Property Type

ZMR Capital Acquires Two Multifamily Properties in Metro Tampa for $53.3M

by Julia Sanders January 7, 2022

BRANDON, FLA. — Tampa-based ZMR Capital has acquired two multifamily properties in Brandon in two separate transactions totaling $53.3 million. The two adjacent properties, Brandon Oaks and Palms at Paradise, total 285 units. The seller(s) was not disclosed. Built in 1974, Brandon Oaks is a 160-unit community located near the intersection of North Parson and East Clay avenues at 110 Summerfield Way, about 12.2 miles east of Tampa. Built in 1981, Palms at Paradise is a 125-unit community that is located adjacent to Brandon Oaks at 512 Camino Real Court. Both communities feature one-, two- and three-bedroom floorplans with community amenities such as swimming pools, barbecue and picnic areas, playgrounds and resident clubhouses. ZMR Capital plans to combine the two properties and renovate the exterior to improve curb appeal, as well as upgrade apartment interiors with new countertops and cabinetry, stainless steel appliances and plank flooring.

January 7, 2022

Georgia Leasing Activity Retail Southeast

Fin & Feathers to Open 5,400 SF Restaurant in Midtown Atlanta

by Julia Sanders January 7, 2022

ATLANTA — Fin & Feathers, an American soul food restaurant owned by Damon Johnson, will open in a new 5,400-square-foot location at 1136 Crescent Ave. in Midtown Atlanta. The new location will be the restaurant’s fourth in metro Atlanta. Bryan Davis of Atlanta-based Ackerman & Co. represented Fin & Feathers in the transaction. Fin & Feathers will open in the space formerly occupied by Tin Lizzy’s Cantina. The restaurant is slated to open in February. The interior of the Midtown Atlanta location will be completely redesigned to fit the Fin & Feathers’ style, which usually has colorful recessed lighting, a welcoming bar, wood tables and chairs and wall artwork. Additionally, the new location will have an outdoor patio for dining. The first Fin & Feathers location opened at 360 Edgewood Ave. in downtown Atlanta. Other locations near Atlanta include 7430 Douglas Blvd. in Douglasville and Ga. Highway 85 in Riverdale.

January 7, 2022

Acquisitions Mixed-Use Texas

Fowler Property Buys Kirby Collection Mixed-Use Property in Houston for $182M

by Taylor Williams January 7, 2022

HOUSTON — Fowler Property Acquisitions, a San Francisco-based investment firm, has purchased The Kirby Collection, a mixed-use property in Houston that consists of 199 multifamily units and roughly 291,000 square feet of commercial space, for $182 million. Built in 2018 on the city’s west side, The Kirby Collection comprises a 25-story apartment complex, a 182,000-square-foot office building and a 60,000-square-foot retail building. Thor Equities sold the property for a per-unit price of approximately $425,000 and a per-square-foot price of $400. Fowler will implement a capital improvement program and rebrand the development as Arrive Upper Kirby.

January 7, 2022

Acquisitions Multifamily Texas

Berkadia Negotiates Sale of 432-Unit Turtle Pointe Apartments in West Houston

by Taylor Williams January 7, 2022

HOUSTON — Berkadia has negotiated the sale of Turtle Pointe, a 432-unit apartment community in West Houston. Built in 1976, the property offers studio, one- and two-bedroom floor plans ranging in size from 576 to 917 square feet. About a quarter of the units are townhomes. Amenities include a resident clubroom, business center, fitness center, indoor racquetball and basketball courts, three pools, heated spa, café-style recreation room and an enclosed dog park. Todd Marix, Chris Curry, Jeffrey Skipworth, Joey Rippel, Chris Young and Kyle Whitney of Berkadia represented the seller, Florida-based WRH Realty, in the transaction. Cameron Hart of Berkadia arranged acquisition financing through New York City-based Ready Capital on behalf of the buyer, 7C Equity Group.

January 7, 2022

Acquisitions Multifamily Texas

Greysteel Brokers Sale of 222-Unit Apartment Complex in Killeen, Texas

by Taylor Williams January 7, 2022

KILLEEN, TEXAS — Greysteel has brokered the sale of Brickstone Villas, a 222-unit apartment complex located in the Central Texas city of Killeen. The recently renovated community features one- and two-bedroom units. Amenities include a pool and onsite laundry facilities. J.R. Ellis of Greysteel represented the seller in the transaction. Harrison Cole and Daniel Hartnett, also with Greysteel, arranged acquisition financing on behalf of the undisclosed buyer.

January 7, 2022

Loans Northmarq Office Texas

Northmarq Arranges $12.3M Loan for Refinancing of Office Property in San Antonio

by Taylor Williams January 7, 2022

SAN ANTONIO — Northmarq has arranged a $12.3 million loan for the refinancing of Teralta Corporate Park, a two-building, 58,389-square-foot office property in San Antonio. The single-story property was built in 2017 and fronts Loop 1604 near the junction of Interstate 10. Aetna provided the three-year, interest-only loan to the borrower, San Antonio-based Sirell Properties. Bryan Leonard of Northmarq arranged the debt.

January 7, 2022

Acquisitions New York Northeast Office

Birch Group Acquires Long Island Office Complex for $212M

by Taylor Williams January 7, 2022

JERICHO, N.Y. — New Jersey-based investment firm The Birch Group has acquired 1 and 2 Jericho Plaza, a 665,592-square-foot office complex on Long Island, for $212 million. The property was 95 percent leased at the time of sale to tenants such as AIG, Deloitte, Morgan Stanley, Ernst & Young, Valley Bank, Sterling National Bank and UBS. The seller was a partnership between New York City-based private equity firm DRA Advisors and New Jersey-based Onyx Equities.

January 7, 2022

Acquisitions New Jersey Northeast Retail

R.J. Brunelli Negotiates $49.8M Sale of ITC Crossing South Shopping Center in Northern New Jersey

by Taylor Williams January 7, 2022

MOUNT OLIVE, N.J. — Locally based brokerage firm R.J. Brunelli & Co. has negotiated the $49.8 million sale of ITC Crossing South, a 373,612-square-foot shopping center located on 46 acres in Mount Olive, for $49.8 million. The property is home to retailers such as Lowe’s, Michaels, PetSmart, Old Navy, T.J. Maxx, Panera Bread, McDonalds, Longhorn Steakhouse and Bed, Bath & Beyond. The buyer, California-based Black Lion Investment Group, plans to implement a capital improvement program.

January 7, 2022

Affordable Housing Development Loans Massachusetts Multifamily Northeast

MassHousing Provides $26.9M in Financing for Mixed-Income Housing Project in Metro Boston

by Taylor Williams January 7, 2022

LAWRENCE, MASS. — MassHousing has provided $26.9 million in financing for the redevelopment of a portion of the historic Marriner Mill in Lawrence, a northern suburb of Boston, into an 87-unit mixed-income residential complex. The financing consisted of a $2.3 million permanent loan, $22.5 million in bridge loan financing and $2.1 million in funding from the agency’s workforce housing initiative. Of the 87 units, 17 will be restricted to lower-income households earning 30 percent or less of the area median income (AMI). Forty-nine units will be rented to households earning 60 percent or less of AMI, and 21 apartments will be workforce housing units for households earning up to 80 percent of AMI. The borrower and developer is Trinity Financial. ICON Architecture is designing the project, and Aberthaw Construction Co. is the general contractor. Completion is slated for summer 2023.

January 7, 2022

Acquisitions Industrial Massachusetts Northeast

Lincoln Property, Cara Real Estate Buy 198,000 SF Manufacturing Facility in Westborough, Massachusetts

by Taylor Williams January 7, 2022

WESTBOROUGH, MASS. — A joint venture between Dallas-based Lincoln Property Co. and Cara Real Estate, the U.S. investment arm of German firm Cara Investment, has purchased a 198,000-square-foot manufacturing facility in Westborough, located in between Boston and Worcester. The sales price was approximately $20.6 million. At the time of sale, the majority of the property was leased to two tenants, NEO Tech, which produces electronics components, and Columbia Tech, which provides product development and engineering solutions to an array of industries. The seller was not disclosed.

January 7, 2022

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