Acquisitions

Interra Realty Arranges Sale of 130-Unit Multifamily Portfolio in Chicago

by Jeff Shaw January 13, 2023

CHICAGO — Chicago-based commercial real estate investment services firm Interra Realty has arranged the sale of a three-building, 130-unit multifamily portfolio in Chicago’s Hyde Park neighborhood. The properties included in the portfolio are located at 5454 S. Everett Ave., 5501 S. Everett Ave. and 5527 S. Everett Ave. The portfolio sold for an undisclosed price. The three buildings comprise 52 one-bedroom units, 60 two-bedroom units and 18 retail spaces. The rental units were approximately 95 percent occupied at the time of sale. All three properties are served by the Metra Electric and South Shore lines, as well as multiple Chicago Transit Authority bus routes. Interra’s senior managing partner, Joe Smazal, represented the seller, an affiliate of the Chicago-based Tricap Residential Group. The brokerage firm’s managing partner, Patrick Kennelly, and director, Paul Waterloo, represented the undisclosed, private West Coast-based buyer.

January 13, 2023

Acquisitions Kansas Midwest Retail

JLL Brokers Sale of 363,076 SF Retail Center in Metro Kansas City

by Jeff Shaw January 13, 2023

MERRIAM, KAN. — JLL Capital Markets has brokered the sale of Merriam Town Center, a 363,076-square-foot open-air retail center located at 8800 Johnson Drive in Merriam, approximately 10 miles southwest of Kansas City. Built in 1998, the property was 97 percent leased at the time of sale. Tenants include The Home Depot, Dick’s Sporting Goods, Cinemark, Ross Dress for Less and PetSmart. Amy Sands and Michael Nieder of JLL represented the undisclosed seller in the transaction. The R.H. Johnson Co. acquired the property for an undisclosed price.

January 13, 2023

Acquisitions Affordable Housing Midwest Multifamily Ohio

CMHA Acquires 108-Unit Affordable Housing Development in Columbus, Ohio for $8.1M

by Jeff Shaw January 13, 2023

COLUMBUS, OHIO — The Columbus Metropolitan Housing Authority (CMHA) has acquired Copperleaf Apartments, a 108-unit affordable housing multifamily development in Columbus for $8.1 million. Built in 1989, the property sits on eight acres located off Sawmill Road on the city’s Northwest Side. The seller was a partnership of companies headed by local developers Don Kelley and Robert Weiler. Columbus Housing Enterprise (CHE), a newly formed nonprofit, has entered into a 75-year lease to operate the community on behalf of CMHA, ensuring the apartment complex will remain affordable for lower-wage-earning families, senior citizens and people with disabilities for the long run. According to The Columbus Dispatch, the nonprofit will target prospective renters making 80 percent or less of area median income, which is $52,500 for one person and $74,950 for a four-person household. Data from the Affordable Housing Alliance of Central Ohio (AHACO) shows only 29 affordable housing units are available for every 100 extremely low-income households in the Columbus and Franklin County area. AHACO estimates 54,000 low- and moderate-income households in Franklin County pay more than half their income toward housing costs. Central Ohio also faces a deficit of 11,000 to 14,000 new housing units every year to support a healthy housing …

January 13, 2023

Acquisitions Midwest Missouri Net Lease Retail

Marcus & Millichap Arranges $2.9M Sale of Net-Leased Walmart Property in Malden, Missouri

by Jeff Shaw January 13, 2023

MALDEN, MO. — Marcus & Millichap has brokered the sale of a 43,770-square-foot retail property occupied by Walmart in Malden, which is part of the Missouri Bootheel in the southeast portion of the state. A limited liability company purchased the net-leased property, located at 1007 N. Douglass St., for $2.9 million in an all-cash transaction. Walmart has five years remaining on its lease. Investment specialists Jared Shapiro, Craig Fuller, Erin Patton and Scott Wiles from Marcus & Millichap’s Cleveland and Columbus offices marketed the asset on behalf of the seller, a limited liability company and private investor. The buyer was also secured and represented by Shapiro, Fuller, Patton and Wiles with the assistance of David Saverin, Missouri broker of record.

January 13, 2023

Acquisitions California Multifamily Western

Marcus & Millichap Brokers $12.2M Sale of Wilson Gardens Apartments in Banning, California

by Amy Works January 13, 2023

BANNING, CALIF. — Marcus & Millichap has arranged the sale of Wilson Gardens, a multifamily property located at 5001 and 5059 W. Wilson St. in Banning. An individual/personal trust sold the asset to a private investor for $12.2 million, or $180,147 per unit. Douglas McCauley and David Covarrubias of Marcus & Millichap office represented the seller, while Bruce Rajaee of Marcus & Millichap represented the buyer in the deal. Built in 1972, the building features 68 one- and two-bedroom apartments. Onsite amenities include a swimming pool, garages, laundry facilities and a secured entrance.

January 13, 2023

Acquisitions Arizona Industrial Western

Stos Partners Buys 94,186 SF Industrial Property in Phoenix

by Amy Works January 13, 2023

PHOENIX — Stos Partners has purchased a freestanding industrial building located at 1002 S. 54th Ave. in Phoenix. A national window manufacturer and distributor bought the property for $10.9 million. Built in 1992, the vacant asset features 83,889 square feet of warehouse and distribution space and 7,000 square feet of office space. Situated on 4.2 acres, the building offers 25-foot warehouse clearance, a new roof, 17 dock-high doors, two drive-in, ground-level doors, HVAC in the warehouse space and an EVAP cooling system throughout the warehouse area, both powered by more than 2,500 amps of 277/440-volt power. Stos plans to upgrade the property to prepare the space for lease. Anna Josephson and Bo Mill of KBC Advisors represented Stos in the transaction. Phil Haenel, Mike Haenel and Andy Markham of Cushman & Wakefield are marketing the asset for lease.

January 13, 2023

Acquisitions Colorado Retail Western

Armstrong Capital Development Sells 16,600 SF Parker Keystone Retail Center in Parker, Colorado

by Amy Works January 13, 2023

PARKER, COLO. — Armstrong Capital Development (ACD) has completed the sale Parker Keystone, a retail center in Parker. A publicly traded REIT acquired the asset for an undisclosed price. Located at the intersection of South Parker Road and Lincoln Avenue, the Class A, multi-tenant property was fully leased at the time of sale. The property totals 16,600 square feet. Current tenants include Bank of America, Wingstop, Dunkin’ Donuts and AAA Colorado. ACD completed the transaction on behalf of its ACD 2013 Fund LP. Cory Gross of Marcus & Millichap handled the transaction.

January 13, 2023

Acquisitions Midwest Multifamily Nebraska

Greystone Housing Impact Investors Sells Two Multifamily Properties in Omaha for $27.7M

by Jeff Shaw January 12, 2023

OMAHA, NEB. — Greystone Housing Impact Investors LP has sold two multifamily properties located in Omaha. Both properties, Vantage at Stone Creek and Vantage at Coventry, comprise 294 market-rate units and feature a swimming pool. No buyer information was provided. Greystone received net cash of approximately $27.7 million upon closing the sales, inclusive of the return of its contributed equity. Greystone’s investment in Vantage at Stone Creek originated in March 2018 and included $7.1 million in contributed equity during construction. Greystone’s investment in Vantage at Coventry originated in September 2018 and totaled $8.1 million in equity during construction.

January 12, 2023

Acquisitions Illinois Midwest Multifamily

Marcus & Millichap Brokers $6.2M Sale of Two Chicago Apartment Buildings

by Jeff Shaw January 12, 2023

CHICAGO — Marcus & Millichap has arranged the sale of two 12-unit apartment properties located in Chicago. The two properties, 922 West George Street and 855 West Grace Street, sold for a total of $6.2 million. Kyle Stengle of Marcus & Millichap marketed the property on behalf of the seller, Golub Co., and its Boston-based partner. The buyer is a New York-based investor who was secured and represented by Marcus & Millichap’s Steve Rachman and Benjamin Conte.

January 12, 2023

Acquisitions Michigan Midwest Retail

Northmarq Arranges $2.6M Sale of Single-Tenant Retail Property Near Ann Arbor

by Jeff Shaw January 12, 2023

YPSILANTI, MICH. — Northmarq has arranged the $2.6 million sale of a single-tenant retail property located at 3100 Washtenaw Avenue in Ypsilanti, roughly five miles southeast of downtown Ann Arbor. AMERCO Real Estate Co. acquired the property, which sits on 11 acres and totals 91,743 square feet. Isaiah Harf of Northmarq’s Chicago office represented the seller, a New York-based institutional investor. Neighboring tenants include Fresh Thyme Market, Dollar General, Planet Fitness, Domino’s and Walgreens.

January 12, 2023

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