Acquisitions

SRS Negotiates $2.8M Sale of US Bank-Occupied Property in Chicago’s Chinatown Neighborhood

by Kristin Harlow May 5, 2023

CHICAGO — SRS Real Estate Partners has negotiated the sale of a single-tenant retail property occupied by US Bank in Chicago’s Chinatown neighborhood for $2.8 million. Constructed in 1991, the 5,400-square-foot building is located at 2131 S. China Place. US Bank has more than nine years remaining on its lease at the property, which is situated within Chinatown Square, a nearly 162,000-square-foot outdoor mall that offers authentic cuisines, stores and traditional artwork. Sean Lutz and Dan Elliot of SRS represented the seller, a California-based private investor. Zoe Zhu of Century 21 represented the buyer, a Chicago-based private investor. The transaction represented a cap rate of 4.6 percent.

May 5, 2023

Acquisitions Loans Multifamily Southeast Tennessee

Northmarq Brokers $40M Sale of Addison at Rossview Apartments in Clarksville, Tennessee

by John Nelson May 4, 2023

CLARKSVILLE, TENN. — Northmarq has brokered the $40 million sale of Addison at Rossview, a 205-unit apartment community located at 200 Holland Drive in Clarksville, about 45 miles northwest of Nashville. David Stollenwerk, Bryan Schellinger, Ben Crawford and Brenden Bercaw of Northmarq represented the seller, a locally based developer, and procured the buyer, Timberland Partners, in the transaction. Daniel Trebil and Jesse Lemos of Northmarq arranged a 10-year, fixed-rate Fannie Mae acquisition loan on behalf of Timberland. Built in 2016, Addison at Rossview features one-, two- and three-bedroom apartments, as well as a saltwater swimming pool, playground, dog park, coffee bar, community clubhouse, business center, four-acre park and walking trail and garages.

May 4, 2023

Acquisitions Georgia Loans Multifamily Southeast

Greystone Provides $10.4M Acquisition Loan for Park Estates Apartments in Decatur, Georgia

by John Nelson May 4, 2023

DECATUR, GA. — Greystone has provided a $10.4 million Fannie Mae loan for the acquisition of Park Estates, a 100-unit apartment community located in the Atlanta suburb of Decatur. Dan Sacks and Avi Kozlowski of Greystone’s New York office arranged the non-recourse, fixed-rate loan on behalf of the borrower, an entity doing business as Park Estates FO LLC. Meridian Capital – New York acted as correspondent on the deal. The five-year loan featured full-term interest-only payments. Built in 1985, Park Estates comprises 13 garden-style buildings housing two-bedroom apartments.

May 4, 2023

Acquisitions Retail Southeast Tennessee

Ziff Real Estate Partners Sells 18,156 SF Retail Strip Center in Chattanooga, Tennessee

by John Nelson May 4, 2023

CHATTANOOGA, TENN. — Ziff Real Estate Partners has sold East Brainerd Shopping Center, an 18,156-square-foot retail strip center located at the intersection of East Brainerd and Jenkins roads in Chattanooga. The buyer and sales price were not disclosed. The property’s tenant roster includes East Brainerd Wine & Spirits, Marco’s Pizza, Tobacco Mart of Chattanooga and Good World Goods. The center includes a gas station and Food City grocery store that Ziff is not including in the sale.

May 4, 2023

Acquisitions Multifamily Texas

Nord Group Acquires 248-Unit Apartment Community in North Austin

by Taylor Williams May 4, 2023

AUSTIN, TEXAS — The Nord Group, a private equity firm with offices in New York City and Houston, has acquired The Park at Crestview, a 248-unit apartment community in North Austin. Built in 1970, the property consists of 37 two-story buildings on a 13-acre site. Residences come in one-, two- and three-bedroom floor plans, and amenities include a pool, playground and a dog park. Austin Marshak of New York City-based brokerage firm Rosewood Realty Group represented Nord Group in the transaction. Mike Kerwin and Scott Bernstein, also with Rosewood, represented the seller, Houston-based investment firm Nitya Capital.

May 4, 2023

Acquisitions Midwest Ohio Retail

Cooper Group Brokers $6.4M Sale of Shopping Center in Canton, Ohio

by Kristin Harlow May 4, 2023

CANTON, OHIO — The Cooper Commercial Investment Group has brokered the $6.4 million sale of Hillsdale Shopping Center in Canton, about 20 miles south of Akron. The 78,010-square-foot property is 90 percent leased to tenants such as Siffrin, Hallmark, Inspire Performing Arts, Aunt Susie’s Cancer Wellness Center and Giddy’s 24/7 Fitness. Dan Cooper of Cooper Group represented the seller, a private West Coast-based investor. The undisclosed buyer purchased the asset at a cap rate of 7.98 percent and roughly 98 percent of the list price.

May 4, 2023

Acquisitions California Multifamily Western

JLL Brokers $53.6M Sale of Six Multifamily Communities in Los Angeles County

by Jeff Shaw May 4, 2023

LOS ANGELES — JLL Capital Markets has arranged three separate transactions for the sale of six assets in Los Angeles County totaling $53.6 million. Five properties are located in the San Fernando Valley and one is in West Los Angeles. JLL worked on behalf of the seller, a corporate fiduciary acting on behalf of an LLC. The identity of the three buyers was not disclosed. All three buyers assumed existing debt on the assets. Peter Yorck and Nick Lavin led the JLL Capital Markets investment sales and advisory team representing the seller, while Jeff Sause and Max Mraz led the JLL Capital Markets debt advisory team. The properties are 3596 Centinela, 14311-14319 Dickens St., 12314 Moorpark, 4144 Tujunga, 12207 Riverside and 12225 Riverside.

May 4, 2023

Acquisitions California Office Western

Naked Wardrobe Acquires 90,371 SF Office Property Calabasas, California for New Headquarters

by Jeff Shaw May 4, 2023

CALABASAS, CALIF. — Naked Wardrobe has purchased a 90,371-square-foot office property in Calabasas for its new headquarters. The building is located at 26541 Agoura Road. The affordable luxury clothing brand will expand from its previous location in nearby Northridge. CBRE’s Mark Perry, Michael Slater, Tom Dwyer, Caroline Bigelow and Carlene O’Neil, along with Scott Murphy, asset manager for Ella Valley Investments, represented the sellers, Edgemark Littleton and the Murray S. Pepper Trust. ZMax Realty represented the buyer.

May 4, 2023

Acquisitions California Retail Western

Hanley Negotiates $1.9M Sale of Dutch Bros. Coffee-Leased Property in Beaumont, California

by Jeff Shaw May 4, 2023

BEAUMONT, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the $1.9 million sale of a newly constructed, single-tenant building located in Beaumont. A Dutch Bros. Coffee drive-thru occupies the 920-square-foot property on a 15-year, triple-net ground lease. Bill Asher and Jeff Lefko represented the seller and developer, Evergreen Development. Trevor Harris of Triwell Properties Inc. represented the buyer, a California-based private investor.

May 4, 2023

Acquisitions Company News Utah Western

Colliers Merges with IPG in Utah

by Jeff Shaw May 4, 2023

SALT LAKE CITY — Colliers has merged with boutique firm Industrial Property Group (IPG). The latter is led by industry veterans Michael Jeppesen and Jeremy Jensen. The new partnership underscores Colliers’ charge to invest in markets like Utah through growing its brokerage footprint with expansion in the broader Utah region and across the Southwestern United States. Jeppesen, a 30-year industry veteran, specializes in institutional portfolio sales, leasing and asset management. He founded IPG in 2005. Jensen, a 25-year industry veteran, has served as president of the Utah chapters of the Commercial Investment Real Estate Institute (CCIM) and the Society of Industrial and Office Realtors (SIOR).

May 4, 2023

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