Acquisitions

Plaza Advisors Brokers Sale of 48,110 SF Shopping Center in Jensen Beach, Florida

by John Nelson December 20, 2023

JENSEN BEACH, FLA. — Plaza Advisors has brokered the sale of Palm Breeze Plaza, a 48,110-square-foot shopping center in Jensen Beach, about 45 miles north of West Palm Beach, Fla. The center is situated on a nearly 4-acre site less than one mile from the coast of the Atlantic Ocean. The seller, FrostPoint Capital, acquired the center in 2020 and over the course of its ownership fully renovated the asset and signed anchor tenant Winn-Dixie to a long-term lease extension. Other tenants at Palm Breeze Plaza, which was fully leased at the time of sale, include Winn-Dixie Liquor, Domino’s, Carquest and St. Lucie Medical Specialists, a subsidiary of HCA. The buyer and sales price were not disclosed.

December 20, 2023

Acquisitions Retail South Carolina Southeast

SRS Negotiates $3.2M Sale of Retail Property in Beaufort, South Carolina Leased to Mavis Discount Tire

by John Nelson December 20, 2023

BEAUFORT, S.C. — SRS Real Estate Partners has negotiated the nearly $3.2 million sale of a 6,800-square-foot retail property located at 162 Sea Island Parkway in Beaufort, about 35 miles from Hilton Head Island. Mavis Discount Tire fully occupies the store, which opened this summer, on a 20-year triple-net lease. The Mavis property is part of a larger retail development that includes Publix, AutoZone, Sherwin-Williams and Wendy’s. Patrick Nutt, William Wamble and Sabrina Kortlandt of SRS represented the seller, an unnamed developer based in Florida, in the transaction. The Vermont-based private buyer purchased the asset in a 1031 exchange at a 5.38 percent cap rate, according to SRS.

December 20, 2023

Acquisitions Multifamily Texas

SPI Advisory Buys 266-Unit Main Street Lofts Apartments in Mansfield, Texas

by Taylor Williams December 20, 2023

MANSFIELD, TEXAS — Texas-based private equity firm SPI Advisory has purchased Main Street Lofts, a 266-unit apartment complex in the southern Fort Worth suburb of Mansfield. Completed in 2022, the property offers studio, one-, two- and three-bedroom units. The amenity package consists of a pool with an adjacent game lawn, fire pit and lounge, as well as a rooftop lounge with shuffleboard, fitness center with yoga and spin studios, dog park, conference rooms, biking trails and resident lounges with TVs. Grant Raymond, Asher Hall, Robert Stickel and Alex Brown of Cushman & Wakefield represented the seller, a partnership between Dallas-based Realty Capital Residential and Florida-based PointOne Holdings, in the transaction. Fritz Waldvogel of Colliers Mortgage originated an undisclosed amount of Fannie Mae acquisition financing for the deal.

December 20, 2023

Acquisitions Multifamily Texas

The Multifamily Group Arranges Sale of 72-Unit Lorenzo Apartments in San Antonio

by Taylor Williams December 20, 2023

SAN ANTONIO — Dallas-based brokerage firm The Multifamily Group (TMG) has arranged the sale of Lorenzo Apartments, a 72-unit complex in San Antonio. Built in 1960 on the city’s south side, the property features one- and two-bedroom units with an average size of 611 square feet, as well as a dog park and onsite laundry facilities. Jon Krebbs of TMG represented the seller, and Christopher Siemasko of TMG procured the buyer. Both parties requested anonymity.

December 20, 2023

Acquisitions Lee & Associates Office Texas

Lee & Associates Negotiates Sale of 29,979 SF Office Building in Allen, Texas

by Taylor Williams December 20, 2023

ALLEN, TEXAS — Lee & Associates has negotiated the sale of a 29,979-square-foot office building in the northeastern Dallas suburb of Allen. According to LoopNet Inc., the two-story building at 100 Allentown Parkway was constructed in 1985 and includes 142 parking spaces. Jessica Reinhardt and George Tanghongs of Lee & Associates brokered the deal. The buyer and seller were not disclosed.

December 20, 2023

Acquisitions Multifamily Oregon Student Housing Western

Core Spaces, Harrison Street Acquire 686-Bed Student Housing Community Near University of Oregon

by Amy Works December 20, 2023

EUGENE, ORE. — A joint venture between Core Spaces and Harrison Street has acquired Identity Eugene, a 686-bed student housing community located near the University of Oregon campus in Eugene. The property has been rebranded The Rive Eugene and offers 209 units in studio through five-bedroom configurations. Shared amenities at the community include a resort-style, rooftop swimming pool and hot tub; state-of-the-art fitness center; roof deck with fire pits and outdoor grilling space; and a clubroom with games and private workspaces. Accounts managed by KKR provided financing for the transaction. The seller and price were not disclosed. “The University of Oregon fits well within our strategy and The Rive Eugene checks all the boxes in terms of location, quality, amenities and leasing performance,” says Brendan Miller, chief investment officer of student housing at Core Spaces.

December 20, 2023

Acquisitions California Office Western

Harbert Management Sells 346,731 SF Concord Corporate Centre in San Francisco

by Amy Works December 20, 2023

SAN FRANCISCO — Harbert Management Corp. has completed the disposition of Concord Corporate Centre, an office campus in San Francisco’s East Bay area. Sierra Pacific acquired the asset for an undisclosed price. Located at 1320 and 1390 Willow Pass Road, the 346,731-square-foot, two-building campus was 73 percent leased at the time of sale. The property also includes a 1,167-stall parking garage. The buyer plans to add updated amenities and renovate the common areas of the property. Steven Golubchik, Edmund Najera, Jonathan Schaefler and Darren Hollak of Newmark represented the seller in the deal.

December 20, 2023

Acquisitions Arizona Industrial Western

Cushman & Wakefield Arranges $7.1M Sale of Industrial Property in Phoenix

by Amy Works December 20, 2023

PHOENIX — Cushman & Wakefield has brokered the sale of a freestanding flex industrial building, located at 2655 E. Magnolia St. in Phoenix. MHS Magnolia LLC acquired the asset for $7.1 million. Constructed in 1984 and renovated in 2021, the 35,385-square-foot property is fully leased to a major local HVAC company on a triple-net-lease basis. The property features a training center, warehouse/showroom with 16-foot clear heights and 145 parking spaces. Chris Hollenbeck, Shane Carter, Tracy Cartledge and Bob Buckley of Cushman & Wakefield represented the undisclosed seller in the deal.

December 20, 2023

Acquisitions California Retail Western

Hanley Brokers $4.2M Sale of Retail Center in Southern California

by Amy Works December 20, 2023

INGLEWOOD, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the $4.2 million sale of a retail center located in Inglewood. Dollar General anchors the 12,750-square-foot property, which was built in 1961 and renovated in 2004. Kevin Fryman, Carlos Lopez, Sean Cox and Alexander Moore of Hanley represented the seller, a Los Angeles-based private investor. Robert Toofer of Exclusive Realty represented the buyer.

December 20, 2023

Acquisitions Illinois Midwest Multifamily

Interra Realty Brokers $9.6M Sale of Apartment Building in Chicago’s Lincoln Park

by Kristin Harlow December 20, 2023

CHICAGO — Interra Realty has brokered the $9.6 million sale of a 28-unit apartment building in Chicago’s Lincoln Park neighborhood. Located at 1900-16 N. Lincoln Ave., the property features a mix of studio, one- and two-bedroom units. The building, constructed in 1906, underwent a capital improvement program for new appliances, countertops, cabinets and floors. Joe Smazal of Interra represented the buyer, Chicago-based ICM Properties. He also represented the local private seller. The property was fully occupied at the time of sale.

December 20, 2023

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