Property Type

Bristol Development, Hallmark Sell Vista Brooklyn Apartments in Jacksonville for $126.3M

by Julia Sanders January 17, 2022

JACKSONVILLE, FLA. — An affiliate of Bristol Development Group and Hallmark Partners have sold Vista Brooklyn, 308-unit multifamily property in Jacksonville. The buyer, an entity known as CS 1031 Vista Brooklyn Apartments DST, an affiliate of Capital Square, purchased the property for $126.3 million. Built in 2021, Vista Brooklyn is a 10-story apartment community offering studio, one-, two- and three-bedroom floorplans, as well as 12,687 square feet of ground floor commercial and retail space. Community amenities include a resort-style rooftop pool and beer garden, fitness studio with yoga room, gaming area, grilling stations, gift wrapping room, coworking spaces, dog park, pet spa and a meditation suite. Located at 200 Riverside Ave., Vista Brooklyn is situated adjacent to downtown Jacksonville. The property is also near retailers and restaurants such as The Fresh Market, Burrito Gallery Brooklyn, Chipotle Mexican Grill, Navy Federal Credit Union and Winston Family YMCA.

January 17, 2022

Acquisitions Georgia Loans Multifamily Southeast

Eastern Union Secures $71.3M Acquisition Loan for Multifamily Property in Roswell, Georgia

by Julia Sanders January 17, 2022

ROSWELL, GA. — New York-based Eastern Union has secured a $71.3 million acquisition loan for Crest at Riverside, a 396-unit multifamily property in Roswell. Michael Muller of Eastern Union arranged the loan through New York-based Arbor Realty on behalf of the buyer, Atlanta-based MSC Properties. With a full sale price of $87.5 million, the transaction’s loan-to-cost ratio equaled 81 percent. The non-recourse loan carries a three-year term with options for two one-year extensions, and repayment is interest-only over its full term. Built in 1965 and renovated in 2016, The Crest at Riverside was rebranded to Grace Apartment Homes Roswell. The property offers one-, two- and three-bedroom floorplans with 18 one-bedroom units that are 882 square feet in size; 247 two-bedroom units that range from 1,258 to 1,408 square feet in size and 131 three-bedroom units that range from 1,290 to 1,408 square feet in size. Unit features include white or stainless steel appliances, laminate or solid surface counters, wood cabinets and tile backsplashes. Community amenities include two pools, business center, fitness center, playground, grills and a pet park. The property was 96 percent occupied at the time of sale. Located at 100 Chattahoochee Circle, the 518,460-square-foot property is situated 20.4 …

January 17, 2022

Acquisitions Healthcare Louisiana Southeast

MedProperties, Heitman Acquire 60,087 SF Hospital in Covington, Louisiana

by Julia Sanders January 17, 2022

COVINGTON, LA. — Dallas-based MedProperties Realty Advisors and Chicago-based Heitman LLC, in their first joint venture together, have acquired Avala Hospital, a 21-bed, 60,087-square-foot surgical hospital in Covington. The seller(s) and sales price were not disclosed. Capital One NA, with a participation by Siemens Financial Services, provided an undisclosed amount of financing for the acquisition. Avala Hospital is one of the only facilities in Louisiana offering robotics-assisted surgeries for hip replacements, total and partial knee replacements and spinal procedures. The hospital recently had Class A renovations and expansions done to the facility. Located at 67252 Industry Lane, the hospital is situated 36.1 miles from New Orleans and 37.2 miles from the Louis Armstrong New Orleans International Airport. The property is also situated near retailers and restaurants such as Whole Foods Market, Walgreens, Mandeville Seafood and a Winn-Dixie.

January 17, 2022

Acquisitions Multifamily Texas

Marcus & Millichap Brokers Sale of 265-Unit Apartment Community in West Fort Worth

by Taylor Williams January 17, 2022

FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of The Villas at Cantamar, a 265-unit apartment community located on the west side of Fort Worth. The property features one-, two- and three-bedroom units and amenities such as two pools, a playground and onsite laundry facilities. Al Silva and Ford Braly of Marcus & Millichap represented the locally based buyer and seller, both of which requested anonymity, in the transaction.

January 17, 2022

Acquisitions Retail Texas

Younger Partners Buys 96,948 SF Shopping Center in Prosper, Texas

by Taylor Williams January 17, 2022

PROSPER, TEXAS — Dallas-based Younger Partners has purchased The Shops at Prosper Trail, a 96,948-square-foot shopping center located northeast of Dallas. Shadow-anchored by Kroger, the property was built in 2016 and was 98 percent leased at the time of sale. Adam Howells and Zach Riebe of JLL represented the seller, MQ Development Co., in the transaction. Micah Ashford, Moody Younger and Kathy Permenter represented Younger Partners on an internal basis.

January 17, 2022

Acquisitions Alabama Retail Southeast

SRS Brokers $4.5M Sale of Shopping Center in Valley, Alabama

by Julia Sanders January 17, 2022

VALLEY, ALA. — SRS Real Estate Partners’ Investment Properties Group has brokered the $4.5 million sale of Shops at Valley, a 28,000-square-foot shopping center in Valley. Boris Shilkrot of SRS represented the seller, OSCI Properties, in the transaction. The buyer, Prudent Growth Partners LLC, was self-represented in the transaction. The shopping center is shadow-anchored by a Walmart Supercenter and fully occupied by tenants including Ace Hardware, Workout Anytime, H&R Block, T-Mobile and Advance America. Located along the Georgia and Alabama state lines, the property is situated 26 miles from Auburn, Ala., and 31.8 miles from Columbus, Ga.

January 17, 2022

District of Columbia Retail Southeast

NRF Supports Supreme Court Decision to Halt Vaccine Mandates for Non-Healthcare Related Businesses

by Julia Sanders January 17, 2022

WASHINGTON, D.C. — The National Retail Federation released a statement on Thursday, Jan. 13 saying the organization agreed with the U.S. Supreme Court’s decision about vaccine mandates. The Supreme Court on Thursday blocked the Biden administration from passing a bill that would require employees at large private companies to either get the vaccine or get tested regularly for COVID-19, as well as wear masks in the workplace. The Biden administration’s vaccine mandate would require vaccinations for those who worked at a company with 100 or more employees. In a separate ruling, the court allowed a vaccine-mandate for healthcare workers in a ruling of 5-4. NRF joined more than 26 other trade associations last week to present oral arguments before the court on the legality of the mandate. “While NRF has maintained a strong and consistent position related to the importance of vaccines in helping to overcome this pandemic, the Supreme Court’s decision to stay OSHA’s onerous and unprecedented [Emergency Temporary Standard] ETS is a significant victory for employers,” says David French, NRF’s senior vice president of government relations. Many were worried that with vaccine requirements, some employees may rather quit than get the vaccine, ultimately causing higher unemployment numbers. After …

January 17, 2022

Acquisitions Massachusetts Northeast Office

Taurus Investment Holdings Acquires Metro Boston Office Complex for $92M

by Taylor Williams January 17, 2022

NEWTON, MASS. — Boston-based Taurus Investment Holdings has acquired Wells Park, a 377,696-square-foot office complex located in the western Boston suburb of Newton, for $92 million. The three-building complex was 93 percent leased at the time of sale to tenants such as Sally Mae Corp., Newton-Wellesley Hospital, Karyopharm Therapeutics, Ascensus and Adviser Investments. Scott Dragos, Chris Skeffington, Doug Jacoby, Anthony Hayes, Roy Sandeman, Tim Mulhall and Dan Hines of CBRE represented the seller, New York-based Angelo Gordon, in the transaction. The new ownership plans to upgrade the buildings’ energy systems through its subsidiary, RENU Communities.

January 17, 2022

Acquisitions Massachusetts Multifamily Northeast

Newmark Brokers Sale of 248-Unit Apartment Community in Marshfield, Massachusetts

by Taylor Williams January 17, 2022

MARSHFIELD, MASS. — Newmark has brokered the sale of Modera Marshfield, a 248-unit apartment community located in the South Shore city of Marshfield. Built in 2021, the property features one-, two- and three-bedroom units and amenities such as a pool, fitness center, multiple outdoor dining and lounge areas and shared workspaces. Michael Byrne, Thomas Greeley, Devlin Man and Casey Griffin of Newmark represented the seller, a partnership between Mill Creek Residential Trust and CrossHarbor Capital Partners, in the transaction. Boston-based TA Realty purchased Modera Marshfield, which was 90 percent occupied at the time of sale, for an undisclosed price.

January 17, 2022

Development Loans Multifamily New Jersey Northeast

Greystone Arranges $30M Construction Loan for Jersey City Multifamily Project

by Taylor Williams January 17, 2022

JERSEY CITY, N.J. — Greystone has arranged a $30 million construction loan for 40 Center, a six-sttory, 80-unit multifamily project in Jersey City that will include 3,200 square feet of ground-floor commercial space. White Oak Real Estate Capital provided the loan to the developer, affiliates of The Manhattan Building Co. Drew Fletcher, Matthew Hirsch and Bryan Grover of Greystone arranged the debt. Completion is slated for 2024.

January 17, 2022

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