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Acquisitions

AcquisitionsAffordable HousingGeorgiaMultifamilySoutheast

GREA Arranges $6.5M Sale of Affordable Housing Community in Douglasville, Georgia

by John Nelson

DOUGLASVILLE, GA. — GREA (Global Real Estate Advisors) has arranged the $6.5 million sale of Douglasville Proper, a 100-unit affordable housing community located at 8424 Chicago Ave. in Douglasville, a suburb of Atlanta. Cory Caroline Sams and Taylor Brown of GREA represented the seller, Signature Management, in the transaction. The buyer, S & S Capital Partners, plans to preserve the affordability of the LIHTC property during its ownership. Built in 1995, Douglasville Proper features one-, two- and three-bedroom floor plans.

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AcquisitionsRetailWestern

Hanley Arranges Sales of Three Walgreens-Occupied Properties Totaling $22.6M

by Jeff Shaw

CORONA DEL MAR, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the sales of three single-tenant properties totaling $22.6 million. Each of the properties is leased to Walgreens.  Kevin Fryman and Ed Hanley of Hanley, in association with ParaSell Inc., arranged the sale of the first property, located in Minneapolis, on behalf of the seller, a California-based private investor. A New York-based private investor purchased the 14,535-square-foot building for $6.6 million.  Located in Sugar Grove, Illinois, the second property comprises 14,739 square feet. Bill Asher, Jeff Lefko and Jeremy McChesney of Hanley, in association with ParaSell Inc., arranged the $6.6 million transaction on behalf of the seller, a private investor based in California. Isaiah Harf of Northmarq represented the Chicago-based 1031-exchange buyer.  Brad Dessy and Matt Burnett of Hanley, in association with ParaSell Inc., represented the buyer, a California-based private investor, in the third transaction. The 17,325-square-foot property, located in metro Miami, sold for $9.4 million.

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AcquisitionsColoradoMultifamilyWestern

Marcus & Millichap Negotiates $3.8M Sale of Woodlawn Apartments in Littleton, Colorado

by Jeff Shaw

LITTLETON, COLO. — Marcus & Millichap has arranged the sale of the 24-unit Woodlawn Apartments in Littleton. A limited liability company bought the asset from another LLC for $3.8 million.  The community is located at 1085 West Lilley Ave. All units are one-bedroom apartments with high-speed internet access, updated windows and floors, air conditioning, heating, refrigerators and ovens. The 1950s-built property also offers 24 surface parking spaces.  Greg Price and Spencer Shaffer of Marcus & Millichap’s Denver office represented the seller, while the firm’s Boomer Beatty represented the buyer.

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AcquisitionsColoradoMultifamilyWestern

Pinnacle Brokers $3.7M Sale of Apartment Building in Denver

by Jeff Shaw

DENVER — Pinnacle Real Estate Advisors has negotiated the sale of a 24-unit apartment building in Denver for $3.7 million. The community is located at 1400 W. Mississippi Ave. It was built in 1963. The sale represented a per-unit price of $154,167, or $208.97 per square foot.  Josh Newell of the Newell Team at Pinnacle Real Estate Advisors represented the undisclosed seller, while the firm’s Connor Knutson and Jake Waxter represented the undisclosed buyer.

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AcquisitionsHospitalityMidwestMissouri

Hunter Hotel Advisors Negotiates Sale of Fairfield Inn & Suites Hotel in Kansas City

by Kristin Harlow

KANSAS CITY, MO. — Hunter Hotel Advisors has negotiated the sale of the Fairfield Inn & Suites Kansas City Downtown Union Hill for an undisclosed price. Located in Kansas City’s Union Hill neighborhood, the 115-room hotel is within walking distance of the Federal Reserve Bank of Kansas City and one mile from Union Station. Lee Hunter and Spencer Davidson of Hunter brokered the sale. True North Hotel Group sold the property to an institutional buyer.

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AcquisitionsIllinoisMidwestRetail

Hanley Investment Group Arranges $6.6M Sale of Walgreens-Occupied Property in Sugar Grove, Illinois

by Kristin Harlow

SUGAR GROVE, ILL. — Hanley Investment Group Real Estate Advisors has arranged the $6.6 million sale of a 14,739-square-foot retail property occupied by Walgreens in Sugar Grove, a western suburb of Chicago. Constructed in 2012, the single-tenant building features a drive-thru. Bill Asher, Jeff Lefko and Jeremy McChesney of Hanley, in association with ParaSell Inc., represented the seller, a private investor based in Orange County, Calif. Isaiah Harf of Northmarq represented the metro Chicago-based, 1031 exchange buyer. The property sold at full asking price.

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AcquisitionsHealthcareMidwestWisconsin

FCPT Acquires Property Leased to Midwest Orthopedic Network in Wisconsin for $4.3M

by Kristin Harlow

WISCONSIN — Four Corner Property Trust (FCPT) has acquired a property leased to Midwest Orthopedic Network in Wisconsin for $4.3 million. The tenant has roughly four years remaining on its lease, which features annual rent increases of 2.5 percent. The sales price represents a cap rate of 8.1 percent. Midwest Orthopedic Network operates roughly 30 locations in Wisconsin.

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AcquisitionsIndianaMidwestRetail

Friedman Brokers Sale of 60,000 SF Retail Center in Plymouth, Indiana

by Kristin Harlow

PLYMOUTH, IND. — Friedman Real Estate has brokered the sale of Plymouth Plaza in Plymouth, a city in northern Indiana. The sales price was undisclosed. The new owner plans to repurpose the 60,000-square-foot retail center into a mixed-use development featuring both retail and self-storage space. Steven Silverman and Ryan Wilner of Friedman represented both parties in the sale.

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AcquisitionsIndustrialMidwestOhioSelf-Storage

Marcus & Millichap Negotiates Sale of 148-Unit Self-Storage Facility in Akron, Ohio

by Kristin Harlow

AKRON, OHIO — Marcus & Millichap has negotiated the sale of Premier Storage of Akron, a self-storage facility in Akron, for an undisclosed price. Built in 1995, the property features 148 non-climate-controlled units and totals 21,200 net rentable square feet. Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller, a limited liability company. Buyer information was not provided.

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AcquisitionsFloridaRetailSoutheast

SRS Brokers $28.4M Sale of Shopping Center Underway in Central Florida

by John Nelson

KISSIMMEE, FLA. — SRS Real Estate Partners’ Investment Properties Group has brokered the $28.4 million sale of WaterStar Orlando, a 79,680-square-foot shopping center under construction near Walt Disney World’s Animal Kingdom Lodge. Orlando-based Equinox Development Properties is developing the center, which is located on a 7.7-acre site at 7991 W. Irlo Bronson Memorial Highway in Kissimmee. Set to open in the next few months, WaterStar Orlando will be anchored by Marshalls, Burlington and pOpshelf, and will also house Noire Nail Bar and Keke’s Breakfast Café. Equinox sold the shopping center to a South Florida-based entity doing business as Orlando 22 LLC. Kyle Stonis, Pierce Mayson and Kevin Yaryan of SRS represented the seller in the transaction, and John Ellis of Newmark represented the buyer. WaterStar Orlando is part of a mixed-use development that will also include Madison WaterStar Orlando, a 516-unit apartment development that is also under construction.

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