Acquisitions

Newmark Arranges Sale of 428-Bed Student Housing Community in St. Louis

by Kristin Harlow July 6, 2023

ST. LOUIS — Newmark has arranged the sale of Everly on the Loop, a 428-bed student housing community serving Washington University in St. Louis. The sales price was undisclosed. Built in 2017, the high-rise property includes fully furnished units. Amenities include a fitness center, rooftop deck, yoga and spin studio, study rooms and resident shuttle to campus. Located at 6105 Delmar Blvd., Everly on the Loop is situated in the pedestrian-friendly West End neighborhood of St. Louis. Ryan Lang, Jack Brett, Ben Harkrider and Mac Crowther of Newmark represented the sellers, GMH and AGC. The buyer was R5. According to Newmark, total student enrollment at Washington University is just over 17,000, with 90 percent of undergraduate students attending from out of state.

July 6, 2023

Acquisitions Industrial Michigan Midwest Northmarq

Northmarq Brokers $8.6M Sale of Industrial Property in Auburn Hills, Michigan

by Kristin Harlow July 6, 2023

AUBURN HILLS, MICH. — Northmarq has brokered the $8.6 million sale of a 77,100-square-foot industrial property in Auburn Hills. The single-tenant facility is fully leased to the Morrell Group, including its division Stegner Controls, which is a motion controls manufacturer that services dozens of industries including the automotive industry. The property at 3333 Bald Mountain Road was built in 1998 and renovated in 2021. It features 57,825 square feet of warehouse space and 19,275 square feet of office space. BJ Feller and Josh Dicker of Northmarq represented the seller, a Michigan-based developer. The buyer was a California-based private investor.

July 6, 2023

Acquisitions Illinois Midwest Multifamily

Interra Realty Negotiates $7.5M Sale of Multifamily Portfolio on Chicago’s South Side

by Kristin Harlow July 6, 2023

CHICAGO — Interra Realty has negotiated the $7.5 million sale of a two-building multifamily portfolio on Chicago’s South Side. The properties on South Paxton Avenue total 79 units and consist of three studios, 21 one-bedrooms, 33 two-bedrooms, 13 three-bedrooms and nine four-bedroom units. As part of the transaction, the buyers assumed the existing long-term Fannie Mae loan from the seller. Lucas Fryman of Interra represented the sellers, Mendy Raskin and Jon Kranzler. Brad Feldman of Interra represented the buyer, a local private investor. The portfolio was 94 percent occupied at the time of sale.

July 6, 2023

Acquisitions New Jersey Northeast Retail

SRS Real Estate Brokers Sale of Walmart-Backed Ground Lease in Linden, New Jersey

by Taylor Williams July 6, 2023

LINDEN, N.J. — SRS Real Estate Partners has brokered the sale of a ground lease for a 185,682-square-foot retail building in the Northern New Jersey community of Linden that is occupied by Walmart. The building was constructed on 14 acres in 2019, and there are 17 years remaining on the corporate-guaranteed lease. Matthew Mousavi, Patrick Luther, Britt Raymond and Kyle Fant of SRS represented the sellers, Dallas-based developer Cypress Equities and San Francisco-based investment firm Stockbridge Capital Group, in the deal. David Chasin of Pegasus Investments Real Estate Advisory represented the buyer.

July 6, 2023

Acquisitions California Industrial Western

Lee & Associates-Ontario Negotiates $19.5M Sale of Riverside Business Park in Jurupa Valley, California

by Jeff Shaw July 6, 2023

JURUPA VALLEY, CALIF. — Lee & Associates-Ontario has facilitated the sale of Riverside Business Park, a fully occupied, multi-tenant business park in Jurupa Valley. Intersection Equities LLC acquired the asset, consisting of 37 units across 22 buildings, for $19.5 million. The park features ground-level and dock-high door loading, private yards, and clear heights of up to 16 feet. The sellers were Bravo Whiskey Properties LLC and Transition Properties LLC. The selling agent, Barret Woods of Lee & Associates-Ontario, represented himself as a principal in the transaction. Brad Yates and Stefan Pastor of Stream Realty represented the buyer.

July 6, 2023

Acquisitions Arizona Office Western

Stevens-Leinweber Construction Acquires Phoenix Office Building for $3.8M

by Jeff Shaw July 6, 2023

PHOENIX — Jamie Godwin, president of Stevens-Leinweber Construction (SLC), has purchased a two-story office building in Phoenix’s Camelback Corridor area for $3.8 million. The building will undergo a multi-million-dollar renovation to serve as the company’s new, expanded headquarters. The renovation plans include modernizing the building’s interior, creating employee-centric amenities and improving common areas. Other planned improvements include renovations to the building’s shared courtyard and common areas, new HVAC systems and the addition of a fire sprinkler system. Chris Krewson of Newmark represented SLC in the purchase of the 5045 building. Wally Hale and Drew Sampson of Avison Young represented the building’s seller, 5045 Associates LLC. Renovations are underway, with the project slated for completion by the end of this year.

July 6, 2023

Acquisitions Florida Southeast Student Housing

Newmark Arranges Sale of 1,557-Bed Student Housing Community Near Florida State University

by John Nelson July 5, 2023

TALLAHASSEE, FLA. — Newmark has arranged the sale of Seminole Grand, a 1,557-bed student housing community located near the Florida State University campus in Tallahassee. Ryan Lang, Jack Brett, Ben Harkrider and Avery Klann of Newmark represented the seller, The Collier Cos., in the disposition of the property to FPA Multifamily. The sales price was not disclosed. Located at 1505 W. Tharpe St., the garden-style community offers a mix of two-, three- and four-bedroom units with bed-to-bath parity. Shared amenities include a resort-style swimming pool, fitness center, yoga studio, sound-proof study rooms and a multimedia gaming center. The property also features a bus stop for the Florida State University line.

July 5, 2023

Acquisitions Florida Multifamily Southeast

HGI Acquires Newly Built Multifamily Community in West Palm Beach, Florida

by John Nelson July 5, 2023

WEST PALM BEACH, FLA. — Harbor Group International (HGI) has acquired Pine Ridge, a 288-unit multifamily community in West Palm Beach. Developed by Resia earlier this year, the property features apartments in one- and two-bedroom layouts. Community amenities include a fitness center, basketball court, clubhouse, swimming pool and children’s play area. HGI will assume the in-place, floating-rate construction debt on the property, with plans to refinance with permanent fixed-rate debt once leasing is completed. Hampton Beebe and Avery Klann of Newmark brokered the transaction. The sales price was not disclosed.

July 5, 2023

Acquisitions Development Multifamily North Carolina Southeast

Capstone Arranges Sale of 319-Unit Apartment Development Underway in Asheville, North Carolina

by John Nelson July 5, 2023

ASHEVILLE, N.C. — Capstone Cos. has arranged the sale of Creekside Luxury Apartments, a multifamily development project located at 2177 Brevard Road in Asheville. Upon completion, which is scheduled for the end of 2025, the property will comprise 319 units. Austin Heithcock, Adam Klenk, Jordan Arand and Josh White of Capstone represented the seller, Advantis, in the transaction. URS Capital, in partnership with PREG-Advantis and its construction arm, BCC Construction Inc., acquired the property for an undisclosed price.

July 5, 2023

Acquisitions Florida Self-Storage Southeast

CBRE Brokers $23.1M Sale of New Self-Storage Facility in Orlando

by John Nelson July 5, 2023

ORLANDO, FLA. — CBRE has brokered the $23.1 million sale of Windermere Storage, an 89,145-square-foot self-storage facility located at 8550 Old Winter Garden Road in Orlando. CBRE’s Self Storage Advisory Group represented the seller, locally based Schrimsher Properties, in the transaction. Wentworth Properties was the buyer. Built in the second quarter of this year, Windermere Storage features a two-story building comprising 609 climate-controlled units ranging in size from 25 to 450 square feet, as well as a 2,000-square-foot office building and 351 parking spaces.

July 5, 2023

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