Acquisitions

IPA Negotiates $25.3M Sale of Long-Term Ground Lease for Nohl Plaza in Orange, California

by Amy Works October 19, 2023

ORANGE, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $25.3 million sale of the leasehold interest in a long-term ground lease at Nohl Plaza in Orange. Tom Lagos, Patrick Toomey and Jose Carrazana of IPA, along with Joe Linkogle of Marcus & Millichap, represented the seller, Nohl Plaza LLC, and procured the undisclosed buyer in the deal. Built between 1966 and 1979 on more than 10 acres, Nohl Plaza features 103,639 square feet of retail space. Current tenants include Vons, Starbucks Coffee, Del Taco, Bank of America, the Tartan Room restaurant and Union 76 gas station.

October 19, 2023

Acquisitions Affordable Housing Multifamily Utah Western

CPP Acquires 112-Unit Skyline View Apartments in Layton, Utah

by Amy Works October 19, 2023

LAYTON, UTAH — Community Preservation Partners (CPP) has acquired Skyline View Apartments in Layton. CPP partnered with The Hampstead Cos., as co-owner and co-developer, for the community. CPP’s total development investment is approximately $39.5 million, which includes the $22 million purchase price and an estimated $70,000-per-unit renovation. CPP’s renovation and investment will renew the property’s affordability status for additional 20 years and preserve affordability for residents earning up to 50 percent of area median income. Comprised of eight two-story, garden-style buildings at 443, 448 and 430 N. Fairfield Road, Skyline View Apartments features 112 two-bedroom units, ranging in size from 720 square feet to 768 square feet. The asset was built between 1973 and 1978 and the buildings have not had significant renovations. Extensive renovations to interiors and exteriors will begin immediately with construction slated for completion in August 2024. Major enhancements will include installation of new windows, replacement of outdoor siding, and the addition of packaged terminal air conditioner units. Common amenity upgrades will include new paths of travel for improved accessibility, new tot lots, on-site parking for 123 vehicles, access to storage areas, a community laundry room and basketball court. Apartment upgrades will include new flooring, cabinets, countertops, lighting, …

October 19, 2023

Acquisitions Industrial Texas

Apricus Realty Capital Buys 8,800 SF Industrial Outdoor Storage Facility in Southeast Dallas

by Taylor Williams October 19, 2023

DALLAS — Locally based investment firm Apricus Realty Capital has purchased an 8,800-square-foot industrial outdoor storage facility located at 11600 C.F. Hawn Freeway in southeast Dallas. The two-building, four-acre site serves as a crane rental and maintenance facility. Matt Haley and Cort Martin represented Apricus Realty Capital in the transaction on an internal basis. The seller and sales price were not disclosed.

October 19, 2023

750-W-Garden-of-the-Gods-Rd-Colorado-Springs-CO

Acquisitions Colorado Retail Western

Blue West Capital Brokers $5.1M Sale of Multi-Tenant Retail/Flex Building in Colorado Springs

by Amy Works October 19, 2023

COLORADO SPRINGS, COLO. — Blue West Capital has brokered the sale of a multi-tenant retail/flex property located at 750 W. Garden of the Gods Road in Colorado Springs. A local 1031 exchange buyer acquired the asset for $5.1 million. The name of the seller was not released. Bryce McNeely of Blue West Capital represented the buyer and seller in the off-market transaction. The 33,892-square-foot property was 100 percent occupied by a mixture of local tenants at the time of sale.

October 19, 2023

Acquisitions Multifamily New York Northeast

Rosewood, GFI Realty Negotiate $5.2M Sale of Bronx Apartment Building

by Taylor Williams October 19, 2023

NEW YORK CITY — Two locally based brokerage firms, Rosewood Realty Group and GFI Realty, have negotiated the $5.2 million sale of a 53-unit apartment building in The Bronx. The six-story building at 4030 Bronx Blvd. was originally constructed in 1929. Ben Khakshoor, Alex Fuchs and Aaron Jungreis of Rosewood, along with Zach Fuchs of GFI, represented both the buyer and the seller in the transaction. Both parties were private investors. The deal traded at a cap rate of 8.1 percent.

October 19, 2023

Acquisitions Midwest Minnesota Retail

Cleeman Realty Group Brokers $5.1M Sale of Retail Property Net Leased to Hy-Vee in Fairmont, Minnesota

by Kristin Harlow October 19, 2023

FAIRMONT, MINN. — Cleeman Realty Group has brokered the $5.1 million sale of a 54,740-square-foot retail property net leased to Hy-Vee in Fairmont, a city in southern Minnesota. The property sits on five acres at 907 S. State St. Grocer Hy-Vee has operated at the location since 1991 and added a gas station and convenience store in 2011. Jeremy Scheer of Cleeman represented the undisclosed buyer. The seller was also undisclosed.

October 19, 2023

Acquisitions Industrial Texas

High Street Logistics Acquires 267,622 SF Industrial Complex in Mansfield, Texas

by Taylor Williams October 18, 2023

MANSFIELD, TEXAS — High Street Logistics Properties has acquired Mansfield Urban Industrial Park, a three-building, 267,622-square-foot complex located on the southern outskirts of Fort Worth. Completed in summer 2022, the development was 89 percent leased at the time of sale to a tenant roster with a weighted average remaining lease term of 4.6 years. Building features include 18- to 28-foot clear heights, ESFR sprinkler systems and speculative office space. Dustin Volz, Stephen Bailey, Dom Espinosa and Zach Riebe of Newmark represented the seller, Dallas-based developer Longbow Interests, in the transaction.

October 18, 2023

Acquisitions Retail Texas

Disney Investment Group Arranges $14.8M Sale of Westcliff Shopping Center in Fort Worth

by Taylor Williams October 18, 2023

FORT WORTH, TEXAS — Locally based brokerage firm Disney Investment Group (DIG) has arranged the $14.8 million sale of Westcliff Shopping Center, a 134,750-square-foot retail center in Fort Worth. Grocer Albertsons anchors the center, which was 86 percent leased at the time of sale. David Disney and Adam Crockett of DIG represented the seller, Florida-based REIT CTO Realty Growth (NYSE: CTO), in the transaction. The duo also procured the buyer, Partners Capital, the investment platform of Partners Real Estate, in conjunction with Partners’ internal agent Jess Dickie. Independent Financial provided acquisition financing. LanCarte Commercial leases the center.

October 18, 2023

Acquisitions Florida Multifamily Southeast

Cushman & Wakefield Brokers $94M Sale of Seven Lakes at Carrollwood Apartments in Tampa

by John Nelson October 18, 2023

TAMPA, FLA. — Cushman & Wakefield has brokered the sale of Seven Lakes at Carrollwood, a 640-unit apartment community located at 3303 N. Lakeview Drive in Tampa. Bridge Investment Group acquired the property from a real estate fund managed by Covenant Capital Group LLC. The sales price was not disclosed, but Tampa Bay Business Journal reports that the community traded for $94 million. Mike Donaldson and Nick Meoli of Cushman & Wakefield represented the seller in the transaction. Built in 1982, Seven Lakes at Carrollwood features a mix of studio, one- and two-bedroom units. Amenities include two swimming pools with pavered sundecks and lake views, a clubhouse housing a fitness center and games, car care center, walking paths and access to seven community lakes. The property has undergone $7 million in renovations in the past three years, according to Cushman & Wakefield.

October 18, 2023

Acquisitions Retail Texas

Standridge Cos. Sells 28,119 SF Shopping Center in Metro Dallas

by Taylor Williams October 18, 2023

ROWLETT, TEXAS — Locally based investment firm Standridge Cos. has sold Expo Center, a 28,119-square-foot shopping center located in Rowlett, roughly 20 miles northeast of Dallas. Situated on 3.4 acres, the property was fully leased at the time of sale to tenants such as Fresenius Medical Care, Golden Pot Chinese and Opa! Greek Taverna. Jared Aubrey and Michael Austry of CBRE represented Standridge Cos. in the transaction. The buyer was a local private investment group that requested anonymity.

October 18, 2023

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