Property Type

Marcus & Millichap Arranges $23M Sale of Retail Portfolio in Miami

by Julia Sanders April 11, 2022

MIAMI — Marcus & Millichap has arranged the sale of a 17-suite retail portfolio in Miami dubbed Midtown Miami. The assets sold for $23 million, or $922.77 per square foot. The portfolio is occupied by tenants such as Citi Bank, 305 Kicks, Calligaris, Wynwood Tattoo and Galerie Monnin. Alex Zylberglait, Alejandro D’Alba and Scott Sandelin of Marcus & Millichap represented the seller, Block Capital Group, and procured the German-based buyer, Rüger Holding KG. Robert Bhat of Marcus & Millichap arranged an undisclosed amount of acquisition financing for the buyer. The Midtown Miami retail portfolio features two buildings totaling 24,925 square feet of gross leasable space at 3300 N Miami Ave. and 30 NW 34 St. The property also includes 30 dedicated parking spaces. The adjacent retail assets are located about 7.5 miles from Miami International Airport and 6.4 miles from Miami Beach.

April 11, 2022

Acquisitions Florida Industrial Southeast

Colliers Brokers $14.9M Sale of Two Industrial Buildings in Fort Lauderdale

by Julia Sanders April 11, 2022

FORT LAUDERDALE, FLA. — Colliers has brokered the $14.9 million sale of two industrial buildings in Fort Lauderdale. Mark Rubin, Bastian Laggerbauer, Jake Stauber, Steven Wasserman and Erin Byers of Colliers represented the seller, Apogee Investment Partners LLC, as well as the buyer, Elion Acquisitions LLC, in the transaction. The two buildings include a 60,000-square-foot repair facility that was renovated in 2019 and a 11,682-square-foot staging facility. The buildings are conjoined by a recently constructed covered walkway. The industrial buildings are currently occupied by CTS Engines, a turbine engine maintenance, repair and overhaul (MRO) company, with long-term leases in place. Located at 3000 & 3060 SW 2nd Ave. on 2.6 acres, the properties are adjacent to Fort Lauderdale-Hollywood International Airport and less than three miles from Port Everglades.

April 11, 2022

Acquisitions Florida Retail Southeast

Navarra Investments Sells Avenue Shoppes Retail Center in Orlando for $8.1M

by Julia Sanders April 11, 2022

ORLANDO, FLA. — Navarra Investments LLC has sold Avenue Shoppes, a 42,196-square-foot retail strip center and outparcel in Orlando. John Krzyminski and Max Krzyminski of JLL represented the seller and procured the buyer, House Reform Group. The sales price was $8.1 million. Originally constructed in 1988, Avenue Shoppes was most recently renovated in 2020 when the seller implemented a capital improvement plan to reposition the property. The property was 94 percent leased at the time of sale to tenants including Euro Living, Wallcoverings Mart, Toxic Lounge, Greenberg Dental, GL Staffing, Little New Orleans, Let’s Relax Spa, Le’s Alternations, Memories of Peru, Adega Gaucha and Estrella Insurance. Located on 2.7 acres at 8204 Crystal Clear Lane, the center is situated 12.4 miles from Walt Disney World Resort and 9.6 miles from Orlando International Airport.

April 11, 2022

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 290-Unit Self-Storage Facility in Arlington

by Taylor Williams April 11, 2022

ARLINGTON, TEXAS — Marcus & Millichap has brokered the sale of Alpha Storage Centers, a 290-unit self-storage facility in Arlington. The property spans 88,107 net rentable square feet. Brandon Karr and Danny Cunningham of Marcus & Millichap represented the seller, a locally based private investor, in the transaction. An entity doing business as 10 Federal Self Storage purchased the asset for an undisclosed price.

April 11, 2022

Acquisitions Multifamily Texas

Magma Equities, Franklin Templeton Buy 281-Unit Palencia Apartment Homes in Plano

by Taylor Williams April 11, 2022

PLANO, TEXAS — A joint venture between two California-based investment firms, Magma Equities and Franklin Templeton, has purchased Palencia Apartment Homes, a 281-unit multifamily property in the northern Dallas suburb of Plano. Built in 1996, the property consists of nine buildings housing studio, one- and two-bedroom units on a 9.6-acre site. Amenities include multiple pools, a clubhouse, fitness center, business center and picnic and grilling areas. The new ownership plans to implement a value-add program that will be primarily focused on unit interiors.

April 11, 2022

Affordable Housing Loans Multifamily Texas

Dwight Capital Provides $22.7M HUD-Insured Refinancing for San Antonio Affordable Housing Community

by Taylor Williams April 11, 2022

SAN ANTONIO — New York City-based Dwight Capital has provided a $22.7 million HUD-insured loan for the refinancing of Stablewood Farms, a 252-unit affordable housing community in San Antonio. Built in 2002, the property comprises 16 two- and three-story buildings, five garages, a leasing office and a community center on a 22-acre site. The majority (75 percent) of the units are restricted to households earning 80 percent or less of the area median income (AMI), while 20 percent are reserved for renters earning up to 50 percent of AMI. Josh Sasouness of Dwight Capital originated the loan through HUD’s 223(f) program on behalf of the borrower, locally based nonprofit organization Merced Housing Texas.

April 11, 2022

Acquisitions Illinois Midwest Retail

Newport Capital Partners Sells Edens Plaza Shopping Center in Suburban Chicago for $110M

by Kristin Harlow April 11, 2022

WILMETTE, ILL. — Chicago-based Newport Capital Partners has sold Edens Plaza in the Chicago suburb of Wilmette for $110 million. Massachusetts-based WS Development was the buyer. The shopping center spans 350,000 square feet. Current tenants include The Fresh Market, Walgreens, Chicagoland Children’s Health Alliance, Starbucks and Big Blue Swim School. The property also comprises a two-story department store that was formerly occupied by Carson Pirie Scott and is currently vacant. Newport acquired Edens Plaza in 2018 and the vacant department store in 2019. WS plans to open the first-ever bricks-and-mortar store for online furniture retailer Wayfair in the department store. Joe Girardi of Mid-America Real Estate Group brokered the transaction.

April 11, 2022

Acquisitions Illinois Midwest Multifamily

Interra Realty Arranges $44.2M Sale of Apartment Complex in Winfield, Illinois

by Kristin Harlow April 11, 2022

WINFIELD, ILL. — Interra Realty has arranged the $44.2 million sale of Winfield Station in Winfield, about 35 miles west of Chicago. The newly built, transit-oriented apartment complex features 162 units and is situated near the Winfield Metra station. The property was 82 percent occupied at the time of sale. Amenities include a resident lounge, business center, fitness center and outdoor pool. Jon Morgan, David Goss and Joe Smazal of Interra represented the seller, an affiliate of Chicago-based Synergy Construction Group, which completed construction of the property in August 2021. Patrick Kennelly and Paul Waterloo of Interra procured and represented the buyer, Mango Shadow LLC.

April 11, 2022

Acquisitions Midwest Office Wisconsin

Colliers Brokers Sale of 42,000 SF Office Building in Milwaukee

by Kristin Harlow April 11, 2022

MILWAUKEE — Colliers has brokered the sale of a 42,000-square-foot office building located at 417 E. Chicago St. in Milwaukee’s historic Third Ward district. The sales price was undisclosed. Eversana, a life sciences company, currently occupies the building for its headquarters. The property was originally constructed in 1964 and completely renovated in 2013 as a build-to-suit for The Dohmen Co., which took occupancy for several years. Tom Shepherd, Jennifer Huber-Bullock and Scott Welsh of Colliers represented the seller, 417 East Chicago LLC, an affiliate of Dohmen. The buyer was 417 Third Ward LLC, an affiliate of Madison-based Hovde Properties.

April 11, 2022

Illinois Leasing Activity Midwest Office

RSM Signs 22,256 SF Office Lease at Schaumburg Towers in Suburban Chicago

by Kristin Harlow April 11, 2022

SCHAUMBURG, ILL. — RSM, a provider of audit, tax and consulting services focused on the middle market, has signed a 22,256-square-foot office lease at Schaumburg Towers in the Chicago suburb of Schaumburg. RSM plans to relocate from 20 N. Martingale Road in the fourth quarter of this year. Schaumburg Towers is now 73 percent leased. The two-building office complex spans 882,000 square feet. Owner American Landmark Properties has invested more than $20 million in property upgrades since 2017. Steve Kling and David Florent of Colliers represented ownership in the lease transaction. Rick Schuham of Savills represented RSM.

April 11, 2022

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