Acquisitions

IPA Brokers $26.5M Sale of Eden Apartments in Tempe, Arizona

by Amy Works February 14, 2023

TEMPE, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Eden Apartments, a multifamily community in Tempe. Living Well Homes sold the asset to Rise48 Equity for $26.5 million, or $236,607 per unit. Built in 1980, Eden Apartments features 112 apartments spread across eight two-story buildings. Each residence features an in-unit washer/dryer connection and a private balcony or patio. Community amenities include a swimming pool, fitness center, laundry facility, picnic area and courtyard. Cliff David and Steve Gebing of IPA represented the seller and procured the buyer in the transaction. The IPA Capital Markets team led by Brian Eisendrath and Cameron Chalfant arranged acquisition financing for the buyer.

February 14, 2023

Acquisitions California Industrial Western

Wimatex Acquires 85,165 SF Industrial Building in Carlsbad, California for $21M

by Amy Works February 14, 2023

CARLSBAD, CALIF. — Wimatex has purchased an industrial property, located at 2271 Cosmos Court in Carlsbad, from an undisclosed seller for $21 million. At the time of sale, the freestanding building was fully leased to a global medical device and technology company in the sleep and respiratory market. The 85,165-square-foot building features heavy power, six dock-high loading doors, three grade-level loading doors, 24-foot to 26-foot clear heights and drive-around access. Additional features include a high-image exterior, large outdoor amenitized entrance and a two-story lobby. Aric Starck and Drew Dodds of Cushman & Wakefield Capital Markets San Diego represented the seller in the deal.

February 14, 2023

Acquisitions Colorado Hospitality Western

Silverwest Hotels Sells 113-Key Westin Extended-Stay Hotel in Basalt, Colorado

by Amy Works February 14, 2023

BASALT, COLO. — Silverwest Hotels and its partners have completed the disposition of Element Basalt – Aspen by Westin, an extended-stay hotel at 499 Market St. in Basalt, approximately 20 miles northwest of Aspen. Terms of the transaction were not released. The four-story Element Basalt Aspen features 113 guest rooms, an outdoor event lawn, 625 square feet of indoor meeting space, a fitness center, an indoor pool, outdoor hot tub, bike rentals, onsite laundry and complimentary breakfast. Silverwest developed the hotel, which opened in 2015. John Strauss, James Stockdale, Jason Schmidt and James Bermingham of JLL Hotels & Hospitality represented the seller and procured the buyer in the deal. Jim Curtin, Leon McBroom, Mike Huth and Shalin Patel of JLL Debt Advisory secured acquisition financing for the buyer.

February 14, 2023

Acquisitions Multifamily Texas

NAS Investment Solutions Buys 160-Unit Willowpark Apartments in Lawton, Oklahoma

by Taylor Williams February 14, 2023

LAWTON, OKLA. — NAS Investment Solutions, a Los Angeles-based investment firm, has purchased Willowpark Apartments, a 160-unit multifamily complex located on the southwestern outskirts of Oklahoma City. According to Apartments.com, Willowpark Apartments was built in 1985 and offers amenities such as a pool, fitness center and onsite laundry facilities. The property consists of 10 two-story buildings on a 6.4 acre site. Units have an average size of 603 square feet. The seller and sales price were not disclosed.

February 14, 2023

Acquisitions Healthcare Texas

Northmarq Brokers Sale of 16,700 SF Healthcare Propety in Magnolia, Texas

by Taylor Williams February 14, 2023

MAGNOLIA, TEXAS — Northmarq has brokered the 1031 exchange sale of a 16,700-square-foot healthcare property in Magnolia, about 45 miles northwest of Houston. Built on 7.6 acres in 2012, the property was fully leased at the time of sale to tenants such as Hillwood Family Dental Group, Simple Traditions Family Health, Hanigan & Johnson Orthodontics and Endodontics of Houston. Riley Sharman of Northmarq brokered the deal.

February 14, 2023

Acquisitions Northeast Pennsylvania Retail

PREIT Sells Retail Property Leased to Whole Foods in Metro Philadelphia for $27M

by Taylor Williams February 14, 2023

PLYMOUTH MEETING, PA. — Pennsylvania Real Estate Investment Trust (PREIT) has sold a 65,155-square-foot retail property leased to Whole Foods Market in Plymouth Meeting, a northwestern suburb of Philadelphia, for $27 million. The store, which is located within Plymouth Meeting Mall, features a taco truck, rooftop patio, onsite pub and private event/meeting space. Jim Galbally, Chris Munley and Colin Behr of JLL represented PREIT in the transaction. The buyer was an undisclosed institutional investment firm.

February 14, 2023

Acquisitions Industrial New York Northeast

Cushman & Wakefield Brokers $12.1M Sale of Industrial Outdoor Storage Site in Whitestone, New York

by Taylor Williams February 14, 2023

WHITESTONE, N.Y. — Cushman & Wakefield has brokered the $12.1 million sale of a 4.6-acre industrial outdoor storage site in Whitestone, located north of Queens. The site, which is also zoned to support 121,882 square feet of industrial development, comprises six lots that are leased to 12 tenants on short-term bases. Daniel Abbondandolo, Robert Kuppersmith and Joegy Raju of Cushman & Wakefield represented the undisclosed seller in the transaction. Brian Sarath, also with Cushman & Wakefield, represented the buyer, Top Rock Holdings.

February 14, 2023

Acquisitions Multifamily New York Northeast

Ariel Property Advisors Negotiates $6.7M Sale of Multifamily Property in The Bronx

by Taylor Williams February 14, 2023

NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $6.7 million sale of a 22-unit multifamily property in the Pelham Bay area of The Bronx. The seven-story building offers one-, two- and three-bedroom units, includes 11 parking spots and was fully occupied at the time of sale. Daniel Mahfar, Jason Gold and Victor Sozio of Ariel Property Advisors brokered the deal. The buyer and seller were not disclosed.

February 14, 2023

Acquisitions Retail Texas

Hanley Investment Group Negotiates Sale of 42,800 SF Shopping Center in Metro Houston

by Taylor Williams February 13, 2023

SPRING, TEXAS — California-based brokerage firm Hanley Investment Group has negotiated the sale of Stables Town Center I, a 42,800-square-foot shopping center located in the northern Houston suburb of Spring. Walgreens anchors the center, which was built in 2001 and was 53 percent leased at the time of sale. Kevin Fryman of Hanley Investment Group, in conjunction with ParaSell Inc., represented the undisclosed seller in the deal. Houston-based Wu Properties purchased the asset for an undisclosed price.

February 13, 2023

Acquisitions Retail Texas

STRIVE Arranges Sale of 8,600 SF Retail Strip Center in Plano

by Taylor Williams February 13, 2023

PLANO, TEXAS — Locally based brokerage firm STRIVE has arranged the sale of Jupiter Plaza, an 8,600-square-foot retail strip center located on the northern outskirts of Dallas in Plano. At the time of sale, Jupiter Plaza was fully leased to tenants such as Taqueria Los Angeles, Nancy’s Beauty Salon and Chuck’s Barber Shop. Hudson Lambert of STRIVE represented the California-based seller and procured the Dallas-based buyer in the transaction. Both parties requested anonymity.

February 13, 2023

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