Acquisitions

Marcus & Millichap Brokers $44M Sale of Hills at Hoover Apartments in Metro Birmingham

by John Nelson September 23, 2022

HOOVER, ALA. — Marcus & Millichap has brokered the $44 million sale of The Hills at Hoover, a 320-unit apartment community in Hoover, a suburb of Birmingham. Josh Jacobs and Royce Emerson of Marcus & Millichap represented the seller, a family office based in New Jersey, and procured the buyer, a Florida-based multifamily owner/operator. Built in the early 1970s, The Hills at Hoover has recently undergone a significant remodel across several interior units, according to Jacobs. According to Apartments.com, the property features one-, two- and three-bedroom apartments, as well as a business center, clubhouse, fitness center, pool, playground, tennis court and a grilling/picnic areas.

September 23, 2022

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 411-Unit Self-Storage Facility in Odessa, Texas

by Taylor Williams September 23, 2022

ODESSA, TEXAS — Marcus & Millichap has brokered the sale of Advance A-1 Self Storage, a 411-unit facility in the West Texas city of Odessa. The property sits on 3.2 acres at 3151 E. Business Loop 20. Dave Knobler and Mixson Staffel of Marcus & Millichap represented the seller, a limited liability company, and procured the buyer, a REIT, in the transaction. Both parties requested anonymity.

September 23, 2022

Acquisitions Retail Texas

Centergy Retail Sells 114,120 SF Left Bank Shopping Center in Fort Worth

by Taylor Williams September 23, 2022

FORT WORTH, TEXAS — Dallas-based developer Centergy Retail has sold Left Bank, a 114,120-square-foot shopping center in Fort Worth. Grocer Tom Thumb anchors the center, which was 98 percent leased at the time of sale. Other tenants include Hopdaddy Burger Bar, Crumbl Cookies, Nékter Juice Bar and Buffalo Wild Wings. Jim Batjer, Chris Cozby, Mark Witcher, Blaine Dozier and Harrison Tye of CBRE represented Centergy in the transaction. The buyer and sales price were not disclosed.

September 23, 2022

Acquisitions Retail Texas

STRIVE Arranges Sale of 50,267 SF Retail Property in Dallas

by Taylor Williams September 23, 2022

DALLAS — Locally based retail brokerage firm STRIVE has arranged the sale of a 50,267-square-foot retail property in Dallas. The spaces are primarily leased to Burlington and Planet Fitness. Jennifer Pierson and Hudson Lambert of STRIVE represented the seller, a locally based partnership, and procured the buyer, an institutional out-of-state investor, in the transaction.

September 23, 2022

Acquisitions Delaware Northeast Retail

Atlantic Realty Sells Shopping Center in Newark, Delaware, for $33.5M

by Taylor Williams September 23, 2022

NEWARK, DEL. — Atlantic Realty Cos., a Virginia-based development, investment and brokerage firm, has sold a 145,400-square-foot shopping center located at 230 E. Main St. in Newark for $33.5 million. Built in 1955 and renovated in 2017, the center was 93 percent leased at the time of sale to a roster of 31 tenants, with grocer Newark Natural Foods and Main Street Movies 5 serving as the anchors. Other retailers and restaurants include PNC Bank, Wing Stop, Dollar Tree, Goodwill, T-Mobile and Tropical Smoothie Café. Gil Neuman of Neuman Commercial Group represented Atlantic Realty in the transaction. The buyer was not disclosed.

September 23, 2022

Acquisitions Industrial New Jersey Northeast

Sitar Realty Negotiates $7.7M Sale of Warehouse in Lakewood, New Jersey

by Taylor Williams September 23, 2022

LAKEWOOD, N.J. — New Jersey-based brokerage firm Sitar Realty Co. has negotiated the $7.7 million sale of a 38,762-square-foot warehouse in Lakewood, about 70 miles northeast of Philadelphia. The two-story building sits on 3.5 acres. Manasquan Bank sold the property to a locally based limited liability company. Douglas Sitar and Robert JanTausch of Sitar Realty brokered the deal.

September 23, 2022

Acquisitions Illinois Midwest Office

Marcus & Millichap Brokers $6.7M Sale of Hartford Business Centre in Bensenville, Illinois

by Kristin Harlow September 23, 2022

BENSENVILLE, ILL. — Marcus & Millichap has brokered the $6.7 million sale of the Hartford Business Centre in the Chicago suburb of Bensenville. The 66,853-square-foot office complex sold at nearly full list price. The property’s three single-story buildings were constructed in 1975 and 1985 and renovated in 2022. At the time of sale, the property was 97 percent leased. Peter Doughty and Brent Holder of Marcus & Millichap represented the seller, a California-based private investor. Avison Young represented the buyer, a local private investment fund.

September 23, 2022

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 777-Unit Self-Storage Facility in Houston

by Taylor Williams September 22, 2022

HOUSTON — Marcus & Millichap has brokered the sale of Advantage Storage, a 777-unit facility in Houston. The property sits on 4.2 acres and comprises one climate-controlled building and six modular drive-up buildings for a total of 68,839 net rentable square feet. The average unit size is roughly 100 square feet. Dave Knobler and Charles LeClaire of Marcus & Millichap represented the seller, a New York-based limited liability company, in the transaction. Both the seller and the Florida-based buyer requested anonymity.

September 22, 2022

Acquisitions Industrial Texas

Colliers Arranges Sale of 27,150 SF Warehouse in North Houston

by Taylor Williams September 22, 2022

HOUSTON — Colliers has arranged the sale of a 27,150-square-foot warehouse located at 1612 Southcreek Lane in North Houston. According to LoopNet Inc., the single-tenant structure was built in 2014. The three-acre, crane-served site is situated within Candle Ridge Business Park. Jason Tangen of Colliers represented the seller, an affiliate of TRECAP Management, in the transaction. Todd Moore and Connor Duffy, also with Colliers, represented the buyer, an entity doing business as GBP II SIP.

September 22, 2022

Acquisitions Development Florida Multifamily Southeast

CBRE Brokers $122.6M Sale of Waterfront Development Site on South Florida’s Fisher Island

by John Nelson September 22, 2022

FISHER ISLAND, FLA. — CBRE has brokered the sale of a 6.5-acre site on Fisher Island, an island city in Miami-Dade County. An unnamed private investor purchased the development site, the last available waterfront parcel on Fisher Island, for $122.6 million. No future development plans were disclosed, but CBRE says the parcel is approved for condominium development. Timothy Gifford and Nilmaris Negron with CBRE represented the seller, also a private investor, in the transaction. The site offers unobstructed views of the Atlantic Ocean, Miami Beach, Biscayne Bay and downtown Miami’s skyline. Reached only by yacht, private ferry or helicopter, Fisher Island represents the wealthiest zip code in the United States, according to Gifford. The island features a members-only country club with a 35-hole golf course and racquet club, as well as two deep-water marinas, a 15-room boutique hotel for members and the historic Vanderbilt Mansion Clubhouse.

September 22, 2022

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