Acquisitions

Chatham Bay Acquires Former Philadelphia Factory for $9.6M, Plans Multifamily Conversion

by Taylor Williams September 15, 2022

PHILADELPHIA — The Chatham Bay Group has acquired a former factory located at 2019-53 E. Boston St. in Philadelphia’s East Kensington neighborhood for $9.6 million. The Delaware-based investment firm plans to implement an adaptive reuse program that will convert the facility into a 178-unit apartment complex. Philadelphia-based architecture firm Designblendz is designing the project. Phil Sharrow and Craig Thom of Scope Commercial represented Chatham Bay and the seller, Viking Mill Associates LLC, in the transaction.

September 15, 2022

Acquisitions New Mexico Retail Western

Hawkins Cos. Divests of 51,892 SF Valencia Y Shopping Center in Los Lunas, New Mexico

by Amy Works September 15, 2022

LOS LUNAS, N.M. — Hawkins Cos. has completed the disposition of Valencia Y Shopping Center, a retail center located at 2150-2520 Main St. NE in Los Lunas. Arizona MSK LLC and Garvin Holdings LLC have acquired the asset for $7.5 million in an all-cash 1031 exchange. Valencia Y Shopping Center features 51,892 square feet of retail space. Current tenants include Smith’s Food and Drug, Ace Hardware, Pizza Hut, TitleMax Title Loans and Anytime Fitness. Steve Julius, Jesse Goldsmith and Chase Dorsett of Newmark, along with Perry Kesler of Sotheby Realty, represented the seller and buyer in the deal.

September 15, 2022

Acquisitions Idaho Retail Western

Marcus & Millichap Brokers Sale of Dollar General-Occupied Property in Athol, Idaho

by Amy Works September 15, 2022

ATHOL, IDAHO — Marcus & Millichap has arranged the sale of a retail building located at 30601 N. Old Hwy 95 in Athol. A California-based private investor acquired the asset for an undisclosed price. Don McMinn of Marcus & Millichap represented the undisclosed seller in the deal. Dollar General occupies the 10,640-square-foot retail property, which was built in 2022, on a new 15-year triple-net lease. This location is the first Dollar General in the state of Idaho.

September 15, 2022

Acquisitions District of Columbia Hospitality Southeast

JLL Negotiates Sale of 373-Room Mandarin Oriental Hotel in D.C.

by John Nelson September 15, 2022

WASHINGTON, D.C. — JLL’s Hotels & Hospitality Group has negotiated the sale of Mandarin Oriental, Washington D.C., a luxury hotel in the city’s southwest district that spans nine stories and 373 rooms. The sales price was not disclosed. The buyer, London-based private equity real estate manager Henderson Park, has rebranded the hotel as Salamander Washington D.C. under the management of Middleburg, Va.-based Salamander Hotels & Resorts. Gilda Perez-Alvarado, Jeffrey Davis and Stephany Chen of JLL represented the seller, Mandarin Oriental Hotel Group International Ltd., in the transaction. Mark Fisher of JLL arranged an undisclosed amount of acquisition financing on behalf of Henderson Park. Built in 2004 and recently renovated, the hotel overlooks the Tidal Basin and the Washington Channel. Nearby attractions include the National Mall, Washington Monument, Martin Luther King Jr. Memorial, Thomas Jefferson Memorial and the Smithsonian National Museum of Natural History.

September 15, 2022

Acquisitions Multifamily New York Northeast

Rosewood Realty Negotiates $8.7M Sale of Harlem Apartment Building

by Taylor Williams September 15, 2022

NEW YORK CITY — Locally based brokerage firm Rosewood Realty Group has negotiated the $8.7 million sale of a 56-unit apartment building in Harlem. The six-story building was originally constructed in 1909. Aaron Jungreis, Ben Khakshoor and Alex Fuchs of Rosewood Realty represented the buyer, a private investor, and the seller, an entity doing business as 610 Realty Associates LLC, in the transaction. The deal traded at a cap rate of 4.8 percent.

September 15, 2022

Acquisitions Illinois Midwest Multifamily Northmarq

Northmarq Arranges $45M Sale of Multifamily Property in Peoria, Illinois

by Kristin Harlow September 15, 2022

PEORIA, ILL. — Northmarq has arranged the sale of Prairie Vista Apartments in Peoria for $45 million. Built in 2006, the 304-unit multifamily property features 38 buildings as well as a clubhouse, pool house and garages. The units are nearly fully occupied. Parker Stewart, Alex Malzone and Dominic Martinez of Northmarq brokered the sale. Dan Baker of Northmarq originated a $27 million Freddie Mac acquisition loan. The 10-year, fixed-rate loan features five years of interest-only payments followed by a 30-year amortization schedule. California-based Prairie Vista SPE Owner LLC was the buyer.

September 15, 2022

Acquisitions Midwest Minnesota Multifamily

Monument Capital Management Acquires 192-Unit Apartment Community in Plymouth, Minnesota

by Kristin Harlow September 15, 2022

PLYMOUTH, MINN. — Monument Capital Management, an A-Rod Corp. company, has acquired Talus in Plymouth, just west of Minneapolis. The purchase price was undisclosed. The 192-unit apartment community was built in 1974. Floor plans range from 800 to 1,100 square feet. Amenities include a dog area, walking paths, fitness center, outdoor pool, indoor heated pool, laundry centers, underground heated parking and a newly renovated clubhouse. Monument plans to upgrade units and amenities. Ted Abramson of CBRE represented the seller, Curtis Capital Group. This property is the first acquisition for Monument’s newly launched fund, Monument Opportunity Fund V. Monument now owns or manages eight communities in the Minneapolis market totaling more than 1,000 units.

September 15, 2022

Acquisitions Midwest Retail Wisconsin

Blue West Capital Negotiates $2.9M Sale of Retail Center in Hartford, Wisconsin

by Kristin Harlow September 15, 2022

HARTFORD, WIS. — Blue West Capital has negotiated the $2.9 million sale of Hartford Shops in Hartford, about 37 miles northwest of downtown Milwaukee. The 12,530-square-foot retail center is fully leased and is shadow anchored by Aldi. Some of the tenants include Dunkin’, H&R Block, Shopko Optical and Papa Murphy’s. Carly Kelly and Shawn Dickmann of Blue West Capital represented the seller, a Dallas-based private real estate company. The duo also procured the buyer, a Colorado-based private investor. The property sold at 95 percent of the list price.

September 15, 2022

Acquisitions Illinois Midwest Restaurant Retail

Boulder Group Brokers $2M Sale of Net Leased Restaurant Property in Naperville, Illinois

by Kristin Harlow September 15, 2022

NAPERVILLE, ILL. — The Boulder Group has brokered the sale of a restaurant property net leased to KFC and Taco Bell in the Chicago suburb of Naperville for nearly $2 million. The 2,982-square-foot building is located along Reflection Drive. Randy Blankstein and Jimmy Goodman of Boulder represented the buyer, a Midwest-based real estate investor completing a 1031 exchange. A Southeast-based real estate company was the seller.

September 15, 2022

Acquisitions Multifamily Washington Western

Newmark Arranges $65.5M Sale of BLIS Apartments in Bainbridge Island, Washington

by Amy Works September 14, 2022

BAINBRIDGE ISLAND, WASH. — Newmark has negotiated the sale of BLIS Apartments, a multifamily property located on Bainbridge Island, just across Elliot Bay from Seattle. Sound West Group sold the asset to Cairn West for $65.5 million. Marty Leith of Newmark represented the seller in the deal. Located at 747 Hanami Lane LE, BLIS Apartments features 114 residences comprising 107 apartments and seven loft townhomes. Units offer large laundry rooms, luxury vinyl plank flooring, quartz countertops, USB wall chargers, stainless steel appliances, undermount sinks and walk-in closets. Built in 2019 on 1.4 acres, the community features a courtyard terrace, controlled entry access, fitness center, grilling stations, rooftop deck, electric vehicle charging stations, community spaces and a conference room.

September 14, 2022

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