Acquisitions

University Partners Acquires 370-Bed Student Housing Community Near University of Georgia

by John Nelson February 29, 2024

ATHENS, GA. — University Partners has acquired The William, a 370-bed student housing community located adjacent to the University of Georgia campus in Athens. The property was developed in 2022 and offers studio, one-, two-, three- and four-bedroom units with bed-to-bath parity. Shared amenities include a rooftop swimming pool, patio and lounge space, fitness center, collaborative study spaces and a private outdoor courtyard. Ryan Lang, Jack Brett, Ben Harkrider, Ben Roelke, Trent Houchin and Ian Walker of Newmark arranged both the sale and acquisition financing on behalf of University Partners. The seller and terms of the transaction were not disclosed.

February 29, 2024

Acquisitions Retail Southeast Virginia

Northpond Partners Purchases Shopping Center in Richmond for $17.4M

by John Nelson February 29, 2024

RICHMOND, VA. — Northpond Partners has acquired Parkside Marketplace, a 52,948-square-foot retail center in Richmond. The $17.4 million purchase marks the first acquisition for Northpond’s new $200 million investment vehicle, which is focused on retail centers in the Southeast and select Sun Belt markets. Tenants at the center, which was 98 percent leased at the time of sale, include West Marine, Five Guys, AT&T and M&T Bank. Catherine Spangler and Richard Thalhimer of Cushman & Wakefield | Thalhimer represented the seller, Stavins & Axelrod, in the transaction.

February 29, 2024

Acquisitions Data Centers Illinois Industrial Midwest

Cawley Brokers Sale of 14-Acre Land Assemblage in Itasca, Illinois

by Kristin Harlow February 29, 2024

ITASCA, ILL. — Cawley Commercial Real Estate has brokered the sale of 12 parcels of land totaling 14.2 acres in Itasca for an undisclosed price. Located on Marino Court, the site had long been a coveted location for developers over the past decade, with multiple unsuccessful attempts to secure the parcels. Andrew Maletich of Cawley worked on the deal for 27 months to secure contracts for all the parcels, overseeing the annexation and rezoning of the site into the Village of Itasca. He ultimately brokered the sale of the property, which sold to a large data center company.

February 29, 2024

Acquisitions California Multifamily Western

FPA Multifamily Buys Two-Property Apartment Portfolio in Ventura County, California for $153M

by Amy Works February 29, 2024

WESTLAKE VILLAGE AND THOUSAND OAKS, CALIF. — FPA Multifamily has purchased a two-property apartment portfolio in Ventura County from a private multifamily investor for $153 million. The portfolio includes Oakview Apartment Homes, a 242-unit asset built in 1970 in Westlake Village, and The Biltmore at Thousand Oaks, a 167-unit property built in 1965 in Thousand Oaks. Kevin Green, Joseph Grabiec and Gregory Harris of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and facilitated the buyer in the deal.

February 29, 2024

Acquisitions California Industrial Western

BKM Capital Partners Acquires Canyon Industrial Center in San Diego for $70.2M

by Amy Works February 29, 2024

SAN DIEGO — BKM Capital Partners has purchased Canyon Industrial Center, a multi-tenant industrial park in San Diego’s Kearny Mesa submarket, for $70.2 million. Situated at 9424-9560 Chesapeake Drive, Canyon Industrial Center features 198,728 square feet of space spread across 13 buildings, with a 31 percent office component. Built in 1979, Canyon Industrial Center offers 49 units ranging in size form 552 square feet to 18,953 square feet with 14- to 20-foot clear heights, ample parking, 56 grade-level doors and seven dock-high doors. BKM plans to invest more than $1.7 million to bring the property from Class B to Class A status, including upgrades to its roofs, HVAC systems, parking lots, paint, signage and landscaping. The company also plans to demolish and re-tenant two large industrial units, totaling 32,000 square feet, into four small-bay suites averaging 8,000 square feet. At the time of sale, Canyon Industrial Center was 99 percent leased to 46 tenants. Jeff Cole, Jeff Chiate and Bryce Aberg of Cushman & Wakefield represented the seller, a global investment advisor, while BKM represented itself in the transaction.

February 29, 2024

Acquisitions Colorado Multifamily Western

NorthPeak Commercial Brokers $10.5M Sale of Multifamily Property in Lakewood, Colorado

by Amy Works February 29, 2024

LAKEWOOD, COLO. — NorthPeak Commercial Advisors has arranged the sale of 1975 Oak Street, an apartment building in Lakewood, just southwest of Denver. The asset traded for $10.5 million, or $239,285 per unit. Scott Fetter and Joe Hornstein of NorthPeak Commercial Advisors represented the undisclosed seller, while Kevin Calame and Matt Lewallen of NorthPeak Commercial Advisors represented the buyer in the deal. The 33,703-square-foot property offers 42 residential units.

February 29, 2024

Acquisitions California Industrial Western

Apparel Wholesaler Privy Purchases 40,129 SF Industrial Property in Vernon, California

by Amy Works February 29, 2024

VERNON, CALIF. — Privy, an apparel wholesaler, has acquired an industrial building located at 2640 E. 26th St. in Vernon. A private investment company sold the asset for $13.7 million. Privy plans to use the 40,129-square-foot property as its expanded headquarters. Anthony Bergeman, Michael Chase and Krishna Shegran of DAUM Commercial’s capital markets office in Costa Mesa represented the seller, while Steven Kim of One Commercial represented the buyer in the deal. Moon Lim and Ryan Judd of DAUM’s Los Angeles office also participated in the transaction.

February 29, 2024

Acquisitions Georgia Retail Southeast

Cushman & Wakefield Arranges Sale of Publix-Anchored Shopping Center in Covington, Georgia

by John Nelson February 28, 2024

COVINGTON, GA. — Cushman & Wakefield has arranged the sale of Shops at Covington Town Center, a new Publix-anchored shopping center located at 12701 Town Center Drive in Covington, about 36 miles east of Atlanta. Margaret Jones, Lane Breedlove, Adam Feinstein, Mark Gilbert and Mitchell Halpern of Cushman & Wakefield represented the owner and developer, a joint venture between The Sembler Co. and Berkeley Development, in the transaction. The duo delivered the center in 2023. The buyer and sales price were not disclosed. Shops at Covington Town Center features a 48,387-square-foot Publix store and 14,400 square feet of inline shop space. The shopping center is part of Covington Town Center, a mixed-use master-planned development that features three hotels, 350 apartments and 267 townhomes.

February 28, 2024

Acquisitions Retail Texas

NewQuest Arranges Sale of 139,538 SF Former Sam’s Club Store in West Houston

by Taylor Williams February 28, 2024

HOUSTON — Locally based brokerage firm NewQuest Properties has arranged the sale of a 139,538-square-foot retail building in West Houston. The vacant building, which is part of a larger development anchored by Target, Burlington and Marshalls, sits on 12 acres and was formerly owned and occupied by Sam’s Club. John Nguyen of NewQuest Properties represented the buyer, an entity doing business as SSS Marketplace on Eldridge LLC, in the transaction. James Namken and Kyle Knight of Weitzman represented the seller.

February 28, 2024

Acquisitions Retail Texas

Three Pillars Capital Acquires 16,000 SF Shopping Center in Frisco

by Taylor Williams February 28, 2024

FRISCO, TEXAS — Three Pillars Capital has acquired Shops at The Gate, a 16,000-square-foot shopping center located north of Dallas in Frisco. The center was built on two acres in 2021 and consists of two buildings that were both fully occupied at the time of sale. The center is an outparcel to Domain at The Gate, a luxury apartment development fronting John Hickman Parkway. Mike Kennedy and Darrell Betts of Avison Young represented the seller, an undisclosed foreign investment group, in the transaction.

February 28, 2024

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