Acquisitions

Echo Real Estate Capital Acquires 57,000 SF Medical Office Building in Suburban Indianapolis

by Kristin Harlow April 19, 2023

GREENWOOD, IND. — Echo Real Estate Capital has acquired a 57,000-square-foot medical office building in the Indianapolis suburb of Greenwood for an undisclosed price. Located at 555 County Line Road, the multi-tenant property is anchored by Community Health and Goodman Campbell Brain & Spine. The building is currently 64 percent occupied. Echo plans to undertake several capital improvements, including a lobby renovation, roof replacement, parking lot repairs and landscaping upgrades. Wintrust Bank provided acquisition financing. The transaction marks Echo’s fourth acquisition in the submarket.

April 19, 2023

Acquisitions California Retail Washington Western

Matthews Brokers $20.1M Sale of 12-Property Napa Auto Parts Portfolio

by Jeff Shaw April 19, 2023

LOS ANGELES — Matthews Real Estate Investment Services has brokered the $20.1 million sale of a portfolio comprising 12 single-tenant retail properties. Located largely in California and Washington, Napa Auto Parts occupies all the properties on a net-lease basis. Brandon Perez and Bill Pedersen of Los Angeles-based Matthews arranged the sale on behalf of the undisclosed limited liability company. A publicly traded REIT purchased the portfolio.

April 19, 2023

Acquisitions Development Florida Multifamily Southeast Top Stories

Empira Group Acquires Development Site in Miami’s Brickell Area for 26-Story Apartment Tower

by Kristin Harlow April 19, 2023

MIAMI — Empira Group, a Switzerland-based institutional real estate investment firm, has acquired a development site at 901 SW Third Ave., formerly known as Empire Brickell, in Miami’s Brickell area. The firm plans to build a 26-story apartment tower comprising 310 market-rate units with roughly 2,500 square feet of retail space on the ground floor. Construction is scheduled to commence in the first quarter of 2024, with completion slated for 2026. The multifamily high-rise, designed by Coral Gables-based Corwil Architects, will offer a range of studio, one-, two- and three-bedroom units along with 380 parking spaces. Amenities will include a pool, fitness center, lounge area and business center all located on the seventh floor. The building will meet specific environmental and sustainability standards, such as energy efficiency, water conservation, use of sustainable materials and indoor air quality, to achieve at least a LEED Silver certification. The transaction marks Empira’s second development site acquisition in greater downtown Miami in the last eight months. “This investment underlines Empira’s commitment to investing in Miami’s residential real estate market, which is poised for tremendous growth over the next few decades,” says Lahcen Knapp, Empira’s chairman. “Miami has emerged as one of the top U.S. …

April 19, 2023

Acquisitions Georgia Industrial Southeast

Cosmetics Company Kiss Acquires New 708,990 SF Warehouse Near Savannah from CRG

by John Nelson April 18, 2023

ELLABELL, GA. — Kiss, a global cosmetics company, has acquired a 708,990-square-foot industrial facility underway in the western Savannah suburb of Ellabell. CRG sold the warehouse, which will be located within the developer’s 300-acre The Cubes at Interstate II campus. Chris Tomasulo, Ryan Hoyt and Bennett Rudder of JLL represented CRG in the transaction. The sales price was not disclosed. Kiss plans to utilize the property for distribution of its cosmetics products once completed. Located at 1864 Interstate Blvd., Building B at The Cubes at Interstate II is located less than two miles from I-16, 15 miles from I-95, 25 miles from Savannah/Hilton Head International Airport and approximately 30 miles west of the Port of Savannah. The development is part of the larger Interstate Centre industrial park in Bryan County. At full buildout, The Cubes at Interstate II will span 4.3 million square feet of industrial space leased to tenants such as Rooms To Go and McKesson Medical-Surgical, among others.

April 18, 2023

Acquisitions Georgia Multifamily Southeast

FCP Purchases Apartment Community in Marietta, Georgia for $51M

by John Nelson April 18, 2023

MARIETTA, GA. — FCP has purchased Amber Grove at Olley Creek Apartments, a 360-unit community located in the north Atlanta suburb of Marietta. Travis Presnell and James Wilber of Cushman & Wakefield represented the undisclosed seller in the $51 million transaction. Located at 2050 Austell Road, the gated property features a leasing center and club room, swimming pool, dog park, fitness center, community garden and a playground. FCP plans to add in-unit washers and dryers and provide an afterschool program for children living at the property. With the purchase of Amber Grove at Olley Creek, the Chevy Chase, Md.-based investment firm now owns 7,230 apartment units in the metro Atlanta area.

April 18, 2023

Acquisitions Multifamily Southeast Virginia

Harbor Group Sells 556-Unit Sussex at Kingstowne Apartments in Alexandria, Virginia

by John Nelson April 18, 2023

ALEXANDRIA, VA. — Harbor Group International has sold Sussex at Kingstowne, a 556-unit apartment community located in Alexandria, about eight miles south of Washington, D.C. The buyer and sales price were not disclosed, but Harbor Group purchased the property in 2018 for $144 million. Prior to the sale, Harbor Group implemented a multimillion-dollar capital improvement program for Sussex at Kingstowne’s interiors, common areas and amenities, including the community’s two swimming pools, fitness center, cyber café and a resident’s lounge.

April 18, 2023

Acquisitions Florida Industrial Southeast

Cushman & Wakefield Arranges $23M Sale of Tampa Industrial Facility

by John Nelson April 18, 2023

TAMPA, FLA. — Cushman & Wakefield has arranged the $23 million sale of 4908 Tampa West, a 214,806-square-foot industrial facility in Tampa’s Airport submarket. Rick Brugge, Mike Davis, Rick Colon, Dominic Montazemi and Chloe Strada of Cushman & Wakefield represented the seller, Robert Curran from Tryumph LLC, in the transaction. Jason Hochman and Ron Granite of Cushman & Wakefield secured $15.1 million in acquisition financing through an unnamed national insurance company on behalf of the buyer, IP Capital Partners. 4908 Tampa West is situated about eight miles from Tampa International Airport and near I-275 and I-4. The property was fully leased at the time of sale to companies including anchor tenant CAE. The acquisition includes five acres of additional land onsite for outdoor storage or new development.

April 18, 2023

Acquisitions Kansas Midwest Multifamily

Post Road Management Acquires 1,002-Unit Multifamily Portfolio in Wichita, Kansas

by Kristin Harlow April 18, 2023

WICHITA, KAN. — Post Road Management has acquired an 11-property multifamily portfolio totaling 1,002 units in Wichita for an undisclosed price. With this purchase, Post Road has nearly tripled its footprint in the Wichita market. The firm plans to invest an average of $12,000 per unit in upgrades across the portfolio. About 21 percent of the units have been fully renovated. Post Road purchased the portfolio with assumable nonrecourse Fannie Mae and HUD financing in place. The properties include Kingston Cove, Cimarron Apartments, Stratford East, Park Meadows, The Willows, Willows South, Stratford West, Danish Village, Pine Creek, Edgemoor Townhomes and Cottonwood Crossing. Alex Blagojevich, Brett Meinzer, Colton Howell and Richard Redding of MMG Real Estate Advisors represented the undisclosed seller and procured the buyer.

April 18, 2023

Acquisitions Hospitality Midwest Ohio

Marcus & Millichap Brokers Sale of Holiday Inn Express & Suites Hotel in Streetsboro, Ohio

by Kristin Harlow April 18, 2023

STREETSBORO, OHIO — Marcus & Millichap has brokered the sale of the Holiday Inn Express & Suites Cleveland-Streetsboro hotel for an undisclosed price. The 68-room hotel is located in Streetsboro, a southeast suburb of Cleveland. The property, constructed in 1999, will continue operating as a Holiday Inn Express following a renovation. Alexandre Duong of Marcus & Millichap represented the seller, a limited liability company. Duong also procured the undisclosed buyer.

April 18, 2023

Acquisitions Multifamily Seniors Housing Texas

Blueprint Negotiates Sale of Seven Skilled Nursing Facilities Totaling 564 Beds in Texas

by Taylor Williams April 18, 2023

TEXAS — Blueprint Healthcare Real Estate Advisors has negotiated the sale of seven skilled nursing facilities totaling 564 beds in Central and East Texas. The assets on average were built in 1969 and had an average licensed capacity of 80 beds per facility. Blueprint positioned the deal as an opportunity for an incoming owner or operator to acquire an established skilled nursing portfolio and integrate the facilities into an existing regional portfolio. The buyer was a regional owner-operator. The seller and sales price were not disclosed.

April 18, 2023

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