Acquisitions

JLL Negotiates Sale of Two Warehouses Totaling 244,364 SF in Frisco

by Taylor Williams October 3, 2022

FRISCO, TEXAS — JLL has negotiated the sale of two warehouses totaling 244,364 square feet that are located within Star Commerce Center in Frisco. The rear-load buildings were delivered between 2020 and 2022 and feature 32-foot clear heights and roughly 15 percent office finishes. At the time of sale, the buildings were fully leased to tenants such as GEA Food Solutions and Vivint. Blue Star Land sold the property to Lincoln Property Co. for an undisclosed price. Dustin Volz, Stephen Bailey, Dom Espinosa, Zach Riebe and Matthew Barge of JLL brokered the deal.

October 3, 2022

Acquisitions Retail Texas

Marcus & Millichap Brokers Sale of 44,850 SF Retail Center in Edinburg, Texas

by Taylor Williams October 3, 2022

EDINBURG, TEXAS — Marcus & Millichap has brokered the sale of Concord Plaza, a 44,850-square-foot retail center located in the Rio Grande Valley city of Edinburg. The property was built in 2018 and was 99 percent leased at the time of sale. Coleman Solomon, Joseph Blanga and Wes Peacock of Marcus & Millichap represented the seller, a developer, and procured the buyer, a private investor, in the transaction. Both parties requested anonymity, and additional terms of sale were not disclosed.

October 3, 2022

Acquisitions Industrial Texas

Refreshing USA Buys 35,000 SF Industrial Property in Dallas

by Taylor Williams October 3, 2022

DALLAS — Refreshing USA, a provider of food-and-beverage vending products and services, has purchased a 35,000-square-foot industrial property located at 2709 Electronic Lane in Dallas. According to LoopNet Inc., the property was built in 1979. Alex Wilson of Lee & Associates represented Refreshing USA, which also plans to occupy the facility, in the transaction. The name and representative of the seller were not disclosed.

October 3, 2022

Acquisitions Multifamily New York Northeast

Friedkin Property Group Acquires White Plains Multifamily Property for $113M

by Taylor Williams October 3, 2022

WHITE PLAINS, N.Y. — San Francisco-based Friedkin Property Group has acquired Windsor at the Gramercy, a 260-unit multifamily property located north of New York City in White Plains, for $113 million. Built in 2003, the property features one- and two-bedroom units that are furnished with stainless steel appliances, built-in workstations, breakfast bars, walk-in closets, full-sized washers and dryers and private balconies/patios. Amenities include a pool, fitness center, theater, clubhouse, billiards room and a dog park. Jeff Dunne, Eric Apfel, Jeremy Neuer, Stuart MacKenzie and Zach McHale of CBRE represented the seller, institutional investment firm GID, in the transaction.

October 3, 2022

Acquisitions Affordable Housing Development Multifamily Southeast Tennessee

Capstone Arranges Land Sale in Nashville, Buyer Plans to Develop Mixed-Income Residential Property

by John Nelson October 3, 2022

NASHVILLE, TENN. — Capstone Land Sales has arranged the sale of an affordable housing development site located at 3720 Clarksville Pike in Nashville’s Bordeaux neighborhood. The buyer, a local development partnership led by Woodbine Community Organization, will build a mixed-used development at the site that will be anchored by 250 mixed-income apartments. The construction timeline for the apartment development was not disclosed. The parcel sits within a half-mile of the Cumberland River Greenway on the other side of the Cumberland River and the Whites Creek Greenway, which connects Hartman Park and Joseph Brown Mullins Park.

October 3, 2022

Acquisitions Florida Multifamily Southeast

Waypoint Residential Sells 328-Unit Luma Headwater Apartments in Orlando

by John Nelson October 3, 2022

ORLANDO, FLA. — Boca Raton, Fla.-based multifamily developer Waypoint Residential has sold Luma Headwaters, a 328-unit garden-style apartment community located in Orlando. Houston-based Venterra Realty purchased the asset for an undisclosed price. Luma Headwaters was more than 94 percent occupied at the time of the sale. Rental rates at the property had increased by approximately 22 percent over the prior 12 months, according to Waypoint Residential.

October 3, 2022

Acquisitions Florida Retail Southeast

Matthews Brokers Sale of 40,376 SF Blanding Square Shopping Center in Metro Jacksonville

by John Nelson October 3, 2022

ORANGE PARK, FLA. — Matthews Real Estate Investment Services has brokered the sale of Blanding Square, a 40,376-square-foot retail center located at 110 Blanding Blvd. in Orange Park. The value-add property was stabilized at the time of sale to tenants paying below-market rents, according to Matthews. Johnny Blue Craig and Tripp Brown of Matthews represented the undisclosed seller, a private investor, in the transaction. The unnamed, South Florida-based buyer has the option to expand the shopping center by adding an outparcel at the corner of Blanding Boulevard and Jefferson Avenue. Additional land behind the center with frontage on Jefferson Avenue is also available for further development and expansion.

October 3, 2022

Acquisitions Multifamily Washington Western

Intercontinental Real Estate Divests of Two Multifamily Communities in Seattle’s Ballard Neighborhood for $41.5M

by Amy Works October 3, 2022

SEATTLE — Intercontinental Real Estate has completed the disposition of two apartment properties totaling 155 units in the Ballard neighborhood of Seattle. An undisclosed buyer acquired the assets for $41.5 million. Located at 6559 15th Ave. NW, Belay features 104 studio, one- and two-bedroom units with an average size of 521 square feet. Noba, located at 8022 15th Ave. NW, offers 51 one-bedroom apartments with an average unit size of 557 square feet. Noba was built in 2012 and Belay was constructed in 2013. Eli Hanacek, Jon Hallgrimson, Mark Washington and Kyle Yamamoto of CBRE’s Pacific Northwest multifamily team represented the seller in the transaction.

October 3, 2022

Acquisitions Arizona Loans Multifamily Western

Tauro Capital Advisors Arranges $15M Acquisition Loan for Summit on Thomas Apartments in Phoenix

by Amy Works October 3, 2022

PHOENIX — Tauro Capital Advisors has secured a $15 million acquisition loan for a value-add multifamily community in Phoenix. Patrick O’Donnell of Tauro Capital’s Scottsdale office negotiated the financing . Karl Abert and Bret Zinn of Kidder Mathews represented the buyer, Summit on Thomas, while Bill Hahn of Northmarq represented the seller, Rise Thomas LLC (Rise48 Equity), in the acquisition. The two-story apartment complex is located at 2735 E . Thomas Road. Formerly Rise on Thomas, the community has been rebranded to Summit on Thomas. The purchase price was $21 million. Built in 1967, 44 of 100 units were renovated at time of sale. The property features two pool areas with built-in barbecues, two workout rooms and communal patio space. Future plans include renovating the remaining 56 units and continuing improvements across the common areas. All units will have in-unit washers/dryers once renovations are complete.

October 3, 2022

Acquisitions Industrial Massachusetts Northeast

JLL Negotiates $36M Sale-Leaseback of Metro Boston Cold Storage Facility

by Taylor Williams October 3, 2022

HAVERHILL, MASS. — JLL has negotiated the $36 million sale-leaseback of a 108,689-square-foot cold storage facility located on the northern outskirts of Boston in Haverhill. Building features include clear heights of 27 to 40 feet, 12,000 pallet positions, 21 dock-high doors and 6,000 square feet of office space. Michael Restivo, Lenny Pierce and David Coffman of JLL represented the seller, an entity doing business as CF Cold Storage LLC, in the transaction. An affiliate of Cold Scout Storage purchased the facility and will lease it back to the seller on a short-term basis.

October 3, 2022

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