Acquisitions

JLL Arranges $28M Sale of Van Mall Retirement Community in Vancouver, Washington

by Amy Works July 17, 2024

VANCOUVER, WASH. — JLL has directed the sale of Van Mall Retirement, a seniors housing community in Vancouver, just across the Columbia River from Portland, Oregon. Lytle Enterprises sold the asset to a regional Pacific Northwest owner and operator for $28 million. Located at 7808 NE 51st St., Van Mall Retirement features 191 independent living and assisted living units in one- and two-bedroom layouts. The property was constructed in 1989 and expanded in 1994. The pet-friendly community features an on-site theater; salon and barbershop; fitness center; activity and games room; arts and crafts studio; library; and bistro. Jay Wagner, Rick Swartz, Aaron Rosenzweig, Alanna Ellis, Dan Baker and Dean Ferris of JLL Capital Markets represented the seller, procured the buyer and procured acquisition financing from a regional bank on behalf of the buyer in the transaction.

July 17, 2024

Acquisitions Industrial Nevada Western

CapRock Partners Buys 707,010 SF Industrial Warehouse in Sparks, Nevada

by Amy Works July 17, 2024

SPARKS, NEV. — CapRock Partners has acquired 3200 USA Parkway, a cross-dock industrial warehouse in the Reno suburb of Sparks. An institutional investor sold the asset for an undisclosed price in an off-market transaction. Situated on 48 acres within the Tahoe-Reno Industrial Center, 3200 USA Parkway features 707,010 square feet of space with 36-foot clear height, up to 131 dock-high doors, three grade-level doors and 14,890 square feet of office space, as well as ESFR sprinklers, ample power, LED lighting and 435 skylights. The property includes a 190-foot secured truck courts with dedicated truck access points. The asset was built in 2014. Brian Armon of NAI Alliance represented CapRock Partners on the acquisition.

July 17, 2024

Acquisitions Colorado Industrial Office Western

Pinnacle Brokers Sale of 38,114 SF Flex Property in Wheat Ridge, Colorado

by Amy Works July 17, 2024

WHEAT RIDGE, COLO. — Pinnacle Real Estate Advisors has arranged the sale of an office, industrial and warehouse facility situated on 3.3 acres in Wheat Ridge, just west of Denver. Tecta LLC and Solo@LHC LLC sold the asset to an undisclosed buyer for $4.8 million. Located at 4725 Independence St., two tenants fully occupy the 38,114-square-foot property. John Reynolds and James Wachholz of Cushman & Wakefield, along with RC Myles of Pinnacle Real Estate Advisors, represented the seller, while Mark Alley and Paul Schneider with Pinnacle Real Estate Advisors represented the buyer in the deal.

July 17, 2024

Acquisitions Arizona Retail Western

Marcus & Millichap Negotiates Ground Lease Sale of 4,500 SF US Bank-Occupied Retail Property in Scottsdale, Arizona

by Amy Works July 17, 2024

SCOTTSDALE, ARIZ. — Marcus & Millichap has arranged the sale of the ground lease for a U.S. Bank-occupied, net-leased retail property in the Phoenix suburb of Scottsdale. A private investor acquired the asset from a limited liability company for $5.5 million. The transaction included a 4,500-square-foot retail building and a new 10-year, absolute triple-net ground lease with corporate guaranty by U.S. Bank. Built in 2023, the property is located at 14900 N. Pima Road. Mark Ruble, Chris Lind and Zack House of Marcus & Millichap represented the seller and procured the buyer in the transaction.

July 17, 2024

Acquisitions Florida Multifamily Southeast

JBM Brokers $57M Sale of Brantley Pines Apartments in Fort Myers, Florida

by John Nelson July 17, 2024

FORT MYERS, FLA. — JBM Institutional Multifamily Advisors has brokered the $57 million sale of Brantley Pines, a 296-unit apartment community situated on 29.1 acres in Fort Myers. The Inland Real Estate Group of Cos. sold the Southwest Florida property to Boca Raton, Fla.-based Interface Properties for $192,568 per unit. Interface plans on continuing a renovation program for the unit interiors at Brantley Pines while also adding a lakeside walking path and enhancing the clubhouse, pool area and landscaping. The previous owner recently added pickleball courts to Brantley Pines, which was delivered in two phases in 1988 and 1997.

July 17, 2024

Acquisitions Illinois Midwest Retail

Quantum Brokers $8.5M Sale of Retail Center in St. Charles, Illinois

by Kristin Harlow July 17, 2024

ST. CHARLES, ILL. — Quantum Real Estate Advisors Inc. has brokered the $8.5 million sale of a 47,000-square-foot retail center in St. Charles, about 40 miles west of Chicago. At the time of sale, the property was 97 percent leased to Syrup, Consume Cannabis, CD One Price, La Huerta Market and other local and national tenants. Brett Berlin of Quantum represented the seller, an Illinois-based developer. The buyer was a private group of investors based in Illinois and New Jersey.

July 17, 2024

Acquisitions Industrial Texas

STRIVE Negotiates Sale of 94,249 SF Shopping Center in Webster, Texas

by Taylor Williams July 16, 2024

WEBSTER, TEXAS — Dallas-based brokerage firm STRIVE has negotiated the sale of Village Real Shopping Center, a 94,249-square-foot retail property located southeast of Houston in Webster. The center was 95 percent leased at the time of sale to tenants such as Office Depot, Family Dollar and Eduardo’s Mexican Kitchen. Jake Dutson of STRIVE represented the seller and procured the out-of-state buyer, both of which requested anonymity, in the transaction.

July 16, 2024

Acquisitions Georgia Southeast Student Housing

Newmark Brokers Sale of 741-Bed Student Housing Tower Near Georgia State University

by John Nelson July 16, 2024

ATLANTA — Newmark has brokered the sale of Reflection, a student housing high-rise in Midtown Atlanta totaling 741 beds across 247 units. The Class A property is located at 111 John Wesley Dobbs Ave. NE, which is within walking distance of Georgia State University. Ryan Lang, Jack Brett, Ben Harkrider and Bert Sanders of Newmark represented the sellers, Atlantic Capital Properties and ELV Associates, in the transaction. The Scion Group and Brookfield Asset Management purchased the property for an undisclosed price. Built in 2022, Reflection features bed-to-bath parity, designer furniture package, stainless steel appliances and in-unit washers and dryers. Community amenities include a temperature-controlled saltwater pool with in-water tanning loungers, a jumbotron screen on an elevated deck, outdoor lawn and grilling area, fitness center, modern study and conference spaces and designated entertainment rooms that include gaming systems and table games. Additionally, the property features two retail spaces leased to Center Parc Credit Union and Mochinut, a donut shop. Reflection was 99.6 percent occupied at the time of sale.

July 16, 2024

Acquisitions Alabama Development Multifamily Southeast Student Housing

Audubon Acquires Student Housing Tower in Birmingham, Plans Conversion to Market-Rate Apartments

by John Nelson July 16, 2024

BIRMINGHAM, ALA. — Audubon has purchased Scholar Birmingham, a 198-unit student housing high-rise in Birmingham’s Five Points neighborhood. The tower was developed as an off-campus student housing property in 2020 due to its proximity to University of Alabama at Birmingham (UAB). The seller and sales price were not disclosed. Audubon plans to transition the property to market-rate housing in a retrofit that includes modernizing the interiors and enhancing community amenities. According to the Scholar Birmingham property website, the community offers fully furnished, pet-friendly studio, one-, two-, three- and four-bedroom apartments. Amenities include package lockers, a fitness center, sauna, gaming room, theater and a rooftop amenity deck with a pool, covered lounge and barbecue grills.

July 16, 2024

Acquisitions Florida Retail Southeast

SRS Arranges $10.3M Sale of Tradition Retail Center in Port St. Lucie, Florida

by John Nelson July 16, 2024

PORT ST. LUCIE, FLA. — SRS Real Estate Partners has arranged the $10.3 million sale of Tradition Retail Center, a 28,820-square-foot shopping center located at 10190-10218 SW Village Parkway in Port St. Lucie. The multi-tenant property is situated within Tradition, an 800-acre master-planned community in southeast Florida. Built in 2020, Tradition Retail Center was fully leased at the time of sale to 10 tenants, including Faith Animal Hospital, Farmers Insurance, Scott’s Golf Carts and the Little Gym. Patrick Nutt, William Wamble and Daniel Becker of SRS represented the seller, an undisclosed development firm based in New York. A private investor based in Florida purchased the retail center in an all-cash 1031 exchange at a 6.75 percent cap rate, according to SRS.

July 16, 2024

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