Acquisitions

Eastern Union Secures $7M Acquisition Financing for Shopping Center in Birmingham

by John Nelson September 14, 2022

BIRMINGHAM, ALA. — Eastern Union has secured $7 million in acquisition financing for Crestwood Festival Centre in Birmingham. Marc Tropp of Eastern Union arranged the financing on behalf of the buyer, CityWide Properties, which intends to invest $1.5 million in capital improvements at the 299,707-square-foot shopping center. The five-year loan includes a fixed interest rate of 4.6 percent with one year of interest-only payments. The investor purchased the property, which is shadow-anchored by The Home Depot, for $9.4 million. Built in 1989 on 41 acres, Crestwood Festival Centre comprises 44 retail suites and nearly 1,000 parking spaces. Notable tenants include Phoenix Theatres The Edge 12 Birmingham, Burlington, Mattress Warehouse and Dollar Tree.

September 14, 2022

Acquisitions Multifamily Texas

TerraCap Management Acquires 337-Unit Apartment Community in Metro Austin

by Taylor Williams September 13, 2022

CEDAR PARK, TEXAS — Florida-based investment firm TerraCap Management has acquired Latitude at Presidio, a 337-unit apartment community located in the northern Austin suburb of Cedar Park. The property features one-, two- and three-bedroom units with an average size of 959 square feet. Amenities include a pool, game room, outdoor grilling and dining stations, fitness center, coffee bar and a dog park. Matt Pohl and Kevin Dufour of Walker & Dunlop represented the undisclosed seller in the transaction.

September 13, 2022

Acquisitions Multifamily Texas

Marcus & Millichap Brokers Sale of 159-Unit Pleasant Creek Apartments in Metro Dallas

by Taylor Williams September 13, 2022

LANCASTER, TEXAS — Marcus & Millichap has brokered the sale of Pleasant Creek, a 159-unit apartment complex in Lancaster, a southern suburb of Dallas. The garden-style property houses 16 buildings with amenities such as a pool, fitness center, business center and onsite laundry facilities. Nick Fluellen and Chris Pearson of Marcus & Millichap represented the undisclosed seller and procured the buyer, Cove Capital Investments, in the transaction.

September 13, 2022

Silver-Lake-Village-Bartlesville-Oklahoma

Acquisitions Oklahoma Retail Texas

Stan Johnson Co. Negotiates $15.3M Sale of Shopping Center in Bartlesville, Oklahoma

by Taylor Williams September 13, 2022

BARTLESVILLE, OKLA. — Locally based brokerage firm Stan Johnson Co. has negotiated the $15.3 million sale of Silver Lake Village, an 87,750-square-foot shopping center in Bartlesville, located north of Tulsa. The center was fully leased at the time of sale to 12 tenants, with T.J. Maxx, Ross Dress for Less, Petco and Ulta Beauty serving as the anchors. Margaret Caldwell and Patrick Kelley of Stan Johnson Co. represented the seller, Tennessee-based GBT Realty Corp., in the transaction. The buyer was a Florida-based 1031 exchange investor that requested anonymity.

September 13, 2022

Acquisitions Multifamily Seniors Housing Texas

Living Care Lifestyles Sells 75-Unit Seniors Housing Community in Granbury, Texas

by Taylor Williams September 13, 2022

GRANBURY, TEXAS — Living Care Lifestyles, a Seattle-based seniors housing developer and manager, has sold Quail Park of Granbury, a 75-unit community located on the southwestern outskirts of Fort Worth. The property, which was 95 percent occupied at the time of sale, offers independent living, assisted living and memory care services. Charles Bissell and Dean Ferris of JLL represented Living Care Lifestyles in the transaction. Lloyd Jones Senior Living purchased the asset for an undisclosed price.

September 13, 2022

Acquisitions Industrial New Jersey Northeast

Cushman & Wakefield Negotiates Sale of 113,743 SF Industrial Portfolio in Newark

by Taylor Williams September 13, 2022

NEWARK, N.J. — Cushman & Wakefield has negotiated the sale of a portfolio of five industrial buildings totaling 113,743 square feet in Newark. The portfolio, which comprises spaces ranging in size from 2,500 to 13,500 square feet, is currently leased to 22 tenants. Gary Gabriel, Kyle Schmidt, David Bernhaut and Ryan Larkin of Cushman & Wakefield represented the seller, Sitex Group, in the transaction. A joint venture between affiliates of Westbrook Partners and Camber Real Estate Partners acquired the portfolio for an undisclosed price.

September 13, 2022

Acquisitions Industrial Lee & Associates New Jersey Northeast

Lee & Associates Brokers Sale of 98,000 SF Industrial Complex in Clifton, New Jersey

by Taylor Williams September 13, 2022

CLIFTON, N.J. — Lee & Associates has brokered the sale of a 98,000-square-foot industrial complex in the Northern New Jersey community of Clifton. The two-building, multi-tenant property sits on 3.5 acres at 31-35 Styertowne Road. Josh Krantz of Lee & Associates represented the seller, Kessler-Schwartz Associates, and procured the buyer, Longpoint Realty Partners, in the off-market transaction. The new ownership plans to invest in capital improvements and has also retained Lee & Associates to lease the property.

September 13, 2022

Acquisitions Multifamily Washington Western

OpenPath Investments Divests of Pointe East Apartment Homes in Fife, Washington for $31.7M

by Amy Works September 13, 2022

FIFE, WASH. — OpenPath Investments has completed the disposition of Pointe East Apartment Homes, an apartment community in Fife. 11 Capital LLC acquired the property for $31.7 million, or $256,048 per unit. Philip Assouad, Giovanni Napoli, Ryan Harmon and Nicholas Ruggiero of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction. Built in 1986, Pointe East features 124 apartments, a leasing office, fitness center, outdoor courtyard with barbecue areas and a children’s playground. All apartments offer wood-burning fireplaces, extra storage spaces, private decks or patios, and a walk-in closet or dual closets in the main bedroom. The unit mix includes 37 one-bedroom units and 87 two-bedroom apartments.

September 13, 2022

Acquisitions Industrial Utah Western

GO Industrial Sells Two-Building Logistics Campus in Salt Lake City

by Amy Works September 13, 2022

SALT LAKE CITY — GO Industrial, in partnership with a real estate fund advised by Crow Holdings Capital, has completed the disposition of 5600 | Logistics, a two-building logistics campus in Salt Lake City. Terms of the transaction were not released. Totaling 505,692 square feet, 5600 | Logistics features a 265,120-square-foot building with 32-foot clear heights, 50 dock-high doors, four grade-level doors, 177 employee parking spaces and 72 trailer parking spaces, as well as a 240,654-square-foot building with 32-foot clear heights, 46 dock-high doors, four grade-level doors, 159 employee parking spaces and 62 trailer spaces. CBRE | National Partners negotiated the deal for the seller.

September 13, 2022

Acquisitions Hawaii Retail Western

SRS Brokers $5.5M Sale of Cost-U-Less-Occupied Retail Property in Hilo, Hawaii

by Amy Works September 13, 2022

HILO, HAWAII — SRS Real Estate Partners has arranged the sale of a single-tenant retail property located at 715 Kinoole St. in Hilo. A mainland-based private investor acquired the asset from a Hawaii-based private investor for $5.5 million. Cost-U-Less, a warehouse-style retail chain store, occupies the 23,016-square-foot building, which was built in 2002. Nicholas Paulic, AJ Cordero, Matthew Mousavi and Patrick Luther of SRS Real Estate Partners’ National Net Lease Group represented the seller in the transaction.

September 13, 2022

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