Acquisitions

SRS Negotiates $3.2M Ground-Lease Sale of Tampa Bay Retail Property Occupied by Fifth Third Bank

by John Nelson October 26, 2022

BRADENTON, FLA. — SRS Real Estate Partners’ National Net Lease Group has negotiated the $3.2 million ground-lease sale of a single-tenant retail property in Bradenton occupied by Fifth Third Bank. Built in 2007 and situated on about 1.1 acres, the 3,500-square-foot property is located at 6550 Cortez Road W. Patrick Nutt and William Wamble of SRS represented the seller, a California-based private investor, in the transaction. The buyer was Massachusetts-based Dorchester Avenue Holding LLC. Fifth Third Bank has more than 13 years remaining on its corporate-guaranteed lease, according to SRS.

October 26, 2022

Acquisitions New York Northeast Retail

KABR Group Acquires Shopping Center in New York’s Rockland County for $30M

by Taylor Williams October 26, 2022

NEW CITY, N.Y. — New Jersey-based development and investment firm KABR Group has acquired New City Shopping Center, a 125,110-square-foot property located north of New York City in Rockland County, for $30 million. KABR Group acquired the grocery-anchored center, which was 96 percent leased at the time of sale, in partnership with Long Island-based retail operator BTF. Jose Cruz, J.B. Bruno, Kevin O’Hearn, Michael Oliver, Steve Simonelli, Andrew Scandalios and Austin Pierce of JLL represented the undisclosed seller in the transaction.

October 26, 2022

Acquisitions Arizona Multifamily Western

Tower 16 Capital Sells 456-Unit Multifamily Portfolio in Tucson, Arizona for $65.1M

by Amy Works October 26, 2022

TUCSON, ARIZ. — San Diego-based Tower 16 Capital Partners has completed the disposition of two apartment properties in Tucson to an undisclosed buyer for $65.1 million. The seller assembled the portfolio over the last 24 months and repositioned the properties, Sierra Vista and La Mirada. Both assets received significant renovations, including the leasing offices, outdoor amenity areas and interior unit renovations on 40 percent of the units. Tower 16 purchased the properties for $36 million and spent $4.9 million on improvements. The new buyer plans to continue the renovation efforts. Located at 3535 N. 1st Ave., Sierra Vista features 258 apartments, two pools and a new clubhouse, leasing office and gym. La Mirada, located at 4415 E. Grand Road, offers 201 apartments, two pools, a new clubhouse with a fitness center and new outdoor amenity area. Art Wadlund, Clint Wadlund and Hamid Panahi of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller in the deal.

October 26, 2022

Acquisitions California Net Lease Restaurant Retail Western

Storm Properties Sells Aldi-Anchored Redondo Plaza in Gardena, California for $15.1M

by Amy Works October 26, 2022

GARDENA, CALIF. — Storm Properties has completed the disposition of Redondo Plaza, a grocery-anchored retail center located at 1550 W. Redondo Beach Blvd. in Gardena. A private 1031 exchange buyer acquired the asset for $15.1 million. Built in 2002 and renovated in 2018, Redondo Plaza features 28,000 square feet of retail space. Aldi anchors the property with 11.5 years remaining on its existing triple-net lease. At the time of sale, the property was fully occupied. Tenants include Domino’s Pizza, T-Mobile, Jackson Hewitt, Super Laundry and Crazy Rock’n Sushi. Gleb Lvovich, Daniel Tyner, Geoff Tranchina and Bryan Ley of JLL Retail Capital Markets Investment Sales and Advisory team represented the seller in the deal.

October 26, 2022

Acquisitions Multifamily Seniors Housing Washington Western

Oxford Capital, Fortress Investment Acquire Three Seniors Housing Communities in Sequim, Washington

by Amy Works October 26, 2022

SEQUIM, WASH. — A joint venture between Oxford Capital Group LLC and Fortress Investment Group LLC has acquired a three-property, 256-unit seniors housing portfolio in Sequim. The properties are located northwest of Seattle, just across the Salish Sea from Victoria, British Columbia. The buyer acquired the properties from an independent family operator. Oxford’s seniors housing management affiliate, Oxford Living US LLC, will manage the properties. Terms of the transaction were not disclosed. “We are excited to continue to expand our seniors housing silo as we strategically assemble a portfolio of properties throughout the United States and Canada,” says John Rutledge, founder, chairman and CEO of Oxford Capital Group. “Oxford Living has made targeted seniors housing acquisitions and investments in a number of growing markets throughout the southeastern United States and Canada, including Florida and Ontario. We plan further portfolio acquisitions in these and other markets.” “This transaction builds further on our strategy of acquiring seniors housing assets with scale in attractive demographic areas that are well positioned to weather an inflationary environment,” adds Peter Stone, managing director at Fortress. “While most institutional investors focus on high-end development in urban centers, our strategy is to buy overlooked mid-market properties which are …

October 26, 2022

Acquisitions Midwest Missouri Multifamily

Avanti Residential Purchases Kansas City Apartment Complex for $94M

by Kristin Harlow October 26, 2022

KANSAS CITY, MO. — Avanti Residential has purchased Artistry Apartments in Kansas City’s Crossroads Arts District for $94 million. The 341-unit, Class A apartment complex marks Avanti’s seventh investment in the Kansas City market. Constructed in 2021, Artistry Apartments features 11,675 square feet of street-level retail space that is 70 percent leased to Sola Salon. Jeff Stingley and Max Helgeson of CBRE represented the seller, a joint venture between Milhaus Development and CrossHarbor Capital Partners. Brady O’Donnell, Jill Haug, Alexandra Scott and Kyle Tucker of CBRE arranged acquisition financing on behalf of Avanti. The property was 95 percent leased at the time of sale.

October 26, 2022

Acquisitions Indiana Industrial Midwest

MDH Partners Acquires 162,228 SF Industrial Building in Noblesville, Indiana

by Kristin Harlow October 26, 2022

NOBLESVILLE, IND. — MDH Partners has acquired Washington Business Park 1, a 162,228-square-foot industrial building in the Indianapolis suburb of Noblesville. The purchase price was undisclosed. The property, which is 85 percent leased to four tenants, is situated within the 142-acre Washington Business Park. The building was constructed earlier this year. Houston Hawley served as the acquisition lead for Atlanta-based MDH. Bryan Poynter of Cushman & Wakefield represented MDH, while Ryan Baker of Cushman & Wakefield represented the undisclosed seller. The purchase of Washington Business Park 1 increases MDH’s Indiana footprint to more than 1.1 million square feet.

October 26, 2022

Acquisitions Illinois Midwest Multifamily

Interra Brokers $8.2M Sale of Multifamily Property in Chicago’s Lincoln Park

by Kristin Harlow October 26, 2022

CHICAGO — Interra Realty has brokered the sale of a 51-unit multifamily property in Chicago’s Lincoln Park neighborhood for $8.2 million. Located at 2718 N. Hampden Court, the building consists of one-bedroom units. Craig Martin of Interra represented the seller, the Manilow family. Martin also represented the buyers, investors Gabe Horstick and Edwin Vdovets, who plan to renovate the property.

October 26, 2022

Acquisitions Multifamily Southeast Tennessee

Newmark Secures $86.6M Sale of Alta Foundry Apartments in Midtown Nashville

by John Nelson October 25, 2022

NASHVILLE, TENN. — Newmark has secured the sale of Alta Foundry, a newly built, 231-unit apartment community located at 640 21st Ave. N in Nashville’s Midtown district. Tarek El Gammal and Vincent Lefler of Newmark represented the seller and developer, Wood Partners, in the transaction. Blacksburg, Va.-based HHHunt purchased Alta Foundry, which was in lease-up and 75 percent occupied at the time of sale, for $86.6 million. Amenities include a rooftop sky lounge, resort-style saltwater pool and a covered outdoor entertainment and gaming lawn. Alta Foundry’s floor plans range from studio to two-bedroom units, and rental rates start at $1,751 per month, according to Apartments.com.

October 25, 2022

Acquisitions Florida Retail Southeast

JLL Brokers $85M Sale of Shoppes at Park Place in Tampa Bay Area

by John Nelson October 25, 2022

PINELLAS PARK, FLA. — JLL has brokered the $85 million sale of Shoppes at Park Place, a 361,250-square-foot shopping center located at 7200 U.S. Highway 19 N in the Tampa Bay suburb of Pinellas Park. Brad Peterson, Tom Hall, Whitaker Leonhardt and Michael Brewster of JLL represented the unnamed seller in the transaction. CBRE represented the buyer, Belleair Development, which funded the acquisition with a $51 million loan. Built in 2006, Shoppes at Park Place was 97.4 percent leased at the time of sale to tenants including Regal Cinemas, Academy Sports + Outdoors, Conn’s HomePlus, Marshalls, Michaels, Petco, Five Below, Famous Footwear and Dollar Tree. The center features 10 outparcels housing tenants such as Chick-fil-A, Starbucks, Chase Bank, Panera Bread, Mattress Firm and Panda Express, among others. Belleair Development plans to add more retail space to the 42-acre site, as well as apartments and a hotel.

October 25, 2022

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