Acquisitions

First National Realty Partners Buys 304,935 SF Shopping Center in Cullman, Alabama

by John Nelson January 4, 2023

CULLMAN, ALA. — First National Realty Partners (FNRP) has purchased Cullman Shopping Center, a 304,935-square-foot retail development located in Cullman, an east Alabama city equidistant between Huntsville and Birmingham. Kyle Stonis of SRS Real Estate Partners represented the undisclosed seller in the transaction. The sales price was also not disclosed. Cullman Shopping Center’s tenant roster includes Publix, Belk, Dick’s Sporting Goods, Ross Dress for Less, Ulta Beauty, Five Below and PetSmart, among others. Red Bank, N.J.-based FNRP entered the Alabama market in 2022 and now owns four shopping centers in the Yellowhammer State, including Brook Highland Plaza and Inverness Corners in Birmingham and Tannehill Promenade in Bessemer.

January 4, 2023

Acquisitions Affordable Housing District of Columbia Multifamily Southeast

WHC, Amazon, JBG SMITH Acquire Apartment Community in D.C. for $71.5M

by John Nelson January 3, 2023

WASHINGTON, D.C. — Nonprofit organization Washington Housing Conservancy (WHC) has acquired Loree Grand, a 212-unit apartment community in Washington, D.C. In partnership with Amazon’s Housing Equity Fund and the Impact Pool, an investment vehicle managed by local developer JBG SMITH, WHC purchased the 10-story community for $71.5 million. JBG SMITH will manage the 195,000-square-foot property on behalf of WHC, which will preserve affordability for moderate- and low-income families and individuals. Bordered by D.C.’s NoMA, Union Market and H Street neighborhoods, the community features units averaging 900 square feet in size. WHC will preserve Loree Grand’s existing 30 inclusionary zoning units for 99 years, create an additional 129 affordable units for residents earning 80 percent of AMI or less and set aside the remaining 53 units for residents earning 120 percent of AMI or less. Eagle Bank provided acquisition financing for the transaction, Amazon Housing Equity Fund provided subordinate financing and Impact Pool provided mezzanine financing. Arnold & Porter provided pro bono legal counsel to WHC.

January 3, 2023

Acquisitions Florida Retail Southeast

Limestone, Orion Purchase Colonial Palms Plaza Shopping Center in Metro Miami for $70.5M

by John Nelson January 3, 2023

PINECREST, FLA. — Limestone Asset Management and Orion Real Estate Group have purchased Colonial Palms Plaza, a 188,389-square-foot retail center located in Pinecrest, roughly 20 miles southwest of Miami. The joint venture, doing business as Orion Colonial Plaza LLC, acquired the property for $70.5 million. The property comprises seven buildings and 29 tenants, including Marshalls, HomeGoods, PetSmart, Old Navy, Party City, Five Below, Visionworks, CycleBar, Panera Bread and Miller’s Ale House. Kevin Sanz of Orion represented the buyers, and Eric Williams of JLL represented the seller, MetLife Investment Management, in the transaction. Goldman Sachs provided an undisclosed amount of acquisition financing to the joint venture.

January 3, 2023

Acquisitions Multifamily Southeast Tennessee

Matthews Brokers $7.8M Sale of Nashville Edge Apartments in La Vergne, Tennessee

by John Nelson January 3, 2023

LA VERGNE, TENN — Matthews Real Estate Investment Services has arranged the sale of a 50-unit apartment community located at 126 Kingsridge Drive in La Vergne, a southeast suburb of Nashville. Nashville Edge Apartments was acquired by a private, Southern California-based multifamily investor for $7.8 million. Austin Graham and Austin Tomaiko of Matthews represented the undisclosed seller in the 1031 exchange. The community, which was 95 percent occupied at the time of sale, features units in one- and two-bedroom layouts.

January 3, 2023

Acquisitions Florida Office Southeast

CBRE Arranges Sale of 59,530 SF Office Building in Tampa

by John Nelson January 3, 2023

TAMPA, FLA. — CBRE has brokered the sale of Palm Court at Hidden River, a 59,530-square-foot, single-story office building located at 8600 Hidden River Parkway in Tampa. Dale Peterson, Joe Chick, Kristen McFarland Hagen, Courtney Snell and Nick Sharpe of CBRE represented the seller, Continental Capital Partners, in the transcation. Built in 1989, the property is located within Hidden River Corporate Park, a 513-acre master-planned development. A private, Orlando-based real estate investment company purchased the building for an undisclosed price.

January 3, 2023

Acquisitions Maryland Retail Southeast

Neuman Facilitates $5.7M Sale of Retail Center in Metro Baltimore

by John Nelson January 3, 2023

ARBUTUS, MD. — Neuman Commercial Group has arranged the sale of East Drive Shopping Center, a 65,155-square-foot retail center located in Arbutus, approximately eight miles outside of Baltimore. An affiliate of Bien/Paul Ventures sold the property to an undisclosed buyer for $5.7 million. The property was 72 percent occupied at the time of sale to tenants including Save‐A‐Lot, Dollar General, Pizza Boli’s and Cricket Wireless. Gil Neuman of Neuman represented the seller and procured the buyer in the transaction.

January 3, 2023

Acquisitions Multifamily Texas

Berkadia Arranges Sale of 228-Unit Edgewater Apartments in Lake Jackson, Texas

by Taylor Williams January 3, 2023

LAKE JACKSON, TEXAS — Berkadia has arranged the sale of Edgewater Apartments, a 228-unit multifamily property in Lake Jackson, about 50 miles south of Houston. Built in 2005, Edgewater Apartments consists of 19 two-story residential buildings and a one-story clubhouse on a 19-acre site. Units come in one- and two-bedroom floor plans and range in size from 742 to 1,319 square feet. Amenities include a pool, fitness center, business center, outdoor grilling and dining areas and a pet park. Chris Curry, Todd Marix, Jeffrey Skipworth, Chris Young, Joey Rippel, Kyle Whitney, Adam Sumrall, Kelly Witherspoon, Justin Cole and Michael Gonzalez of Berkadia represented the seller, Chicago-based Redwood Capital Group, in the transaction. The buyer was an undisclosed, New York-based investment firm.

January 3, 2023

Logistics-Center-at-I-95-Jackson-New-Jersey

Acquisitions Industrial New Jersey Northeast

Cushman & Wakefield Brokers Sale of 1 MSF Industrial Facility in Jackson Township, New Jersey

by Taylor Williams January 3, 2023

JACKSON TOWNSHIP, N.J. — Cushman & Wakefield has brokered the sale of an approximately 1 million-square-foot industrial facility located at 515 Monmouth Road in Jackson Township, about 30 miles east of Trenton. The newly constructed complex comprises one cross-dock and one rear-load building that total 617,452 and 383,092 square feet, respectively. Building features include clear heights of 40 feet, 185-foot truck court depths, 713 car parking spaces and 181 trailer parking stalls. Gary Gabriel, Kyle Schmidt, David Bernhaut and Seth Zuidema of Cushman & Wakefield represented the seller, a partnership between Active Acquisitions and Stonecutter Capital, in the transaction. The team also procured Brookfield Properties as the buyer.

January 3, 2023

Acquisitions New Jersey Northeast Office

JLL Negotiates $88M Sale of Office Building in Parsippany, New Jersey

by Taylor Williams January 3, 2023

PARSIPPANY, N.J. — JLL has negotiated the $88 million sale of 300 Kimball, a 430,000-square-foot office building located in the Northern New Jersey community of Parsippany. Built in 2001 and renovated in 2013, the property sits on a 9.3-acre site within a larger development known as The Center at Morris County and was 87 percent leased at the time of sale. Amenities include a fitness center, tenant lounge, conference center, putting green and golf simulator, walking trails and a cafeteria. Kevin O’Hearn, Jose Cruz, Jeremy Neuer and Peter Kim of JLL represented the seller, Sovereign Partners LLC, in the transaction. The buyer was regional investment firm Signature Acquisitions, which also owns the adjacent building, 100 Kimball.

January 3, 2023

Acquisitions Northeast Pennsylvania Retail

FNRP Acquires 289,000 SF Loyal Plaza Shopping Center in Williamsport, Pennsylvania

by Taylor Williams January 3, 2023

WILLIAMSPORT, PA. — New Jersey-based First National Realty Partners (FNRP) has acquired Loyal Plaza, a 289,000-square-foot shopping center in Williamsport, located in the northern-central part of the Keystone State. Anchored by a 67,000-square-foot Giant Food Store, the center was approximately 85 percent leased at the time of sale. Other tenants include Hobby Lobby, Planet Fitness, Rite Aid, Advance Auto Parts and BB&T. Colin Behr and Chris Munley of JLL represented the undisclosed seller in the transaction.

January 3, 2023

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