Acquisitions

Newmark Arranges Sale of 276-Unit Redland Apartments in San Antonio

by Taylor Williams March 21, 2023

SAN ANTONIO — Newmark has arranged the sale of The Redland, a 276-unit apartment community in San Antonio’s Stone Oak neighborhood. Built on 17.1 acres in 2007, The Redland features one-, two- and three-bedroom units with an average size of 1,044 square feet. Amenities include a pool, fitness center, resident clubhouse and two dog parks. Patton Jones, Matt Michelson and Andrew Dickson of Newmark represented the seller, California-based investment firm Bascom Group, in the transaction. Houston-based Ilan Investments purchased the property for an undisclosed price. The Redland was 93 percent occupied at the time of sale.

March 21, 2023

Acquisitions Industrial Texas

Emerald Creek Capital Acquires 57,000 SF Industrial Property in Fort Worth

by Taylor Williams March 21, 2023

FORT WORTH, TEXAS — New York City-based Emerald Creek Capital has acquired a 57,000-square-foot industrial property located at 4701 Pylon St. in Fort Worth. The property, which consists of two buildings that feature 31 loading docks and 13 drive-in doors, is situated on a 9.5-acre site with additional outdoor storage space. Tom Hollins and Christian Gallanti internally negotiated the deal for Emerald Creek, which acquired the single-tenant property via a sale-leaseback with an undisclosed tenant.

March 21, 2023

Acquisitions Illinois Midwest Retail

Pebblebrook Hotel Trust Sells 5,860 SF Retail Property on Chicago’s Magnificent Mile for $27.3M

by Kristin Harlow March 21, 2023

CHICAGO — Pebblebrook Hotel Trust (NYSE: PEB) has sold 909 N. Michigan Ave., a 5,860-square-foot retail property in Chicago, for $27.3 million. The asset is fully occupied by three tenants and is situated adjacent to Pebblebrook’s Westin Michigan Avenue Chicago hotel. The sales price reflected a cap rate of 7.7 percent. Proceeds from the sale will be used for general corporate purposes, which may include reducing the company’s outstanding debt and repurchasing the company’s common and preferred shares. A venture of Los Angeles-based Blatteis & Schnur was the buyer, according to Crain’s Chicago Business.

March 21, 2023

Acquisitions Iowa Midwest Retail

Marcus & Millichap Brokers $11.1M Sale of Daycare Portfolio in Iowa, Oklahoma

by Kristin Harlow March 21, 2023

WEST DES MOINES, IOWA AND EDMOND, OKLA. — Marcus & Millichap has brokered the sale of a net-leased daycare portfolio in Iowa and Oklahoma for $11.1 million. The KinderCare-occupied properties are in West Des Moines and Edmond. Dominic Sulo marketed the portfolio for sale on behalf of the seller, a Michigan-based limited liability company. The buyer was undisclosed.

March 21, 2023

Acquisitions Healthcare Midwest Minnesota

Quantum Arranges Sale-Leaseback of Freestanding Medical Office Building in Byron, Minnesota

by Kristin Harlow March 21, 2023

BYRON, MINN. — Quantum Real Estate Advisors Inc. has arranged the sale of a freestanding medical office building located at 221 2nd Ave. SW in Byron, about 10 miles west of Rochester. The sales price was undisclosed. Bluestem Center for Autism occupies the property. Seth Gilford of Quantum represented both the seller and buyer, a South African medical acquisition fund. The seller was looking for capital to help fund expansion into new locations.

March 21, 2023

Acquisitions California Retail Western

SRS Brokers $54M Sale of New Haven Marketplace in Ontario, California

by Jeff Shaw March 21, 2023

ONTARIO, CALIF. — SRS Real Estate Partners’ Investment Properties Group has brokered the $54 million sale of New Haven Marketplace in Ontario. Built in 2020, the shopping center totals 95,000 square feet. Stater Bros. anchors the property, which was fully leased at the time of sale. Other tenants include Starbucks Coffee, Chase Bank, Carl’s Jr., Great Clips, Rodeo X Public Market and Brew Haven. Pat Kent and Parker Walter of SRS represented the seller, a California-based developer, in the transaction. Glenn Rudy of Newmark represented the buyer, a California-based family office.

March 21, 2023

Acquisitions Oregon Retail Western

Newmark Arranges Sale of 371,791 SF Streets of Tanasbourne Shopping Center in Hillsboro, Oregon

by Jeff Shaw March 21, 2023

HILLSBORO, ORE. — Newmark has arranged the sale of The Streets of Tanasbourne, a 371,791-square-foot shopping center in Hillsboro. Nicholas Bicardo, Nick Kucha and Cheyne Bloch brokered the sale on behalf of the undisclosed seller. Balboa Retail Partners purchased the property. Macy’s, H&M, REI and Sephora anchor the center, which was 93 percent leased at the time of sale.

March 21, 2023

Acquisitions California Multifamily Western

Olympus Property Buys 179-Unit Angelene Apartments in West Hollywood

by Jeff Shaw March 21, 2023

WEST HOLLYWOOD, CALIF. – Olympus Property has purchased the 179-unit Angelene Apartments in West Hollywood for an undisclosed sum. The mixed-use luxury community is located at 915 N. La Brea Ave. It features hotel-style amenities, including a pool deck and clubhouse overlooking West Hollywood, an abundance of outdoor common areas and a fully equipped fitness center. Apartments feature open living spaces and large windows in a mix of studio to three-bedroom configurations. Derrek Ostrzyzek, Tom Moran, Rachel Parsons and Mike Murphy of Berkadia Institutional Solutions completed the sale on behalf of the institutional seller. Tucker Knight of Berkadia’s Houston office arranged acquisition financing through Freddie Mac on behalf of Olympus Property.

March 21, 2023

Acquisitions Industrial Northeast Pennsylvania Self-Storage

Marcus & Millichap Brokers Sale of 268-Unit Self-Storage Facility in Hanover, Pennsylvania

by Taylor Williams March 21, 2023

HANOVER, PA. — Marcus & Millichap has brokered the sale of Hanover Self Storage, a 238-unit facility located about 115 miles west of Philadelphia. The property spans 32,150 net rentable square feet and includes 10 outdoor parking spaces. Gabriel Coe, Brett Hatcher and Nathan Coe of Marcus & Millichap represented the seller, a limited liability company, in the transaction. Sean Beuche of Marcus & Millichap assisted in closing the deal as the broker of record. Additional terms of sale were not disclosed.

March 21, 2023

Acquisitions New York Northeast Retail

JLL Negotiates Sale of 34,919 SF Shopping Center on Long Island

by Taylor Williams March 21, 2023

HAUPPAUGE, N.Y. — JLL has negotiated the sale of Hauppauge Plaza, a 34,919-square-foot shopping center on Long Island. At the time of sale, the center was fully leased to tenants such as Dollar Tree, Moe’s Southwest Grill, Duck Donuts and Jersey Mike’s Subs. Christopher Munley, Jim Galbally, Jose Cruz, Colin Behr, J.B. Bruno and Andrew Scandalios of JLL represented the seller, New Jersey-based Heidenberg Properties, in the transaction. New York-based Serota Properties acquired the center for an undisclosed price.

March 21, 2023

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