Acquisitions

DMI Real Estate Group Divests of Two Orange County Retail Centers for $25.5M

by Amy Works August 9, 2023

LA PALMA AND LA HABRA, CALIF. — DMI Real Estate Group has completed the dispositions of two shopping centers — La Palma Collection and The Row on Harbor — for a combined $25.5 million. Joseph Lising of Cushman & Wakefield’s Southern California retail team, along with Daniel Sydor of Cushman & Wakefield’s Valuation & Advisory Services, represented and advised DMI in the dispositions. Located at 7811-7971 Valley View St. in La Palma, La Palma Collection features 23,882 square feet of multi-tenant retail space. A private 1031 exchange buyer acquired the asset for $13 million. Ron Duong of Marcus & Millichap represented the buyer in the deal. The Row on Harbor, located at 1450-1478 S. Harbor Blvd. in La Habra, features 23,314 square feet of retail space. At the time of sale, the property was fully leased to 14 tenants, including EggBred, AkaFuji, Furai Chicken, Bodhi Leaf Coffee Traders, Code Ninjas and Club Pilates. A 1031 all-cash buyer acquired the property for $12.5 million.

August 9, 2023

Acquisitions Arkansas Multifamily Southeast

Cushman & Wakefield Arranges Sale of 260-Unit Uptown Terrace Apartments in Rogers, Arkansas

by John Nelson August 9, 2023

ROGERS, ARK. — Cushman & Wakefield has arranged the sale of Uptown Terrace, a 260-unit apartment community located in Rogers, a town in Northwest Arkansas. Martin Bynum and Craig Hey of Cushman & Wakefield represented the seller, SC Bodner Co. Inc., in the transaction. The buyer and sales price were not disclosed. Built in 2021, Uptown Terrace features a bark park, business center, clubhouse, coffee bar, fire pit, fitness center, Luxer One package locker system, outdoor TV area, resort-style swimming pool with a sundeck and cabanas, a pickleball court, valet trash service and a yoga room. The property also features 28,000 square feet of ground-level commercial space.

August 9, 2023

Acquisitions Hospitality Texas

Mumford Co. Arranges Sale of 98-Room Tru by Hilton Rockwall Dallas Hotel

by Taylor Williams August 9, 2023

ROCKWALL, TEXAS — Mumford Co., a hospitality brokerage firm with regional offices around the country, has arranged the sale of the 98-room Tru by Hilton Rockwall Dallas hotel, located on the city’s eastern outskirts. The property was built in 2020 and features a fitness center, business center and an outdoor pool with patio seating. The name of the seller and the Alabama-based developer that purchased the property were not disclosed.

August 9, 2023

Acquisitions Illinois Industrial Midwest

Apex Industrial Automation Acquires 14,400 SF Building in Bensenville, Illinois

by Kristin Harlow August 9, 2023

BENSENVILLE, ILL. — Apex Industrial Automation, an industrial equipment and motor supplier, has acquired a 14,400-square-foot industrial building in the Chicago suburb of Bensenville for an undisclosed price. Apex will occupy over half of the building, which is located at 222-224 Williams St. The remainder of the building will be occupied by an existing tenant. Jerry Sullivan of DarwinPW Realty/CORFAC International represented the buyer, while Robert DeSalvo of Sierra Realty represented the seller, a private trust.

August 9, 2023

Acquisitions Healthcare Texas

Bolour Associates Sells 7,190 SF Medical Office Building in North Dallas

by Taylor Williams August 9, 2023

DALLAS — Bolour Associates, an investment firm based in Southern California, has sold a 7,190-square-foot medical office building located at 12222 Coit Road in North Dallas. David Zoller and Corbin Tanenbaum of Weitzman represented Bolour in the transaction as well as in its original acquisition of the property in 2022. Justin Utay of NAI Robert Lynn represented the undisclosed buyer.

August 9, 2023

Acquisitions Massachusetts Multifamily Northeast Top Stories

Harbor Group International Sells 1,722-Unit Multifamily Portfolio in Metro Boston

by Kristin Harlow August 9, 2023

BOSTON — Harbor Group International (HGI), a privately owned international real estate investment and management firm, has sold a 1,722-unit multifamily portfolio comprising six properties in metro Boston. A fund managed by Bridge Multifamily Fund Manager LLC, an affiliate of Bridge Investment Group Holdings Inc. (NYSE: BRDG), was the buyer. While the sales price was undisclosed, HGI purchased the portfolio in 2019 for $384 million. At that time, the firm instituted a $13.6 million capital improvement program to renovate interior units, upgrade amenities, address deferred maintenance and enhance overall curb appeal. The properties include Commons at Haynes Farm in Shrewsbury, Middlesex Crossing in Billerica, Meadows at Marlborough and Heights at Marlborough in Marlborough, Stone Ends in Stoughton and Village at Marshfield in Marshfield. The portfolio is surrounded by large employment hubs and situated in close proximity to major highways and Metro Boston Transit Authority train stations, according to HGI. “The Boston portfolio sale further exemplifies HGI’s ability to identify strategic opportunities to divest high-quality stabilized assets amid varying market conditions,” says Richard Litton, president of HGI. “The properties are well-positioned in their respective submarkets, as the in-place rents have been significantly below the rents of similar renovated Class A properties. …

August 9, 2023

Acquisitions Alabama Industrial Southeast

Ackerman & Co. Acquires 307,200 SF Distribution Center in Birmingham Leased to Dollar General

by John Nelson August 8, 2023

BIRMINGHAM, ALA. — Ackerman & Co. has acquired a 307,200-square-foot distribution center located on a 45.6-acre site at 1532 Midfield Industrial Blvd. in Birmingham. Completed in 2005, the property was fully leased at the time of sale to discount retail giant Dollar General. The facility features 28-foot ceilings and a Norfolk-Southern rail line that feeds directly into the building, as well as 17 dock-high doors, one drive-in door, 11-inch thick floors and solar panels on the roof. The acquisition includes a 23-acre parcel that can accommodate an expansion, build-to-suit opportunities or outside/trailer storage. This is the first acquisition in Alabama for Atlanta-based Ackerman & Co. Philip Yost of CBRE represented the seller, Joe Piper Inc., in the transaction. The sales price was not disclosed.

August 8, 2023

Acquisitions Multifamily Texas

Muskin | Elam Group Arranges Sale of 48-Unit Apartment Complex in North Austin

by Taylor Williams August 8, 2023

AUSTIN, TEXAS — Locally based brokerage firm Muskin | Elam Group has arranged the sale of Cielo at Burnet, a 48-unit apartment complex in North Austin. Daniel Elam and Lyles Carter of Muskin | Elam Group represented the undisclosed, Georgia-based seller in the transaction. The buyer, which also requested anonymity, plans to implement a value-add program and rebrand the property as Colony Creek Apartments. Cameron Hart and John Romano of Berkadia originated acquisition financing for the deal.

August 8, 2023

Acquisitions Midwest Missouri Multifamily

Marcus & Millichap Arranges Sale of 58-Unit Multifamily Property in Kansas City

by Kristin Harlow August 8, 2023

KANSAS CITY, MO. — Marcus & Millichap has arranged the sale of Creekwood Park Duplex Townhomes in Kansas City for an undisclosed price. The 58-unit multifamily property is located at 5808 NE 42nd St. About 30 percent of the units have been renovated, and the property was 97 percent occupied at the time of sale. Jacob Carroll and Aaron Kuroiwa of Marcus & Millichap represented the seller, an individual trust. The duo also secured and represented the buyer, a limited liability company.

August 8, 2023

Acquisitions Industrial Midwest Wisconsin

Founders 3 Brokers $1.1M Sale of Industrial Building in Greendale, Wisconsin

by Kristin Harlow August 8, 2023

GREENDALE, WIS. — Founders 3 Real Estate Services has brokered the $1.1 million sale of a 13,000-square-foot industrial building in Greendale, a southwest suburb of Milwaukee. The property is located at 6600 S. Industrial Loop. Paul McBride and Patti Stevens of Founders 3 represented the seller, B&H Holdings. Massimo Property Investments was the buyer.

August 8, 2023

Newer Posts

Older Posts