Acquisitions

Mid-America Brokers Sale of 62,079 SF Retail Center in Portage, Michigan

by Kristin Harlow March 26, 2025

PORTAGE, MICH. — Mid-America Real Estate Corp. has brokered the sale of Shoppes at Romence Village in Portage, just south of Kalamazoo. The sales price was undisclosed. The 62,079-square-foot retail center was 96 percent leased at the time of sale to tenants such as AAA, Great Clips, Michigan Secretary of State, Jet’s Pizza, Once Upon a Child and Clothes Mentor. Ben Wineman, Daniel Stern and Brad Lefkowitz of Mid-America represented the seller, Bloomfield Hills, Mich.-based Bleznak Real Estate Investment Group. New York-based Time Equities Inc. was the buyer.

March 26, 2025

Acquisitions New York Northeast Retail Southeast Top Stories Virginia

Dollar Tree to Sell Family Dollar Business to Private Equity Firms for $1B

by Kristin Harlow March 26, 2025

CHESAPEAKE, VA. AND NEW YORK CITY — Dollar Tree Inc. (NASDAQ: DLTR) has agreed to sell the Family Dollar business segment to Brigade Capital Management LP and Macellum Capital Management LLC for $1 billion. The sales price represents a fraction of the $8.5 billion that Dollar Tree paid for the discount brand in 2015. Family Dollar will remain headquartered in Chesapeake. Family Dollar, which caters to low-income customers with its roughly 8,000 U.S. stores, has struggled in recent years. In March 2024, Dollar Tree unveiled plans to close approximately 970 underperforming Family Dollar stores. After a review of potential alternatives for the Family Dollar business segment, the Dollar Tree leadership team and board of directors determined that a sale of Family Dollar to Brigade and Macellum best unlocks value for Dollar Tree shareholders and positions Family Dollar for future success. “This is a major milestone in our multi-year transformation journey to help us fully achieve our potential,” says Mike Creedon, CEO of Dollar Tree. “We will continue to grow and optimize our Dollar Tree business to maximize value for Dollar Tree associates, customers and shareholders with an enhanced focus on compelling initiatives, including our expanded assortment, significant planned new store …

March 26, 2025

Acquisitions Office Texas

Marcus & Millichap Brokers Sale of 126,790 SF Office Building in Irving

by Taylor Williams March 25, 2025

IRVING, TEXAS — Marcus & Millichap has brokered the sale of O’Connor Ridge, a 126,790-square-foot office building in Irving. The four-story building was constructed in 1980 and houses 30 suites. Ron Hebert, Joseph Jaques, David Fersing, Nick Fluellen and Bard Hoover of Marcus & Millichap represented the California-based seller in the transaction. Hebert and Jaques also procured the locally based buyer. Both parties requested anonymity.

March 25, 2025

Acquisitions Multifamily New Hampshire Northeast

CBRE Brokers Sale of 224-Unit Slate at Merrimack Apartments in Southern New Hampshire

by Taylor Williams March 25, 2025

MERRIMACK, N.H. — CBRE has brokered the sale of Slate at Merrimack, a 224-unit apartment complex located near the Massachusetts-New Hampshire border. Built in 2023, the property houses one- and two-bedroom units with an average size of 943 square feet. Amenities include a pool, fitness center, coworking café and outdoor grilling and dining areas. Simon Butler, Biria St. John, John McLaughlin and Brian Bowler of CBRE represented the seller, LeCesse Development Corp., in the transaction. The team also procured the undisclosed buyer.

March 25, 2025

Acquisitions Build-to-Rent Multifamily Single-Family Rental Southeast Tennessee

PPR Capital Management Buys Build-to-Rent Community in Knoxville for $87M

by John Nelson March 25, 2025

KNOXVILLE, TENN. — PPR Capital Management, a private equity firm based in Berwyn, Pa., has purchased Highline at Knoxville, a new build-to-rent residential community in Knoxville, for $87 million. The acquisition includes both Phase I, which comprises 110 single-family rental (SFR) homes currently in lease-up, and Phase II, 151 townhomes and detached SFR homes that will break ground immediately and be delivered in tranches between 2026 and 2027. Project partners include general contractor BTR Group and property manager Greystar. PPR also partnered with Center Creek Capital Group, a real estate investment and development firm, on the acquisition. The deal structure includes a total equity investment of $26.6 million, with PPR contributing $25 million as the primary equity partner. Highline at Knoxville represents the first BTR purchase and second acquisition in Tennessee for PPR.

March 25, 2025

Acquisitions Maryland Retail Southeast

First Washington Realty Acquires Whole Foods-Anchored Shopping Center Near DC

by John Nelson March 25, 2025

RIVERDALE PARK, MD. — First Washington Realty has acquired a 163,000-square-foot shopping center in the Washington, D.C. suburb of Riverdale Park. The retail property, which is situated within the mixed-use district of The Station at Riverdale Park near the University of Maryland, is anchored by Whole Foods Market. Additional tenants at the shopping center include Burton’s Grill, Starbucks Coffee, Gold’s Gym, Jersey Mike’s Subs, Denizens Brewing Co. and District Taco. Amrit Chase negotiated the transaction on behalf of First Washington Realty on an internal basis. The seller and sales price were not disclosed.

March 25, 2025

Acquisitions Northeast Pennsylvania Retail

Empire Realty Investments Sells 109,057 SF Shopping Center in Bensalem, Pennsylvania

by Taylor Williams March 25, 2025

BENSALEM, PA. — Locally based firm Empire Realty Investments has sold the 109,057-square-foot Bensalem Shopping Center on the northeastern outskirts of Philadelphia. The center was built on 8.8 acres in 1972 and was fully leased at the time of sale. Indian grocer Patel Brothers anchors the center, and other tenants include Dollar General, Advance Auto Parts and Unlimited PCS. Jim Galbally and Patrick Higgins of JLL represented Empire Realty Investments in the transaction. The buyer and sales price were not disclosed, but the deal traded at a cap rate of 6.41 percent.

March 25, 2025

Acquisitions Florida Industrial Southeast

Basis Industrial Purchases Metro Tampa Industrial Portfolio for $60M

by John Nelson March 25, 2025

DELRAY BEACH, FLA. — Delray Beach-based Basis Industrial has purchased a portfolio of five business parks in the metro Tampa area for $60 million. The 472,512-square-foot portfolio brings Basis Industrial’s Tampa-area holdings to more than 1 million square feet. The properties in the portfolio include Bryan Dairy Business Park in Largo (102,166 square feet); Starkey Center I and II in Largo (102,652 square feet); Turtle Creek in Clearwater (121,217 square feet); Cross Bayou in Largo (58,088 square feet): and ICOT IV & Condo in Clearwater (88,389 square feet). Anthony Scavo represented Basis Industrial in the transaction on an internal basis. Bob Anderson of Birtcher Anderson represented the undisclosed seller. Beach Point Capital Management provided an undisclosed amount of acquisition financing to Basis, which plans to invest capital improvements for the portfolio’s exteriors, roofs, parking area and signage.

March 25, 2025

Acquisitions Multifamily North Carolina Southeast

Berkadia Negotiates Sale of 288-Unit 198 Milltown Apartments in Burlington, North Carolina

by John Nelson March 25, 2025

BURLINGTON, N.C. — Berkadia has negotiated the sale of 198 Milltown Apartments, a 288-unit community located at 198 Milltown St. in Burlington, a city in North Carolina’s Piedmont Triad region. A fund sponsored by Birmingham, Ala.-based StoneRiver Co., StoneRiver Investment Fund III, purchased the Class A community from Wilmington, N.C.-based Zimmer Development Co. for an undisclosed price. Caleb Troop and Thomas Colaiezzi of Berkadia’s Charlotte office represented the seller in the transaction. Built in 2020, 198 Milltown features one-, two- and three-bedroom apartments ranging in size from 700 to more than 1,200 square feet. Amenities include a 24-hour health club and resident lounge, pet spa and pet park, saltwater swimming pool, outdoor social lounge and grill area, Amazon package lockers, playground, a car care center and garages.

March 25, 2025

Acquisitions California Multifamily Western

Brixton Capital Sells 227-Unit Apartment Community in Moreno Valley, California

by Amy Works March 25, 2025

MORENO VALLEY, CALIF. — Brixton Capital has completed the disposition of Elevate at Towngate, a multifamily property in Moreno Valley. San Francisco-based FPA Multifamily acquired the asset for $41 million. Brixton Capital originally acquired the property in December 2017 for $28 million, rebranded and renovated the asset. Built in 1973, Elevate at Towngate offers 227 units spread across seven residential buildings. The one-, two- and three-bedroom apartments range from 590 square feet to 1,224 square feet. Chelsea Jervis, CJ Angle and Blake Rodgers of JLL represented Brixton, while the buyer was self-represented in the deal.

March 25, 2025

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