Acquisitions

OpenPath Investments Divests of 222-Unit Dana Park Multifamily Property in Mesa, Arizona

by Amy Works October 12, 2022

MESA, ARIZ. — OpenPath Investments has completed the sale of Dana Park, an apartment community located on 11 acres in Mesa. Baron Properties acquired the property for $64.6 million, or $291,216 per unit. Completed in 1986, Dana Park features 222 apartments spread across 19 buildings, plus two swimming pools and spas and a community vegetable garden. Apartments feature stackable washers and dryers, built-in bookshelves and walk-in closets. The unit mix is 67 percent two-bedroom/two-bath layouts, with the remainder of the units one-bedroom/one-bath floorplans. The average unit size is 928 square feet. Cliff David and Steve Gebing of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction.

October 12, 2022

Acquisitions California Net Lease Retail Western

Faris Lee Negotiates $11.1M Sale of Bank of America-Occupied Retail Building in Hawthorne, California

by Amy Works October 12, 2022

HAWTHORNE, CALIF. — Faris Lee Investments has arranged the sale of a retail building located at 12547 Hawthorne Blvd. in Hawthorne. An Orange County-based private office group sold the asset to the City of Hawthorne for $11.1 million, or $861 per square foot. Bank of America occupies the 12,919-square-foot, single-tenant building on an absolute triple-net lease. Shaun Riley, Jeff Conover and Scott DeYoung of Faris Lee Investments represented the seller, while Chris Beck of Newmark represented the buyer in the deal.

October 12, 2022

Acquisitions Colorado Industrial Office Western

Ivy Realty Sells 32,926 SF Flex Office Building in Boulder, Colorado

by Amy Works October 12, 2022

BOULDER, COLO. — Ivy Realty has completed the disposition of 6707 Winchester Circle, a single-story office/industrial building in Boulder. Evermore Partners acquired the asset for $8.8 million. Situated on 3.6 acres within Gunbarrel Tech Center, 6707 Winchester features 33,296 square feet of flex office space. Fully renovated in 2016, the property offers 28,832 square feet of office and lab space and 4,000 square feet of warehouse and distribution space. The warehouse space features three dock-high doors and one roll-up door. On-site amenities include a fitness center with showers and locker rooms, an outdoor patio with barbecue space, and bike storage. At the time of sale, the property was fully leased to four tenants, with life sciences companies comprising 33 percent of the rent roll. Larry Thiel, Jason Schmidt and Rob Key of JLL Capital Markets represented the seller in the transaction.

October 12, 2022

Acquisitions Company News Georgia Mixed-Use Retail Southeast

Simon Agrees to Acquire 50 Percent Stake in Jamestown

by John Nelson October 11, 2022

INDIANAPOLIS AND ATLANTA — Indianapolis-based mall giant Simon has entered into an agreement whereby the REIT will purchase a 50 percent interest in Atlanta-based Jamestown, an owner of some of the most successful mixed-use developments in the country such as Ponce City Market in Atlanta and Ghirardelli Square in San Francisco. Jamestown had more than $13 billion in assets under management as of June 30, 2022, with properties spanning the United States, Latin America and Europe. Terms of the purchase agreement were not disclosed. With this partnership with Simon, Jamestown will gain a partner with a broad platform of resources and operational tools that will enhance its ability to scale and grow. “The partnership with Simon will help position us for our next chapter as we scale our differentiated products in an increasingly global world,” says Michael Phillips, president of Jamestown. With Jamestown, Simon now has an opportunity to capitalize on the growing asset and investment management businesses with an experienced fund manager and mixed-use operator and developer. Simon will also be able to access the Jamestown platform to accelerate its future densification projects. “We have been impressed with Jamestown’s combination of sector expertise, dedication to driving creative placemaking, and …

October 11, 2022

Acquisitions Retail Texas

Disney Investment Group Arranges Sale of 294,431 SF Retail Power Center in Odessa, Texas

by Taylor Williams October 11, 2022

ODESSA, TEXAS — Dallas-based brokerage firm Disney Investment Group has arranged the sale of Chimney Rock, a 294,431-square-foot retail power center located in the West Texas city of Odessa. Built in 2012 and expanded in 2016, Chimney Rock was 93 percent leased at the time of sale to tenants such as Academy Sports + Outdoors, Best Buy, Marshalls, Ulta Beauty, Petco, Northern Tool + Equipment, Mattress Firm, Kirkland’s and Longhorn Steakhouse. David Disney and Adam Crockett of Disney Investment Group represented the undisclosed seller and procured the buyer, Houston-based investment firm Fidelis, in the transaction.

October 11, 2022

Acquisitions Multifamily Northmarq Texas

Northmarq Brokers Sale of 208-Unit Borough Apartments in Fort Worth

by Taylor Williams October 11, 2022

FORT WORTH, TEXAS — Northmarq has brokered the sale of The Borough Apartments, a 208-unit multifamily property in Fort Worth that was built in 1981. According to Apartments.com, the property offers one- and two-bedroom units ranging in size from 500 to 1,280 square feet. Taylor Snoddy, Eric Stockley, Philip Wiegand and Charles Hubbard of Northmarq brokered the deal on behalf of the seller. Kevin Leamy, Lauren Bresky, Daniel Stickane and Patrick Elliott, also with Northmarq, arranged a nonrecourse, floating-rate acquisition loan that carried three years of interest-only payments on behalf of the buyer. Both parties requested anonymity.

October 11, 2022

Acquisitions Multifamily New Jersey Northeast

Tulfra, Hampshire Cos. Sell Multifamily Property in North Haledon, New Jersey for $89M

by Taylor Williams October 11, 2022

NORTH HALEDON, N.J. — A partnership between two locally based firms, Tulfra Real Estate and The Hampshire Cos., has sold Molly Brook on Belmont, a 180-unit multifamily property in the Northern New Jersey community of North Haledon, for $89 million. Brian Whitmer, Niko Nicolaou, Ryan Dowd and Peter Welch of Cushman & Wakefield represented the partnership and procured the buyer, JLL Income Property Trust, in the transaction. Amenities at the property include a pool, fitness center, dog park and a clubhouse. Molly Brook on Belmont was fully occupied at the time of sale. G.S. Wilcox & Co. arranged acquisition financing for the deal.

October 11, 2022

Acquisitions Development Multifamily New York Northeast

Ariel Property Advisors Negotiates $40.6M Sale of Brooklyn Multifamily Development Site

by Taylor Williams October 11, 2022

NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $40.6 million sale of a 142,500-square-foot multifamily development site in the Gowanus neighborhood of Brooklyn. The buyer, an entity doing business as Tankhouse LLC, did not disclose specific development plans, but the site carries a mandatory inclusionary zoning requirement. Sean Kelly and Stephen Vorvolakos of Ariel Property Advisors represented the seller, Pilot Real Estate Group, in the land deal.

October 11, 2022

Acquisitions Massachusetts Net Lease Northeast Retail

SRS Arranges $16.1M Sale of Metro Boston Retail Property Leased to CVS

by Taylor Williams October 11, 2022

WATERTOWN, MASS. — SRS Real Estate Partners has arranged the $16.1 million sale of a 14,400-square-foot retail property located in the western Boston suburb of Watertown. The property was built in 2016 and is leased to CVS on a triple-net basis. Kevin Held of SRS represented the seller, a West Coast-based family trust, in the transaction. Josh Kanter of Marcus & Millichap represented the buyer, a Massachusetts-based private investor that acquired the asset via a 1031 exchange.

October 11, 2022

Acquisitions Multifamily Single-Family Rental South Carolina Southeast

Blaze Capital, Cross Lake Sell 132-Unit Single-Family Rental Community in Summerville, South Carolina

by John Nelson October 11, 2022

SUMMERVILLE, S.C. — Blaze Capital Partners and Cross Lake Partners have sold Chamberlain Pines, a 132-unit single-family rental community in Summerville, a suburb of Charleston. The duo delivered the townhome-style property last year. The buyer and sales price were not disclosed. Chamberlain Pines features two-story townhomes averaging 1,685 square feet across three and four-bedroom rental units. All units feature attached garages, concrete backyard patios and private, fenced-in yards.

October 11, 2022

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