Acquisitions

Marcus & Millichap Brokers $84.8M Sale of Kelby Farms Apartments in Durham

by John Nelson September 25, 2023

DURHAM, N.C. — Marcus & Millichap has brokered the $84.8 million sale of Kelby Farms, a 277-unit apartment community situated on 10 acres in Durham. John Daly of Marcus & Millichap’s Raleigh office represented the buyer, King Properties Inc., a privately held multifamily owner and operator. The seller is a partnership that includes Raleigh-based Woodfield Development. Kelby Farms, which is set for completion next month, was more than 70 percent occupied at the time of sale. Built in 2022, the property comprises studio, one-, two- and three-bedroom apartments with an average unit size of 1,001 square feet. Rental rates range from $1,442 to $3,034 per month, according to Apartments.com. Amenities include a resort-style swimming pool, fitness center, workstations, study areas and a game lounge.

September 25, 2023

Acquisitions Florida Industrial Leasing Activity Southeast

Cushman & Wakefield Arranges $21M Sale-Leaseback of Industrial Development Site in Pinellas Park, Florida

by John Nelson September 25, 2023

PINELLAS PARK, FLA. — Cushman & Wakefield has arranged the $21 million sale-leaseback of a 29.5-acre industrial site located at 3565 126th Ave. in Pinellas Park. Albany Road Real Estate Partners purchased the site from Gaston Trees Debris Recycling, which is leasing back 10 acres at the site. Rick Brugge, Mike Davis, Rick Colon, Dominic Montazemi, John Jackson, J.T. Faircloth, Casey Perry, Cassandra Hernandez and Chloe Strada of Cushman & Wakefield represented the seller in the transaction. Jingoli Power leases 12 acres at the site, and the remaining 7.5 acres is available for lease. Situated less than five miles from the St. Pete-Clearwater International Airport, the site is zoned for up to 450,000 square feet of industrial development.

September 25, 2023

Acquisitions Hospitality Texas

Bull Realty Arranges Sale of 95-Room Hotel in Portland, Texas

by Taylor Williams September 22, 2023

PORTLAND, TEXAS — Atlanta-based brokerage firm Bull Realty Inc. has arranged the sale of a 95-room hotel in Portland, located near Corpus Christi in South Texas. The hotel operates under the Avid flag, which is part of the InterContinental Hotel Group (IHG) family of brands. Jonathan Hayne and Tom French of Bull Realty represented the undisclosed seller in the transaction. The buyer was an entity doing business as Nova Portland Hotels LLC. Brian Bockman of Bang Realty assisted in closing the deal as the Texas broker of record.

September 22, 2023

Acquisitions Industrial Office Texas

Pillar Commercial, OliveMill Buy 81,259 SF Flex Property in Southlake, Texas

by Taylor Williams September 22, 2023

SOUTHLAKE, TEXAS — A joint venture between two Dallas-based investment firms, Pillar Commercial and OliveMill Holdings, has purchased Pinnacle Point, an 81,259-square-foot flex property in Southlake, located in the northern-central region of the metroplex. Built in 2020, Pinnacle Point consists of three single-story buildings on a seven-acre site. Parker McCormack of JLL represented the undisclosed seller in the transaction. Security National Bank provided acquisition financing to the joint venture.

September 22, 2023

Acquisitions Arizona Office Western

LPC Desert West Sells Camelback Corridor Office Buildings in Phoenix for $72.1M

by Amy Works September 22, 2023

PHOENIX — LPC Desert West, Lincoln Property’s Co.’s (LPC) Southwest division, has completed the sale of 3131 and 3133 Camelback office buildings in Phoenix to an entity of Presson Corp., led by local investor Daryl Burton, for $72.1 million. Barry Gabel, Chris Marchildon and C.J. Osbrink of Newmark represented the seller in the deal. LPC will retain leasing and management duties for the Class A buildings. Totaling 295,401 square feet, the project spans two adjacent multi-story office buildings at 3131 and 3133 E. Camelback Road. 3131 Camelback is a four-story, 196,332-square-foot building, and 3133 Camelback is a three-story, 99,069-square-foot facility. The property also features an onsite parking garage.

September 22, 2023

Acquisitions Connecticut Development Multifamily Northeast

Blue Vista Capital Acquires 300-Unit Multifamily Development Site in Cheshire, Connecticut

by Taylor Williams September 22, 2023

CHESHIRE, CONN. — Chicago-based investment firm Blue Vista Capital Management has acquired a multifamily development site in Cheshire, about 15 miles north of New Haven, that is fully approved for the construction of 300 units. The garden-style development, which is situated within the Stone Bridge Crossing master-planned community, will consist of eight three-story and one four-story building. Units will come in studio, one-, two- and three-bedroom floor plans, and amenities will include a pool, clubhouse, fitness center, coworking spaces, dog park and a guest suite. Construction is set to begin by the end of the month. A tentative completion date was not disclosed.

September 22, 2023

Acquisitions Multifamily Student Housing Washington Western

11 Capital Disposes of Two Student Housing Properties in Bellingham, Washington for $35.4M

by Amy Works September 22, 2023

BELLINGHAM, WASH. — 11 Capital has completed the sale of WWU – Living Portfolio and The U, two student housing communities near Western Washington University (WVU) in Bellingham. PTLA Corp. acquired the assets for a total of $35.4 million. Kevin Larimer and Brandon Buell of Berkadia Student Housing, along with Steven Chattin, Mitchell Belcher, Jay Timpani, Chad Blenz and Brandon Lawler of Berkadia’s Seattle office, represented the seller in both transactions. The WWU – Living Portfolio sold for $29.2 million and consists of 145 units spread across three student housing properties that were 87 percent occupied at the time of sale: — University Heights, a 78-unit/114-bed community at 2110 Bill McDonald Parkway — Taylor Heights, a 16-unit/64-bed property at 2115 Taylor Ave. — Viking Gardens Apartments, a 33-unit/132-bed community at 2300 Bill McDonald Parkway The U, which sold for $6.2 million, features 18 units/61 beds. The property was 97 percent occupied at the time of sale.

September 22, 2023

Acquisitions California Restaurant Retail Western

Shopoff Realty Divests of Retail Building in Fullerton, California to Dream ERE: Real Estate

by Amy Works September 22, 2023

FULLERTON, CALIF. — Irvine, Calif.-based Shopoff Realty Investment has completed the disposition of the hard corner of the current Sunrise Village Shopping Center in Fullerton. Dream ERE: Real Estate, a local Orange County, Calif.-based investor, acquired the asset for an undisclosed price. The sold property includes the Del Taco drive-thru ground lease and a 6,355-square-foot, three-tenant pad that is currently occupied by Papa John’s Pizza, Sunrise Optometry and Coffee Code. In January 2023, Shopoff received unanimous approval for the mixed-use redevelopment of Sunrise Village. Dubbed The Pines at Fullerton, the project will include 49 small-lot detached homes, 64 townhouses and 23,000 square feet of neighborhood retail uses. With the sale of the corner retail, 2.7 acres of retail pads remain for sale.

September 22, 2023

Acquisitions Massachusetts Net Lease Northeast Retail

Marcus & Millichap Brokers $4.6M Sale of Retail Property Leased to CVS in Norton, Massachusetts

by Taylor Williams September 22, 2023

NORTON, MASS. — Marcus & Millichap has brokered the $4.6 million sale of a 10,125-square-foot retail property in Norton, located in the southern part of The Bay State, that is net leased to CVS. The property was built on 1.5 acres in 2000. Laurie Ann Drinkwater and Seth Richard of Marcus & Millichap represented the seller, a limited liability company, in the transaction. Thomas Shihadeh of Marcus & Millichap assisted in closing the deal as the broker of record.

September 22, 2023

Acquisitions Colorado Multifamily Western

Pinnacle Brokers $2.1M Acquisition of Apartment Building in Lakewood, Colorado

by Amy Works September 22, 2023

LAKEWOOD, COLO. — Pinnacle Real Estate Advisors has arranged the purchase of an eight-unit apartment building located at 8447-8449 W. Dakota Ave. in Lakewood. An undisclosed buyer acquired the asset for $2.1 million, or $262,000 per unit, in an all-cash transaction. The name of the seller was also not released. Josh Newell, Connor Knutson and Jake Waxter of Pinnacle Real Estate Advisors represented the buyer in the deal.

September 22, 2023

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