Acquisitions

CBRE Brokers Sale of 161,222 SF Office Building in Wilton, Connecticut

by Taylor Williams November 8, 2022

WILTON, CONN. — CBRE has brokered the sale of a 161,222-square-foot office building in Wilton, located in Fairfield County. The property, which is located within a larger, four-building office park, was 42 percent leased at the time of sale. Amenities include a fitness center, basketball and tennis courts, café and a conference center. Jeffrey Dunne, Steven Bardsley and Travis Langer of CBRE represented the seller, an entity doing business as Wilton 40/60 LLC, in the transaction. The team also procured the buyer, an entity managed by Northpath Investments, which acquired the asset for an undisclosed price.

November 8, 2022

Acquisitions New York Northeast

Bayrock Capital Acquires 27-Room Hotel in The Bronx for $4.2M

by Taylor Williams November 8, 2022

NEW YORK CITY — Locally based investment firm Bayrock Capital has acquired a 27-room hotel located at 2101 Needham Ave. in The Bronx for $4.2 million. The property is located in the Edenwald neighborhood and includes 27 parking spaces. Jonathan Squires, Josh Neustadter and Austin Weiner of Cushman & Wakefield represented the seller, RMJ Motel Corp., in the transaction.

November 8, 2022

Acquisitions Multifamily New York Northeast Top Stories

A&E Real Estate Acquires 1,212-Unit LeFrak Apartment Portfolio in Brooklyn for $248.7M

by Jeff Shaw November 8, 2022

NEW YORK CITY — A&E Real Estate has acquired 14 multifamily buildings in Brooklyn’s Gravesend and Sheepshead Bay neighborhoods for $248.7 million. The LeFrak Organization, which developed the buildings between 1957 and 1961, also sold the portfolio, which spans 1,212 apartments, 306 parking spaces and five commercial units. Since 2015, LeFrak has invested more than $18 million in capital improvements throughout the portfolio. The largest buildings in the portfolio include 2750 Homecrest Avenue and 2775 East 12th Street, each of which consist of 189 apartments, and 2375 East 3rd Street, which comprises 134 apartments. The acquisition was financed in part through a $170 million fixed-rate loan from Signature Bank, which Jonathan Estreich and Jason Boxer of Estreich & Co. arranged. This transaction marks the latest in A&E’s recent series of major New York City multifamily acquisitions. Over the past 12 months, the company has acquired 3,284 apartments across 43 buildings in Brooklyn, Manhattan and Queens.

November 8, 2022

Acquisitions Louisiana Multifamily Southeast

Servio Capital Acquires New Orleans Residential Building for $40M

by John Nelson November 7, 2022

NEW ORLEANS — Servio Capital has purchased the California Building, a luxury condominium property at the corner of Tulane Avenue and Rampart Street in New Orleans, for $40 million. Designed in 1949 and built in 1950, the property is one of the oldest standing international-style buildings in the city. Previously home to the Hibernia Bank operation center, the building has since been converted to multifamily housing and features amenities including a media room, fitness center, business center and a game room. The seller was not disclosed.

November 7, 2022

Acquisitions Florida Retail Southeast

CrossMarc, MCB Acquire 202,050 SF Shopping Center in Melbourne, Florida

by John Nelson November 7, 2022

MELBOURNE, FLA. — A joint venture between CrossMarc Services LLC and MCB Real Estate — in partnership with Peaceable Street Capital — has purchased Post Commons, a 202,050-square-foot shopping center located in Melbourne. Anchored by a 44,270-square-foot Publix store, as well as a Beall’s and Pet Supermarket, the center was 96 percent leased at the time of sale. Other tenants at the property include Burlington and Five Below. Marcus & Millichap represented the undisclosed seller in the transaction. Flavia Kanyago of CrossMarc will handle leasing at the center.

November 7, 2022

Acquisitions Affordable Housing Development Florida Hospitality Southeast

One Stop Housing Buys Orlando Hotel for Affordable Housing Conversion

by John Nelson November 7, 2022

ORLANDO, FLA. — One Stop Housing has purchased the Ambassador Hotel, a 155-room hotel located at 929 W. Colonial Drive in Orlando, from Sammy Investments Orlando for $7.1 million. The buyer plans to convert the hotel into an affordable housing community. When completed, the property will feature a mix of studio, one- and two-bedroom apartments. Construction is scheduled to begin this year. Glen Jaffee of Cushman & Wakefield represented the seller and procured the buyer in the $7.1 million acquisition. The Orlando City Council approved zoning for the Ambassador Hotel to be redeveloped into an affordable housing community in late July. Once complete, the community will become the eighth hotel conversion for One Stop Housing.

November 7, 2022

Acquisitions Industrial Texas

AC Industrial Properties Acquires 301,796 SF Logistics Building in McKinney, Texas

by Taylor Williams November 7, 2022

MCKINNEY, TEXAS — California-based investment firm AC Industrial Properties LLC has acquired Building B at Logistics Center at McKinney on the northern outskirts of Dallas. The 301,796-square-foot, rear-load building sits on 17 acres and features 32-foot clear heights, 130-foot truck court depths, 52 overhead doors, two drive-in doors and 190 parking spaces. Dustin Volz, Stephen Bailey, Dom Espinosa, Zach Riebe and Pauli Kerr of JLL represented the seller, a joint venture between Thor Equities and Morgan Stanley, in the transaction.

November 7, 2022

Acquisitions Multifamily Texas

Colliers Arranges Sale of 190-Unit Bay House Apartment Homes in Metro Houston

by Taylor Williams November 7, 2022

NASSAU BAY, TEXAS — Colliers has arranged the sale of Bay House Apartment Homes, a 190-unit multifamily property in Nassau Bay, a southeastern suburb of Houston that was built in 1967 and partially renovated in 2015. According to Apartments.com, the property features studio, one-, two- and three-bedroom units that range in size from 612 to 1,348 square feet. The amenity package consists of a pool, fitness center, business center, picnic areas, a multi-purpose event room and onsite laundry facilities. Bob Heard, Chip Nash and Jaleel Adatia of Colliers represented the seller, an entity doing business as Dojo Bay House LLC, in the transaction. CoVest Ventures acquired the asset for an undisclosed price.

November 7, 2022

Acquisitions Multifamily Texas

Marcus & Millichap Brokers Sale of 153-Unit Life at Stone Crest Apartments in South Dallas

by Taylor Williams November 7, 2022

DALLAS — Marcus & Millichap has brokered the sale of The Life at Stone Crest, a 153-unit apartment complex in South Dallas that was built in 2002. According to Apartments.com, the property offers two- and three-bedroom units that range in size from 950 to 1,111 square feet and amenities such as a pool, business center, resident clubhouse and onsite laundry facilities. Al Silva and Ford Braly of Marcus & Millichap represented the New York-based seller in the transaction. The buyer, a Dallas-based 1031 exchange investor, plans to make capital improvements to the property.

November 7, 2022

Acquisitions Development Multifamily New Jersey Northeast

Bijou Properties, Accurate Buy Multifamily Redevelopment Site in Montclair, New Jersey

by Taylor Williams November 7, 2022

MONTCLAIR, N.J. — A joint venture between two locally based developers, Bijou Properties and Accurate, has purchased a site in the Northern New Jersey community of Montclair that is fully approved for multifamily redevelopment. The joint venture plans to develop a 74-unit building, primarily with one- and two-bedroom units, as well as 3,873 square feet of retail space, at 65 Church St. Jose Cruz, Kevin O’Hearn, Ryan Robertson, Michael Oliver, Steve Simonelli and Michael Zlotnick of JLL worked on behalf of Bijou Properties to arrange Accurate’s $10 million equity investment.

November 7, 2022

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