Acquisitions

Tortosa Sells Retail/Office Property in Phoenix for $4.4M

by Amy Works October 28, 2022

PHOENIX — Tortosa LLC has completed the disposition of The Strip, a two-story retail and office building in Phoenix, to 4700 Alliance LLC, a Seattle-based investment company, for $4.4 million. Located at 4700 N. 12th St., the multi-tenant property was fully leased at the time of sale. The ground-floor space consists of retail tenants, including a craft beer and wine bar/restaurant, a craft coffee shop, a wine shop and café, a locally famous cake bakery and a soon-to-be completed speakeasy bar and co-working lounge. The second floor includes a salon, two architectural firms, a fitness tech company and headquarters for a restaurant group. Eric Wichterman, Mike Coover, Steve Lindley and Alexandra Loye of Cushman & Wakefield’s private capital and capital markets teams in Phoenix represented the seller in the transaction.

October 28, 2022

Acquisitions Multifamily Texas

Lynd Group Acquires 344-Unit Parc 410 Apartments in San Antonio, Plans $6M Overhaul

by Taylor Williams October 28, 2022

SAN ANTONIO — Locally based investment firm The Lynd Group has acquired Parc 410, a 344-unit apartment community in San Antonio’s Leon Valley submarket. Built in 1985, the garden-style property offers one- and two-bedroom units with an average size of 716 square feet. Amenities include two pools, a clubhouse, fitness center, outdoor grilling and picnic areas, a dog park and a basketball court. As part of a $6 million capital improvement program, Lynd will install package lockers and a children’s playground, as well as upgrade unit interiors and other common areas.

October 28, 2022

Acquisitions Industrial Texas

DWG Capital Partners Sells 35,835 SF Light Industrial Facility in Columbus, Texas

by Taylor Williams October 28, 2022

COLUMBUS, TEXAS — DWG Capital Partners has sold a 35,835-square-foot light industrial facility in Columbus, located west of Houston. The investment and advisory firm acquired the asset in April 2021 via a sale-leaseback with the tenant, The Theut Co., a division of Denver Glass Interiors. Simon Miller of Endaxi Capital Partners represented DWG Capital Partners and the buyer, a private partnership based in Oregon, in the off-market transaction.

October 28, 2022

Acquisitions Office Texas

Avison Young Brokers Sale of 19,472 SF Office Building in Metro Austin

by Taylor Williams October 28, 2022

DRIPPING SPRINGS, TEXAS — Avison Young has brokered the sale of a 19,472-square-foot office building in the western Austin suburb of Dripping Springs. Giovanni Palavicini of Avison Young represented the buyer, locally based coworking concept FUSE Workspace, in the transaction. Dan Lewis and David Alsmeyer of TIG Real Estate Solutions represented the seller, private developer Steve Herren. FUSE Workspace also plans to occupy the building and is targeting a first-quarter 2023 opening.

October 28, 2022

Acquisitions Affordable Housing Maryland Multifamily Southeast

OneWall Purchases Affordable Housing Community in Metro D.C. for $23M

by John Nelson October 28, 2022

SUITLAND, MD. — OneWall Communities has acquired Gateway Station — formerly Allentown Apartments — a 178-unit affordable multifamily property located in the Washington, D.C., suburb of Suitland. CBRE Affordable Housing arranged the transaction, in which RailField Realty Partners sold the property for $23 million. Built in 1963 and renovated in 2007, Gateway Station features eight buildings comprising apartments in a mix of studio, one-, two- and three-bedroom layouts. Community amenities include a swimming pool, onsite laundry facilities and a playground. The property currently operates under the Low Income Housing Tax Credit (LIHTC) program, which reserves units at various income restrictions. Connecticut-based OneWall plans to preserve Gateway Station’s affordability during its ownership.

October 28, 2022

Acquisitions Georgia Retail Southeast

Northmarq Arranges Sale of 20,053 SF Retail Center in McDonough, Georgia

by John Nelson October 28, 2022

MCDONOUGH, GA. — Northmarq has arranged the sale of Towne Crest Village, a 20,053-square-foot retail center located in McDonough, approximately 30 miles south of Atlanta. Jeff Enck of Northmarq represented the private Florida-based buyer in the transaction. An individual Los Angeles-based investor sold the property for $5.7 million. Built in 2005, Towne Crest was 100 percent leased at the time of sale to a mix of local businesses including service retailers and restaurants.

October 28, 2022

Kendig-Square-Willow-Street-Pennsylvania

Acquisitions Northeast Pennsylvania Retail

JLL Negotiates Sale of 186,749 SF Kendig Square Shopping Center in Willow Street, Pennsylvania

by Taylor Williams October 28, 2022

WILLOW STREET, PA. — JLL has negotiated the sale of Kendig Square, a 186,749-square-foot shopping center in Willow Street, about 70 miles west of Philadelphia. Built in 1991, the property was 95 percent leased at the time of sale, with grocer Weis Markets serving as the anchor. Other tenants include Rite Aid, Planet Fitness, Dollar Tree and PNC. Northpath Investments sold Kendig Square to Triple Bar Properties Inc. for an undisclosed price. Christopher Munley, Jim Galbally, Colin Behr and James Graf of JLL brokered the deal.

October 28, 2022

Acquisitions New York Northeast Office Retail

Cushman & Wakefield Brokers $11M Sale of Historic Acme Hall Building in Brooklyn

by Taylor Williams October 28, 2022

NEW YORK CITY — Cushman & Wakefield has brokered the $11 million sale of Acme Hall, a historic building located at 435 Ninth Street in the Park Slope neighborhood of Brooklyn. The four-story, 20,303-square-foot building was originally constructed in 1890 and houses office and retail space. Dan O’Brien, Jonathan Squires, Caroline Hodes and Josh Neustadter of Cushman & Wakefield represented the undisclosed seller in the transaction. The buyer was also not disclosed.

October 28, 2022

Acquisitions Industrial Iowa Midwest

Newmark Brokers Sale of 251,100 SF Industrial Building in Davenport, Iowa

by Kristin Harlow October 28, 2022

DAVENPORT, IOWA — Newmark has brokered the sale of a 251,100-square-foot industrial building in Davenport for an undisclosed price. The property at 8740 Zenith Ave. is fully leased to Ryder Logistics. Michael VanBuskirk, Chris Robertson, Andy Gallas, Andrew Sandquist, Ben Greazel and Raegen Root of Newmark represented the sellers, Blue Vista Capital Management LLC and Russell Development. Minneapolis-based Founders Properties acquired the asset. The property is the first of six buildings within the Russell Industrial Park, which will span nearly 1.5 million square feet upon full buildout.

October 28, 2022

Acquisitions Illinois Midwest Retail

Mid-America Arranges Sale of 107,431 SF Grocery-Anchored Shopping Center in Suburban Chicago

by Kristin Harlow October 28, 2022

WAUCONDA, ILL. — Mid-America Real Estate Corp. has arranged the sale of Liberty Square in the Chicago suburb of Wauconda for an undisclosed price. Anchored by Jewel-Osco, the 107,431-square-foot shopping center is 97 percent leased. Other tenants include Pet Supplies Plus, USPS, Athletico, Subway, Great Clips and T-Mobile. Ben Wineman of Mid-America represented the seller, Maryland-based Broad Reach Retail Partners LLC. Connecticut-based AmCap purchased the asset.

October 28, 2022

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