Acquisitions

Muinzer, Kayne Anderson Recapitalize 1,356-Bed Student Housing Portfolio Near University of Tennessee

by John Nelson March 18, 2025

KNOXVILLE, TENN. — Private equity investment firm Muinzer has partnered with Kayne Anderson Real Estate to recapitalize a two-property student housing portfolio near the University of Tennessee in Knoxville. The 1,356-bed portfolio, which includes The Heights of Knoxville and University Park, was fully occupied at the time of the transaction. Scott Clifton, Kevin Kazlow and Teddy Leatherman of JLL arranged the recapitalization. Los Angeles-based Muinzer originally acquired the two student housing properties in 2021 in a partnership with T2 Capital Management. Further details of the company’s recapitalization with Kayne Anderson were not released.

March 18, 2025

Acquisitions Industrial Southeast Tennessee

Bixby Capital Management Purchases 222,382 SF Industrial Facility in Lebanon, Tennessee

by John Nelson March 18, 2025

LEBANON, TENN. — California-based Bixby Capital Management has purchased a newly constructed industrial facility located at 212 Alligood Way in Lebanon, about 22 miles east of Nashville International Airport. Completed in 2024 and currently vacant, the 222,382-square-foot property features a rear-load configuration, 32-foot clear heights, an ESFR sprinkler system, 21 dock-high doors, two drive-in doors, 32 trailer parking spaces, 2,500 square feet of speculative office space and a 135- to 185-foot truck court. George Fallon, Frank Fallon and Trey Barry of CBRE brokered the transaction. The seller and sales price were not disclosed.

March 18, 2025

Acquisitions New Jersey Northeast Office

CBRE Negotiates $10.2M Sale of Northern New Jersey Office Building

by Taylor Williams March 18, 2025

PARSIPPANY, N.J. — CBRE has negotiated the $10.2 million sale of a 79,766-square-foot office building in the Northern New Jersey community of Parsippany. According to LoopNet Inc., the building at 299 Cherry Hill Road was originally constructed in 1977 and renovated in 2021. Capital improvements included a redesign of the exterior façade; updated roadway signage, a new electronic tenant directory and LED lighting in the lobby and a new tenant amenity center with grab-n-go food service, conference room and a huddle room. Charles Berger and Thomas Mallaney of CBRE represented the seller and procured the buyer in the transaction.

March 18, 2025

Acquisitions Multifamily Southeast Virginia

Bonaventure Buys 250-Unit Solace Apartments in Virginia Beach

by John Nelson March 18, 2025

VIRGINIA BEACH, VA. — Alexandria, Va.-based Bonaventure has purchased Solace Apartments, a 250-unit multifamily community located at 400 S. Military Highway in Virginia Beach. The acquisition was made as an UPREIT transaction, an investment strategy where property owners contribute real estate to a REIT’s operating partnership in exchange for ownership interest in that partnership. Robert Prodan served as a contributor with Bonaventure’s REIT, Bonaventure Multifamily Income Trust (BMIT), in the UPREIT acquisition. The seller and sales price were not disclosed. Built in 2014, Solace features one- and two-bedroom apartments, as well as a pool, fitness center, grilling stations and a community clubhouse.

March 18, 2025

Acquisitions North Carolina Retail Southeast

Legacy Realty Arranges Sale of 159,259 SF Shopping Center in Smithfield, N.C.

by John Nelson March 18, 2025

SMITHFIELD, N.C. — Legacy Realty Group Advisors LLC has arranged the sale of Centre Pointe Plaza, a 159,259-square-foot shopping center in Smithfield, approximately 30 miles southeast of Raleigh. An undisclosed buyer purchased the property for $11.6 million. Originally built in 1989, the shopping center is anchored by Belk. Additional tenants at the property include Bealls, Dollar Tree, Hibbett Sports, Subway and T-Mobile. Daniel Baruch of Legacy Realty represented the buyer, and Steve Shields of CBRE represented the undisclosed seller in the transaction.

March 18, 2025

Acquisitions Northeast Pennsylvania Retail

Marcus & Millichap Brokers $7.2M Sale of Single-Tenant Retail Building Leased to Wawa in Glenside, Pennsylvania

by Taylor Williams March 18, 2025

GLENSIDE, PA. — Marcus & Millichap has brokered the $7.2 million sale of a single-tenant retail building in Glenside, located just north of Philadelphia, that is net leased to local convenience store operator Wawa. The site spans 1.3 acres at 200 S. Easton Road, and the facility, which opened in 2022, includes a fuel station. Scott Woodard and Derrick Dougherty of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

March 18, 2025

Acquisitions Hawaii Restaurant Retail Western

New Retail Tenants Open at Ala Moana Center in Honolulu

by Amy Works March 18, 2025

HONOLULU — Ala Moana Center, a 2.4-million-square-foot shopping center located in Honolulu, has announced the expansion of 10 new tenants this year. A mix of restaurant and retail businesses — Amaterasu; Coconut Ave; Baskin Robbins; Eve Ala Moana; fanfancy+; Lovisa; NOHO HOME; Skinceuticals Skin Lab; and ZEGNA — have already opened at the property. Dave & Buster’s, the final tenant to join the roster, is scheduled to open in mid-April. Brookfield Properties of Chicago owns and operates the center. Ala Moana Center is anchored by Bloomingdale’s, Neiman Marcus, Nordstrom, Macy’s and Target and houses more than 350 stores and restaurants, including a selection of local, international and luxury brands.

March 18, 2025

Acquisitions Arizona Retail Western

Marcus & Millichap Brokers $3.2M Sale of U.S. Bank-Occupied Property in Gilbert, Arizona

by Amy Works March 18, 2025

GILBERT, ARIZ. — Marcus & Millichap has arranged the sale of a retail property located at North Higley Road and East Michelle Way in Gilbert. A Colorado-based limited liability company acquired the asset from an Arizona-based limited liability company for $3.2 million. U.S. Bank occupies the property on a 10-year absolute triple-net ground lease. The building was constructed in 2023. Mark Ruble, Chris Lind and Zack House of Marcus & Millichap’s Phoenix office represented the seller, while Brennan Clegg of Marcus & Millichap procured the buyer in the transaction.

March 18, 2025

Acquisitions Industrial Midwest Missouri

Arch Street, Artemis Acquire 2.4 MSF Industrial Portfolio in Metro Kansas City

by Kristin Harlow March 18, 2025

KANSAS CITY, MO. — Arch Street Capital Advisors and Artemis Real Estate Partners have acquired a 2.4 million-square-foot industrial portfolio in metro Kansas City for an undisclosed price. The portfolio consists of four Class A properties that are all fully leased and situated near the BNSF intermodal facility. Further details regarding the transaction were not provided.

March 18, 2025

Acquisitions Midwest Multifamily Wisconsin

CBRE Brokers $21M Sale of Historic Multifamily Property in West Bend, Wisconsin

by Kristin Harlow March 18, 2025

WEST BEND, WIS. — CBRE has brokered the sale of Cast Iron Luxury Living, a 129-unit multifamily property in West Bend, about 39 miles northwest of Milwaukee. A partnership of local buyers purchased the asset from Hendricks Commercial Properties for $21 million. The property was formerly home to The West Bend Co., a cookware and appliance manufacturing-based business that had occupied the site since 1911. The asset was renovated in 2015 and converted into a mixed-use apartment community in 2017 with 45,748 square feet of ground-floor commercial space. Current tenants include Kettle Moraine YMCA, West Bend Pediatrics-Children’s Wisconsin and the West Bend Area Chamber of Commerce, along with restaurants Café Floriana and The Grün Hexe Kitchen & Catering. Cast Iron Luxury Living features a range of studio through three-bedroom units. Amenities include a business center, club and media room, garage parking, car spa and a self-service canteen convenience shop. Matson Holbrook, Patrick Gallagher, Gretchen Richards, Sean Beuche and Peter Langhoff of CBRE represented the seller.

March 18, 2025

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