Acquisitions

Newmark Arranges Sale of 252-Unit Gardens at West Apartments in San Antonio

by Taylor Williams November 15, 2022

SAN ANTONIO — Newmark has arranged the sale of Gardens at West, a 252-unit apartment community in San Antonio. According to Apartments.com, the property was built in 1995 and features one-, two- and three-bedroom units ranging in size from 664 to 1,269 square feet. Amenities include a pool, fitness center, business center, clubhouse, dog park and outdoor grilling and dining areas. Matt Michelson and Patton Jones of Newmark represented the seller, Regional Investment & Management, in the transaction. The buyer, locally based development and investment firm Embrey, will implement a value-add program and rebrand the property as The Hayden on West Avenue.

November 15, 2022

Acquisitions Retail Texas

Marcus & Millichap Brokers Sale of 29,205 SF Retail Property in Southwest Houston

by Taylor Williams November 15, 2022

HOUSTON — Marcus & Millichap has brokered the sale of Bissonnet Beltway Plaza, a 29,205-square-foot retail property in southwest Houston. According to LoopNet Inc., the property was built on 5.6 acres in 1978. Alex Wolansky and Gus Lagos of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

November 15, 2022

Acquisitions Arizona Multifamily Western

Weidner Apartment Homes Sells Trailside at Hermosa Pointe in Phoenix for $91M

by Amy Works November 15, 2022

PHOENIX — Weidner Apartment Homes has completed the disposition of Trailside at Hermosa Pointe, an apartment community in Phoenix. Knightvest Capital acquired the asset for $91 million, or $270,833 per unit. Built in 1984, Trailside at Hermosa Pointe features 336 apartments with full-size washers/dryers, wood-style vinyl flooring, carpet, tile entryways, walk-in closets, fireplaces and private balconies or patios. Community amenities include three swimming pools, a two-story leasing office and clubhouse, 24-hour fitness center with cardio and weight equipment, community playground, and covered parking. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

November 15, 2022

Acquisitions Multifamily New York Northeast

Alpha Realty Negotiates $24M Sale of Brooklyn Apartment Building

by Taylor Williams November 15, 2022

NEW YORK CITY — Locally based brokerage firm Alpha Realty has negotiated the $24 million sale of an 82-unit apartment building in the Crown Heights area of Brooklyn. The five-story building at 792 Sterling Place houses 30 studios, 34 one-bedroom units and 18 two-bedroom residences. Lev Mavashev of Alpha Realty represented the buyer and seller, both of which requested anonymity, in the off-market transaction. The deal traded at a cap rate of 6.4 percent.

November 15, 2022

Acquisitions California Industrial Western

Roxborough Group, Cress Capital Acquire 100,615 SF Industrial Building in Chino, California

by Amy Works November 15, 2022

CHINO, CALIF. — Affiliates of The Roxborough Group and Cress Capital have purchased an industrial property, located at 4331 Eucalyptus Ave. in Chino. Terms of the transaction were not released. Constructed in 2022, the 100,615-square-foot building features 28-foot clear heights, nine dock-high doors, eight grade-level doors and 2,000 amps of power. Richard Schwartz and Joey Reaume of Colliers assisted the partnership with the acquisition and will lead the marketing and leasing of the property.

November 15, 2022

Acquisitions Arizona Office Western

Evergreen Associates Buys Black Canyon Commerce Center in Phoenix for $11.2M

by Amy Works November 15, 2022

PHOENIX — Everett, Wash.-based Evergreen Associates has acquired Black Canyon Commerce Center from Next Gen Black Canyon LLC for $11.2 million as part of a 1031 exchange. OpenTech Alliance and Convergent Outsourcing fully occupy the asset, which is located at 2102 W. Peoria Ave. Bill Swirtz of Colliers Arizona represented the buyer, while Eric Wichtreman of Cushman & Wakefield represented the seller in the deal.

November 15, 2022

Acquisitions Connecticut Northeast Office

Bradford Allen Acquires 90,268 SF Office Portfolio in Greenwich, Connecticut

by Taylor Williams November 15, 2022

GREENWICH, CONN. — A subsidiary of Chicago-based investment and advisory firm Bradford Allen has acquired a portfolio of two office buildings totaling 90,268 square feet in Greenwich, located in the southern coastal part of Connecticut. Jeffrey Dunne, Steven Bardsley and Travis Langer of CBRE represented the seller, a joint venture between international investment firm Global Gate Capital and Dallas-based Lincoln Property Co., in the transaction. The portfolio was 100 percent leased at the time of sale.

November 15, 2022

Acquisitions Colorado Restaurant Retail Western

CentrePoint Properties Purchases 91,565 SF Willow Run Shopping Center in Westminster, Colorado

by Amy Works November 15, 2022

WESTMINSTER, COLO. — Willow Run Investors, an entity operated by Gart Properties, has completed the sale of Willow Run, a retail center located at 12900-12910 Zuni St. in Westminster. Denver-based CentrePoint Properties acquired the asset for $10.9 million. Tenants at the 91,565-square-foot shopping center include Frolic Brewing Co. and Big Liquor Warehouse. The property also offers ample parking and close proximity to Interstate 25. Jon Hendrickson, Aaron Johnson and Mitch Veremeychik of Cushman & Wakefield represented the seller in the transaction.

November 15, 2022

Acquisitions New Jersey Northeast Retail

Cushman & Wakefield Brokers $4.9M Sale of Retail Center in Mount Laurel, New Jersey

by Taylor Williams November 15, 2022

MOUNT LAUREL, N.J. — Cushman & Wakefield has brokered the $4.9 million sale of a 30,327-square-foot retail center in Mount Laurel, located outside of Philadelphia in Southern New Jersey. A 7-Eleven store anchors the property, which sits on 4.4 acres at 3163 Marne Highway. Andrew Schwartz, Jordan Sobel and Andre Balthazard of Cushman & Wakefield represented the seller, an affiliate of New Jersey-based developer The Becker Organization, in the transaction. The trio also procured the buyer, an entity doing business as 3163 Holdings LLC.

November 15, 2022

Acquisitions Georgia Healthcare Office Southeast

CBRE Brokers Sale of 149,202 SF Northwest Medical Center in Atlanta

by John Nelson November 14, 2022

ATLANTA — CBRE has arranged the sale of Northwest Medical Center, four-story medical office building located in the Buckhead neighborhood of Atlanta. A joint venture between Harrison Street and HealthAmerica Realty Group sold the 149,202-square-foot property for an undisclosed price. Lee Asher, Zack Holderman, Jordan Selbiger, Trent Jemmett and Cole Reeth of CBRE represented the sellers and procured the buyer — Lincoln Advisors, an affiliate of Dallas-based Lincoln Property Company. The center was 81 percent leased at the time of sale, to tenants offering services including internal medicine, dermatology, gastroenterology, orthopedics, OB/GYN, physical therapy, dentistry, concierge medicine, oral surgery, ENT, plastic surgery, periodontics and imaging.

November 14, 2022

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