Acquisitions

Big Sunday Acquires Office Building in Hollywood for $5.4M

by Amy Works March 21, 2024

LOS ANGELES — Big Sunday, a nonprofit committed to helping others through service projects and giving opportunities, has purchased an office building located at 1741 N. Cherokee Ave. in the Hollywood neighborhood of Los Angeles. Los Angeles Beautification Team, a nonprofit dedicated to resource conversations and community improvement, sold the asset for $5.4 million. Big Sunday plans to use the 6,743-square-foot asset as its headquarters, with move-in scheduled for April. Gruen Associates designed the property, which opened in 2021. The building offers up to 18-foot clear heights with multiple offices and a large training room, as well as 7,000 square feet of landscaped outdoor green space. Nicole Mihalka and Cal Ross of JLL, along with the Kenny Stevens team at Compass, represented the seller in the deal.

March 21, 2024

Acquisitions Midwest Ohio Retail

Kroger Agrees to Sell its Specialty Pharmacy Business to CarelonRx

by Kristin Harlow March 21, 2024

CINCINNATI — The Kroger Co. (NYSE: KR) has entered into a definitive agreement for the sale of its specialty pharmacy business to CarelonRx, a subsidiary of Elevance Health. The Cincinnati-based retailer’s serves patients with chronic illness that requires complex care. Clinicians and therapy programs allow patients and prescribers to benefit from education and resources, counseling, side effect management, financial assistance, personalized care and administrative expertise. The specialty pharmacy business supports patients facing diseases including rheumatoid arthritis, growth hormone deficiencies, multiple sclerosis and bleeding disorders. Kroger Specialty Pharmacy is separate from other Kroger Family of Pharmacies, including in-store retail pharmacies and The Little Clinics. Therefore, in-store retail pharmacies and The Little Clinics are not included in this transaction. The deal is subject to customary closing conditions and is expected to close in the second half of 2024. RBC Capital Markets LLC is serving as financial advisor, and Weil, Gotshal & Manges LLP and Arnold & Porter Kaye Scholer LLP are serving as legal advisors to Kroger.

March 21, 2024

Acquisitions Industrial Midwest Wisconsin

Founders 3 Real Estate Services Brokers $1.7M Sale of Flex Industrial Facility in Greenfield, Wisconsin

by Kristin Harlow March 21, 2024

GREENFIELD, WIS. — Founders 3 Real Estate Services has brokered the $1.7 million sale of a 21,848-square-foot flex industrial facility in Greenfield, a southern suburb of Milwaukee. The property is located at 3442 S. 103rd St. Derek Yentz of Founders 3 represented the seller, Progressive Casualty Insurance Co. The buyer was an entity doing business as SAM-Progressive LLC.

March 21, 2024

Acquisitions Affordable Housing Georgia Multifamily Seniors Housing Southeast

Hunt Capital Partners Transfers Ownership of Ashford Parkside Senior Residences in Atlanta to County Housing Authority

by John Nelson March 20, 2024

ATLANTA — On behalf of its investors, Hunt Capital Partners (HCP) has transferred ownership of Ashford Parkside Senior Residences to a nonprofit affiliate of the Housing Authority of DeKalb County. Located in Atlanta, Ashford Parkside is a mid-rise, mixed-income seniors housing community built in 2007. Following the end of 15-year recapture period in 2022, a collaborative effort ensued between the nonprofit and HCP to reach a mutually beneficial outcome regarding the property’s future. The decision provides the Housing Authority of Dekalb County greater capital flexibility surrounding all aspects of property operations and repair projects as it shapes its long-term housing plan. Ashford Parkside offers a mix of one- and two-bedroom apartments. Of the 151 total units, 134 are dedicated to seniors with incomes ranging from 30 percent to 60 percent of the area median income (AMI). Additionally, two of the units are reserved for property management while the remainder are rented at market rates.

March 20, 2024

Acquisitions Florida Retail Southeast

SRS Brokers $3.7M Sale of Gas Station, Convenience Store in Central Florida Ground Leased to Wawa

by John Nelson March 20, 2024

OCALA, FLA. — SRS Real Estate Partners has brokered the $3.7 million sale of a 6,119-square-foot gas station and convenience store situated on 2.3 acres at 8300 S.W. 100th St. in Ocala, a city in Central Florida. The newly constructed property has a 20-year, corporate-guaranteed ground lease in place with Wawa. Patrick Nutt and William Wamble of SRS represented the seller, an unnamed development firm based in Florida, in the transaction. The undisclosed, privately held buyer is based in Arizona and purchased the property in a 1031 exchange.

March 20, 2024

Acquisitions Multifamily Texas

Partnership Acquires 395-Unit Apartment Community in North Dallas, Plans New Rent Restrictions

by Taylor Williams March 20, 2024

DALLAS — A partnership between three investment firms — California-based Waterford Property Co., The Vistria Group and Brooklyn-based Northern Liberties — has acquired Domain at Midtown Park, a 395-unit apartment community in North Dallas. Concurrent with the sale, the new ownership entered into a 99-year ground lease with the Dallas Housing Finance Corp. to place rent restrictions on the property in exchange for a full property tax abatement. More specifically, 51 percent of the units will be reserved for renters earning 80 percent or less of the area median income (AMI), while 39 percent of the residences will be earmarked for households earning 140 percent or less of AMI. The remaining units will be rented at market rates. Domain at the Park was originally constructed in 2016 and offers amenities such as a pool, clubhouse, fitness center, business center, outdoor grilling and dining stations, dog park and a golf simulator. Walker & Dunlop originated Freddie Mac acquisition financing for the deal.

March 20, 2024

Acquisitions Multifamily Texas

InterUrban Cos. Sells 260-Unit Apartment Complex in Metro Houston

by Taylor Williams March 20, 2024

KINGWOOD, TEXAS — Colorado-based investment firm InterUrban Cos. has sold Woodland Hills Village, a 260-unit apartment complex in Kingwood, a master-planned development located north of Houston. The property offers one-, two- and three-bedroom units to go with a pool and fitness center. Kyle Whitney, Chris Young, Joey Rippel, Jeffrey Skipworth and Chris Curry of Berkadia represented InterUrban Cos. in the transaction. The buyer, an undisclosed Dallas-based investment firm, plans to implement a value-add program. The sales price was not disclosed.

March 20, 2024

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 251-Unit Self-Storage Facility in Spring, Texas

by Taylor Williams March 20, 2024

SPRING, TEXAS — Marcus & Millichap has brokered the sale of a 251-unit self-storage facility located in the northern Houston suburb of Spring. Spring Cypress Self Storage was built on 4.4 acres in 1970 and totals 74,872 net rentable square feet across 18 single-story buildings. A private investor sold the property to a limited liability company, with both parties requesting anonymity. Dave Knobler of Marcus & Millichap represented both sides in the transaction.

March 20, 2024

Acquisitions California Industrial Western

Dedeaux, Basis Sell Warehouse Facility in Lebec, California for $37.1M

by Amy Works March 20, 2024

LEBEC, CALIF. — Dedeaux Properties and joint venture partner Basis Investment Group have completed the sale of a warehouse building, located at 5665 Dennis McCarthy Drive in Lebec, approximately 90 miles northwest of Los Angeles. An owner/user acquired the asset for $37.1 million, or $159 per square foot, in an off-market transaction. The buyer, a national clothing and textile distributor, will relocate its operations to the 233,217-square-foot building, which features 36-foot clear heights, 29 dock-high doors and parking for 90 trailers. The property is on 12.3 acres in Tejon Ranch Commerce Center, a 20-million-square-foot, master-planned development on Interstate 5.

March 20, 2024

Acquisitions Retail Texas

Vista Property Buys 197,553 SF Shopping Center in Lake Worth, Texas

by Taylor Williams March 20, 2024

LAKE WORTH, TEXAS —Dallas-based investment firm Vista Property has purchased Lake Worth Marketplace, a 197,553-square-foot shopping center located on the northwestern outskirts of Fort Worth. Built in phases between 2005 and 2007, the center was 93 percent leased at the time of sale to tenants such as Kohl’s, Marshalls, Burlington, pOpshelf, Lane Bryant and Bath & Body Works. Barry Brown, Chris Gerard, Erin Lazarus, Keenan Ryan and Ben Pollack of JLL represented the undisclosed seller in the transaction.

March 20, 2024

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