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Acquisitions

AcquisitionsNorth CarolinaRetailSoutheast

Marcus & Millichap Brokers Sale of New Retail Property in Leland, North Carolina Leased to Jiffy Lube

by John Nelson

LELAND, N.C. — Marcus & Millichap’s Taylor McMinn Retail Group has brokered the sale of a 4,042-square-foot, freestanding retail property in Leland. Jiffy Lube fully occupies the property at 8962 Ocean Highway E on a 15-year, corporate-guaranteed lease that features rent increases in the initial term. The store was built in 2023 on a 1.3-acre lot roughly nine miles west of downtown Wilmington, N.C. Don McMinn and Andrew Koriwchak of Taylor McMinn Retail Group represented the seller, an undisclosed developer, and the buyer, an institutional investor, in the transaction. The sales price was also not disclosed. “Since the [Federal Reserve’s interest] rate cut, we are seeing institutions become more active and competitive buyers as their stock prices are going up and their cost of capital are coming down,” says McMinn.

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AcquisitionsDevelopmentMultifamilyNew YorkNortheast

Ariel Property Advisors Negotiates $9.8M Sale of Multifamily Development Site in The Bronx

by Taylor Williams

NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $9.8 million sale of a multifamily development site in The Bronx. The site at 36 Bruckner Blvd. is located on the borough’s Mott Haven neighborhood and is approved for the development of 99 apartments and some commercial space. Jason Gold and Gabriel Elyaszade of Ariel represented the seller, Yates Restoration, which has owned the property since 1982, in the transaction. The buyer was not disclosed.

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AcquisitionsConnecticutIndustrialNortheast

O,R&L Commercial Arranges Sale of 57,000 SF Industrial Building in Norwich, Connecticut

by Taylor Williams

NORWICH, CONN. — Locally based brokerage firm O,R&L Commercial has arranged the sale of a 57,000-square-foot industrial building in Norwich. The sales price was $3.3 million. The building at 243 Vergason Ave. sits on 10 acres and was 53 percent leased at the time of sale, with IT and engineering firm American Systems Inc. occupying 30,000 square feet. Frank Hird and Will Braun of O,R&L represented the seller and procured the buyer, both of which were limited liability companies that requested anonymity, in the transaction.

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True Value
AcquisitionsCompany NewsRetailTop Stories

Hardware Retailer True Value Files for Bankruptcy, Enters Into $153M Sales Agreement with Do it Best Corp. 

by Hayden Spiess

CHICAGO — Hardware retailer True Value Co. LLC has initiated voluntary Chapter 11 bankruptcy proceedings in the U.S. Bankruptcy Court for the District of Delaware.  The Chicago-based retailer has also entered into an agreement to sell substantially all of its business operations to Do it Best Corp., another entity within the home improvement retail sector and former rival. According to Reuters, Do it Best will serve as the stalking horse bidder for True Value with an acquisition price set at $153 million in cash and the assumption of $45 million in contracts and other obligations.  “After a thorough evaluation of strategic alternatives, we determined that the sale of our business was the path forward to maximize value and best serve our retail partners and other stakeholders into the future,” said Chris Kempa, CEO of True Value. “We believe that entering the process with an agreed offer from Do it Best, who has a similar decades-long history in the home improvement space and also operates with a focus on supporting members and helping them grow, is the most beneficial next step.” True Value stores — of which there are roughly 4,500 — are independently owned, aside from one company-owned store in Palantine, Ill. …

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The-Storage-Center-Austin
AcquisitionsIndustrialSelf-StorageTexas

Marcus & Millichap Arranges Sale of Two Central Texas Self-Storage Facilities Totaling 2,473 Units

by Taylor Williams

SAN ANTONIO AND AUSTIN, TEXAS — Marcus & Millichap has arranged the sale of two self-storage facilities totaling 2,473 units in Central Texas. The properties are part of a portfolio of self-storage assets that also includes a 907-unit facility in Glendale, Ariz. The San Antonio property spans 88,325 net rentable square feet across 940 units, and the Austin property totals 147,200 net rentable square feet across 1,533 units. All three properties in the portfolio were constructed between 2020 and 2023 and predominantly feature climate-controlled space. Jon Danklefs of Marcus & Millichap represented the seller and original developer, Brookwood Properties, in the transaction and procured the buyer, UTEX Storage Partners.

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Urban-District-290-Houston
AcquisitionsIndustrialTexas

Urban Logistics Realty, Crow Holdings Sell 238,200 SF Industrial Park in Northwest Houston

by Taylor Williams

HOUSTON — A joint venture between Dallas-based Urban Logistics Realty and a fund backed by Crow Holdings has sold Urban District 290, a 238,200-square-foot industrial park in Houston. Located near the corner of State Highway 290 and Bingle Road on the city’s northwest side, the property consists of a 64,800-square-foot building and a 173,400-square-foot building with clear heights of 32 feet, speculative office space and ESFR sprinkler systems. Construction began in September 2022. Nathan Wynne and Jason Dillee with CBRE brokered the sale. The buyer was not disclosed.

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AcquisitionsRetailTexas

Silvestri Investments Buys 38,000 SF Retail Building Leased to 24 Hour Fitness in Spring, Texas

by Taylor Williams

SPRING, TEXAS — Houston-based Silvestri Investments Inc. has purchased a 38,000-square-foot retail building in Spring, a northern suburb of Houston, that is leased to 24 Hour Fitness. The building was constructed on 2.3 acres in 2019 within the CityPlace mixed-use development, and the gym includes a pool and basketball court. Ryan West, John Indelli, Alex Geanakos, Nick Franklin, Gianna New and Torri Rosene of JLL represented the undisclosed seller in the transaction and procured Silvestri Investments as the buyer.

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AcquisitionsIndustrialTexas

Colliers Brokers Sale of 16,141 SF Industrial Flex Building in Tomball, Texas

by Taylor Williams

TOMBALL, TEXAS — Colliers has brokered the sale of a 16,141-square-foot industrial flex building in the northwestern Houston suburb of Tomball. The building at 2121 Persimmon St., which is located on 2.5 acres within Tomball Business & Technology Park, was completed in 2023, according to LoopNet Inc. Tom Condon Jr. of Colliers represented the seller, KTB Properties LLC, in the transaction. Al Gosen of Texas United Realty represented the buyer, an entity doing business as W E Mauney LLC.

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AcquisitionsMultifamilySoutheastVirginia

Shoreham Capital Purchases Infinity Apartment Homes in Arlington, Virginia for $51M

by John Nelson

ARLINGTON, VA. — Shoreham Capital has purchased Infinity Apartment Homes, a multifamily community in Arlington, for $51 million. Located within the Columbia Pike Corridor near Amazon’s HQ2 project, the property features 227 units in a mix of studio, one-, two- and three-bedroom layouts. Amenities at Infinity Apartment Homes include a swimming pool, fitness center, resident lounge, bike storage, package lockers and a business center. Robert Dean and Jonathan Greenberg of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the undisclosed seller in the transaction. Cameron Chalfant and Tyler Johnson of IPA arranged a $35 million acquisition loan on behalf of Shoreham. The property recently underwent significant upgrades to unit interiors, security systems, fixtures and finishes.

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AcquisitionsDevelopmentGeorgiaIndustrialSoutheast

Dermody Properties Acquires 61,000 SF Logistics Facility Near Atlanta, Plans 93,320 SF Addition

by John Nelson

SUWANEE, GA. — Dermody Properties has acquired 3851 Lakefield Drive and an adjacent 10-acre parcel in Suwanee, approximately 30 miles northeast of Atlanta. Florida Food Products LLC sold the property, which features an existing 61,000-square-foot logistics facility, for an undisclosed price. Matt Wirth and Jim Freeman of JLL Capital Markets represented the seller in the transaction, and Dermody Properties was self-represented. Florida Food Products previously occupied the property and is consolidating operations at another regional facility. The building features upgraded office space, a 10-inch floor slab and a 105-mil roof. Additionally, Dermody Properties will develop a new, 93,320-square-foot logistics facility on the unoccupied land parcel. Construction is scheduled to begin early next year, and the building will be available for occupancy in the fourth quarter of 2025.

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