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Acquisitions

AcquisitionsMississippiRetailSoutheast

Marcus & Millichap Arranges Sale of 107,288 SF Barnett Plaza Shopping Center in D’Iberville, Mississippi

by John Nelson

D’IBERVILLE, MISS. — Marcus & Millichap has arranged the sale of Barnett Plaza, a 107,288-square-foot shopping center located at 10598 D’Iberville Road in D’Iberville, a city just north of Biloxi, Miss. Constructed in phases between the late 1970s and 2008, the property is situated on 13.8 acres. Tenants at the center include Crunch Fitness and Saad Health Care. Andrew Chason and Stephen Sewell of Marcus & Millichap represented the undisclosed seller in the transaction. Mickey Davis assisted as the firm’s broker of record in Mississippi. The buyer and sales price were also not disclosed.

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AcquisitionsIndustrialTexas

JLL Brokers Sale of 174,821 SF Warehouse, Light Manufacturing Facility in San Antonio

by Taylor Williams

SAN ANTONIO — JLL has brokered the sale of a 174,821-square-foot warehouse and light manufacturing facility in San Antonio. The front-load facility at 4958 Stout Drive is located on the city’s northeast side and features 22-foot clear heights, 12 dock-high doors, two drive-in ramps and 270 parking spaces. Trent Agnew, Josh Villarreal and Greer Shetler of JLL represented the seller, Ledo Capital Group, in the transaction and procured the buyer, Prattco Creekway Industrial. The building was fully leased to tenants at the time of sale.

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AcquisitionsMultifamilyTexas

The Multifamily Group Arranges Sale of 128-Unit Complex in Temple, Texas

by Taylor Williams

TEMPLE, TEXAS — Dallas-based brokerage firm The Multifamily Group (TMG) has arranged the sale of Midtown Apartments, a 128-unit complex located in the Central Texas city of Temple. Built in 1971, the property offers one- and two-bedroom units with an average size of 872 square feet and amenities such as a pool, fitness center, basketball court, clubhouse and a picnic area. Paul Yazbeck of TMG represented the seller in the transaction, and Jon Krebbs of TMG procured the buyer. Both parties requested anonymity.

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AcquisitionsNew YorkNortheastOffice

SL Green Agrees to Sell Midtown Manhattan Office Building for $632.5M

by Taylor Williams

NEW YORK CITY — SL Green Realty Corp. (NYSE: SLG) has agreed to sell the fee ownership interest in 625 Madison Avenue, a 563,000-square-foot office building in Midtown Manhattan, for $632.5 million. The 17-story building is located between 58th and 59th streets and includes ground-floor retail space. In connection with the sale, SL Green and its partners will originate a $234.5 million preferred equity investment in the property, and the locally based real estate giant will use net proceeds from the sale for repayment of corporate debt. The buyer was an undisclosed global investment group.

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AcquisitionsNortheastPennsylvaniaRetail

IPA Brokers $17.8M Sale of Retail Center in Allentown, Pennsylvania

by Taylor Williams

ALLENTOWN, PA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $17.8 million sale of Dorneyville Shopping Center, a 101,651-square-foot retail center in the eastern Pennsylvania city of Allentown. German discount grocer Aldi anchors the property, which was 86 percent leased at the time of sale. Brad Nathanson and J.P. Colussi of IPA represented the seller, Joshi Hotel Group, in the transaction. LS Property acquired the center.

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AcquisitionsMultifamilyNew JerseyNortheast

Kislak Arranges $3M Sale of Riverbank Commons Apartments in Trenton

by Taylor Williams

TRENTON, N.J. — New Jersey-based brokerage firm The Kislak Co. Inc. has arranged the $3 million sale of Riverbank Commons, a 30-unit apartment complex in Trenton. The three-story building houses three efficiency apartments, 12 one-bedroom units and 15 two-bedroom units. Barry Waisbrod of Kislak represented the seller, River Bank Rentals LLC, in the transaction. The buyer was an entity doing business as NJ Mercer Investments Realty LLC.

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AcquisitionsAffordable HousingIllinoisMidwestMultifamilySeniors Housing

Standard Communities Acquires 214-Unit Senior Living Community in Mount Prospect, Illinois

by Kristin Harlow

MOUNT PROSPECT, ILL. — Standard Communities has led a public-private partnership that acquired Huntington Towers in Mount Prospect for an undisclosed price. The transaction preserves affordability for the 214-unit senior living community for the next 30 years. The total capitalization of the transaction is approximately $74.9 million, including $16.1 million in planned renovations. Standard completed the acquisition in partnership with the Illinois Housing Development Authority and the U.S. Department of Housing and Urban Development. Located at 551-571 W. Huntington Commons Road, Huntington Towers was built in 1978. Planned renovations include new flooring, kitchen cabinet hardware, countertops, ranges, refrigerators, microwaves and toilets. Light fixtures will be replaced, hallways will be painted and new carpet will be installed. New amenities will include a fitness center and business center. A new rooftop solar system will reduce the property’s carbon footprint by more than 215 tons of carbon dioxide per year. A resident services coordinator will be added to the staff.

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AcquisitionsIllinoisMidwestRetail

JLL Brokers Sale of 125,826 SF Aurora Commons Shopping Center in Aurora, Illinois

by Kristin Harlow

AURORA, ILL. — JLL Capital Markets has brokered the sale of Aurora Commons, a 125,826-square-foot, open-air shopping center in Aurora. The sales price was undisclosed. Built in 1988, the property is 75 percent leased to tenants such as Ross Dress for Less, DD’s Discounts, Five Below, Dollar Tree, T-Mobile and H&R Block. Cermak Fresh Market shadow anchors the center, which is located at 1272 N. Lake St. Michael Nieder, Keely Polczynski and Caity Tirakian of JLL represented the seller, IRC Retail Centers. Sperry Equities was the buyer.

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AcquisitionsHospitalityIowaMidwest

Marcus & Millichap Arranges Sale of 136-Room Hospitality Portfolio in Burlington, Iowa

by Kristin Harlow

BURLINGTON, IOWA — Marcus & Millichap has arranged the sale of a 136-room hospitality portfolio in Burlington, a city in southeast Iowa. The sales price was undisclosed. The portfolio includes the 60-room Fairfield Inn & Suites and the 76-room Holiday Inn Express & Suites. Jared Plamann, Jon Ruzicka, Jake Erickson and Joseph Ferguson of Marcus & Millichap represented the seller and procured the buyer, which completed a 1031 exchange.

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AcquisitionsArizonaMultifamilyWestern

Fore Property Co. Divests of 310-Unit Cuvee Multifamily Community in Glendale, Arizona for $86M

by Amy Works

GLENDALE, ARIZ. — Fore Property Co. has completed the sale of Cuvee, an apartment property located at 7200 N. 91st Ave. in Glendale. Pillar Communities acquired the Class A asset for $86 million. Completed in 2023, Cuvee features 310 apartments; two resort-style pools; a two-story, club-style fitness center; and a residential clubhouse with TV lounges, a game room, coffee bar and business center. Asher Gunter, Matt Pesch, Sean Cunningham and Austin Groen of CBRE represented the seller in the deal.

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