FORT WORTH, TEXAS — Matthews Real Estate Investment Services has arranged the sale of Amberwood Apartments, a 62-unit multifamily complex in Fort Worth. The property was built in 1969. A partnership between an entity doing business as Bakerson LLC and Massive Capital purchased the asset from an undisclosed seller. Jared Rice and Harris McKay of Matthews brokered the deal.
TEMPE, ARIZ. — University Partners has acquired Canvas Tempe, an 826-bed student housing community located near the Arizona State University campus in Tempe. A joint venture between Toll Brothers and Harrison Street sold the asset for an undisclosed price. Built in 2021, the community offers a mix of studio, one-, two-, three- and four-bedroom units with bed-to-bath parity. Shared amenities include a rooftop oasis, jumbotron, e-sports lounge, sauna room, spray tan facility and innovation lab. Tim Bradley, Shawn Sweeney and Steve Hovanec of TSB Capital Advisors arranged financing for the acquisition on behalf of University Partners. TSB Realty brokered the transaction. “Canvas marks our third acquisition in recent years in the Tempe market and is an excellent complement to our growing portfolio,” says Troy Manson, principal of University Partners.
MORRISTOWN, N.J. — Cushman & Wakefield has brokered the $21.5 million sale of Morristown Plaza, a 122,103-square-foot office complex in Northern New Jersey. The development consists of two buildings on a 3.9-acre site. Gary Gabriel, David Bernhaut, Frank DiTommaso, Bill Baunach, Maia Sirabian, Andy Schwartz, Jordan Sobel and Andre Balthazard of Cushman & Wakefield represented the seller, The Silverman Group, in the transaction. The buyer was Pentaurus Properties. The property, which was 92 percent leased at the time of sale, offers a fitness center, café and conference facilities.
NIAGARA FALLS, N.Y. — Marcus & Millichap has negotiated the $8.1 million sale of Pine Plaza, an 87,093-square-foot shopping center located in the upstate New York community of Niagara Falls. Anchored by Office Depot and Planet Fitness, the center was 83 percent leased at the time of sale. Craig Fuller, Erin Patton and Scott Wiles of Marcus & Millichap represented the seller, an Atlanta-based private fund, in the transaction. The trio also procured a locally based private investor as the buyer.
NEWTOWN, PA. — Hamister Group, an investment firm based in Buffalo, has acquired a 104-room hotel in Newtown, located northeast of Philadelphia, that is operated under the Homewood Suites by Hilton brand. Built in 2010 and renovated in 2018, the hotel offers an indoor pool, fitness center, business center and meeting and event space. The seller and sales price were not disclosed.
MACEDONIA, OHIO — SRS Real Estate Partners has negotiated the $10.6 million sale of a newly developed medical property occupied by Optima Dermatology in Macedonia, a southern suburb of Cleveland. The 15,500-square-foot building is located at 8183 Golden Link Blvd. within The Crossings at Golden Link, a 400,000-square-foot shopping center anchored by Lowe’s. Michael Carter and Frank Rogers of SRS, along with Greg Guyuron of Anchor Cleveland, represented the seller, a private developer. The buyer was a New Jersey-based private investor completing a 1031 exchange. The sales price represented a cap rate of 6.5 percent.
INDIANAPOLIS — Marcus & Millichap has arranged the sale of Meridian Marketplace in Indianapolis for an undisclosed price. Located at 8923 S. Meridian St., the 41,645-square-foot retail strip center was fully occupied at the time of sale. Dollar Tree is the anchor tenant. Additional tenants include Play It Again Sports, Pizza Hut, a dentist, nail salon, Asian grocery store, barbershop, escape room, indoor golf concept and e-sports gaming lounge. Scott Wiles, Erin Patton and Craig Fuller of Marcus & Millichap represented the seller, a New York-based private investment firm. The team also procured the buyer, a Washington-based investor. The buyer received an acquisition loan with a 60 percent loan-to-value ratio.
PLEASANT PRAIRIE, WIS. — Greenstone Partners has brokered the sale of a three-acre retail development site situated near I-94 in Pleasant Prairie for an undisclosed price. The site is an outparcel to Seasons at River View, a 300-unit apartment development completed in 2022, as well as a future senior living development covering 20 acres. Brewster Hague of Greenstone Partners represented the buyer, a Chicago-based investor.
FREDERICKSBURG, VA. — Walton Global has sold a 25-acre parcel situated within the 683-acre Alexander Crossing Master Plan in Fredericksburg for an undisclosed price. A multifamily developer purchased the property, with plans to construct a 363-unit community at the site. The Alexander Crossing Master Plan features residential, commercial and recreation space, as well as green areas. The construction timeline was not disclosed.
CHESAPEAKE, VA. — Cushman & Wakefield | Thalhimer has brokered the $24 million sale of the Port of Virginia Distribution Center, a two-building industrial portfolio located in Chesapeake, roughly seven miles outside Norfolk and 13 miles south of Port of Virginia. The buildings, which total 334,881 square feet, were fully leased at the time of sale. Tenants include a Fortune 500 government contractor, third-party logistics firm, food distribution company and defense contractors. Bo McKown, Eric Robison and Ellis Colthorpe of Thalhimer arranged the transaction on behalf of the undisclosed seller. An entity doing business as Chesapeake Industrial Park LLC was the buyer.