Acquisitions

CBRE Arranges $2.4M Sale of Multifamily Property in Huntington Beach, California

by Amy Works December 22, 2023

HUNTINGTON BEACH, CALIF. — CBRE has arranged the purchase of a multifamily property in Huntington Beach. A San Diego-based 1031 exchange buyer acquired the asset from a Huntington Beach-based private investor for $2.4 million, or $479,000 per unit. Located at 7872 Liberty Drive, the two-story, 3,604-square-foot building features five apartments in a mix of one-, two- and three-bedroom layouts. All units feature spacious floorplans with patios or balconies. The property also offers garage parking and a laundry facility. Recent improvements include full renovations to two units, a new central water heater, updated windows, garage doors, exterior paint and landscaping. Dan Blackwell and Amanda Fielder of CBRE represented the buyer in the transaction.

December 22, 2023

Acquisitions Retail Texas

NewQuest Properties Sells 14,487 SF Retail Strip Center in Manvel, Texas

by Taylor Williams December 22, 2023

MANVEL, TEXAS — Locally based owner-operator NewQuest Properties has sold The Shops at Sedona Lakes, a 14,487-square-foot retail strip center located in the southern Houston suburb of Manvel. The center was built on 1.6 acres in 2020 and was 91.5 percent leased at the time of sale. Marc Peeler, Rick Ragan, Thomas Turner and Dakota Workman represented NewQuest in the transaction on an internal basis. Johnny Yun represented the buyer, HousKor Realty & Management LLC, also on an internal basis.

December 22, 2023

Acquisitions Affordable Housing Development Hospitality Multifamily New York Northeast

Slate, RiseBoro Buy 350-Room Hotel Near JFK Airport, Plan Affordable Housing Conversion

by Taylor Williams December 22, 2023

NEW YORK CITY — A partnership between locally based developer Slate Property Group and RiseBoro Community Partnership has purchased the 350-room JFK Hilton Hotel in Queens with plans to convert the property into a 318-unit affordable housing complex. The partnership purchased the hotel, which was originally built in 1987 and is located about half a mile from JFK International Airport, for $64 million. The new complex will be known as Baisley Pond Park Residences and will house studio, one- and two-bedroom units and amenities such as a fitness center, computer lounge and multiple common rooms. Monthly rents will range from $784 for a studio to $1,493 for a two-bedroom apartment. As part of the conversion, the development team will replace all major building and mechanical systems, including new all-electric heating and cooling systems to reduce emissions. Aufgang Architects is designing the project, which has a total price tag of about $167 million and is expected to take about 21 months to complete.

December 22, 2023

Acquisitions Development Multifamily New Jersey Northeast

CBRE Brokers $6.1M Sale of Multifamily Project in Bayonne, New Jersey

by Taylor Williams December 22, 2023

BAYONNE, N.J. — CBRE has brokered the $6.1 million sale of a multifamily project that is roughly midway through construction in the Northern New Jersey community of Bayonne. The site at 90 Ave. E will eventually house a 70-unit building. Fahri Ozturk, Richard Gatto and Zach McHale of CBRE represented the seller and developer, Brooklyn-based EOM Realty Group, in the transaction. Hudson Realty represented the buyer, an undisclosed, locally based developer.

December 22, 2023

Acquisitions Hospitality Midwest Ohio

ADR Signature Acquires 216-Room Embassy Suites Hotel in Beachwood, Ohio for $10.2M

by Kristin Harlow December 22, 2023

BEACHWOOD, OHIO — ADR Signature has acquired the 216-room Embassy Suites by Hilton Cleveland Beachwood hotel for $10.2 million. The property is located at 3775 Park East Drive in Beachwood, a southeast suburb of Cleveland. Amenities include an indoor pool, business center, fitness center, meeting rooms, complimentary breakfast and an onsite restaurant. Starwood Capital Group was the seller.

December 22, 2023

Acquisitions Illinois Midwest Multifamily

Interra Realty Brokers $2.6M Sale of Apartment Building on Chicago’s South Side

by Kristin Harlow December 22, 2023

CHICAGO — Interra Realty has brokered the $2.6 million sale of a 31-unit apartment building in Chicago’s South Shore neighborhood. Located at 6949-6959 S. Merrill Ave., the courtyard property includes a mix of studio to three-bedroom units, some of which have been updated with new kitchens and baths. Two units were reconfigured to include an additional bedroom, which generated additional rent of $300 per month. Max Grossman of Interra represented the local confidential buyer. Joe Smazal and Lucas Fryman of Interra represented the seller, a private investor based on the East Coast. The asset was roughly 90 percent occupied at the time of sale.

December 22, 2023

Acquisitions Florida Southeast Student Housing

Cushman & Wakefield Brokers $35M Sale of Student Housing Community Near University of Florida

by John Nelson December 21, 2023

GAINESVILLE, FLA. — Cushman & Wakefield has brokered the $35 million sale of The Pavilion on 62nd, a 312-unit student housing community located at 1000 S.W. 62nd Blvd. in Gainesville. A joint venture between Coastline Management Group and an entity doing business as RWW Gainesville LLC purchased the property from an undisclosed Delaware limited liability company. Mike Donaldson, Nick Meoli, Travis Prince and Victoria Marks Vagnier of Cushman & Wakefield represented the seller in the transaction. Situated about three miles from the University of Florida campus, The Pavilion on 62nd offers a unit mix consisting of mostly large four-bedroom floorplans. The property also includes two large clubhouses, two swimming pools, an indoor and outdoor basketball court, volleyball courts, movie theater, study lounge, separate cardio and weight training fitness rooms, a dog park and a computer lounge.

December 21, 2023

Acquisitions Industrial Leasing Activity Mississippi Southeast

AIC Industrial Acquires 135,000 SF Manufacturing Facility in Metro Memphis in Sale-Leaseback Deal

by John Nelson December 21, 2023

OLIVE BRANCH, MISS. — AIC Industrial has acquired a 135,000-square-foot light manufacturing facility located at 11085 Airport Road in Olive Branch, a Mississippi suburb of Memphis near the Olive Branch Airport. Natureplex Properties LLC, a pharmaceutical manufacturer, sold the facility to AIC Industrial in a sale-leaseback deal. Landon Williams and Katie Hargett of Cushman & Wakefield | Commercial Advisors represented the seller in the transaction. As part of the transaction, Austin, Texas-based AIC Industrial signed Natureplex to a long-term lease at the facility. The sales price and lease terms were not disclosed.

December 21, 2023

Acquisitions Alabama Retail Southeast

SRS Negotiates $6M Portfolio Sale of Two Gas Stations in Alabama Leased to Circle-K

by John Nelson December 21, 2023

MADISON AND HUNTSVILLE, ALA. — SRS Real Estate Partners has negotiated the $6 million portfolio sale of two newly developed gas station/convenience stores in Alabama. The assets are located at 8464 Madison Blvd. in Madison and 11010 Highway 231-431 N in Huntsville. Both properties span 5,200 square feet and have 15-year triple-net ground leases with Circle-K in place. Patrick Nutt and William Wamble of SRS represented the seller, a developer based in the Southeast, in the transaction. The California-based private buyer purchased the assets in a 1031 exchange. The unnamed investor purchased the fee-simple ownership of the land, which span about 2 acres for both locations, in both deals.

December 21, 2023

Acquisitions Multifamily Seniors Housing Washington Western

SLIB Negotiates Sale of 119-Unit Seniors Housing Property in Seattle

by Amy Works December 21, 2023

SEATTLE — Senior Living Investment Brokerage (SLIB) has arranged the sale of Emerald City, a 119-unit assisted living and memory care community in Seattle. Emerald City features 99 assisted living and 20 memory care units. It was built in 2006 with renovations in 2017. The property totals 88,839 square feet on approximately 0.8 acres of land. The seller was an out-of-state private equity group with a third-party operator. The buyer was an experienced regional owner-operator looking to expand its footprint in the Seattle MSA. The price was not disclosed. Jason Punzel, Brad Goodsell, Vince Viverito and Jake Anderson of SLIB handled the transaction.

December 21, 2023

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