Acquisitions

Revitate Cherry Tree Acquires 96-Unit Workforce Housing Property in Lawrenceburg, Indiana

by Kristin Harlow May 19, 2023

LAWRENCEBURG, IND. — Revitate Cherry Tree has acquired Tuscany Bay, a 96-unit workforce housing property located in Lawrenceburg, about 26 miles west of Cincinnati. The purchase price was undisclosed. Built in 1999, Tuscany Bay is situated near the newly developed Amazon Air Hub, a $1.5 billion air cargo facility totaling 800,000 square feet. Amenities at the property include an upgraded clubhouse, pool, playground, TV room and fitness center. The acquisition marks the close of the Revitate Cherry Tree Multifamily Fund I LP, which has been utilized to purchase six properties totaling 841 units. According to Revitate Cherry Tree, Tuscany Bay falls into the category of workforce housing that describes communities offering rental prices that correlate with regional income levels, ensuring that working Americans have quality affordable housing available in proximity to their workplace. The community was formerly a LIHTC-regulated property. Revitate Cherry Tree will maintain Tuscany Bay’s relative affordability for residents earning up to 80 percent of the area median income.

May 19, 2023

Acquisitions Development Illinois Industrial Midwest

Entre Brokers Sale of Build-to-Suit Industrial Site in Brewster Creek Business Park in Bartlett, Illinois

by Kristin Harlow May 19, 2023

BARTLETT, ILL. — Entre Commercial Realty has brokered the sale of a 3.7-acre industrial site for a build-to-suit project in Brewster Creek Business Park in the Chicago suburb of Bartlett. The corporate headquarters facility will be home to a printing and packaging company relocating from Kane County. Mike DeSerto, Cory Kay and Mike Berkowitz of Entre represented the developer, Triumph Construction. JLL represented the buyer. The deal marks the fourth build-to-suit transaction that Entre has completed in Brewster Creek Business Park on behalf of Triumph.

May 19, 2023

Acquisitions Florida Office Southeast

PEBB, Intalex Capital Acquire 343,500 SF Office Building in Downtown Fort Lauderdale

by John Nelson May 19, 2023

FORT LAUDERDALE, FLA. — PEBB Capital and Intalex Capital, in partnership with CDS International Holdings Inc., have acquired 110 East, an office building located in downtown Fort Lauderdale. The 24-story property comprises 343,500 square feet of office space. Christian Lee, Andrew Chilgren, Marcos Minaya and Sean Kelley of CBRE brokered the transaction on behalf of both the buyers and the seller, Stockbridge. The sales price was not disclosed, but multiple media outlets have reported that 110 East traded for $43 million. Travis Herring and Katherine Ridgway of Cushman & Wakefield are working with PEBB and Intalex to oversee leasing of the building, and the partnership has secured 76,000 square feet of new tenancy, with 125,000 square feet of new leases currently in negotiation. Plans for the property include multimillion-dollar renovations to common areas. Greenwall Capital Management advised CDS in the transaction, and Kapp Morrison LLP provided legal representation.

May 19, 2023

Acquisitions Georgia Retail Southeast

ARC Acquires Two Retail Properties in Metro Atlanta for $15.1M

by John Nelson May 19, 2023

CUMMING AND KENNESAW, GA. — The Aubuchon Realty Co. (ARC) has acquired two retail properties in metro Atlanta in separate transactions totaling $15.1 million. ARC purchased Town Center Esplanade — a shopping center located in Kennesaw, roughly 30 miles northwest of Atlanta — from an entity doing business as MC Promenade LLC for $9.5 million. Tenants at the property, which was built in 1988 and comprises 39,108 square feet, include Revolving Sushi Factory, J. Christopher’s Café, Three Dollar Café, The Juicy Crab and Ten Seconds Rice Noodle. ARC also acquired a single-tenant property located in Cumming, approximately 40 miles northeast of Atlanta. CVS/pharmacy occupies the property on a triple-net-lease basis. Hemisphere Limited sold the building for $5.6 million.

May 19, 2023

Acquisitions Company News Connecticut Florida Northeast Retail Southeast Top Stories

Regency Centers Agrees to Acquire Urstadt Biddle Properties in $1.4B Shopping Center REIT Merger

by Jeff Shaw May 19, 2023

JACKSONVILLE, FLA., AND GREENWICH, CONN.— Jacksonville-based REIT Regency Centers (NASDAQ: REG) has agreed to acquire Urstadt Biddle Properties (NYSE: UBA) in a an all-stock transaction valued at $1.4 billion, including the assumption of debt and preferred stock. Urstadt Biddle Properties is a REIT based in Greenwich that primarily invests in shopping centers. The combined company will have a market capitalization of approximately $11 billion and total enterprise value of approximately $16 billion. The combined portfolio will comprise 56 million square feet of gross leasable area across 481 properties. Regency acquired the company to help expand its footprint in grocery-anchored shopping centers in suburban trade areas in the U.S. Under the terms of the agreement, Urstadt Biddle’s stockholders will receive 0.347 of a newly issued REG share for each UBA or UBP share they own. This represents a total consideration of $20.40 per share based on Regency’s closing share price on May 17, 2023. Upon closing, Regency shareholders will own 93 percent of the combined company, while Urstadt Biddle shareholders will own three percent. The respective boards of directors of both Regency and Urstadt Biddle have each approved the transaction. “The portfolio that Urstadt Biddle has carefully assembled over more than …

May 19, 2023

Acquisitions Industrial Texas

Citadel Partners Arranges Sale of 279,180 SF Logistics Facility in Metro Dallas

by Taylor Williams May 18, 2023

MCKINNEY, TEXAS — Locally based brokerage firm Citadel Partners has arranged the sale of a 279,180-square-foot logistics facility in the northern Dallas suburb of McKinney. Scott Jessen and Andy Goldston of Citadel Partners represented the seller and developer, Atlanta-based Core5 Industrial Partners, in the transaction. Dan Spika of Henry S. Miller represented the buyer, United Pacific Industries, which will also occupy the facility. The automotive design and manufacturing firm plans to move in during the second quarter. The sales price was not disclosed.

May 18, 2023

Acquisitions Multifamily Texas

CBRE Brokers Sale of 128-Unit Coronado Villas Apartments in Denton

by Taylor Williams May 18, 2023

DENTON, TEXAS — CBRE has brokered the sale of Coronado Villas, a 128-unit apartment complex in the North Texas city of Denton. The property was originally constructed in 1974 and was 99 percent occupied at the time of sale. Chris Deuillet, William Hubbard, Jaxx Davies and Matthew Pastrano of CBRE represented the seller, N.O.I.S.E. Ventures, in the transaction. Josh Berde, Andrew Woertendyke and Peyton Chur, also with CBRE, arranged acquisition financing on behalf of the buyer, Jordan Multifamily. The sale included a half-acre parcel that can support future development.

May 18, 2023

Acquisitions Development New Jersey Northeast Retail

Pacific Retail Capital Partners Acquires 1.2 MSF Mall in Bridgewater, New Jersey, Plans Redevelopment

by Taylor Williams May 18, 2023

BRIDGEWATER, N.J. — Pacific Retail Capital Partners (PRCP) has acquired Bridgewater Commons, a 1.2 million-square-foot mall located in Bridgewater, roughly 40 miles outside New York City, for an undisclosed price. The Village at Bridgewater Commons, an adjacent 94,000-square-foot open-air shopping center, was included in the acquisition. Tenants at the mall include Bloomingdale’s, Macy’s, Apple, J. Crew, lululemon, Athletica, Williams-Sonoma, The Cheesecake Factory, AMC Dine-In Theatres, LOFT, Maggiano’s Little Italy, Shake Shack and Starbucks Coffee. PRCP has assumed the property’s existing loan and secured an extension, with plans to transform the mall into a mixed-use development. Specific details and uses of the redevelopment have not yet been finalized.

May 18, 2023

Acquisitions Hospitality Kentucky Southeast

Mumford Arranges Sale of 52-Room Baymont Inn & Suites Hotel in Madisonville, Kentucky

by John Nelson May 18, 2023

MADISONVILLE, KY. — Mumford Co. has arranged the sale of Baymont Inn & Suites, a 52-room hotel in the southwest Kentucky town of Madisonville. An entity doing business as Skyann Corp. sold the asset to an entity doing business as Paras 1981 LLC for an undisclosed price. The buyer is an affiliate of a multi-property hotelier that is active in the region, according to Mumford. Carter Wilcox of Mumford’s Newport News, Va., office represented the seller in the transaction. The buyer plans to retain the property as a Baymont, a flag under Wyndham Hotels & Resorts, following upgrades to the hotel’s guestrooms and public areas. Amenities at the hotel include a fitness center, business center, complimentary breakfast and Wi-Fi, meeting room and an outdoor pool, according to the hotel’s website.

May 18, 2023

Acquisitions California Industrial Nevada Oregon Western

BKM Buys 10 Industrial Properties in Western States for $280M

by Jeff Shaw May 18, 2023

LAS VEGAS; LOS ANGELES; AND PORTLAND, ORE. — BKM Capital Partners has purchased 10 properties in four recent transactions valued at more than $280 million. The deals involve more than 1.1 million square feet of light industrial space across 35 buildings in Las Vegas, Los Angeles and Portland. The bulk of the activity occurred in Las Vegas, where BKM significantly expanded its holdings through two off-market transactions involving eight properties totaling nearly 830,000 square feet. The 22 small-bay industrial buildings consist of 321 units and are located near the Las Vegas Strip and McCarran Airport in Clark County’s Southwest submarket.

May 18, 2023

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