Acquisitions

Davlyn Investments Acquires Spectrum Apartments in Las Vegas for $67M

by Jeff Shaw May 19, 2023

LAS VEGAS — San Diego-based owner-operator Davlyn Investments has closed on the $67 million purchase of Spectrum, a 252-unit apartment community in the Curve neighborhood of Las Vegas. Taylor Sims and Brady Cleary of Cushman & Wakefield represented the undisclosed seller. Mitch Clarfield and Meghan Varga of Newmark arranged acquisition financing. Spectrum was built in 2010 and offers one- and two-bedroom floor plans. Davlyn Investments has rebranded the property as The Michael B Townhomes and Flats.

May 19, 2023

Acquisitions Industrial New Jersey Northeast

STRO Cos. Acquires 45,500 SF Industrial Property in Newark

by Taylor Williams May 19, 2023

NEWARK, N.J. — Locally based investment firm The STRO Cos. has acquired a two-building, 45,500-square-foot industrial property located at 202-231 Vanderpool St. in Newark. The site spans 1.6 acres, and the buildings feature clear heights of 14 and 18 feet, as well as a combined 12 drive-in doors and seven loading docks. The seller and sales price were not disclosed. The new ownership plans to implement a capital improvement program.

May 19, 2023

Acquisitions California Multifamily Western

CBRE Brokers $15.4M Sale of Ranchero Palms Apartments in San Jose

by Jeff Shaw May 19, 2023

SAN JOSE, CALIF. — CBRE has arranged the $15.4 million sale of Ranchero Palms, a 61-unit apartment community in San Jose. Keith Manson, Zachary Greenwood and Mac Watson represented both the buyer and seller. Ranchero Palms features one- and two-bedroom floor plans, and was recently renovated with a new entryway, railings, stairways and main electrical service. According to Apartments.com, the property was built in 1969 and offers community amenities such as a pool, a sundeck, on-site laundry facilities and dry-cleaning services.

May 19, 2023

Acquisitions Multifamily Seniors Housing Western

SLIB Arranges Sale of 130-Unit Seniors Housing Portfolio in Mountain States

by Jeff Shaw May 19, 2023

GLEN ELLYN, ILL. — Senior Living Investment Brokerage (SLIB), a Glen Ellyn-based broker, has arranged the sales of two seniors housing communities in the Rocky Mountains states. The facilities total 130 units and were built in 1996 and 1999. The properties are 32,897 and 32,904 square feet, and are situated on approximately 1.81 and 4.03 acres of land. The buyer is a large, regional owner-operator based out of California with over 30 communities nationwide. The new owner will invest money in capital improvements and continuing the strong operational performance. The seller and price were not disclosed. Jason Punzel, Vince Viverito, Brad Goodsell and Matthew Alley of SLIB handled the transaction.

May 19, 2023

Acquisitions Affordable Housing Indiana Midwest Multifamily

Revitate Cherry Tree Acquires 96-Unit Workforce Housing Property in Lawrenceburg, Indiana

by Kristin Harlow May 19, 2023

LAWRENCEBURG, IND. — Revitate Cherry Tree has acquired Tuscany Bay, a 96-unit workforce housing property located in Lawrenceburg, about 26 miles west of Cincinnati. The purchase price was undisclosed. Built in 1999, Tuscany Bay is situated near the newly developed Amazon Air Hub, a $1.5 billion air cargo facility totaling 800,000 square feet. Amenities at the property include an upgraded clubhouse, pool, playground, TV room and fitness center. The acquisition marks the close of the Revitate Cherry Tree Multifamily Fund I LP, which has been utilized to purchase six properties totaling 841 units. According to Revitate Cherry Tree, Tuscany Bay falls into the category of workforce housing that describes communities offering rental prices that correlate with regional income levels, ensuring that working Americans have quality affordable housing available in proximity to their workplace. The community was formerly a LIHTC-regulated property. Revitate Cherry Tree will maintain Tuscany Bay’s relative affordability for residents earning up to 80 percent of the area median income.

May 19, 2023

Acquisitions Development Illinois Industrial Midwest

Entre Brokers Sale of Build-to-Suit Industrial Site in Brewster Creek Business Park in Bartlett, Illinois

by Kristin Harlow May 19, 2023

BARTLETT, ILL. — Entre Commercial Realty has brokered the sale of a 3.7-acre industrial site for a build-to-suit project in Brewster Creek Business Park in the Chicago suburb of Bartlett. The corporate headquarters facility will be home to a printing and packaging company relocating from Kane County. Mike DeSerto, Cory Kay and Mike Berkowitz of Entre represented the developer, Triumph Construction. JLL represented the buyer. The deal marks the fourth build-to-suit transaction that Entre has completed in Brewster Creek Business Park on behalf of Triumph.

May 19, 2023

Acquisitions Florida Office Southeast

PEBB, Intalex Capital Acquire 343,500 SF Office Building in Downtown Fort Lauderdale

by John Nelson May 19, 2023

FORT LAUDERDALE, FLA. — PEBB Capital and Intalex Capital, in partnership with CDS International Holdings Inc., have acquired 110 East, an office building located in downtown Fort Lauderdale. The 24-story property comprises 343,500 square feet of office space. Christian Lee, Andrew Chilgren, Marcos Minaya and Sean Kelley of CBRE brokered the transaction on behalf of both the buyers and the seller, Stockbridge. The sales price was not disclosed, but multiple media outlets have reported that 110 East traded for $43 million. Travis Herring and Katherine Ridgway of Cushman & Wakefield are working with PEBB and Intalex to oversee leasing of the building, and the partnership has secured 76,000 square feet of new tenancy, with 125,000 square feet of new leases currently in negotiation. Plans for the property include multimillion-dollar renovations to common areas. Greenwall Capital Management advised CDS in the transaction, and Kapp Morrison LLP provided legal representation.

May 19, 2023

Acquisitions Georgia Retail Southeast

ARC Acquires Two Retail Properties in Metro Atlanta for $15.1M

by John Nelson May 19, 2023

CUMMING AND KENNESAW, GA. — The Aubuchon Realty Co. (ARC) has acquired two retail properties in metro Atlanta in separate transactions totaling $15.1 million. ARC purchased Town Center Esplanade — a shopping center located in Kennesaw, roughly 30 miles northwest of Atlanta — from an entity doing business as MC Promenade LLC for $9.5 million. Tenants at the property, which was built in 1988 and comprises 39,108 square feet, include Revolving Sushi Factory, J. Christopher’s Café, Three Dollar Café, The Juicy Crab and Ten Seconds Rice Noodle. ARC also acquired a single-tenant property located in Cumming, approximately 40 miles northeast of Atlanta. CVS/pharmacy occupies the property on a triple-net-lease basis. Hemisphere Limited sold the building for $5.6 million.

May 19, 2023

Acquisitions Company News Connecticut Florida Northeast Retail Southeast Top Stories

Regency Centers Agrees to Acquire Urstadt Biddle Properties in $1.4B Shopping Center REIT Merger

by Jeff Shaw May 19, 2023

JACKSONVILLE, FLA., AND GREENWICH, CONN.— Jacksonville-based REIT Regency Centers (NASDAQ: REG) has agreed to acquire Urstadt Biddle Properties (NYSE: UBA) in a an all-stock transaction valued at $1.4 billion, including the assumption of debt and preferred stock. Urstadt Biddle Properties is a REIT based in Greenwich that primarily invests in shopping centers. The combined company will have a market capitalization of approximately $11 billion and total enterprise value of approximately $16 billion. The combined portfolio will comprise 56 million square feet of gross leasable area across 481 properties. Regency acquired the company to help expand its footprint in grocery-anchored shopping centers in suburban trade areas in the U.S. Under the terms of the agreement, Urstadt Biddle’s stockholders will receive 0.347 of a newly issued REG share for each UBA or UBP share they own. This represents a total consideration of $20.40 per share based on Regency’s closing share price on May 17, 2023. Upon closing, Regency shareholders will own 93 percent of the combined company, while Urstadt Biddle shareholders will own three percent. The respective boards of directors of both Regency and Urstadt Biddle have each approved the transaction. “The portfolio that Urstadt Biddle has carefully assembled over more than …

May 19, 2023

Acquisitions Industrial Texas

Citadel Partners Arranges Sale of 279,180 SF Logistics Facility in Metro Dallas

by Taylor Williams May 18, 2023

MCKINNEY, TEXAS — Locally based brokerage firm Citadel Partners has arranged the sale of a 279,180-square-foot logistics facility in the northern Dallas suburb of McKinney. Scott Jessen and Andy Goldston of Citadel Partners represented the seller and developer, Atlanta-based Core5 Industrial Partners, in the transaction. Dan Spika of Henry S. Miller represented the buyer, United Pacific Industries, which will also occupy the facility. The automotive design and manufacturing firm plans to move in during the second quarter. The sales price was not disclosed.

May 18, 2023

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