Acquisitions

Marcus & Millichap Brokers $53.4M Sale of Three Apartment Properties in Southern California

by Jeff Shaw July 20, 2023

RIALTO, CORONA AND REDLANDS, CALIF. — Marcus & Millichap has arranged the $53.4 million sale of a three-property multifamily portfolio in the Inland Empire region of Southern California. The portfolio includes Rialto Breeze Apartments, a 98-unit asset in Rialto; Parkview Manor Apartments, a 76-unit property in Corona; and 60-unit Staci Court Apartments in Redlands. Rialto Breeze Apartments was built in 1985 on five acres. The community includes amenities such as a pool and laundry facilities. Parkview Manor Apartments was constructed in 1987 on 3.5 acres. Amenities include a pool, fitness center and picnic area. Staci Court Apartments was constructed on 3.5 acres in 1987. The property is located in proximity to University of Redlands and downtown Redlands. Amenities include a swimming pool, spa and business center.Alexander Garcia and Bill Roblero represented the buyer, Clear Capital LLC.

July 20, 2023

Acquisitions California Retail Western

Faris Lee Negotiates $5.9M Sale of Retail Pad in Oceanside, California

by Jeff Shaw July 20, 2023

OCEANSIDE, CALIF. — Faris Lee Investments has arranged the $5.9 million sale of a retail pad located in Oceanside, between Los Angeles and San Diego. A recently constructed Starbucks Coffee and Pacific Dental occupy the property, which is situated within Pacific Coast Plaza. Jeff Conover, Don MacLellan, Scott DeYoung and Chris DePierro of Faris Lee represented the seller, a California-based developer. Shaun Riley of Faris Lee represented the all-cash buyer in the 1031-exchange transaction.

July 20, 2023

Acquisitions Kentucky Multifamily Southeast

Oakley Group Acquires Griffin Gate Apartments in Hopkinsville, Kentucky for $10.8M

by John Nelson July 19, 2023

HOPKINSVILLE, KY. — Oakley Group has acquired Griffin Gate, an 80-unit apartment community located at 300 Griffin Gate Drive in Hopkinsville, a suburb of Clarksville, Tenn. The Birmingham, Ala.-based investment firm purchased the asset from a Georgia-based entity doing business as Griffin Gate HKY LLP for $10.8 million. Tyler Mayo of Cushman & Wakefield’s Sunbelt Multifamily Advisory Group brokered the transaction. Chad Hagwood and Brandon Pate of Lument’s Birmingham office originated a 10-year, fixed-rate Fannie Mae on behalf of Oakley Group. Situated on more than 16 acres, Griffin Gate is a two-story property that features a clubhouse, pool, dog park, walking trail and ample green space. Oakley Group plans to make capital improvements to the property and has retained NextGen Management as property manager.

July 19, 2023

Acquisitions Georgia Net Lease Restaurant Retail Southeast

Marcus & Millichap Brokers $3.3M Sale of New Restaurant in LaGrange, Georgia Leased to Chick-fil-A

by John Nelson July 19, 2023

LAGRANGE, GA. — Don McMinn of Marcus & Millichap’s Taylor McMinn Retail Group has brokered the $3.3 million sale of a newly constructed restaurant in LaGrange that is ground-leased to Chick-fil-A for 15 years. Located at 2110 Vernon St. on a 1.5-acre lot, the nearly 5,000-square-foot building is a relocation of a former Chick-fil-A and serves as an outparcel to a new Publix-anchored shopping center that Taylor McMinn Retail Group will be marketing. An unnamed, out-of-state private investor purchased the restaurant at list price within 30 days of listing with all-cash, according to McMinn, who represented the undisclosed seller in the transaction. “Pricing for quality net-lease retail continues to receive strong demand and command attractive pricing in spite of the rising interest rate environment,” says McMinn.

July 19, 2023

Acquisitions Multifamily Texas

Newmark Arranges Sale of 612-Unit Signature Ridge Apartments in San Antonio

by Taylor Williams July 19, 2023

SAN ANTONIO — Newmark has arranged the sale of Signature Ridge, a 612-unit apartment community located adjacent to South Texas Medical Center in San Antonio. The property offers one-, two- and three-bedroom units with private patios/balconies and amenities such as two pools, a fitness center, dog park and a clubhouse with a communal kitchen and an arcade. Patton Jones, Matt Michelson and Andrew Dickson of Newmark represented the undisclosed seller in the transaction. Braden Harmon and Hank Glasgow of Newmark arranged acquisition financing on behalf of the buyer, which The San Antonio Business Journal reports was Kairoi Residential.

July 19, 2023

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 312-Unit Self-Storage Facility in Port Arthur, Texas

by Taylor Williams July 19, 2023

PORT ARTHUR, TEXAS — Marcus & Millichap has brokered the sale of Park Central Self-Service Storage, a 312-unit facility in Port Arthur, located just south of Beaumont. The property spans 48,430 net rentable square feet. Dave Knobler, Brandon Karr and Danny Cunningham of Marcus & Millichap represented the seller, a limited partnership, in the transaction. The trio also procured the buyer, a limited liability company. Both parties were Texas-based entities that requested anonymity.

July 19, 2023

Acquisitions Multifamily Nevada Western

Marcus & Millichap Brokers $76M Sale of Vista Ridge Apartments in Reno, Nevada

by Jeff Shaw July 19, 2023

RENO, NEV. — Arthur Vista Ridge has sold Vista Ridge Apartments, a 324-unit asset in Reno, to Tilden Properties and IDEAL Capital Group for $76 million. Vista Ridge Apartments was built in 1996 on 19 acres. The community offers one-, two- and three-bedroom apartments. Units feature vaulted ceilings, and washers and dryers. Amenities include a fitness center, business center, pool, and tennis and basketball courts. Kenneth Blomsterberg, Ryan Rife and Daniel Winrod of Marcus & Millichap represented the seller and procured the buyer.

July 19, 2023

Acquisitions Arizona Multifamily Western

WhiteHaven Acquires Clarendon Park Apartments in Phoenix for $37M

by Jeff Shaw July 19, 2023

PHOENIX — WhiteHaven has purchased Clarendon Park Apartments, a 138-unit community in Phoenix, for $37 million. The company rebranded the property as Haven at Midtown. Built in 2002, Haven at Midtown offers studio, one- and two-bedroom units. Amenities include a pool with a grilling area, a gym, internet access, a dog park, garages and covered parking. Greystar will be the property manager for this asset.

July 19, 2023

Acquisitions New Mexico Retail Western

Westwood Financial Sells 37,442 SF Sycamore Plaza Shopping Center in Albuquerque

by Jeff Shaw July 19, 2023

ALBUQUERQUE, N.M. — Westwood Financial has sold Sycamore Plaza, a 37,442-square-foot shopping center in Albuquerque, for an undisclosed price. Petsmart anchors the property, which was fully occupied at the time of sale. Other tenants include Sally Beauty, Einstein Bros. Bagels, Stretch Zone, GNC, Super Cuts and GameStop. CBRE National Retail Partners represented Westwood in the transaction.

July 19, 2023

Acquisitions Connecticut Industrial Northeast Office

Cushman & Wakefield Brokers Sale of 605,502 SF Industrial Flex Facility in Windsor, Connecticut

by Taylor Williams July 19, 2023

WINDSOR, CONN. — Cushman & Wakefield has brokered the sale of a 605,502-square-foot industrial flex property in Windsor, located about 15 miles north of Hartford. The sales price was $9 million. The property sits on 78.6 acres and consists of approximately 400,000 square feet of industrial space and 200,000 square feet of office space. Amenities include a full-service cafeteria, fitness center with locker rooms and a conference center. Matt Torrance, Joel Grieco, Damon Bowers, Al Mirin, Kate Schwartz, Sean Duffy and Timothy D’Addabbo of Cushman & Wakefield represented the sellers in the transaction. The team also procured the buyer, a joint venture between two Connecticut-based investment firms, Hollister & Moore and The New Haven Group. Cushman & Wakefield has also been retained as the leasing agent.

July 19, 2023

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