Acquisitions

Hudson Capital Sells Active Adult Community in Myrtle Beach for $53.2M

by John Nelson November 30, 2022

MYRTLE BEACH, S.C. — Hudson Capital Properties (HCP) has sold Inspire Coastal Grand, a 194-unit active adult community in Myrtle Beach. An undisclosed buyer acquired the property for $53.2 million. Tai Cohen of Cushman & Wakefield represented HCP in the transaction. Units are available in one-, two- and three-bedroom options. Cape Fear Commercial co-developed the project alongside HCP. The partnership broke ground on the community in 2019. Like many of the Southeastern markets where HCP invests, the greater Myrtle Beach area benefits from continued population growth that has strong potential to continue over the long term, according to HCP.

November 30, 2022

Acquisitions Alabama Multifamily Southeast

Cushman & Wakefield Arranges $35.6M Sale of Astoria Apartments in Mobile, Alabama

by John Nelson November 30, 2022

MOBILE, ALA. — Cushman & Wakefield has arranged the sale of Astoria, a 252-unit multifamily community in Mobile. Carter Multifamily purchased the community from Saxony Capital Management for $35.6 million. Andrew Brown and Ben Thomas of Cushman & Wakefield represented the seller in the transaction. Built in 2001, Astoria’s amenities include a resident lounge with billiards, foosball and a coffee bar; a remodeled clubhouse and wellness center; valet trash removal; and a saltwater swimming pool with an outdoor kitchen area. Carter Multifamily plans to make interior renovations to Astoria during its ownership period, according to Cushman & Wakefield.

November 30, 2022

Acquisitions Alabama Hospitality Southeast

Berkadia Brokers $8.5M Sale of Hampton Inn Hotel in Birmingham

by John Nelson November 30, 2022

BIRMINGHAM, ALA. — Berkadia has brokered the $8.5 million sale of Hampton Inn & Suites Birmingham East Irondale, a 99-room hotel located at 950 Old Grants Mill Road in Birmingham. Dan Hawkins and Jake Pietras of Berkadia’s Hotels & Hospitality division completed the sale on behalf of the undisclosed seller. The buyer was also not disclosed. Amenities at the Hampton Inn hotel include an indoor pool, fitness center, business center, a complimentary breakfast and 576 square feet of meeting space.

November 30, 2022

Acquisitions Office Texas

Morning Calm Management Buys 875,000 SF Office Complex in North Dallas

by Taylor Williams November 30, 2022

DALLAS — Morning Calm Management, an investment and management firm based in South Florida, has purchased Towers at Park Central, an 875,000-square-foot office complex located at the corner of LBJ Freeway and U.S. Highway 75 in North Dallas. Towers at Park Central features a conference facility with training rooms, fitness center, tenant lounge and onsite food options, and the undisclosed seller previously invested more than $7 million in capital improvements during its hold period. Tenants include SCP Health, foodmaker Daisy Brand and insurance company Arthur J. Gallagher. Morning Calm Management has tapped Newmark to lease the complex.

November 30, 2022

Campus-Crossings-on-Marion-Pugh-College-Station

Acquisitions Multifamily Student Housing Texas

Tailwind Group Acquires 628-Bed Student Housing Property Near Texas A&M University

by Taylor Williams November 30, 2022

COLLEGE STATION, TEXAS — Tailwind Group has acquired Campus Crossings on Marion Pugh, a 628-bed student housing property located near Texas A&M University in College Station. The community comprises 30 residential buildings offering a mix of one- and two-bedroom units. Shared amenities include two pools, a clubhouse, business center, dog park, fire pits and barbecue grills, as well as sand volleyball, tennis and basketball courts. The new ownership has plans to rebrand the property and invest in significant capital improvements. Campus Apartments sold the property. Brandon Buell of Berkadia brokered the deal.

November 30, 2022

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 276-Unit Self-Storage Facility in Azle, Texas

by Taylor Williams November 30, 2022

AZLE, TEXAS — Marcus & Millichap has brokered the sale of Azco Center Point Storage, an 276-unit facility in Azle, located northwest of Fort Worth. The facility spans 37,228 net rentable square feet. Danny Cunningham and Brandon Karr of Marcus & Millichap represented the seller, a local investment group, and procured the buyer, a private partnership, in the transaction.

November 30, 2022

Royal-Pines-at-Marlboro-Englishtown-New-Jersey

Acquisitions Multifamily New Jersey Northeast

F.M. Ferrari Acquires Active Adult Community in Englishtown, New Jersey, for $29.9M

by Taylor Williams November 30, 2022

ENGLISHTOWN, N.J. — F.M. Ferrari Investments has acquired Royal Pines at Marlboro, an 89-unit active adult community in Englishtown, located in the Garden State’s Raritan Valley area. The sales price was $29.9 million. Built in 2008, Royal Pines at Marlboro offers one- and two-bedroom units that are mostly restricted to renters age 55 and above. Amenities include a fitness center, business center, game room, library and outdoor grilling and dining areas. Michael Oliver, Jose Cruz, J.B. Bruno, Steve Simonelli and Michael Zlotnick of JLL represented the seller, a joint venture between GRJ and Castellan Real Estate Partners, in the transaction.

November 30, 2022

Acquisitions Healthcare New Jersey Northeast Office

Cushman & Wakefield Negotiates $22.2M Sale of Medical, Office Complex in Wayne, New Jersey

by Taylor Williams November 30, 2022

WAYNE, N.J. — Cushman & Wakefield has negotiated the $22.2 million sale of Oak Hill Park, a 122,600-square-foot medical and office complex in Wayne, about 25 miles west of New York City. The two-building complex was recently renovated and was 95 percent leased at the time of sale. Frank DiTommaso, David Bernhaut, Andy Merin, Gary Gabriel and Seth Zuidema of Cushman & Wakefield represented the seller, Chopp Holdings, in the transaction. Brad Domenico of Progress Capital arranged acquisition financing on behalf of the undisclosed buyer.

November 30, 2022

Acquisitions Massachusetts Multifamily Northeast Seniors Housing

Blueprint Brokers Sale of 90-Bed Skilled Nursing Facility in Lowell, Massachusetts

by Taylor Williams November 30, 2022

LOWELL, MASS. — Blueprint Healthcare Real Estate Advisors has brokered the sale of a 90-bed skilled nursing facility in Lowell, a northern suburb of Boston. Located near Lowell General Hospital, the facility has historically maintained stable census levels with a steady stream of referrals and admissions, according to Blueprint. The regional buyer plans to implement a capital improvement program. The seller, price and name of the community were not disclosed.

November 30, 2022

Acquisitions Industrial New Jersey Northeast

Venture One, Kovitz Acquire 67,048 SF Industrial Building in Totowa, New Jersey

by Taylor Williams November 30, 2022

TOTOWA, N.J. — Illinois-based investment firm Venture One Real Estate and Kovitz Investment Group have acquired a 67,048-square-foot industrial building in the Northern New Jersey community of Totowa. The building at 5 Taft Road, which was fully leased at the time of sale, features a clear height of 20 feet, six exterior docks, two drive-in doors and additional outdoor storage space. Jeffrey Fulton and Ed Schein of Team Resources represented Venture One in the transaction. The seller and sales price were not disclosed.

November 30, 2022

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