Acquisitions

JLL Arranges $40.2M Sale of Crossroads 429 Industrial Property in Central Florida

by John Nelson May 24, 2023

APOPKA, FLA. — JLL has arranged the $40.2 million sale of Crossroads 429, a two-building industrial property in Central Florida spanning 280,437 square feet. The 52.1-acre site is located at 2800 General Electric Road in Apopka and features rear-load configuration, 32-foot clear heights, 67 dock-high doors, 198 parking spaces and 93 trailer spaces. Drake Street Partners and Whalley Capital Group purchased Crossroads 429 from Summit Real Estate Group. Luis Castillo, Cody Braiz and Dennis Mitchell of JLL represented the seller and procured the buyers in the transaction.

May 24, 2023

Acquisitions Development Florida Mixed-Use Retail Southeast

Codina Partners Acquires Former Sears Site at Westland Mall in Metro Miami

by John Nelson May 24, 2023

HIALEAH, FLA. — Codina Partners has acquired the former Sears site at Westland Mall in Hialeah for an undisclosed price. The 15-acre parcel has been vacant since February 2020. The locally based buyer, following the closure of the sale, formed a joint venture with Westland Mall owner, Centennial, to redevelop the site and add a mixed-use concept with a residential component. Centennial acquired Westland Mall from Starwood Capital in 2021. The shopping center consists of more than 300,000 square feet of retail space that is anchored by Macy’s, JC Penney and the former Sears site. The construction timeline of the mixed-use redevelopment was not disclosed.

May 24, 2023

Acquisitions Hospitality Texas

Marcus & Millichap Brokers Sale of 122-Room Holiday Inn Hotel in Waco

by Taylor Williams May 23, 2023

WACO, TEXAS — Marcus & Millichap has brokered the sale of a 122-room Holiday Inn & Suites hotel in Waco. The hotel was built on 2.8 acres in 2008 and offers a pool, fitness center and a business center.. Skyler Cooper of Marcus & Millichap represented the seller, undisclosed limited liability company, in the transaction. Cooper also procured the buyer, Dallas-based CenterPoint Hospitality. Chris Gomes and Allan Miller, also with Marcus & Millichap, assisted in closing the deal as supporting brokers.

May 23, 2023

Acquisitions Multifamily Texas

Partners Real Estate Arranges Sale of 22-Unit Apartment Building in North Houston

by Taylor Williams May 23, 2023

HOUSTON — Partners Real Estate has arranged the sale of a 22-unit apartment building located at 4525 Weaver Road in North Houston. According to LoopNet Inc., the two-story building was constructed on a half-acre site in 1972 and renovated in 2022. Ryan DeGennaro of Partners represented the seller, Mell Investment Group, in the transaction. Enrique Moreno Jr. of eXp Commercial represented the undisclosed buyer.

May 23, 2023

Acquisitions Affordable Housing Multifamily New York Northeast

CPP Acquires 220-Unit Affordable Housing Complex in Downtown Buffalo

by Taylor Williams May 23, 2023

BUFFALO, N.Y. — Community Preservation Partners (CPP) has acquired Ellicott Park Townhomes, a 220-unit affordable housing complex in downtown Buffalo. Built in 1967, the property consists of one-, two- and three-bedroom units that are reserved for households earning 60 percent or less of the area median income. The seller and sales price were not disclosed, but CPP plans to implement a $14.2 million capital improvement program that will be part of a total investment consideration of $54.7 million.

May 23, 2023

Acquisitions Midwest Multifamily Ohio Seniors Housing

SLIB Brokers Sale of 81-Unit Assisted Living Community in Mason, Ohio

by Kristin Harlow May 23, 2023

MASON, OHIO — Senior Living Investment Brokerage (SLIB) has brokered the sale of The Landing of Long Cove, an 81-unit assisted living and memory care community in Mason, about 25 miles northeast of Cincinnati. The sales price was undisclosed. Built in 2011, the property features 61 assisted living units and 20 memory care units. Daniel Geraghty and Bradley Clousing of SLIB brokered the sale. According to SLIB, the seller was interested in focusing its attention on communities that more closely align with its current footprint, while the buyer, a Midwest-based owner-operator, was looking to add to its existing footprint throughout the region. The buyer plans to make renovations to the community.

May 23, 2023

Acquisitions Midwest Missouri Multifamily

Marcus & Millichap Arranges $5M Sale of Multifamily Property in Wentzville, Missouri

by Kristin Harlow May 23, 2023

WENTZVILLE, MO. — Marcus & Millichap has arranged the $5 million sale of Heritage Townhomes, a 40-unit multifamily property in the western St. Louis suburb of Wentzville. The seller, a private investor, acquired the property in October 2019 and installed new flooring, kitchen appliances and upgrades to the bathrooms. The improvements resulted in a $200 per unit average increase in value over three years, according to Marcus & Millichap’s Ben Margalski, one of the brokers on the transaction. Margalski and colleague Aaron Kuroiwa represented the seller as well as the buyer, a private investor completing a 1031 exchange.

May 23, 2023

Acquisitions Midwest Office Ohio Retail

Alterra Real Estate Advisors Acquires Office, Retail Building in Columbus for $3.1M in Sale-Leaseback

by Kristin Harlow May 23, 2023

COLUMBUS, OHIO — In a sale-leaseback transaction, Alterra Real Estate Advisors has acquired a 62,000-square-foot office and retail building in Columbus for $3.1 million. Constructed in 1986, the property is 85 percent occupied. The lobby and common areas were recently renovated, but Alterra plans to make additional improvements for energy efficiency such as LED lighting. The seller, Auto Owners Life Insurance Co., remains a tenant in the building. Some of the other tenants include BHM CPA Group, J Gilberts restaurant and Salon Lofts. Rob Sullivan of Kemba Financial Credit Union provided acquisition financing. Alterra will handle leasing and management of the building.

May 23, 2023

Acquisitions Multifamily New York Northeast

GFI Realty Arranges $4.1M Sale of Bronx Multifamily Building

by Taylor Williams May 23, 2023

NEW YORK CITY — Locally based brokerage firm GFI Realty has arranged the $4.1 million sale of a 29-unit multifamily building located at 1342 St. Lawrence Ave. in the Soundview neighborhood of The Bronx. Built in 1928, the five-story building houses 23 one-bedroom units and six two-bedroom units.Zachary Fuchs of GFI Realty represented the seller and procured the buyer, both of which were private investors, in the transaction.

May 23, 2023

Acquisitions Montana Multifamily Western

Brinkman Real Estate Acquires 180-Unit Highline Apartments in Columbia Falls, Montana

by Jeff Shaw May 23, 2023

COLUMBIA FALLS, MONT. — Brinkman Real Estate has acquired The Highline, a 180-unit multifamily property in Columbia Falls, for an undisclosed price. Columbia Falls is located within Montana’s Flathead County in the northwest corner of the state. The Highline was built in 2020. Brinkman plans to renovate the community with new landscaping and signage, smart-home packages and laundry hookups to all units, and amenities such as a grilling area. According to the property website, community amenities currently include a playground, dog park and a clubhouse. Brinkman Real Estate’s capital market team, in partnership Brady O’Donnell, Jeff Halsey, Jill Huang and Alex Scott of CBRE’s Institutional Debt and Restructured Finance team, secured financing through Fannie Mae for the acquisition. Triad Real Estate Partners represented the undisclosed seller in the transaction.

May 23, 2023

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