Acquisitions

Hanley Brokers Sale of Five Retail Outparcels Totaling 25,916 SF in Riverside, California

by Amy Works October 25, 2023

RIVERSIDE, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the acquisition of five retail outparcels located at Citrus Landing, a 124,904-square-foot retail center in the Inland Empire city of Riverside. Tenants at the outparcels, which total 25,916 square feet, include Carl’s Jr., Quick Quack Car Wash, Arrowhead Credit Union, Panda Express, Café Bottega, Pacific Dental and Chick-fil-A, which is scheduled to open next year. Stater Bros. anchors Citrus Landing, which was fully occupied at the time of sale. Kevin Fryman and Ed Hanley of Hanley Investment Group represented the 1031-exchange buyers in the transaction. REZA Investment Group represented the seller, Paragon Commercial Group.

October 25, 2023

Acquisitions Multifamily New York Northeast

Ariel Property Advisors Negotiates $28.2M Sale of Harlem Multifamily Building

by Taylor Williams October 25, 2023

NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $28.2 million sale of a 75-unit multifamily building located at 69 E. 125th St. in East Harlem. Built in 2017 by Greystone Development, the 12-story building includes two commercial spaces and is subject to a 421a tax abatement through 2043. Victor Sozio, Shimon Shkury, Mark Anderson, Gabriel Elyaszadeh and Michael Tortorici of Ariel Property Advisors represented Greystone and the buyer, GO-RE Partners, in the transaction. JP Morgan Chase provided acquisition financing for the deal.

October 25, 2023

Acquisitions Office Retail Texas Top Stories

Newmark Brokers Sale of 1.2 MSF Plaza of the Americas Office Complex in Downtown Dallas

by Kristin Harlow October 25, 2023

DALLAS — Newmark has brokered the sale of Plaza of the Americas, a 1.2 million-square-foot office and retail asset located in the Arts District of downtown Dallas. The sales price was not disclosed, but the brokerage states that the transaction marks the largest office sale in Dallas so far this year. New York-based Shelbourne Global Solutions was the buyer, according to The Dallas Morning News. Located at 600 and 700 N. Pearl St., Plaza of the Americas comprises two 25-story office towers connected by a glass atrium. There are 120,000 square feet of retail and dining spaces on the first and second floors as well as an eight-story parking garage. Constructed in 1980, the buildings have undergone $26 million in capital improvements over the last decade. Recent renovations to the atrium replaced an under-utilized ice-skating rink with an urban garden area equipped with water features, food pavilions and retail shops. The new ownership plans to start a multi-million-dollar renovation later this year. Plaza of the Americas is situated adjacent to DART Pearl Street Station. The property is within walking distance of Klyde Warren Park, the 400-room Dallas Marriott Downtown hotel and several entertainment options such as the Dallas Museum of …

October 25, 2023

Acquisitions Industrial Southeast Tennessee

Brennan Investment Group Acquires 75,000 SF Distribution Facility in Nashville

by John Nelson October 24, 2023

NASHVILLE, TENN. — Chicago-based Brennan Investment Group has acquired a 75,000-square-foot distribution facility located at 565 Brick Church Park Drive in Nashville. The seller and sales price were not disclosed. Situated on a 5.3-acre site five miles north of downtown Nashville, the property was fully leased at the time of sale to locally based AllParts Medical, a division of Philips Healthcare that uses the facility to stock, test, repair and distribute more than 60,000 replacement parts used in high-end medical tools. Built in 1996 and renovated in 2019, the infill building features a 135-foot truck court, 24-foot maximum clear heights, LED lighting, climate control and 12,500 square feet of office space. The facility was formerly used as a studio for the TV show “Nashville.” The 565 Brick Church Park property represents Brennan’s fourth acquisition in the Nashville market since 2019.

October 24, 2023

Acquisitions Healthcare Loans Texas

Remedy, Kayne Anderson Acquire 161,264 SF Specialty Surgical Hospital in Frisco

by Taylor Williams October 24, 2023

FRISCO, TEXAS — A joint venture between Chicago-based Remedy Medical Partners and Kayne Anderson Real Estate has acquired Baylor Scott & White Frisco Medical Center, a 161,264-square-foot specialty surgical hospital located on the northern outskirts of Dallas. The two-story, 68-bed facility sits on 7.4 acres and is fully leased to Texas Health Ventures Group, a joint venture between Baylor Scott & White and United Surgical Partners International. Services include orthopedics, OB/GYN, labor delivery/NICU, urology, spine, radiology and general surgery, as well as an emergency department and onsite pharmacy. The seller was not disclosed. First Citizens Bank provided a $75 million acquisition loan for the deal.

October 24, 2023

Acquisitions California Multifamily Seniors Housing Western

SLIB Negotiates Sale of 55-Unit Sunny Rose Glen Seniors Housing Property in Menifee, California

by Amy Works October 24, 2023

MENIFEE, CALIF. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Sunny Rose Glen, a 55-unit assisted living and memory care community in the Inland Empire city of Menifee. The community was built in 2010 and totals 30,000 square feet on a 1.8-acre plot. The seller was a single-asset owner looking to retire. The buyer was a California-based group looking to expand its portfolio in Southern California. The new owner plans to operate the community itself following cosmetic improvements to the property. The price was not disclosed. Brad Goodsell, Jason Punzel, Vince Viverito and Jake Anderson of SLIB handled the transaction.

October 24, 2023

Acquisitions Colorado Industrial Western

Malman Commercial Brokers $4.1M Sale of Industrial Building in Denver

by Amy Works October 24, 2023

DENVER — Malman Commercial Real Estate has arranged the sale of an industrial property located at 890 Navajo St. in Denver’s Lincoln Park neighborhood. GS Navajo LLC sold the asset to 890 Navajo LLC for $4.1 million. The property features 56,160 square feet of industrial space. Jake Malman of Malman Commercial Real Estate represented the seller in the deal.

October 24, 2023

Acquisitions Midwest Missouri Multifamily

Berkadia Brokers $7.5M Sale of Multifamily Property in St. Louis

by Kristin Harlow October 24, 2023

ST. LOUIS — Berkadia has brokered the $7.5 million sale of Lynn Town Apartments in St. Louis. The 144-unit, garden-style multifamily property is located at 9675 Muriel Ave. The community was built in 1963. Andrea Kendrick, Ken Aston and Bobby Mills of Berkadia represented the seller, the original developer who had owned the property for 60 years. The buyer was undisclosed.

October 24, 2023

Acquisitions Industrial Midwest Ohio

Tempus Realty Partners Buys 57,948 SF Industrial Facility in Berea, Ohio, for $4.4M

by Kristin Harlow October 24, 2023

BEREA, OHIO — Tempus Realty Partners has purchased a 57,948-square-foot industrial facility located at 140 Blaze Industrial Parkway in Berea, a western suburb of Cleveland. The purchase price was $4.4 million. Tempus acquired the property from TMG Performance Products LLC.

October 24, 2023

Acquisitions Illinois Midwest Restaurant Retail

SVN Chicago Commercial Brokers $1.8M Sale of Restaurant Property in South Loop

by Kristin Harlow October 24, 2023

CHICAGO — SVN Chicago Commercial has brokered the $1.8 million sale of a 4,800-square-foot restaurant condo in Chicago’s South Loop. The asset is located at 1307 S. Wabash Ave. Tim Rasmussen and Marcus Sullivan of SVN represented the undisclosed seller. David Wong of Century 21 Realty Associates represented the local buyer. The property sold for 95 percent of the asking price.

October 24, 2023

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