Acquisitions

Jamestown Acquires Two Shopping Centers in Metro Atlanta, South Florida

by John Nelson April 10, 2024

SANDY SPRINGS, GA. AND TAMARAC, FLA. — Atlanta-based Jamestown has purchased two grocery-anchored shopping centers in metro Atlanta and South Florida totaling approximately 284,000 square feet. The acquired properties include Fountain Oaks, a 160,000-square-foot, Kroger-anchored center in Sandy Springs, and Tamarac Town Square, a 124,000-square-foot, Publix-anchored center in Tamarac. The properties were 92 percent and 84 percent leased at the time of sale, respectively. JLL represented Edens in the sale of Fountain Oaks and Regency Centers in the sale of Tamarac Town Square. The sales prices were not disclosed. The acquisitions expand Jamestown’s grocery-anchored shopping center portfolio to nine properties totaling approximately 1.4 million square feet, all of which are in Georgia and Florida. The company plans to introduce property-wide Wi-Fi, electric vehicle charging stations, murals and outdoor open space at both centers. Jamestown has owned and operated more than 4.6 million square feet of grocery-anchored shopping centers in over 15 markets since 1990.

April 10, 2024

Acquisitions Arkansas Multifamily Southeast Student Housing

Hillcrest Acquisitions Purchases Student Housing Community Near Arkansas State University for Multifamily Conversion

by John Nelson April 10, 2024

JONESBORO, ARK. — Hillcrest Acquisitions has acquired Wolf Creek, a 192-unit student housing community located at 500 N. Caraway Road near the Arkansas State University campus in Jonesboro. The seller and sales price were not disclosed. The community is set to undergo $4.4 million in renovations and will be converted into conventional multifamily. Marc Tropp of Eastern Union secured $12.1 million in acquisition financing through Bay Vanguard on behalf of Hillcrest. The five-year loan features interest-only payments for 24 months during renovations and lease-up. Once the property is stabilized, the mortgage will convert to principal and interest payments based on an amortization period of 25 years. The transaction carries a 65 percent loan-to-cost ratio. Built in 2008, Wolf Creek offers two- and three-bedroom units on a 13-acre parcel.

April 10, 2024

Acquisitions Georgia Multifamily Southeast

RangeWater, Nippon Steel Kowa Buy Apartment Community in Suwanee, Georgia

by John Nelson April 10, 2024

SUWANEE, GA. — RangeWater Real Estate and Nippon Steel Kowa Real Estate have purchased Provenza at Old Peachtree, a garden-style apartment community located at 1460 Distribution Drive in Suwanee. Situated northeast of Atlanta in Gwinnett County, the property will be rebranded as Echo Ridge Suwanee. Amenities include a pool with poolside grilling stations, outdoor patio with a fireplace, fitness center, clubroom, catering kitchen, car care center, business center with a private meeting space and a community pond with walking trails. RangeWater and Nippon Steel Kowa are contemplating adding a dog park and pet spa to round out the property’s amenity offerings, as well as updating unit interiors. The seller, sales price and unit count of Provenza at Old Peachtree were not disclosed.

April 10, 2024

Acquisitions Mississippi Multifamily Southeast

Marcus & Millichap Arranges Sale of 130-Unit Apartment Community in Tupelo, Mississippi

by John Nelson April 10, 2024

TUPELO, MISS. — Marcus & Millichap has arranged the sale of Feemster Lake Roads Apartments, a 130-unit apartment community located at 1537 Feemster Lake Road in Tupelo. Locally based Prosper Management Group purchased the property for an undisclosed price. Built in 1992 adjacent to Itawamba Community College, Feemster Lake Roads Apartments features one- and two-bedroom apartments ranging in size from 500 to 1,000 square feet. Preston Cooper, Wallace Schmuck and Matt Smith of Marcus & Millichap’s Birmingham office represented the undisclosed seller in the transaction. Mickey Davis served as Marcus & Millichap’s broker of record in Mississippi for the deal.

April 10, 2024

Acquisitions Multifamily Texas

SPI Advisory Sells 192-Unit Parker Apartments in Tyler, Texas

by Taylor Williams April 10, 2024

TYLER, TEXAS — Texas-based private equity firm SPI Advisory has sold Parker Apartments, a 192-unit multifamily complex located about 100 miles east of Dallas in Tyler. According to Apartments.com, the property was built in 1974 and offers studio, one- and two-bedroom units. Amenities include a pool, fitness center, clubhouse, business center and tennis courts. SPI Advisory acquired the property in 2018 in partnership with CR Capital and implemented a value-add program during its ownership period. The buyer was not disclosed.

April 10, 2024

Acquisitions Healthcare Texas

Partners Real Estate Brokers Sale of 14,000 SF Ambulatory Surgery Center in Sugar Land, Texas

by Taylor Williams April 10, 2024

SUGAR LAND, TEXAS — Partners Real Estate has brokered the sale of a 14,000-square-foot ambulatory surgery center in the southwestern Houston suburb of Sugar Land. According to LoopNet Inc., the building 2121 Williams Trace Blvd was constructed on roughly two acres in 1995 and was renovated in 2007. Ryan McCullough and Davis Amanyisye of Partners represented the seller, an entity doing business as SNA Medical Center LLC, in the transaction. The buyer and sales price were not disclosed.

April 10, 2024

Acquisitions California Retail Western

Primestor Development Buys 357,000 SF Esplanade Shopping Center in Oxnard, California for $90M

by Amy Works April 10, 2024

OXNARD, CALIF. — Los Angeles-based Primestor Development has acquired Esplanade Shopping Center, a grocery-anchored retail center in Oxnard, for $90 million. The 357,000-square-foot center was 94 percent leased at the time of sale. Current tenants include Home Depot, Nordstrom Rack, Staples, Dick’s Sporting Goods, TJ Maxx, Walmart Neighborhood Market, Cost Plus World Market, Tilly’s, Boot Barn, In-N-Out Burger and BJ’s Brewery and Restaurant.

April 10, 2024

Acquisitions Arizona Retail Western

Whitestone REIT Acquires Scottsdale Commons Shopping Center in Arizona for $22.2M

by Amy Works April 10, 2024

SCOTTSDALE, ARIZ. — Houston-based Whitestone REIT (NYSE: WSR) has purchased Scottsdale Commons, a retail center at 7119 E. Shea Blvd. in Scottdale. Trojan Development Associates III LLC sold the asset for $22.2 million. Additional terms of the transaction were not released. Situated on 6.2 acres, the 69,482-square-foot Scottsdale Commons was 96.6 percent occupied at the time of sale. Current tenants include Rosati’s Chicago Pizza, Rusty Nail Meats, U.S. Egg, Companion Pet Partners, Prep Kitchens, BevMo, Black Rifle Coffee, Mountain View Pharmacy, H&R Block, Green Corner Mediterranean and Habanero’s Restaurant. Joseph Compagno and Benjamin Farthing of CBRE represented the seller and the buyer in the transaction.

April 10, 2024

Acquisitions Multifamily New York Northeast

Marcus & Millichap Brokers $13.2M Sale of Queens Apartment Building

by Taylor Williams April 10, 2024

NEW YORK CITY — Marcus & Millichap has brokered the $13.2 million sale of a 76-unit apartment building in the Astoria neighborhood of Queens. The six-story building at 34-50 28th St. was originally constructed in 1930, according to StreetEasy.com. Units come in studio, one- and two-bedroom floor plans. Louis Zarif, Shaun Riney and Sean Fopeano of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction.

April 10, 2024

Acquisitions California Multifamily Western

Marcus & Millichap Arranges $1.7M Sale of Multifamily Building in North Hollywood

by Amy Works April 10, 2024

LOS ANGELES — Rick Raymundo and Ben Savoy of Marcus & Millichap has brokered the sale of a six-unit apartment building, located at 6645 Farmdale Ave. in the North Hollywood neighborhood of Los Angeles. The asset traded for $1.7 million, or $283,333 per unit. Raymundo and Savoy represented the undisclosed buyer and undisclosed seller in the deal.

April 10, 2024

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