Acquisitions

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

Acquisitions New Jersey Northeast Office

Cushman & Wakefield Brokers Sale of 54,845 SF Office Building in Bernardsville, New Jersey

by Taylor Williams November 7, 2022

BERNARDSVILLE, N.J. — Cushman & Wakefield has brokered the sale of a 54,845-square-foot office building located at 150 Morristown Road in Bernardsville, about 45 miles west of New York City. David Bernhaut, Andy Schwartz, Jordan Sobel and Andre Balthazard of Cushman & Wakefield represented the seller, Denholtz Properties, and procured the buyer, an entity doing business as 150 Morristown Road LLC, in the transaction.

November 7, 2022

Acquisitions Arizona Restaurant Retail Western

Phoenix Commercial Advisors Brokers $22M Sale of The Pavilions Shopping Center in Mesa, Arizona

by Amy Works November 7, 2022

MESA, ARIZ. — Phoenix Commercial Advisors has facilitated the sale of The Pavilions, a neighborhood retail center at the southeast corner of Dobson and Guadalupe roads in Mesa. The asset traded for $22 million, or $170 per square foot. The names of the seller and buyer were not released. At the time of sale, the 129,674-square-foot property was 96 percent leased. Current tenants include Great Clips, Banner Urgent Care, Native Grill & Wings, Over Easy and Villa Tuscana, a reception hall for weddings and other large events. Danny Gardiner and Chad Tiedeman of Phoenix Commercial Advisors represented the seller in the deal.

November 7, 2022

Acquisitions Colorado Loans Office Western

Essex Arranges $24.3M Acquisition Loan for Epic One Office Building in Colorado Springs

by Amy Works November 7, 2022

COLORADO SPRINGS, COLO. — Essex Financial Group has secured $24.3 million in financing for Albany Road Real Estate Partners for the acquisition of Epic One, an office building in Colorado Springs. Cooper Williams, Paul Donahue, Nate Schneider and Andrea Mehlem of Essex’s Capital Markets team sourced the five-year, fixed-rate bridge loan for the buyer. The seller and price were not disclosed. Built in 2009, Epic One offers 146,000 square feet of Class A office space, an onsite fitness center and views of Peaks Peak and the Rocky Mountains. At the time of financing, the five-story building was 87 percent leased to a variety of tenants, including those in the aerospace, defense, healthcare, education and technology industries.

November 7, 2022

Acquisitions California Multifamily Western

Dinerstein Cos. Acquires Five55 Apartments in Downtown Santa Cruz, California

by Amy Works November 7, 2022

SANTA CRUZ, CALIF. — The Dinerstein Cos. has purchased Five55 Apartments, a multifamily property in downtown Santa Cruz, from Swenson Development & Construction for an undisclosed price. Scott Bales of Newmark represented the seller in the deal. Located at 555 Pacific Ave., the four-story property features 94 apartments and 5,000 square feet of ground-floor retail space, which is leased to Current eBikes and Big Basin Vineyards. The property features a fitness center, community room with a pool table and kitchenette, an outdoor pizza oven, coffee bar, bike storage, electric car charging, an outdoor gathering space with fire pits and a 20,000-square-foot rooftop deck. The site is walkable to the beach and a variety of retail and restaurant options. The asset features a two-story below-grade parking structure with 100 spaces. At the time of sale, the community was 99 percent leased. Five55 was built in 2018.

November 7, 2022

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