Acquisitions

Franklin Street Brokers $13M Sale of Shopping Center in Kennesaw, Georgia

by John Nelson December 14, 2022

KENNESAW, GA. — Franklin Street has brokered the $13 million sale of Town Center Commons, a 72,168-square-foot shopping center located at 725 Ernest W. Barrett Parkway in Kennesaw, a northwest suburb of Atlanta. Nashville-based 615 Ventures purchased the retail center from Ardent Cos. Bryan Belk and John Tennant of Franklin Street represented the seller in the transaction. Town Center Commons is anchored by Public Lands, the first Southeast location of a new outdoors and sporting goods retail concept from Dick’s Sporting Goods. Other tenants include Five Below, which recently renewed its lease, as well as The Original Mattress Factory, Affordable Dentures & Implants, Town Center Nails, K-Town Vapor Lounge, Automation Personnel Services and Pinch of Spice. The center, which is shadow-anchored by Dick’s Sporting Goods and Costco, was 96 percent leased at the time of sale.

December 14, 2022

Acquisitions Florida Loans Multifamily Southeast

Colliers Mortgage Provides Agency Acquisition Loan for French Quarter Apartments in Tampa

by John Nelson December 14, 2022

TAMPA, FLA. — Colliers Mortgage has provided a Fannie Mae loan for the acquisition of French Quarter Apartments, a 57-unit multifamily community in Tampa. Built in 1968, the market-rate property features one- and two-bedroom units, as well as laundry facilities, a picnic area, barbecue grills, Spanish-speaking staff and a pool. Fritz Waldvogel of Colliers Mortgage’s Minneapolis office originated the seven-year loan on behalf of the undisclosed borrower.

December 14, 2022

Acquisitions Multifamily New York Northeast

Ariel Property Advisors Arranges $33.6M Sale of South Bronx Multifamily Portfolio

by Taylor Williams December 14, 2022

NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has arranged the $33.6 million sale of a portfolio of six South Bronx multifamily buildings totaling 297 units. The portfolio consists of 14 studios, 67 one-bedroom apartments, 196 two-bedroom units, 19 three-bedroom residences and one office space. Victor Sozio, Shimon Shkury, Daniel Mahfar and Jason Gold of Ariel represented the undisclosed seller in the transaction. The buyer was a partnership between PH Realty Capital & Rockledge.

December 14, 2022

Acquisitions Massachusetts Northeast Office

Marcus & Millichap Brokers Sale of 16,637 SF Office Building in Waltham, Massachusetts

by Taylor Williams December 14, 2022

WALTHAM, MASS. — Marcus & Millichap has brokered the sale of a 16,637-square-foot office building located at 230 Second Ave. in Waltham, a western suburb of Boston. The sales price was $3.4 million. The property was fully leased to six tenants at the time of sale. Harrison Klein and Luigi Lessa of Marcus & Millichap represented the seller, an entity doing business as Eastport 230 LLC, in the transaction. The duo also procured the buyer, a private investor that acquired the asset via a 1031 exchange.

December 14, 2022

Acquisitions Multifamily Nevada Western

Northmarq Brokers $37M Sale of Sutton Place Apartments in Las Vegas

by Amy Works December 14, 2022

LAS VEGAS — Northmarq has arranged the sale of Sutton Place, a garden-style community located at 5400 W. Cheyenne Ave. in Las Vegas. West Lake Village, Calif.-based Sunstone Properties Trust acquired the asset from Salt Lake City-based Bridge Investment Group for $37 million, or $162,281 per unit. Built in 1986, Sutton Place features 228 apartments in a mix of one- and two-bedroom units ranging from 650 square feet to 927 square feet, a remodeled leasing office, fitness center, playground, soccer field, barbecue and picnic areas, and a laundry facility. At the time of sale, the property was 93 percent leased. The seller invested $2.8 million in capital improvements including deferred maintenance, exterior upgrades, paint and wood repair, asphalt, lighting, HVAC, landscaping, pool/deck furniture and new balcony railings throughout the property. Thomas Olivetti, Trevor Koskovich, Jesse Hudson and Ryan Boyle of Northmarq’s Las Vegas and Phoenix Investment Sales team handled the transaction.

December 14, 2022

Acquisitions California Development Hospitality Western

Sonnenblick-Eichner Negotiates Sale of Hotel Development Site in Dana Point, California

by Amy Works December 14, 2022

DANA POINT, CALIF. — Sonnenblick-Eichner Co. has arranged the sale of the fee simple interest in the Cannon’s Hotel development site in Dana Point. The former home of Cannon’s Restaurant, the site is fully entitled and has received California Coastal Commission approval for a 100-room hotel. A private investor acquired the asset for an undisclosed price. Located on a bluff-top overlooking the Dana Point Harbor and Marina, the site is one block south of Pacific Coast Highway and approximately 2.5 miles west of Interstate 5. The Dana Point Harbor and Marina features more than 2,400 boat slips, several restaurants and various marine-oriented activities. The harbor and marina are undergoing a $338 million revitalization, including the addition of approximately 110,000 square feet of destination retail, restaurant, hotel and office space. Todd Bedingfield and David Sonnenblick handled the transaction.

December 14, 2022

Acquisitions California Western

Newmark Arranges Sale of 14,000 SF Flex Building in San Francisco’s Mission District

by Amy Works December 14, 2022

SAN FRANCISCO — Newmark has brokered the sale of 3175 17th Street, a flex building in San Francisco’s Mission District. ODC, a nonprofit dance company, acquired the asset from Seven Tepees, a nonprofit youth development program, for $6.7 million. Mark Geisreiter, Seth McKinnon and Aaron Gillespie of Newmark represented the seller in the deal. The building offers 14,000 square feet of flex space.

December 14, 2022

Acquisitions Kansas Midwest Retail

LANE4 Acquires 135,000 SF Retail Center in Kansas City Metro

by Jeff Shaw December 13, 2022

OVERLAND PARK, KAN. — LANE4 Property Group has purchased Hawthorne Plaza, a 135,000-square-foot retail center located at the southwest corner of 119th St. and Roe Ave. in Overland Park, approximately 10 miles south of Kansas City. CBRE represented the seller, Dallas-based Invesco. Developed in 1990 and renovated in 2015, the property was 96 percent occupied at the time of sale. Tom O’Leary and Weston Buckley of LANE4 will handle leasing of the property. LANE4 will also provide in-house management of the center. The purchase price was not disclosed.

December 13, 2022

Acquisitions Indiana Midwest Multifamily

Gray Capital Buys 250-Unit Apartment Property in Terre Haute, Indiana

by Jeff Shaw December 13, 2022

TERRE HAUTE, IND. — Tampa, Florida-based real estate investment firm Gray Capital has acquired Sycamore Terrace Apartments in Terre Haute as part of its $100 million multifamily investment fund, The Gray Fund. The sale was brokered by Cushman & Wakefield. The sales price was not disclosed. Sycamore Terrace Apartments is a 250-unit luxury multifamily apartment community. The community offers one-, two- and three-bedroom floor plans and amenities such as a swimming pool, fitness center, clubhouse and a media center. Gray Capital plans to repaint the exteriors of the property, as well as install a controlled access and gate system. Sycamore Terrace Apartments will be managed by Gray Capital’s property management company, Gray Residential. George Tikijian, Hannah Ott and Cameron Benz of Cushman & Wakefield’s Indianapolis office represented the seller in the transaction. Gray Capital represented itself in the deal.

December 13, 2022

Acquisitions Hospitality Midwest Southeast Wisconsin

Marcus & Millichap Brokers Sale of 75-Room Hotel in Black River Falls, Wisconsin

by Jeff Shaw December 13, 2022

BLACK RIVER FALLS, WIS. — Marcus & Millichap has arranged the sale of Comfort Inn and Suites Black River Falls I-94, a 75-room hotel property located in Black River Falls, approximately 45 miles northeast of La Crosse. Ebrahim Valliani and Michael Gantman of Marcus & Millichap represented the seller, a private investor, in the transaction. Valliani and Gantman, with Todd Lindblom of Marcus & Millichap, also represented the buyer, an undisclosed private investor. Chris Gomes and Allan Miller of Marcus & Millichap also assisted the deal as brokers. The property, located on 6.8 acres at N6295 Holiday Drive, was originally built in 1997. The sales price was not disclosed.

December 13, 2022

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