Acquisitions

Easterly Government Properties Buys Office Building in Anaheim, California for $31.1M

by Amy Works October 11, 2023

ANAHEIM, CALIF. — Easterly Government Properties has acquired 1065 Link, a four-story office building within Link OC in Anaheim. A partnership between a global real estate investment, development and management firm and a global investment manager sold the asset for $31.1 million, or $327 per square foot. Originally constructed in 1991, 1065 Link features 95,371 square feet of institutional-grade office space. The property underwent interior and exterior renovations in 2020. Key building features include a newly renovated lobby and exterior common areas and over-standard parking. The State of California occupies the entire building. Jeffrey Cole, Nico Napolitano, Brad Brandenburg and Kristen Bogler of Cushman & Wakefield’s Capital Markets team in Southern California represented the seller in the transaction.

October 11, 2023

Acquisitions Multifamily Texas

Newmark Brokers Sale of 376-Unit Stone Brook Apartments in Metro Houston

by Taylor Williams October 11, 2023

BAYTOWN, TEXAS — Newmark has brokered the sale of Stone Brook, a 376-unit apartment community located in the eastern Houston suburb of Baytown. Built in 2000, Stone Brook offers one-, two- and three-bedroom units and amenities such as a pool, playground and a dog park. Zach Springer of Newmark represented the seller, Dallas-based private equity firm Knightvest Capital, in the transaction. Tip Strickland, also with Newmark, originated an undisclosed amount of Freddie Mac acquisition financing on behalf of the buyer, Bluebird. The 10-year, fixed-rate loan was structured with a loan-to-value ratio above 80 percent and seven years of interest-only payments.

October 11, 2023

Acquisitions Florida Multifamily Southeast

JBM Brokers $102M Sale of ParkCrest Landings Apartments in Bradenton, Florida

by John Nelson October 11, 2023

BRADENTON, FLA. — JBM Institutional Multifamily Advisors has brokered the $102 million sale of ParkCrest Landings, a 400-unit apartment community located in Bradenton, a city in metropolitan Sarasota. This sale represents the second time that JBM has brokered the sale of ParkCrest Landings since it was delivered in 2015. Passco Cos. sold the asset to an undisclosed buyer. Situated on a 78.4-acre site, ParkCrest Landings comprises 17 two- and three-story residential buildings, three separate amenity/clubhouse buildings and two swimming pools. The property features one-, two- and three-bedroom apartments with an average size of 1,026 square feet.

October 11, 2023

Acquisitions Georgia Industrial Southeast

MDH Partners Acquires New 655,370 SF Industrial Building Near Savannah

by John Nelson October 11, 2023

BLOOMINGDALE, GA. — Atlanta-based MDH Partners has purchased Beltway Logistics Center, a 655,370-square-foot industrial facility located in Bloomingdale, about 15 miles from the Port of Savannah. The seller, a joint venture led by TPA Group, recently delivered the property, which is situated less than one mile from I-16. Joe DeHaven led the acquisition process for MDH Partners on an internal basis. The sales price was not disclosed. The cross-deck facility features 40-foot clear heights, 172 trailer parking spots, 134 dock-high doors, 185-foot concrete truck courts, 2,445 square feet of speculative office space and LED lighting in the warehouse. Notable neighbors of Beltway Logistics Center include Floor & Decor, FedEx and Arco Plastic.

October 11, 2023

Acquisitions Retail Texas

STRIVE Arranges Sale of 239,610 SF Euless Town Center in Metro Dallas

by Taylor Williams October 11, 2023

EULESS, TEXAS — Locally based brokerage firm STRIVE has arranged the sale of Euless Town Center, a 239,610-square-foot shopping center located on the eastern outskirts of Dallas. Ross Dress for Less and grocer Aldi anchor the center, which was roughly 86 percent leased at the time of sale. Other tenants include Dirt Cheap, Skechers USA and Sally Beauty. Hudson Lambert and Jennifer Pierson of STRIVE represented the California-based seller and procured the Texas-based buyer, both of which requested anonymity, in the transaction.

October 11, 2023

Acquisitions Colorado Net Lease Restaurant Retail Western

Marcus & Millichap Brokers $2.6M Sale of Net-Leased Restaurant Building in Falcon, Colorado

by Amy Works October 11, 2023

FALCON, COLO. — Marcus & Millichap has arranged the sale of a restaurant property located at 7575 Falcon Market Place in the Colorado Springs suburb of Falcon. A limited liability company sold the asset to an undisclosed buyer for $2.6 million. Freddy’s Frozen Custard & Steakburgers occupies the 3,030-square-foot property on a net-lease basis. Part of a 20-acre development, the new restaurant is located in front of a King Soopers supermarket that is currently under construction. Drew Isaac and James Rassenfoss of Marcus & Millichap’s Denver represented the seller in the deal.

October 11, 2023

Acquisitions Midwest Ohio Retail

Midland Atlantic Properties, Next Realty Acquire 160,000 SF Shopping Center in Cincinnati

by Kristin Harlow October 11, 2023

CINCINNATI — A joint venture between affiliates of Midland Atlantic Properties and Next Realty has acquired Waterstone Center, a 160,000-square-foot shopping center in Cincinnati. The purchase price and seller were undisclosed. The fully leased property is home to Best Buy, Ross Dress for Less, Michaels, Old Navy, Petco and Verizon. BWE arranged acquisition financing through Goldman Sachs.

October 11, 2023

Acquisitions Illinois Midwest Multifamily

Quantum Brokers $3.8M Sale of Multifamily Building in Chicago’s West Town

by Kristin Harlow October 11, 2023

CHICAGO — Quantum Real Estate Advisors Inc. has brokered the $3.8 million sale of an 11-unit multifamily building in Chicago’s West Town neighborhood. The property at 835 N. Wolcott Ave. was renovated in 2020. Quantum represented the out-of-state buyer, which completed a 1031 exchange. The seller was undisclosed.

October 11, 2023

Acquisitions Illinois Midwest Retail

Time Equities Purchases Burbank Plaza Retail Strip Center in Suburban Chicago for $3.1M

by Kristin Harlow October 11, 2023

BURBANK, ILL. — Time Equities Inc. (TEI) has purchased Burbank Plaza, a 28,000-square-foot retail strip center in Burbank, a southern suburb of Chicago. The purchase price was $3.1 million. Currently 91 percent leased and anchored by Family Dollar, the property is home to various tenants such as a dry cleaner, nail salon and phone store. One 2,500-square-foot space is available for lease. Ami Ziff, Jonathan Kim, Grant Scott and Eli Smith represented TEI on an internal basis. Adam Foret of CBRE represented the private seller.

October 11, 2023

Acquisitions Mixed-Use New York Northeast

Ariel Property Advisors Negotiates $19.1M Sale of Mixed-Use Building in The Bronx

by Taylor Williams October 11, 2023

NEW YORK CITY — Ariel Property Advisors has negotiated the $19.1 million sale of a 160,000-square-foot mixed-use building located at 950 Westchester Ave. in the Longwood area of The Bronx. The 12-story building consists of 111 market-rate and affordable housing units and a community facility with seven office units and two retail spaces. Victor Sozio, Jason Gold, Howard Raber, Shimon Shkury and Daniel Mahfar of Ariel Property Advisors represented the undisclosed seller in the transaction. The buyer was also not disclosed.

October 11, 2023

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