TEXARKANA, TEXAS — A joint venture between two investment firms, New Jersey-based Reynolds Asset Management and Dallas-based Newport Capital Advisors, has purchased two multifamily properties in Texarkana, located near the Texas-Arkansas border. The sales price was $23 million. The properties include Westridge Apartments (176 units) and Park at Summerhill (184 units). The seller was not disclosed. John Hamilton of Marcus & Millichap brokered the deal. Allan Edelson and Joe Tarantino of Walker & Dunlop originated an undisclosed amount of Fannie Mae acquisition financing on behalf of the joint venture, which plans to invest $3 million in capital improvements across both assets.
HUMBLE, TEXAS — Colliers has brokered the sale of Deer Springs Apartments, a 128-unit multifamily complex located in the northeastern Houston suburb of Humble that was built in 1984. According to Apartments.com, the age-restricted complex offers one-, two- and three-bedroom units, as well as a pool and onsite laundry facilities. Chip Nash, Bob Heard, Kitty Wallace and Jaleel Adatia of Colliers represented the seller, Alphil Investments, in the transaction. The undisclosed buyer plans to implement a value-add program.
DALLAS — Evans Senior Investments (ESI) has arranged the sale of Crystal Creek at Preston Hollow, a 119-bed seniors housing property located just north of downtown Dallas. Built in 2001 and renovated in 2018, the community offers assisted living, memory care and long-term care services. An undisclosed regional owner-operator sold the asset to Marcus Investments for an undisclosed price. Vitality Senior Living will take over as operator. The buyer plans to invest $9 million in additional renovations to the property.
HAMPTON, GA. — Marcus & Millichap has brokered the $9.8 million sale of Centre at Lovejoy, a 46,700-square-foot shopping center located at 11337 Tara Blvd. in Hampton, about 28 miles south of Atlanta. Eric Abbott and Zach Taylor of Marcus & Millichap’s Atlanta office represented the seller, Mount Pleasant, S.C.-based WRS Inc., in the transaction. The buyer was AGW Partners, a private investment firm based in New York. Centre at Lovejoy is shadow-anchored by Walmart and was leased to 17 tenants at the time of sale, including Bank of America, GameStop and Dollar Tree. The property sold as part of a two-property portfolio sale that included a neighboring retail center.
GLENDALE AND SUN VALLEY, CALIF. — Palatine Capital Partners has acquired two industrial parks in the San Fernando Valley. A private investor sold the multi-tenant assets for $30.6 million. The properties are a 46,335-square-foot building on 1.9 acres at 820 Thompson Ave. in Glendale and a 98,295-square-foot facility on 2.8 acres at 7764-7766 San Fernando Road in Sun Valley. Both industrial parks are currently 100 percent occupied, with some rents below market. The buyer plans to add value during future lease-ups as new tenants come in. Kelly Betpolice of Kidder Mathews represented the buyer in the transaction.
CULVER CITY, CALIF. — Newmark has arranged the sale of 5995 Sepulveda, a vacant office building in Culver City, just west of Los Angeles. A private investor acquired the site for an undisclosed price and plans to occupy the property. The newly renovated building offers 27,090 square feet of creative office space with 12,000-square-foot floor plates and column-free layouts. The property also features landscaped outdoor seating and 24/7 onsite security and access control. Kevin Shannon, Ken White, Rob Hannan, Laura Stumm, Michael Moll, Steve Kolsky and Greg Frankovich of Newmark represented the undisclosed seller.
SURPRISE, ARIZ. — ORION Investment Real Estate has brokered the purchase of a multi-tenant retail pad building at the southeast corner of Litchfield and Waddell roads in Surprise, a suburb northwest of Phoenix. Fox Properties Surprise LLC acquired the asset form Parkview Realty Investments LLC for $2.4 million, or $300 per square foot. Built in 2009 on 3.17 acres, the 8,009-square-foot property is situated within Boulevard at Surprise Pointe, a 290-acre development with more than 200,000 square feet of retail space. Tenants at the Boulevard include AMC Theatres, Uptown Alley, Walgreens, Dutch Bros., Cold Stone Creamery, Tap House Sports Grill, Tropical Smoothie Café and Quick Quack Car Wash. Nick Miner of ORION represented the buyer, while Paul Blum of West USA represented the seller in the deal.
RENTON, WASH. — Marcus & Millichap has arranged the sale of a 12,000-square-foot industrial building at 61 Shattuck Ave. South in Renton, a suburb southeast of Seattle. A limited liability company sold the asset to an undisclosed buyer for $2.3 million. Anne Goldman and RJ Vara of Marcus & Millichap’s Seattle office represented the seller in the deal. According to the firm, the transaction represents a record price per square foot for 1970s vintage construction in the submarket.
WASHINGTON, D.C. — The Federal Trade Commission (FTC), a U.S. government entity that enforces consumer protection laws, has sued to block Kroger Co.’s (NYSE: KR) proposed $24.6 billion acquisition of Alberstons Cos. (NYSE: ACI). Announced in late 2022, the deal would mark the largest supermarket merger in U.S. history. Kroger’s current portfolio includes thousands of stores across 36 states, including stores that operate under the regional banners Fred Meyer, Fry’s, Harris Teeter, King Soopers and Quality Food Centers (QFC), in addition to its Kroger flagship. Albertsons likewise operates thousands of stores across 35 states under names including Haggen, Jewel-Osco, Pavilions, Safeway and Vons, in addition to the eponymous Alberstons shops. According to the FTC, the merger — which, if completed, would result in a portfolio of more than 5,000 stores and roughly 4,000 retail pharmacies — is “anticompetitive.” The commission alleges that executives for both supermarket chains have conceded that Kroger’s acquisition of Albertsons is anticompetitive, with one executive saying the merger is “basically creating a monopoly.” The FTC is also alleging that the deal would “lead to lower quality products and services” and threaten “the ability of employees to secure higher wagers, better benefits and improved working conditions,” according …
AUSTIN, TEXAS — Locally based brokerage firm Muskin | Elam Group has arranged the sale of Mint House at The Hatchery, a 30-unit apartment complex located at 49 Navasota St., just southeast of downtown Austin. Daniel Elam and Lyles Carter of Muskin | Elam Group represented the undisclosed seller, which at the time of sale was operating the property as a short-term rental facility, in the off-market transaction. Vista Bank provided acquisition financing on behalf of the buyer, Resolute Capital.