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Acquisitions

Chateaux-Dijon-Apartments-Houston
AcquisitionsMultifamilyTexas

Three Pillars Capital Acquires 426-Unit Chateaux Dijon Apartments in Houston

by Taylor Williams

HOUSTON — Locally based private equity firm Three Pillars Capital Group has acquired Chateaux Dijon, a 426-unit apartment community located at 5331 Beverlyhill St. in Houston’s Galleria district. The property offers one- and two-bedroom units and amenities such as a pool, fitness center, business center, outdoor grilling and dining areas, package lockers and a pet park. Austin-based InvestRes, which acquired the asset in 2018, sold the property to Three Pillars Capital for an undisclosed price. Jordon Emmott and Abraham Garza of Global Real Estate Advisors brokered the deal.

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AcquisitionsHospitalityTexas

Marcus & Millichap Arranges Sale of 67-Room Hotel in Longview, Texas

by Taylor Williams

LONGVIEW, TEXAS — Marcus & Millichap has arranged the sale of Wingate by Wyndham Longview North, a 67-room hotel located about 120 miles east of Dallas. The hotel offers an indoor pool, fitness center, business center and meeting rooms. Allan Miller, Chris Gomes and Skyler Cooper of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The trio, along with Marcus & Millichap’s Hussain Shaik, also procured the buyer. Both parties requested anonymity.

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AcquisitionsIndustrialTexas

Partners Real Estate Negotiates Sale of 23,100 SF Industrial Facility in North Houston

by Taylor Williams

HOUSTON — Partners Real Estate has negotiated the sale of a 23,100-square-foot industrial facility that sits on a 1.3-acre site within the three-building Intercontinental Crossing Business Park in North Houston. According to LoopNet Inc., the building was completed in 2022 and features 28-foot clear heights. Clay Pritchett and Zane Carman of Partners represented the seller, TNRG Development, in the transaction. The name and representative of the buyer were not disclosed.

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Mandarin-Oriental-New-York
AcquisitionsHospitalityNew YorkNortheast

JLL Brokers Sale of 75 Percent Interest in Mandarin Oriental New York Hotel

by Taylor Williams

NEW YORK CITY — JLL has brokered the sale of a 75 percent interest in the Mandarin Oriental New York hotel. The monetary value of the stake was not disclosed, but multiple outlets that cover the hospitality industry reported that the percentage equated to roughly $98 million. The hotel, which opened in 2003 and totals 244 rooms, occupies floors 35 through 54 of Deutsche Bank Center at Columbus Circle. Amenities include a pool, spa, fitness center, meeting space and an onsite bar and lounge. Gilda Perez-Alvarado, Jeffrey Davis and Stephany Chen of JLL represented the undisclosed seller in the transaction. The buyer was Reliance Industries Ltd.

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AcquisitionsDevelopmentMidwestRetailWisconsin

CORTA Development Acquires Former Shopko Building in Onalaska, Wisconsin, Begins Redevelopment

by Kristin Harlow

ONALASKA, WIS. — CORTA Development has acquired a building formerly occupied by Shopko in Onalaska, a city in western Wisconsin. The firm has begun a redevelopment of the property, which is part of East Towne Plaza. New retailers joining the center include TJ Maxx, HomeGoods, Sierra, Ulta Beauty and Five Below. CORTA expects to complete the project prior to the end of the year. Mid-America Real Estate-WI LLC brokered the sale of the Shopko building. Mid-America has also represented CORTA in the previous acquisitions of vacant Shopko stores in Fond du Lac, Sheboygan and West Bend over the past 18 months.

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AcquisitionsIndustrialMidwestWisconsin

Founders 3 Negotiates $5.4M Sale of Industrial Building in Glendale, Wisconsin

by Kristin Harlow

GLENDALE, WIS. — Founders 3 Real Estate Services has negotiated the $5.4 million sale of an 86,750-square-foot industrial building in the Milwaukee suburb of Glendale. The property sits on 3.5 acres at 6100 N. Baker Road. Scott Revolinski and Brett Deter of Founders 3 represented the seller, Grandview Park Partners LLC. The buyer was an entity doing business as 2022 Florist LLC.

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AcquisitionsMultifamilyWashingtonWestern

Equus Capital Partners Acquires 150-Unit Sierra Sun Apartments in Puyallup, Washington

by Jeff Shaw

PUYALLUP, WASH. — Equus Capital Partners has acquired Sierra Sun Apartments, a 150-unit property in the Seattle suburb of Puyallup.  Built in 2006, Sierra Sun comprises 20 apartment buildings and an 8,500 square-foot clubhouse and amenity center. The community offers one-, two- and three-bedroom townhome-style units. Each unit includes an attached two car garage.  Equus will conduct $2 million in renovations to the asset, including interior and exterior updates, as well as enhancements to the clubhouse and amenity center. Madison Apartment Group, a subsidiary of Equus, will oversee the upgrades in addition to managing the community.  The investment is being made on behalf of a programmatic joint venture between an affiliate of Equus and a public pension plan that is based in the U.S.

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AcquisitionsCaliforniaRestaurantRetailWestern

SRS Brokers $15M Sale of Two Chick-fil-A-Leased Properties in Southern California

by Jeff Shaw

MISSION VIEJO AND PALM DESERT, CALIF. — SRS Real Estate Partners has brokered the $15 million sale of two single-tenant retail properties in Southern California.  Located in Mission Viejo and Palm Desert, Chick-fil-A occupies both buildings on triple-net ground leases.  Jimmy Slusher, Eric Shain and John Read of CBRE represented the seller of the 4,800-square-foot Mission Viejo property, a local private investor.  The Palm Desert property comprises 4,738 square feet on 1.6 acres within Monterey Crossing Shopping Center. Timothy Genske of CBRE and Bruce Bailey of The Bailey Group represented the seller, UCLA, which received the property as a donation.  Matthew Mousavi and Patrick Luther of SRS represented the private, California-based buyer in both transactions.

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AcquisitionsCaliforniaRetailWestern

Faris Lee Brokers $4.6M Sale of Woodstock Plaza Retail Center in Moreno Valley, California

by Jeff Shaw

MORENO VALLEY, CALIF. — Faris Lee Investments has brokered the $4.6 million sale of Woodstock Plaza, a retail strip center in Moreno Valley.  The center was 75 percent occupied at the time of sale.  Shaun Riley and Nick Miller of Faris Lee represented the undisclosed seller in the all-cash transaction. A private investor acquired the property.

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AcquisitionsFloridaIndustrialSoutheast

JLL Arranges $40.2M Sale of Crossroads 429 Industrial Property in Central Florida

by John Nelson

APOPKA, FLA. — JLL has arranged the $40.2 million sale of Crossroads 429, a two-building industrial property in Central Florida spanning 280,437 square feet. The 52.1-acre site is located at 2800 General Electric Road in Apopka and features rear-load configuration, 32-foot clear heights, 67 dock-high doors, 198 parking spaces and 93 trailer spaces. Drake Street Partners and Whalley Capital Group purchased Crossroads 429 from Summit Real Estate Group. Luis Castillo, Cody Braiz and Dennis Mitchell of JLL represented the seller and procured the buyers in the transaction.

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