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Acquisitions

AcquisitionsKentuckyRetailSoutheast

Cooper Commercial Arranges $6.1M Sale of Houston Commons Shopping Center in Florence, Kentucky

by John Nelson

FLORENCE, KY. — The Cooper Commercial Investment Group has arranged the $6.1 million sale of Houston Commons, a shopping center in Florence that is shadow-anchored by Target. PetSmart anchors the center, which was 88 percent leased at the time of sale. The retailer recently executed an early extension at Houston Commons through 2035. An Illinois-based buyer purchased the center from the seller, a private investor. Both parties requested anonymity. Dan Cooper of Cooper Commercial represented the seller in the transaction.

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AcquisitionsFloridaRestaurantRetailSoutheast

SRS Brokers $2.9M Ground-Lease Sale of Burger King-Occupied Restaurant in West Palm Beach

by John Nelson

WEST PALM BEACH, FLA. — SRS Real Estate Partners’ National Net Lease Group has brokered the $2.9 million ground-lease sale of a single-tenant retail property in West Palm Beach. Developed in 2022 at 65 Benoist Farms Road, the 2,866-square-foot property is occupied by Burger King and has a 20-year triple-net ground lease in place. Patrick Nutt and William Wamble of SRS represented the seller, Brightwork Development, in the sale. The buyer was a private investor based in South Florida.

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AcquisitionsDevelopmentLoansMultifamilySoutheastTennessee

JLL Secures $106M Sale of Abberly Riverwalk Apartments in Nashville

by John Nelson

NASHVILLE, TENN. — JLL has secured the $106 million sale of Abberly Riverwalk, a 304-unit, three-story apartment community in Nashville that is nearing completion. Matthew Lawton, Brian Dawson and Nick Brown of JLL represented the buyer, HHHunt, in the transaction. Travis Anderson and Warren Johnson of JLL arranged a $62 million, floating-rate acquisition loan on behalf of the buyer. The seller was not disclosed, but Wood Partners previously announced its groundbreaking of the property under a different name, Alta Riverwalk. Set for a July completion, Abberly Riverwalk will feature studio, one- and two-bedroom offerings with an average size of 799 square feet. Community amenities will include a sundeck courtyard, outdoor firepit, coworking space, outdoor kitchen and grills, golf simulator, putting green, pet spa and a 24/7 fitness club. The community is situated off U.S. Highway 12 along the Cumberland River and features an entrance to The Greenway, a 200-mile interconnected trail throughout the metro Nashville area.

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AcquisitionsFloridaRetailSoutheast

Avison Young Negotiates $23M Sale of Strip Retail Center in South Florida

by John Nelson

PEMBROKE PINES, FLA. — Avison Young’s Florida Capital Markets Group has negotiated the $23 million sale of Pembroke Centre, a 29,350-square-foot strip retail center located at 304-306 SW 145th Ave. in Pembroke Pines, a city in South Florida’s Broward County. David Duckworth, Michael Fay, John Crotty and Brian de la Fé of Avison Young represented the seller, PP Omni Ventures, an affiliate of Hart Lyman Cos. that developed the property, in the transaction. Monolith Real Estate Property Management represented the buyer, an entity doing business as OMAX Invest LLC. Situated on four acres near I-75 and Pines Boulevard, Pembroke Centre was fully leased at the time of sale to Pubbelly Sushi, Firebirds Wood Fired Grill and Xfinity Store by Comcast. The property sits on an outparcel with a shared entrance to Shops at Pembroke Gardens, an open-air retail and entertainment destination.

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AcquisitionsMultifamilySoutheastVirginia

Berkadia Brokers Sale of 120-Unit Laurel Pines Apartments in Richmond

by John Nelson

RICHMOND, VA. — Berkadia has brokered the sale of Laurel Pines Apartments, a 120-unit, garden-style multifamily property located at 4123 E. Wood Harbor Court in Richmond. Drew White, Carter Wood and Cole Carns of Berkadia represented the seller, Colorado-based Four Mile Capital, in the transaction. The buyer, Colorado-based Highlands Vista Group, purchased the property for an undisclosed price. Matt Schildwachter of Berkadia’s Denver office arranged a 10-year, fixed-rate, Freddie Mac loan on behalf of Highlands Vista. Laurel Pines features one-, two- and three-bedroom floor plans with private patios or balconies. Community amenities include a swimming pool, clubhouse, fitness center, laundry facilities and a playground.

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AcquisitionsFloridaHospitalitySoutheast

Marcus & Millichap Arranges $18.2M Sale of Hotel in Treasure Island, Florida

by John Nelson

TREASURE ISLAND, FLA. — Marcus & Millichap has arranged the sale of Treasure Bay Resort & Marina, an 83-room hotel located at 11125 Gulf Blvd. in Treasure Island, part of the Tampa Bay metro area. Ben Mallah, a private investor, purchased the hotel for $18.2 million in an all-cash transaction. Ahmed Kabani and Kian McLean of Marcus & Millichap’s Miami office represented the seller in the deal. Treasure Bay Resort features a hurricane-resistant exterior, pool, Jacuzzi and a marina.

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AcquisitionsMidwestMinnesotaMultifamily

Marcus & Millichap Brokers $2.2M Sale of Multifamily Portfolio in St. Paul

by Kristin Harlow

ST. PAUL, MINN. — Marcus & Millichap has brokered the sale of a multifamily portfolio in St. Paul for $2.2 million. The portfolio consists of twin 10-unit properties, both of which rise two stories and were constructed in 1949. Abe Roberts, Evan Miller and Chris Collins of Marcus & Millichap represented the seller and procured the buyer, neither of which were disclosed.

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AcquisitionsArizonaMultifamilyWestern

IPA Brokers $26.5M Sale of Eden Apartments in Tempe, Arizona

by Amy Works

TEMPE, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Eden Apartments, a multifamily community in Tempe. Living Well Homes sold the asset to Rise48 Equity for $26.5 million, or $236,607 per unit. Built in 1980, Eden Apartments features 112 apartments spread across eight two-story buildings. Each residence features an in-unit washer/dryer connection and a private balcony or patio. Community amenities include a swimming pool, fitness center, laundry facility, picnic area and courtyard. Cliff David and Steve Gebing of IPA represented the seller and procured the buyer in the transaction. The IPA Capital Markets team led by Brian Eisendrath and Cameron Chalfant arranged acquisition financing for the buyer.

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AcquisitionsCaliforniaIndustrialWestern

Wimatex Acquires 85,165 SF Industrial Building in Carlsbad, California for $21M

by Amy Works

CARLSBAD, CALIF. — Wimatex has purchased an industrial property, located at 2271 Cosmos Court in Carlsbad, from an undisclosed seller for $21 million. At the time of sale, the freestanding building was fully leased to a global medical device and technology company in the sleep and respiratory market. The 85,165-square-foot building features heavy power, six dock-high loading doors, three grade-level loading doors, 24-foot to 26-foot clear heights and drive-around access. Additional features include a high-image exterior, large outdoor amenitized entrance and a two-story lobby. Aric Starck and Drew Dodds of Cushman & Wakefield Capital Markets San Diego represented the seller in the deal.

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AcquisitionsColoradoHospitalityWestern

Silverwest Hotels Sells 113-Key Westin Extended-Stay Hotel in Basalt, Colorado

by Amy Works

BASALT, COLO. — Silverwest Hotels and its partners have completed the disposition of Element Basalt – Aspen by Westin, an extended-stay hotel at 499 Market St. in Basalt, approximately 20 miles northwest of Aspen. Terms of the transaction were not released. The four-story Element Basalt Aspen features 113 guest rooms, an outdoor event lawn, 625 square feet of indoor meeting space, a fitness center, an indoor pool, outdoor hot tub, bike rentals, onsite laundry and complimentary breakfast. Silverwest developed the hotel, which opened in 2015. John Strauss, James Stockdale, Jason Schmidt and James Bermingham of JLL Hotels & Hospitality represented the seller and procured the buyer in the deal. Jim Curtin, Leon McBroom, Mike Huth and Shalin Patel of JLL Debt Advisory secured acquisition financing for the buyer.

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