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Acquisitions

65-Walnut-St.-Wellesley-Massachusetts
AcquisitionsHealthcareMassachusettsNortheast

Newmark Brokers $24.3M Sale of Medical Office Building in Wellesley, Massachusetts

by Taylor Williams

WELLESLEY, MASS. — Newmark has brokered the $24.3 million sale of a 67,264-square-foot medical office building located at 65 Walnut St. in Wellesley, a western suburb of Boston. Two locally based healthcare systems, Mass General Brigham and Tufts Medicine, serve as the anchor providers. At the time of sale, the property was fully leased to 22 tenants in fields such as dermatology, plastic surgery, urology, ophthalmology, internal medicine and pediatrics, as well as physical and occupational therapy. An affiliate of Haynes Management sold the property to a joint venture between Sendero Capital and TPG Angelo Gordon. Robert Griffin, Michael Greeley, Joseph Alvarado and Casey Valente of Newmark represented both parties in the deal.

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AcquisitionsMultifamilyNew JerseyNortheast

Kislak Negotiates $5.2M Partial Sale of Housing Cooperative in Elizabeth, New Jersey

by Taylor Williams

ELIZABETH, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the partial sale of Tudor Court, an 85-unit housing cooperative located at 800-822 N. Broad St. in the Northern New Jersey community of Elizabeth. The sale included 46 of the units and fetched an all-cash price of $5.2 million. The units were fully occupied at the time of sale. Janet Bortz and Joni Sweetwood of Kislak represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

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AcquisitionsFloridaOfficeSoutheast

JLL Arranges Sale of 42-Story Office Tower in Downtown Tampa

by John Nelson

TAMPA, FLA. — JLL has arranged the sale of 100 North Tampa, a 572,111-square-foot office tower in downtown Tampa’s central business district (CBD). At 42 stories, the high-rise is the tallest building in Tampa and was 83 percent leased at the time of sale. Hermen Rodriguez, Ike Ojala, Matthew McCormack, Robbie McEwan, Blake Koletic, Max Lescano and Hunter Smith of JLL represented the seller and procured the buyer in the transaction. Both parties requested anonymity, and the sales price was not disclosed. Amenities at 100 North Tampa include concierge service, a retail bank branch with ATMs, sundry shop, fitness center, conference rooms and a parking garage with electric vehicle charging stations and car detailing. The previous owner recently executed a $21 million renovation prior to the sale. Built in 1992, the tower has achieved LEED Gold, WiredScore Platinum and ENERGY STAR certifications, according to the property website.

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AcquisitionsFloridaMultifamilySoutheast

Wingspan Development, ABC Capital Sell 192-Unit Jade at North Hyde Park Apartments in Tampa

by John Nelson

TAMPA, FLA. — Wingspan Development and ABC Capital Corp. have sold Jade at North Hyde Park, a 192-unit apartment community located at 608 N. Willow Road in Tampa’s North Hyde Park neighborhood. San Francisco-based Hamilton Zanze acquired the property, which is located approximately a half-mile from downtown near the University of Tampa, for an undisclosed price. The acquisition represents Hamilton Zanze’s entry into the Florida market. Matt Mitchell of Berkadia brokered the transaction. Built in 2022, Jade at North Hyde Park was 97 percent occupied at the time of sale. The property features studios, one-, two-, three- and four-bedroom units ranging in size from 463 to 1,421 square feet. Select units have built-in wine storage, dual-sink vanities in the primary bathroom and/or covered balconies. In addition to amenities like a pool, coworking spaces and a pet spa, Jade also features 3,200 square feet of ground-level retail space. Tango Brew, a pet-friendly coffee and wine bar, will soon open a 1,600-square-foot eatery at Jade, with plans to offer both indoor and outdoor seating for up to 66 people, including an outdoor bar and patio as well as a water and treat station for patron’s dogs.

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AcquisitionsDistrict of ColumbiaLoansRetailSoutheast

Gantry Arranges $22.3M Acquisition Financing for Target-Anchored Shopping Center in DC

by John Nelson

WASHINGTON, D.C. — Gantry has arranged a $22.3 million acquisition loan for Cityline at Tenley, a Target-anchored shopping center located at 4500 Wisconsin Ave. NW in Washington, D.C.’s Tenleytown neighborhood. The center is part of a mixed-use development that also features 204 condominiums. Other retail tenants at the 89,000-square-foot retail property include Ace Hardware and Bank of America. Cityline at Tenley is situated above a Metro station near American University and across Wisconsin Avenue from a Whole Foods Market grocery store, Wawa and Chick-fil-A. Braden Turnbull, George Mitsanas and Austin Ridge of Gantry arranged the fixed-rate financing through a life insurance company on behalf of the borrower, Lincoln Property Co. The loan features a seven-year term with five years of interest-only payments followed by a 30-year amortization schedule.

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Stevenson-Ranch-Plaza-Stevenson-Ranch-CA
AcquisitionsCaliforniaRetailWestern

Hanley Investment Group Negotiates Sale of 29,817 SF Shopping Center in Stevenson Ranch, California

by Amy Works

STEVENSON RANCH, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the sale of Stevenson Ranch Plaza, a neighborhood shopping center in Stevenson Ranch, approximately 35 miles northwest of Los Angeles. San Francisco-based Catalyst Real Estate sold the asset to a Los Angeles-based private investor for an undisclosed price. Kevin Fryman, Ed Hanley, Sean Cox and Alexander Moore of Hanley Investment Group represented the seller, while Edmond Bina of Beverly Hills-based EMB Properties represented the buyer in the deal. Originally built in 1999 and remodeled in 2023, Stevenson Ranch Plaza offers 29,817 square feet of retail space at 25804-25860 Hemingway Ave. Tutor Time, a subsidiary of Learning Care Group, anchors the retail center and has operated at the property since it was built.

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3116-2nd-St-Santa-Monica-CA
AcquisitionsCaliforniaRetailWestern

NAI Capital Brokers $2.5M Sale of The Powerhouse Retail Property in Santa Monica, California

by Amy Works

SANTA MONICA, CALIF. — NAI Capital Commercial has arranged the sale of The Powerhouse, a historic retail building located at 3116 2nd St. in Santa Monica, a coastal city west of Los Angeles. Temple Mishkon sold the asset to 2nd Street Santa Monica LLC for $2.5 million, or $1,660 per square foot. Built in 1909 and totaling 1,500 square feet, The Powerhouse is on the California Register of Historical Resources. In 1982, Ry Hay, Paul Linke and Lucinda Zeising converted the building into a playhouse, but by the early 1990s, the theatre fell into disrepair and was abandoned. The Powerhouse Theatre Co. revitalized the space in 1995 and operated until 2011. In 2016, the building underwent an extensive renovation that included an earthquake retrofit, new electrical and plumbing systems, a new roof, updated bathrooms and an exterior dock.

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AcquisitionsMidwestMinnesotaMultifamily

CBRE Arranges Sale of 204-Unit Creekside Apartments in Plymouth, Minnesota

by Kristin Harlow

PLYMOUTH, MINN. — CBRE has arranged the sale of Creekside Apartments, a 204-unit multifamily property in the western Minneapolis suburb of Plymouth. Heartland Realty Investors Inc. purchased the community from Creekside Apartment Homes LLP for an undisclosed amount. CBRE’s Keith Collins, Ted Abramson and Abe Appert represented the seller. Built in 2000, Creekside Apartments underwent significant unit and common area improvements over the past four years. Units average 986 square feet. Amenities include a community room, mezzanine workspaces, a fitness center, virtual bike studio, outdoor grilling areas and underground parking.

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Justin-Pattner-Real-Estate-Quote
AcquisitionsMultifamilyTop Stories

KKR Acquires $2.1B National Multifamily Portfolio

by Hayden Spiess

NEW YORK CITY — New York City-based investment firm KKR has acquired a portfolio of multifamily properties for roughly $2.1 billion. Development and operating company Quarterra Multifamily was the seller.  Situated throughout the United States, the portfolio comprises more than 5,200 multifamily units. The properties include a mix of mid- and high-rise buildings, with a concentration in the states of California, Washington, Florida, Texas, Georgia, North Carolina, Colorado and New Jersey. The number of individual properties was not disclosed. According to Daniel Rudin, KKR managing director, the portfolio “serves high-growth metropolitan areas across the country, where new supply will slow down significantly looking out beyond the next couple years.” “We believe this is a great moment to invest in real estate, as transaction activity starts to pick up on the heels of two years of dislocation in commercial real estate markets,” adds Justin Pattner, partner and head of real estate equity in the Americas with KKR.  Gibson Dunn & Crutcher LLP advised KKR in the transaction, and Troutman Pepper Hamilton Sanders LLP and Jones Lang LaSalle advised the seller.  Carter-Haston, MG Properties and Dalan Real Estate will work with KKR to operate the properties moving forward.  — Hayden Spiess

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The-District-in-Little-Elm
AcquisitionsMultifamilyTexas

IPA Negotiates Sale of 324-Unit Apartment Community in Little Elm, Texas

by Taylor Williams

LITTLE ELM, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of The District in Little Elm, a 324-unit apartment community located on the northern outskirts of Dallas. The property was built on 10 acres in 2023 and includes 19 townhomes and 10,000 square feet of retail and restaurant space. Units come in one-, two- and three-bedroom floor plans. The amenity package comprises a pool, fitness center, dog park and spa, clubhouse, package lockers, private work pods, a coffee bar and grilling stations. Drew Kile, Taylor Hill, Michael Ware and Cameron Purse of IPA represented the seller, Palladium USA, in the transaction and procured the buyer, Quarry Capital.

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