Property Type

IPA Negotiates Sale of 240-Unit Mag & May Apartments in Fort Worth

by Taylor Williams October 10, 2022

FORT WORTH, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Mag & May, a 240-unit apartment community in Fort Worth’s Near Southside District. Built on two acres in 2019, the property offers studio, one- and two-bedroom units with an average size of 778 square feet. Amenities include a pool, outdoor grilling and dining stations, a fitness center, clubhouse and package lockers. Taylor Hill, Michael Ware, Drew Kile, Joey Tumminello, Jeffrey Kindorf and Will Balthrope of IPA represented the seller, Abacus Capital Group, in the transaction. Brian Eisendrath, Cameron Chalfant and Jake Vitta, also with IPA, arranged an undisclosed amount of acquisition financing through a debt fund on behalf of the buyer, Sapient Capital Group.

October 10, 2022

Acquisitions Multifamily Nevada Western

Bridge Investment Acquires 344-Unit Monterra Multifamily Property in Las Vegas for $73.2M

by Amy Works October 10, 2022

LAS VEGAS — Bridge Investment Group has purchased Monterra, an apartment community situated on 18 acres in Las Vegas, from an undisclosed seller for $73.2 million, or $212,936 per unit. Constructed in 1999, Monterra features 344 apartments in a mix of one-, two- and three-bedroom residences with air conditioning, hardwood-style floors, vaulted ceilings and walk-closets. The units range in size from 700 square feet to 1,156 square feet. Community amenities include two swimming pools, a clubhouse, fitness center and gated, electronic entrance. Steve Gebing of Institutional Property Advisors, a division of Marcus & Millichap, represented the buyer in the deal. Justin Forman of Marcus & Millichap served as broker of record in Nevada.

October 10, 2022

Acquisitions Arizona Industrial Western

Schnitzer Properties Buys 109,229 SF Industrial Building in Tucson, Arizona

by Amy Works October 10, 2022

TUCSON, ARIZ. — Schnitzer Properties LLC has acquired an industrial property located at 5580 S. Nogales Highway in Tucson. WAA Nogales Hwy LLC sold the asset for $7.3 million. Robert Glaser and Paul Hooker of Cushman & Wakefield | PICOR represented the seller in the transaction.

October 10, 2022

Development Industrial Texas

Finial Group Begins Construction on 90,328 SF Industrial Project in Houston

by Taylor Williams October 10, 2022

HOUSTON — Locally based development and management firm Finial Group has begun construction on a 90,328-square-foot industrial project in Houston that represents Phase III of Independence Business Park. The third phase will consist of three freestanding, crane-served buildings with 10 percent office finishes. Completion is slated for the third quarter of 2023. Construction of Phase II of Independence Business Park, which comprised two buildings totaling 145,185 square feet, began in late 2020.

October 10, 2022

Development Loans Multifamily New Jersey Northeast

Citizens Bank Provides $32.4M Construction Loan for Northern New Jersey Multifamily Project

by Taylor Williams October 10, 2022

BOUND BROOK, N.J. — Citizens Bank has provided a $32.4 million construction loan for The Rail at Bound Brook, a 143-unit multifamily project in Northern New Jersey. The property will house studio, one- and two-bedroom units with an average size of 811 square feet, as well as 650 square feet of ground-floor retail space. Amenities will include a clubhouse, game room, yoga studio, courtyard and coworking space. Michael Klein, Jon Mikula and Michael Lachs of JLL arranged the three-year, floating-rate loan on behalf of the borrower, a joint venture between Denholtz Properties and Redwood Real Estate Group.

October 10, 2022

Acquisitions Connecticut Hospitality Northeast

Trinity Real Estate Acquires 373-Room Hotel in Greenwich, Connecticut

by Taylor Williams October 10, 2022

GREENWICH, CONN. — An affiliate of Hawaii-based Trinity Real Estate Investments has acquired the Hyatt Regency Greenwich, a 373-room hotel in southern coastal Connecticut. The building served as a printing press for Condé Nast from 1921 to 1967 before being redeveloped into a hotel. Today, the Hyatt Regency Greenwich features an indoor pool, fitness center, salon and 35,000 square feet of meeting and event space. The new ownership plans to implement a value-add program. The seller was not disclosed. Hodges Ward Elliott brokered the transaction.

October 10, 2022

Acquisitions Industrial Massachusetts Northeast

Waldman & Associates Arranges Sale of 124,000 SF Industrial Portfolio in Bourne, Massachusetts

by Taylor Williams October 10, 2022

BOURNE, MASS. — Massachusetts-based brokerage firm Waldman & Associates has arranged the sale of a portfolio of seven industrial buildings totaling 124,000 square feet in Bourne, located at the nexus of Cape Cod and the mainland. The sales price was approximately $10.6 million. Dan Waldman of Waldman & Associates represented the undisclosed seller and procured the buyer, Unicorn Realty, in the transaction. Tenants at the portfolio include EOIS, Falmouth Toyota and Cape Cod Tennis & Court.

October 10, 2022

Acquisitions Alabama Industrial Southeast

Reich Brothers Purchases 1.6 MSF Distribution Center in Opelika, Alabama

by John Nelson October 10, 2022

OPELIKA, ALA. — Reich Brothers, a national industrial real estate investment firm, has purchased a 1.6 million-square-foot distribution center in Opelika, a city along I-85 and near Auburn, Ala. The seller and sales price were not disclosed. The facility is the largest multi-tenant distribution center in the Auburn-Opelika market, with 96 dock positions, more than 10 leased suites and standalone buildings ranging from 50,000 to 400,000 square feet. The rail-served property services both the Kia and Hyundai automotive hubs in western Georgia and eastern Alabama, according to Reich Brothers.

October 10, 2022

Development Georgia Office Southeast

Barings to Convert 45,000 SF of Vacant Office Space at 3445 Peachtree in Atlanta to Speculative Suites

by John Nelson October 10, 2022

ATLANTA — Barings plans to convert approximately 45,000 square feet of vacant office space at 3445 Peachtree in Atlanta’s Buckhead district to speculative suites. Spread across five spaces within the 14-story, 287,000-square-foot office building, these suites will range in size from 3,000 square feet to a full 23,000-square-foot floor. Furniture will be provided within some of these spaces and each spec suite will include exposed ceiling duct work and floor plans that invite collaboration. New tenants will also have access to several Class A amenities available to all 3445 Peachtree tenants. No construction timeline was disclosed. According to research from CBRE, metro Atlanta currently has 500,000 square feet of spec suites under construction, which represents about 28 percent of the market’s existing inventory of spec suite space (1.8 million square feet).

October 10, 2022

Acquisitions Florida Office Southeast

CBRE Arranges $14.5M Sale of Tampa Oaks II Office Building

by John Nelson October 10, 2022

TAMPA, FLA. — CBRE has arranged the $14.5 million sale of Tampa Oaks II, a 104,080-square-foot office building located at 12906 Tampa Oaks Blvd. in Tampa. Dale Peterson, Joe Chick, Kristen McFarland Hagen, Courtney Snell and Nick Sharpe of CBRE represented the seller, TerraCap Management, in the transaction. Marc Magliarditi and Travis Landes of CBRE’s Las Vegas office represented the unnamed buyer. Constructed in 2008 by Opus South Corp., Tampa Oaks II’s major tenants include Liberty Mutual Insurance Co., Fieldstone A&E and Home Encounter LLC.

October 10, 2022

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