Acquisitions

IPA Negotiates $32.4M Sale of Trellis Apartment Community in Federal Way, Washington

by Amy Works September 21, 2023

FEDERAL WAY, WASH. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale Trellis, a multifamily property in Federal Way, just north of Tacoma. An investment fund sponsored by Prime Residential acquired the asset from CEP Multifamily for $32.4 million, or $291,892 per unit. Built in 1985 on 8.6 acres, Trellis features 33 one- and two-story duplexes and fourplexes. The community offers 111 two- and three-bedroom apartments with large windows, wood-burning fireplaces, washers/dryers and private decks or patios. Ryan Harmon, Giovanni Napoli, Philip Assouad and Nicholas Ruggiero of IPA represented the seller and procured the buyer in the deal. Brian Eisendrath, Cameron Chalfant and Jake Vitta of IPA Capital Markets arranged $21.1 million of interest-only acquisition financing for the buyer.

September 21, 2023

Acquisitions Michigan Midwest

Detroit’s Axiom Advisory Group Merges with Cresa

by Kristin Harlow September 21, 2023

DETROIT — Cresa has acquired Axiom Advisory Group, a Detroit-based, tenant-focused commercial real estate firm specializing in global corporate real estate portfolio management. Axiom, which also has team members in Chicago and Dallas, is led by Ryan Bertin and Curt Stanton. The duo will serve as managing principals and co-leaders of Cresa’s Detroit operations. The company’s entire eight-person staff joins Cresa and will operate under the Cresa brand effective immediately. Since it was founded in 2017, Axiom has completed more than 450 assignments, representing 16 million square feet across 28 countries for various publicly traded and privately held corporations. The acquisition formally ends Cresa’s longtime partnership with Plante Moran in Detroit.

September 21, 2023

Acquisitions Arizona Industrial Western

DAUM Brokers $5.5M Sale of 23,443 SF Industrial Building in Gilbert, Arizona

by Amy Works September 21, 2023

GILBERT, ARIZ. — DAUM Commercial Real Estate Services has brokered the sale of an industrial building located at 1416 W. San Pedro St. in Gilbert. Sunstone Rover LLC sold the asset to a family-owned corporation for $5.5 million. With the sale, the building will become the headquarters of Swain Electric, a Gilbert-based electrical contractor. Dan Casey of the DAUM Commercial Phoenix represented the seller, while Blake Hardison of Ike Commercial Real Estate represented the buyer in the deal.

September 21, 2023

Acquisitions Multifamily Texas

JLL Brokers Sale of 300-Unit Wildwood Apartments in Richmond, Texas

by Taylor Williams September 20, 2023

RICHMOND, TEXAS — JLL has brokered the sale of The Wildwood Apartments, a 300-unit multifamily community located within the Veranda master-planned development in the northern Houston suburb of Richmond. Built in 2022, The Wildwood features one- and two-bedroom units with stainless steel appliances, stone countertops and private yards/patios. Amenities include a conservatory, dog parks, package lockers, a clubhouse with library and kitchen, pool and a fitness center. Dustin Selzer of JLL represented the seller, Allen Harrison Co., in the transaction. John Brownlee of JLL arranged acquisition financing through New York Life on behalf of the buyer, Price Realty Corp.

September 20, 2023

Acquisitions Florida Mixed-Use Office Retail Southeast

Orion Capital Partners Acquires Mixed-Use Property in Miami for $58M

by John Nelson September 20, 2023

MIAMI — Dadeland Greenery LP, an entity sponsored by Orion Capital Partners, has purchased a mixed-use project located on an 8.4-acre site at 7700 N. Kendall Drive in Miami. The property, known as both Greenery Mall and Dadeland Square, features 129,585 square feet of street-level retail space attached to an eight-story, 84,913-square-foot office building. Major retail tenants include T.J. Maxx, HomeGoods, Guitar Center, JoAnn Fabric, Mattress Firm, Starbucks, Don Pan, The UPS Store and Jamba Juice. The buyer purchased the development from an entity doing business as Cofe ZM Dadeland LLC for $58 million, a price that is subject to an assumption of an existing $39 million mortgage. Orion Real Estate Group will manage the property and lease the retail space in cooperation with other brokers and tenant representatives. Fairchild Partners will continue to lease the office building. Danny Finkle, Eric Williams, Jorge Portela, Ike Ojala and Kim Flores of JLL’s Miami office represented the seller in the transaction. John Crotty and Michael Fay of Avison Young’s Miami office consulted with both parties.

September 20, 2023

Acquisitions North Carolina Retail Southeast

Klein Enterprises Purchases 140,000 SF Shopping Center in North Carolina’s Outer Banks Region

by John Nelson September 20, 2023

SOUTHERN SHORES, N.C. — Baltimore-based Klein Enterprises has purchased Southern Shores Marketplace, a 140,000-square-foot shopping center in North Carolina’s Outer Banks region. The grocery-anchored property is located at 5539 N. Croatan Highway in Southern Shores. Situated near the Wright Memorial Bridge, Southern Shores Marketplace is anchored by Food Lion and leased to tenants including Starbucks, Verizon Wireless, CVS, Jersey Mike’s, OBX Optical and Coastal Rehabilitation. The seller, Charlotte-based Aston Properties, recently redeveloped the shopping center and executed brand new leases with Marshalls, Rack Room Shoes and Five Below. An affiliate of Klein Enterprises purchased the property for an undisclosed price using acquisition financing from TD Bank. Berkeley Capital Advisors brokered the transaction. Southern Shores Marketplace represents Klein’s entry into North Carolina.

September 20, 2023

Acquisitions Florida Net Lease Restaurant Retail Southeast

SRS Brokers $4.6M Sale of New Restaurant Building in Jacksonville Leased to Panera Bread

by John Nelson September 20, 2023

JACKSONVILLE, FLA. — SRS Real Estate Partners has brokered the $4.6 million sale of a new 3,937-square-foot restaurant building located at 9725 Applecross Road in Jacksonville. Completed earlier this year as an outparcel to Oakleaf Town Center, the 1.5-acre site is triple-net leased to Panera Bread. The 15-year lease has scheduled rental increases every five years. Patrick Nutt and William Wamble of SRS represented the seller, a national real estate development firm, in the transaction. The 1031 buyer was a private investor based in South Florida.

September 20, 2023

Acquisitions Illinois Midwest Multifamily

Kiser Group Brokers Sale of 41-Unit Apartment Building in Chicago’s Humboldt Park

by Kristin Harlow September 20, 2023

CHICAGO — Kiser Group has brokered the sale of a 41-unit apartment building in Chicago’s Humboldt Park neighborhood for an undisclosed price. The property at 3935-45 W. Division St. consists of 37 apartment units and four retail spaces. The asset was converted into condos in 2006, and then was transformed when 85 percent of its units were acquired through a bank sale following the market downtown in 2008-2009. The undisclosed buyer is poised to increase rents, seeking a value-add opportunity.

September 20, 2023

Acquisitions Hospitality Indiana Midwest

Marcus & Millichap Arranges Sale of 90-Room Holiday Inn Express Hotel in Indianapolis

by Kristin Harlow September 20, 2023

INDIANAPOLIS — Marcus & Millichap has arranged the sale of the Holiday Inn Express East Indianapolis for an undisclosed price. The 90-room hotel, built in 1999, is located at 7035 Western Select Drive. Jasdeep Sohi of Marcus & Millichap represented the seller, a limited liability company, and the buyer, a limited liability company. The property will undergo full renovations in accordance with IHG’s Formula Blue Package in the coming months.

September 20, 2023

Acquisitions California Multifamily Western

TruAmerica Acquires Nineteen01 Apartment Complex in Santa Ana, California for $102.9M

by Amy Works September 20, 2023

SANTA ANA, CALIF. — TruAmerica Multifamily, in partnership with PCCP, has acquired Nineteen01, a multifamily community in Santa Ana, from an undisclosed seller for $102.9 million. Built in 2016, Nineteen01 features 264 apartments in a three- and five-story building. Located at 1901 E. 1st St., Nineteen01 offers one-, two- and three-bedroom floorplans with fully appointed kitchens, full-size washers/dryers, private patios or balconies, walk-in closets and ceiling fans. Community amenities include a rooftop resort-style pool area with spa, 24/7-access fitness center, business center, cybercafé, private conference room, dog park, game room, package system, communal fire pit, outdoor grilling areas and community green spaces. Shane Shafer of Northmarq brokered the transaction.

September 20, 2023

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