FORT WORTH, TEXAS — San Antonio-based Headwall Investments has purchased River District Plaza, a retail strip center in Fort Worth. According to LoopNet Inc., the center was built in 2020 and totals 5,920 square feet. The property was fully leased at the time of sale to three tenants: Wingstop, No Place Like Home and Rustic on the River. The seller and sales price were not disclosed.
OAK BROOK, ILL. — Colliers has arranged the sale of a 183,428-square-foot office building in the Chicago suburb of Oak Brook. The sales price of $10 million is 71 percent less than the price that the asset traded for a dozen years ago, according to Crain’s Chicago Business. The buyer, Ashley Capital, plans to relocate its Chicago office to the property at 2001 York Road later this year. The Class A building features a covered parking deck, onsite café, conference facilities, a tenant lounge, fitness center and electric vehicle charging stations. The asset is positioned near I-294 and I-88. Ashley Capital is planning a series of capital improvements and will roll out creative leasing packages to attract new tenants. The project will be fully self-funded until the building reaches a critical occupancy threshold, at which point rental income is expected to support conventional financing. The top four floors offer approximately 120,000 square feet of contiguous space available for lease. Colliers served as the court-appointed receiver, property manager and leasing agent for the building. Alissa Adler and John Homscher of Colliers represented the buyer. Francis Prock and David Florent of Colliers represented the lender, Varde Partners, and have been retained as …
DETROIT — Mid-America Real Estate Corp. has brokered the sale of The Ellington Retail, a 34,431-square-foot, grocery-anchored property in Detroit’s Midtown neighborhood. The property sold to a private investor and included a leasehold interest in the adjacent parking structure. The center is fully leased to Whole Foods Market, Bank of America, Chase Bank, FedEx Office, Great Expressions Dental, Pure Barre and Qargo Coffee. Ben Wineman and Daniel Stern of Mid-America represented the seller and original master plan developer of the site, Detroit-based The Platform. Jon Kouza of AQRE Advisors represented the buyer.
WHEELING, ILL. — Marcus & Millichap has negotiated the $5.8 million sale of a 72,000-square-foot industrial property in the Chicago suburb of Wheeling. Built in 1990, the asset is situated on nearly 4 acres at 100 Chaddick Drive, four miles from a full I-294 interchange. Peter Doughty of Marcus & Millichap represented the seller, a private owner, and procured the buyer, a private out-of-state investor. The building provides immediate, stable cash flow but also offers a value-add opportunity, according to Doughty.
POTTSTOWN, PA. — An affiliate of Pennsylvania-based investment firm High Real Estate Group has purchased the 154,219-square-foot Suburbia Shopping Center in Pottstown, about 40 miles northwest of Philadelphia. Built on 25.6 acres in 2003 and anchored by supermarket Giant Food, Suburbia Shopping Center was 85 percent leased at the time of sale. Other tenants include Dollar Tree, Starbucks, The UPS Store and Tower Health. Jim Galbally and Patrick Higgins of JLL represented the seller, Gambone Management Co., in the transaction.
NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $11.2 million sale of a 30-unit multifamily property located at 287-299 McGuinness Blvd. in the Greenpoint neighborhood of Brooklyn. The property consists of three adjacent five-story buildings that house 10 units apiece in a variety of floor plans. Benjamin Vago, Sean Kelly and Erik Moloney of Ariel brokered the deal. The buyer and seller were not disclosed.
EAST POINT, GA. — Red Oak Capital Holdings has provided an $8.7 million bridge loan for the acquisition and renovation of Garden Courts Apartments, an 86-unit multifamily community in the southwestern Atlanta suburb of East Point within three miles of Hartsfield-Jackson Atlanta International Airport. Underwritten within Red Oak’s Opportunistic Bridge Loan Program, the nonrecourse, interest-only loan carries a two-year term with a 73.9 percent loan-to-value ratio. Dave Christensen, Thomas Gorsk and James Myatt of Red Oak originated the loan. Arden Gist of Gist Group LLC arranged the financing on behalf of the borrower, Atlanta-based Miller Capital Properties. The loan proceeds will fund the property’s acquisition and approximately $1.3 million in capital improvements, equating to roughly $15,350 per unit. Interior upgrades will include new appliances, flooring, paint, doors, cabinetry and bathroom fixtures. Exterior renovations will address roofing, siding, landscaping, asphalt and HVAC system repairs, among other common area enhancements. Situated at 4060 Janice Drive, Garden Courts Apartments sits on 5.5 acres and comprises six, two-story buildings. Built in 1983, the property features 24 one-bedroom, 60 two-bedroom and one three-bedroom apartments, as well as a single-family rental home. Amenities at the complex include a swimming pool, laundry facilities, basketball court and a …
NEW YORK CITY — Locally based investment and development firm RFR has sold a 139,865-square-foot multifamily development site in the Gowanus area of Brooklyn for $160 million. The buyer was a partnership between two locally based firms, Tavros Capital and Charney Cos. RFR acquired the three-acre site at 175 Third St. for $115 million in 2018, more than three years before the city’s rezoning of the neighborhood to allow for more multifamily development. RFR subsequently collaborated with Bjarke Ingels Group on design schemes and worked over several years to secure an extension of the 421a tax abatement. Additionally during its holding period, RFR vacated the site, obtained excavation and foundation work permits, managed an environmental remediation program and qualified the site for tax incentives such as the Brownfield Credit Program. Ackman-Ziff Real Estate Group advised RFR, which sold the site as a fully entitled development opportunity, on the transaction. The new ownership has secured two acquisition/pre-development loans totaling $145 million in connection with the purchase of the site. Silver Point Capital provided $110 million as the senior lender and Brodsky/global alternative asset manager Tikehau Capital provided $35 million as the mezzanine lender. The partnership has also released development plans for the site, …
DALTON, GA. — JLL has arranged the $116.5 million sale of a nearly 1.2 million-square-foot industrial portfolio situated within Greenpoint Industrial Park in Dalton, a city in north Georgia near the Tennessee border. The portfolio includes 128 Innovation Drive, a 603,166-square-foot facility delivered in 2023, and 342 Innovation Drive, a 573,578-square-foot property delivered in January 2024. A joint venture between LX Pantos and KOBC (Korea Ocean Business Corp.) advised by IGIS Asset Management acquired the two facilities from the developer, Dossche Holdings. Dennis Mitchell, Britton Burdette, Jim Freeman and Maggie Dominguez of JLL represented the seller in the transaction, and Miyeon Lee of JLL’s International Capital Coverage team sourced the buyer. Austin Kriz, Tom Cromartie and Rachel Roberts of JLL were the leasing agents for both properties, which are situated near I-75 and the Appalachian Regional Port.
WILLIAMSBURG, VA. — CBRE has brokered the sale of Shops at High Street, a 58,434-square-foot retail village located at 1430 High St. in Williamsburg. The Khoshbin Co., a privately held real estate investment and management firm based in Costa Mesa, Calif., sold the center for an undisclosed price. CBRE’s National Retail Partners Mid-Atlantic team represented the seller in the transaction, while White House Realty Group represented the buyer, an undisclosed private investor. Shops at High Street was 98 percent leased at the time of sale to tenants including Movie Tavern, Five Guys, Subway, Orangetheory Fitness, The Learning Experience and 1-800 Flowers.