Acquisitions

Cushman & Wakefield Arranges $14M Sale of Manhattan Elementary School Building

by Taylor Williams July 24, 2023

NEW YORK CITY — Cushman & Wakefield has arranged the $14 million sale of the 16,267-square-foot elementary school building of The Calhoun School, located at 160 W. 74th St. on Manhattan’s Upper West Side. The five-story building houses a theater, gym, playground and conference room in addition to classrooms and administrative offices. Craig Waggner, John Ciraulo, Andrew Berry, Charlie Gravina, Mike Kavanagh and Jack Stephen of Cushman & Wakefield represented The Calhoun School in the transaction. The buyer was Bayrock Capital. Ownership recently invested in upgrades to the building’s mechanical systems, windows and façade.

July 24, 2023

Acquisitions Industrial Midwest Minnesota

PCCP, Capital Partners Acquire Six-Building Industrial Portfolio in Minneapolis

by Kristin Harlow July 24, 2023

MINNEAPOLIS — A joint venture between PCCP and Capital Partners has acquired a six-building light industrial portfolio totaling 690,742 square feet in Minneapolis for an undisclosed price. The properties, built between 2001 and 2014, are 91 percent leased to 15 tenants with an average size of 38,400 square feet and a weighted average lease term of 6.3 years. The portfolio was previously under institutional ownership. Peter Mork and Jason Simek, managing partners of Capital Partners, helped design, develop and lease the portfolio throughout the early 2000s when they previously worked for CBRE.

July 24, 2023

Acquisitions Development Illinois Industrial Lee & Associates Midwest Self-Storage

Lee & Associates Brokers Sale of Self-Storage Development Site in Bartlett, Illinois

by Kristin Harlow July 24, 2023

BARTLETT, ILL. — Lee & Associates has brokered the sale of a 3.4-acre vacant lot near the southeast corner of West Bartlett Road and Route 25 in the Chicago suburb of Bartlett. The sales price was undisclosed. A new multi-story, self-storage facility is planned for the site. Rick Scardino of Lee & Associates represented the seller, Abbott Land. Dan Lynch of Colliers represented the buyer, Berman-Lapetina.

July 24, 2023

Acquisitions Restaurant Retail Western

High Bluff Capital to Purchase 81-Property Hardee’s Portfolio

by Jeff Shaw July 21, 2023

SAN DIEGO — High Bluff Capital Partners, a San Diego-based investor, will assume ownership of a portfolio comprising 81 Hardee’s locations following an auction. Located in Montana, Wyoming, Alabama, Florida, Georgia, Kansas, Missouri and South Carolina, the restaurants were previously owned by franchisee Summit Restaurant Group, which filed for Chapter 11 bankruptcy in May of this year. The transaction is expected to close in August. Dave Dixon will oversee operation of the restaurants.

July 21, 2023

Acquisitions Multifamily Oregon Western

Waterton Acquires 177-Unit The Parker Apartments in Portland, Oregon

by Jeff Shaw July 21, 2023

PORTLAND, ORE. — Waterton has acquired The Parker, a 177-unit apartment community in Portland. The Parker rises six stories in the Pearl District, one mile north of downtown Portland. The community offers one- and two-bedroom apartments, as well as amenities such as an outdoor courtyard with grilling stations, a fitness center, a dog wash station, bike storage and a community room with a kitchen and business center. Waterton plans to renovate units with new backsplashes, flooring, lighting, plumbing fixtures, cabinets, shades and mirrors.

July 21, 2023

Acquisitions Arizona Multifamily Western

ABI Multifamily Brokers $2.2M Sale of Multifamily Property in Phoenix

by Jeff Shaw July 21, 2023

PHOENIX — ABI Multifamily has brokered the $2.2 million sale of an eight-unit apartment property at 4229 North 17th St. in Phoenix. The buyer and seller are based in Arizona. Mitchell Drake, Dallin Hammond and Carson Griesemer represented the seller in this transaction. The property was originally built in 1982 and renovated in 2020. Interior renovations include contemporary cabinets, stainless-steel appliances, vinyl flooring, floating bathroom vanities and more. Units come in two-bedroom layouts. Exterior renovations include a dog run, community patio grill and picnic area. 4229 North 17th Street is a garden-style community with gated access.

July 21, 2023

Acquisitions Florida Multifamily Southeast

Olympus Purchases, Rebrands 370-Unit Multifamily Community in Jacksonville

by John Nelson July 21, 2023

JACKSONVILLE, FLA. — Olympus Property has acquired Presidium Town Center, a 370-unit multifamily community located in the Deerwood Park neighborhood of Jacksonville. The property was developed in 2021 by Texas-based multifamily developer Presidium. The buyer has rebranded the community as Olympus Preserve at Town Center. The property offers apartments in studio, one-, two- and three-bedroom layouts and amenities including a swimming pool, rooftop lounging deck, fitness center and indoor and outdoor fireplaces. Rents start at $1,611, according to the community website. The sales price was not disclosed.

July 21, 2023

Acquisitions Georgia Industrial Southeast

Dermody Properties Acquires 312,000 SF Logistics Facility in Garden City, Georgia

by John Nelson July 21, 2023

GARDEN CITY, GA. — Dermody Properties has acquired a 312,000-square-foot logistics facility located at 2509 Dean Forest Road in Garden City, about three miles west of the Port of Savannah’s Garden City Terminal. Yokohama Off-Highway Tires America Inc. and GFA Inc. occupy the property, which features 32-foot clear heights, 89 dock-high doors, three drive-in doors, 74 trailer parking spaces, T-5 lighting and ESFR fire protection. Britton Burdette, Matt Wirth, Jim Freeman, Dennis Mitchell and Mitchell Townsend of JLL arranged the transaction. The seller and sales price were not disclosed.

July 21, 2023

Acquisitions Illinois Midwest Retail

Marcus & Millichap Arranges $2.4M Sale of Retail Center in Antioch, Illinois

by Kristin Harlow July 21, 2023

ANTIOCH, ILL. — Marcus & Millichap has arranged the $2.4 million sale of a 19,810-square-foot retail center in Antioch, a city in northern Illinois near the Wisconsin border. Advance Auto Parts is the anchor tenant at the property. Austin Weisenbeck and Sean Sharko of Marcus & Millichap represented the seller, a partnership that had owned the center for over 20 years. The duo also secured and represented the buyer, a local private investor.

July 21, 2023

Acquisitions Hospitality Texas

Paceline Equity, ESR Group Acquire 304-Room Marriott-Branded Hotel in Plano

by Taylor Williams July 21, 2023

PLANO, TEXAS — A partnership between Dallas-based Paceline Equity Partners and ESR Group has acquired the 304-room Renaissance Dallas at Plano Legacy West Hotel. Completed in 2017 by Sam Moon Group in conjunction with the launch of the larger Legacy West mixed-use development, the hotel offers a rooftop pool and bar, 35,000 square feet of meeting and event space and a 474-space dedicated parking garage. The seller and sales price were not disclosed. The new ownership assumed the existing fixed-rate debt on the property as part of the deal.

July 21, 2023

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