Acquisitions

Marcus & Millichap Brokers Sale of Retail Property in Lakeland, Georgia Leased to AutoZone

by John Nelson December 19, 2024

LAKELAND, GA. — Marcus & Millichap’s Taylor McMinn Retail Group has brokered the sale of a retail property in Lakeland leased to AutoZone. The 9,120-square-foot retail building is located at 60 W. Main St., about 20 miles northeast of Valdosta, Ga. AutoZone has eight years remaining on its 10-year, double-net lease. Don McMinn and Andrew Koriwchak of the Taylor McMinn Retail Group represented the seller, an undisclosed private investor, in the transaction. The buyer is a California-based investor that paid in all-cash. The sales price was not disclosed. “Investment-grade tenants with lower rents and price points continue to receive strong demand in an environment where debt is a challenge,” says McMinn.

December 19, 2024

Acquisitions California Multifamily Top Stories Western

IPA Brokers $203M Sale of Summerwood Apartments in Santa Clara, California

by Katie Sloan December 19, 2024

SANTA CLARA, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $203 million sale of Summerwood Apartments, a 468-unit multifamily community located in the Silicon Valley community of Santa Clara. Situated at 444 Saratoga Ave., the garden-style property offers a mix of one- and two-bedroom units. Shared amenities include a pool, clubhouse, fitness center, volleyball court, sauna, courtyard and dog park. Philip Saglimbeni, Stanford Jones, Salvatore Saglimbeni and Alexander Tartaglia of IPA represented the seller, German investment firm DWS, and procured the buyer, Interstate Equities Corp., in the transaction. Brian Eisendrath, Cameron Chalfant, Jake Vitta and Jesse Zarouk of IPA Capital Markets arranged $127.8 million in acquisition financing for the deal on behalf of the buyer. The five-year loan features a 5.39 percent fixed interest rate with a 35-year amortization schedule and a loan-to-value ratio of 65 percent. Frankfurt, Germany-based DWS is a global asset manager with over $1 trillion of assets under management. The firm’s portfolio spans across Europe, the Americas and Asia. Interstate Equities Corp. is an investor in multifamily communities across California and the Seattle metropolitan area. The Los Altos, Calif.-based company’s portfolio includes two properties in Washington and 29 communities …

December 19, 2024

Acquisitions Florida Hospitality Mixed-Use Office Southeast

Cushman & Wakefield Arranges Sale of 200 North College Mixed-Use Campus in Uptown Charlotte

by John Nelson December 18, 2024

CHARLOTTE, N.C. — Cushman & Wakefield has arranged the sale of 200 North College, a five-story mixed-use campus located on a 3.5-acre site in Uptown Charlotte. According to The Charlotte Ledger, the property sold for $32.7 million. Rob Cochran and Bill Harrison of Cushman & Wakefield’s Charlotte office, along with Steve Lindley in the firm’s Phoenix office, represented the seller, an entity doing business as Terra Funding – Wake Forest LLC, through the court-appointed receiver, locally based Childress Klein. An investor doing business as A H Real Estate Holdings was the buyer. The 455,000-square-foot property features a five-story office building anchored by Wake Forest University’s business school. The development also includes an 810-space parking deck and a DoubleTree by Hilton hotel with 294 rooms. The buyer plans to redevelop a portion of 200 North College to include multifamily units and ground-level retail space.

December 18, 2024

Acquisitions Arkansas Retail Southeast

Edgemark Acquires Whole Foods-Anchored Shopping Center in Fayetteville, Arkansas

by John Nelson December 18, 2024

FAYETTEVILLE, ARK. — Edgemark Communities, a commercial real estate development and investment firm based in Denver, has purchased College Marketplace, a 64,226-square-foot shopping center located at 3379-3425 N. College Ave. in Fayetteville. Whole Foods Market anchors the center, which was built on a seven-acre site in 2015 near the University of Arkansas campus. In addition to Whole Foods, which occupies nearly two-thirds of the center, College Marketplace’s tenant roster includes Chipotle Mexican Grill, Great Clips, Cava and Alumni Hall. The seller and sales price were not disclosed.

December 18, 2024

Acquisitions Florida Southeast Student Housing

Landmark Properties, Stockbridge Recapitalize Student Housing Community Near University of Central Florida

by John Nelson December 18, 2024

ORLANDO, FLA. — Landmark Properties has partnered with Stockbridge to recapitalize The Retreat East, a 602-bed student housing development located near the University of Central Florida campus in Orlando. Landmark delivered the cottage-style property in 2021 at 1705 France Drive. The community offers four-, five- and six-bedroom, fully furnished units with bed-to-bath parity. Shared amenities include a two-story fitness center, 24-hour computer lab, group and private study lounges, a resort-style swimming pool and hot tub, grilling area, hammock and cabana grove, an outdoor gaming lawn and a clubhouse. This marks Landmark Properties’ second transaction with Stockbridge following the acquisition of The Retreat Tampa in late November.

December 18, 2024

Acquisitions Kentucky Multifamily Southeast

Kirkland Co. Brokers Sale of 88-Unit Flats at Hurstbourne Apartments in Louisville

by John Nelson December 18, 2024

LOUISVILLE, KY. — The Kirkland Co. has brokered the sale of The Flats at Hurstbourne, an 88-unit apartment community located at 3280 Silver Springs Drive in Louisville’s Jefferstown neighborhood. Brian Devlin, Brandon Wilson and John Seale of Kirkland Co. brokered the transaction between the buyer, an investor doing business as FHA202 LLC, and the seller, an entity doing business as Silver Springs Partners LLC. Built in 1992, The Flats at Hurstbourne features all two-bedroom apartments. According to Apartments.com, the community’s units range in size from 900 to 1,025 square feet and its amenities include a fitness center, pool, dog park and a picnic area.

December 18, 2024

Acquisitions Multifamily Texas

Cushman & Wakefield Brokers Sale of 304-Unit Forum at Grand Prairie Apartments

by Taylor Williams December 18, 2024

GRAND PRAIRIE, TEXAS — Cushman & Wakefield has brokered the sale of Forum at Grand Prairie, a 304-unit apartment community located roughly midway between Dallas and Fort Worth. According to Apartments.com, the property offers one-, two- and three-bedroom units and amenities such as a pool, fitness center, business center, clubhouse and outdoor grilling and dining stations. Asher Hall and Grant Raymond of Cushman & Wakefield represented an undisclosed seller in the transaction. Locally based investment firm ClearWorth Capital purchased the property for an undisclosed price.

December 18, 2024

Acquisitions Retail Texas

AEW Capital Management Acquires 189,507 SF Shopping Center in Leander, Texas

by Taylor Williams December 18, 2024

LEANDER, TEXAS — AEW Capital Management has acquired Bar W Marketplace, a 189,507-square-foot shopping center in Leander, a northern suburb of Austin. Anchored by grocer H-E-B, the center was fully leased at the time of sale. Other tenants include Chase Bank, Wells Fargo, Whataburger, Chili’s, Torchy’s Tacos and 7Brew Coffee. Barry Brown, Chris Gerard and Erin Lazarus of JLL represented the seller, a partnership led by Barshop & Oles Co., in the transaction. The firm also arranged acquisition financing through Manulife Real Estate Finance.

December 18, 2024

Acquisitions Industrial Texas

Cove Capital Buys 68,400 SF Industrial Building in Northwest San Antonio

by Taylor Williams December 18, 2024

SAN ANTONIO — Cove Capital Investments, a Delaware Statutory Trust (DST) company, has purchased a 68,400-square-foot industrial building in northwest San Antonio. The address was not disclosed, but the site is located one-third of a mile west of I-10 and less than two miles from the I-10/Loop 1604 intersection. The building was originally constructed in 2000 and carries a tenant roster with a weighted average lease term of 5.4 years. The seller and sales price were not disclosed.

December 18, 2024

Acquisitions Multifamily Washington Western

SCS Development Co. Sells Copper Ridge Apartments in Renton, Washington for $70.7M

by Amy Works December 18, 2024

RENTON, WASH. — SCS Development Co. has completed the sale of Copper Ridge Apartments, a multifamily asset in Renton, to Timberlane Partners for $70.7 million, or $217,538 per unit. Completed in 1983 and 1985, Copper Ridge offers 325 apartment units spread across two- and three-story residential buildings, as well as a clubhouse, heated swimming pool, three laundry facilities and a children’s playground. The community’s one-, two- and three-bedroom apartments average 788 square feet. The two- and three-bedroom units feature wood-burning fireplaces, and all units have private decks or balconies off the living rooms. Giovanni Napoli, Philip Assouad, Ryan Harmon, Nick Ruggiero and Anthony Palladino of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

December 18, 2024

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