Acquisitions

Progressive Real Estate Partners Arranges Sale-Leaseback of LifeStream Blood Bank Building in Ontario, California

by Amy Works January 26, 2023

ONTARIO, CALIF. — Progressive Real Estate Partners has brokered the sale-leaseback of a medical retail building located at 1959 E. 4th St. in Ontario. Duckett-Wilson Development Co. acquired the asset from LifeStream Blood Bank for $1.2 million. LifeStream occupies the 3,060-square-foot, single-story, freestanding building, which is an outparcel to the 85,000-square-foot Vineyard Ontario Plaza shopping center. LifeStream is a nonprofit blood donor that provides blood products and services to Southern California hospitals and medical facilities. Paul Su of Progressive Real Estate represented the buyer and the seller in the transaction.

January 26, 2023

Acquisitions Northeast Pennsylvania Retail

Agora Commercial Acquires Shopping Center in Mount Pocono, Pennsylvania, for $17M

by Taylor Williams January 26, 2023

MOUNT POCONO, PA. — Metro Philadelphia-based investment firm Agora Commercial has acquired Mount Pocono Plaza, a 195,735-square-foot shopping center located in northeastern Pennsylvania, for $17 million. Regional grocer Weis anchors Mount Pocono Plaza, and other tenants include Ollie’s Bargain Outlet, Harbor Freight, Planet Fitness and Dollar Tree. The center’s occupancy rate at the time of sale was roughly 90 percent. Christopher Munley, Jim Galbally and Colin Behr of JLL represented the seller, New Jersey-based Heidenberg Properties Group, in the transaction.

January 26, 2023

Acquisitions Massachusetts Northeast Retail

Marcus & Millichap Brokers $9.9M Sale of Shopping Center in Marshfield, Massachusetts

by Taylor Williams January 26, 2023

MARSHFIELD, MASS. — Marcus & Millichap has brokered the $9.9 million sale of The Shops at Ocean’s Gate, a 38,247-square-foot shopping center in Marshfield, about 30 miles south of Boston. The center was built on 1.3 acres in 2010 and was 90 percent leased to tenants such as Domino’s Pizza, The Genesis Fit and Sweetfrog Frozen Yogurt at the time of sale. Evan Griffith and Tony Pepdjonovic of Marcus & Millichap represented the seller, a limited liability company, in the transaction and procured the buyer, a private investor. Both parties were Massachusetts-based entities that requested anonymity.

January 26, 2023

Acquisitions Development Multifamily Office Texas

Partnership Buys 314,514 SF Office Building in Downtown Fort Worth, Plans Multifamily Redevelopment

by Taylor Williams January 25, 2023

FORT WORTH, TEXAS — A partnership between two Chicago-based investment firms, 3L Real Estate and Syndicated Equities, has purchased The Oncor, a 314,514-square-foot office building in downtown Fort Worth. The new ownership plans to convert the building into a 330-unit multifamily community with Class A amenities, including a pool, fitness center, rooftop deck and a business center. The seller and sales price were not disclosed. A construction timeline was also not released.

January 25, 2023

Acquisitions Multifamily Texas

TMG Negotiates Sale of 103-Unit Multifamily Property in Arlington

by Taylor Williams January 25, 2023

ARLINGTON, TEXAS — Dallas-based brokerage firm The Multifamily Group (TMG) has negotiated the sale of Villas at the Parks, a 103-unit multifamily property in Arlington. The property was built in 1983 and houses one- and two-bedroom units that are furnished with quartz countertops, individual washers and dryers and private balconies/patios. Amenities include a pool, fitness center and onsite laundry facilities. Trey Caldwell of TMG represented the seller in the transaction, and Jon Krebbs of TMG procured the out-of-state buyer. Both parties requested anonymity

January 25, 2023

Acquisitions Retail Texas

NewQuest Arranges Sale of 15,750 SF Retail Property in Richmond, Texas

by Taylor Williams January 25, 2023

RICHMOND, TEXAS — Locally based brokerage firm NewQuest Properties has arranged the sale of a 15,750-square-foot retail property in Richmond, a southwestern suburb of Houston. The property, which was fully leased at the time of sale, represents Phase II of a larger project known as Commons at Harvest Green. Rick Ragan of NewQuest represented the buyer in the deal. Matt Berry, Drew Reinking and Robbie Kilcrease of CBRE represented the seller. Both parties were limited liability companies that requested anonymity.

January 25, 2023

Acquisitions Alabama Arkansas Georgia Kentucky Oklahoma Retail Southeast Tennessee

Matthews Arranges $16.1M Portfolio Sale of Eight Stores Leased to Family Dollar-Dollar Tree

by John Nelson January 25, 2023

NASHVILLE, TENN. — Nashville-based Matthews Real Estate Investment Services has arranged the $16.1 million portfolio sale of eight stores leased to the combo Family Dollar-Dollar Tree discount retail concept. The stores are located in Blountsville and Clayton, Ala.; Pauls Valley, Warner and Maud, Okla.; Edison, Ga.; Lincoln, Ark.; and Coldiron, Ky. Josh Bishop of Matthews represented the seller, an unnamed developer that built the stores. The undisclosed institutional buyer purchased the assets at a cap rate of 6.4 percent.

January 25, 2023

Acquisitions Restaurant Retail South Carolina Southeast

NAI Charleston Brokers $12M Sale of Two Retail Buildings in Charleston’s Upper King District

by John Nelson January 25, 2023

CHARLESTON, S.C. — NAI Charleston has brokered the $12 million sale of two retail buildings located at 585 and 587 King St. in Charleston’s Upper King Street district. These buildings, which span approximately 13,700 square feet, were leased to Fuji Sushi Bar and Uptown Social at the time of sale. Thomas Boulware of NAI Charleston represented the undisclosed buyer in the transaction. Tim Weldon of Colony Commercial Real Estate represented the locally based seller, Vanderking Properties.

January 25, 2023

Acquisitions New Jersey Northeast Retail

Marcus & Millichap Brokers Sale of 93,029 SF Shopping Center in Vernon Township, New Jersey

by Taylor Williams January 25, 2023

VERNON TOWNSHIP, N.J. — Marcus & Millichap has brokered the sale of Vernon Valley Plaza, a 93,029-square-foot shopping center in Northern New Jersey’s Sussex County. An ACME grocery store anchors the property, which was built between 2001 and 2004. Alan Cafiero, David Cafiero and John Moroz of Marcus & Millichap represented the seller, a developer, and procured the buyer, a private investor, in the transaction. Both parties were New Jersey-based entities that requested anonymity. Joseph Belgiovine of Marcus & Millichap Capital Corp. arranged a $13.3 million acquisition loan for the deal that carried a five-year term, fixed interest rate and a 30-year amortization schedule.

January 25, 2023

Acquisitions Connecticut Northeast Office

Vidal/Wettenstein Arranges Sale of 32,325 SF Office Complex in Shelton, Connecticut

by Taylor Williams January 25, 2023

SHELTON, CONN. — Locally based brokerage firm Vidal/Wettenstein has arranged the sale of a 32,325-square-foot office complex in Shelton, located outside of New Haven in southern Connecticut. According to LoopNet Inc., the property was built on 3.1 acres in 1967 and renovated in 1987. Bruce Wettenstein of Vidal/Wettenstein represented the undisclosed seller in the transaction. Wettenstein also procured the buyer, an affiliate of New York-based investment firm Kirchhoff, which plans to redevelop the property into a self-storage facility.

January 25, 2023

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