Auburn Hills. Built in 2002 and located at 4131 Baldwin Road, the property features a mix of local, regional and national tenants. Jared Shapiro, Craig Fuller, Erin Patton and Scott Wiles of Marcus & Millichap represented the seller, a private company based in Michigan. The team also procured the buyer, a West Coast-based private fund. The brokerage firm’s Steve Chaben assisted in closing the transaction as the Michigan broker of record.

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AcquisitionsAffordable HousingMidwestMultifamilyWisconsin

AHIB Brokers Receivership Sale of 166-Unit Affordable Housing Portfolio in Wisconsin

by Kristin Harlow

MADISON AND MILWAUKEE, WIS. — A court-appointed receiver retained Affordable Housing Investment Brokerage (AHIB) to secure new owners for portions of Heartland Housing’s Wisconsin portfolio, which included 166 affordable housing units across five properties in Madison and Milwaukee. Kyle Shoemaker of AHIB represented all buyers in the transaction. Cinnaire Solutions acquired the two Madison properties — Rethke Terrace and Tree Lane Apartments. Rethke Terrace is a 60-unit community developed in 2016, while Tree Lane Apartments is a 45-unit property completed in 2018. The Milwaukee assets sold to three different private investors. St. Anthony Apartments is a 60-unit property built in 2019, Prairie Apartments is a 24-unit community developed in 2008 and Maskani Apartments is a 37-unit asset built in 2014.

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AcquisitionsIllinoisMidwestWisconsin

TopSide Marinas Acquires Two Marina Properties Along Lake Michigan

by Kristin Harlow

WAUKEGAN, ILL. AND STURGEON BAY, WIS. — TopSide Marinas has acquired two marinas on the shores of Lake Michigan — Bay Marine of Sturgeon Bay and Bay Marine of Chicago. Previous owners, Matt and Mark Felhofer, will continue to own and operate Bay Marine Yacht Sales, which will lease back showroom and office space at both locations. With this acquisition, TopSide Marinas now owns and operates 10 marinas across six states. Purchase prices were not disclosed. Bay Marine of Sturgeon Bay, located in eastern Wisconsin, was built in 1965. The property totals 16 acres with 100 wet slips, 115,000 square feet of inside storage, a service shop and captain’s lounge. Bay Marine of Chicago was built in 2016 and is located in Waukegan. The property features 40,000 square feet of inside storage, 7,000 square feet of office space and a comprehensive service operation.

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Gayteway-Business-Park-Arlington-WA
AcquisitionsIndustrialWashingtonWestern

EQT Exeter Buys Four Gayteway Business Park Buildings in Arlington, Washington for $70.6M

by Amy Works

ARLINGTON, WASH. — EQT Exeter has purchased Gayteway Business Park buildings B, C, F and G from Chris Gayte and Brent Nicholson of Gayteway Business Park for $70.6 million. Situated on 22.3 acres in Arlington, approximately 45 miles north of Seattle, the four Class A industrial buildings total 365,000 square feet. Located at 20101 and 19927 67th Ave. Northeast, the buildings offer dock-high and grade-level loading, concrete truck courts, 24- to 30-foot clear heights, abundant parking and ESFR sprinklers. Brett Hartzell and Paige Morgan of CBRE National Partners represented the seller in the deal. Al Hodge of Broderick Group assisted on the transaction.

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4601-E-18th-St-Vancouver-WA
AcquisitionsMultifamilyWashingtonWestern

NBP Capital Sells Thunderbird Village Multifamily Community in Vancouver, Washington for $26.7M

by Amy Works

VANCOUVER, WASH. — NBP Capital has completed the disposition of Thunderbird Village, a garden-style apartment community in Vancouver, a suburb of Portland, Oregon. An undisclosed buyer paid $26.7 million for the property, which is located at 4601 E. 18th St. Josh McDonald, Joe Nydahl and Phil Oester of CBRE represented the seller in the deal. Built in 1972, Thunderbird Village features 182 one-, two- and three-bedroom floor plans averaging 972 square feet. Of the units, 41 have been renovated to include upgraded vinyl and carpet flooring, new appliances and hardware, quartz countertops and stacked washers/dryers. Newly renovated community amenities include an outdoor swimming pool, sauna, walking trails, fitness center, tennis and basketball courts, and business center.

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