Acquisitions

Marcus & Millichap Arranges Sale of 210,482 SF Shopping Center in Rocky Mount, North Carolina

by John Nelson June 29, 2023

ROCKY MOUNT, N.C. — Marcus & Millichap has arranged the $11.8 million sale of Sutter’s Creek Plaza, a 210,482-square-foot shopping center located at 506 Sutter’s Creek Blvd. in Rocky Mount. Tenants at the property include Big Lots, Tractor Supply Co., Jo-Ann Fabrics and Harbor Freight Tools. French Traver and Kodi Traver of Marcus & Millichap represented the seller, a Florida-based private investor, in the transaction. Ben Yelm assisted in closing the sale as Marcus & Millichap’s North Carolina broker of record. A New York-based private investor acquired the center.

June 29, 2023

Acquisitions Affordable Housing Multifamily Southeast Tennessee

Blue Vista Capital Partners Acquires 88-Unit Multifamily Community in Eastern Tennessee

by John Nelson June 29, 2023

JOHNSON CITY, TENN. — Blue Vista Capital Partners has acquired Stoneybrook Heights Apartments, an 88-unit multifamily community located in Johnson City. Blue Vista purchased the mixed-income property in partnership with Standifer Capital. Built in 1998, Stoneybrook Heights comprises 11 two-story buildings and a single-story leasing office, with apartments averaging 1,032 square feet in two-, three- and four-bedroom layouts. Originally constructed as affordable housing, the community will become a fully market-rate property in the second half of 2024. Amenities at the property include a clubhouse and green space for pets. The seller and sales price were not disclosed.

June 29, 2023

Acquisitions Multifamily New York Northeast

Marcus & Millichap Brokers $14.5M Sale of Multifamily Property in Queens

by Taylor Williams June 29, 2023

NEW YORK CITY — Marcus & Millichap has brokered the $14.5 million sale of a 103-unit multifamily property located in the Jackson Heights area of Queens. Shaun Riney, Seth Glasser, Sean Fopeano and Louis Zarif of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were individuals/personal trusts who requested anonymity.

June 29, 2023

Acquisitions California Retail Western

Hanley Brokers $15.8M Sale of Ash Tree Square Retail Center in Fresno, California

by Jeff Shaw June 29, 2023

FRESNO, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the $15.8 million sale of Ash Tree Square, a retail center in Fresno. Tenants at the property, which totals 80,877 square feet situated on 7.5 acres, include Ross Dress for Less, Starbucks Coffee, Wing Stop and Mountain Mike’s Pizza. Alexander Moore, Sean Cox and Kevin Fryman of Hanley represented the private, California-based seller in the transaction. A California-based private investor acquired the property.

June 29, 2023

Acquisitions Arizona Industrial Western

Matthews Real Estate Negotiates $5.2M Sale of Industrial Building in Chandler, Arizona

by Jeff Shaw June 29, 2023

CHANDLER, ARIZ. — Matthews Real Estate Investment Services has arranged the sale of a freestanding, single-tenant industrial building in Chandler for $5.2 million. The property is located at 590 E. Pecos Road. Erik Manarino and John Stroud facilitated a 1031 exchange for the seller into a more profitable asset. The pair sourced the buyer, Sunbelt Rentals, through Matthews’ database. This sale marks the highest comparable price achieved in the surrounding area for an owner-user transaction, according to the brokers.

June 29, 2023

Acquisitions Multifamily New York Northeast

Global Holdings Management Acquires 57-Unit Apartment Building in Manhattan

by Taylor Williams June 29, 2023

NEW YORK CITY — Global Holdings Management Group has acquired a 57-unit apartment building located at 51 Irving Place in Manhattan. The location offers immediate proximity to the Gramercy Park and Union Square neighborhoods. Built in 1969, the six-story building features studio, one- and two-bedroom units as well as 8,000 square feet of retail space. The seller and sales price were not disclosed.

June 29, 2023

Acquisitions Kansas Midwest Multifamily

Berkadia Arranges Sale of 395-Unit Apartment Community in Merriam, Kansas

by Kristin Harlow June 29, 2023

MERRIAM, KAN. — Berkadia has arranged the sale of Georgetown Apartments in Merriam, a southwest suburb of Kansas City. The sales price was undisclosed. The 395-unit apartment community is situated on 33 acres at 7200 Eby Drive. The property was built in 1965, according to Apartments.com. Amenities include a pub room, billiards room, fitness center, indoor and outdoor swimming pools, a clubhouse, event space and laundry facilities. Pete Evans, Michael Spero and Kevin Jury of Berkadia represented the seller, New York-based Malkin Properties, and the buyer, Illinois-based Artisan Capital Group. John Schorgl of Berkadia structured a five-year acquisition loan through Freddie Mac.

June 29, 2023

Acquisitions Industrial Michigan Midwest Ohio

Marcus & Millichap Brokers $10M Sale-Leaseback of Industrial Portfolio in Ohio, Michigan

by Kristin Harlow June 29, 2023

OHIO AND MICHIGAN — Marcus & Millichap has brokered the $10 million sale-leaseback of a three-property industrial portfolio in Ohio and Michigan. The tenant is WW Williams, a truck and diesel engine maintenance and repair company. The properties are located in Cleveland and Brunswick, Ohio, as well as Dearborn, Mich. Alex Frankel, Chris Lind and Mark Ruble of Marcus & Millichap represented the seller and procured the buyer, a limited liability company.

June 29, 2023

Acquisitions Industrial Texas

MDH Partners Acquires 603,389 SF Industrial Facility in South Houston

by Taylor Williams June 28, 2023

HOUSTON — Atlanta-based investment firm MDH Partners has acquired a 603,389-square-foot industrial facility in Houston. Completed in 2023, the facility is situated within the 36.9-acre, 3.3 million-square-foot South Belt Central Business Park on the city’s south side. Building features include 36-foot clear heights, an ESFR sprinkler system and parking for 442 cars and 196 trailers. Trent Agnew, Charles Strauss and Tom Weber with JLL represented the undisclosed seller in the transaction. Georga Rowe represented MDH Partners on an internal basis.

June 28, 2023

Acquisitions Multifamily Texas

NewQuest Properties, Red Oak Negotiate Sale of 326-Unit Apartment Community in Houston

by Taylor Williams June 28, 2023

HOUSTON — Locally based brokerage firm NewQuest Properties and Red Oak Commercial have negotiated the sale of Virtuo Med Center Apartments, a 326-unit multifamily community in Houston. The property was built on 6.4 acres in 2020. Units come in studio, one- and two-bedroom units that range in size from 509 to 1,189 square feet. Amenities include a pool, fitness center, business center, private dining area, coffee bar and a podcast room. Glenn Dickerson and Brad LyBrand of NewQuest represented the undisclosed seller in the off-market transaction. The buyer, a private investor based in the Northeast, was also not disclosed.

June 28, 2023

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