Property Type

S.L. Nusbaum Brokers Sale of Former Macy’s Store at Metro Richmond Mall, Buyers Plan New Sports Complex

by Alex Tostado January 23, 2020

GLEN ALLEN, VA. — S.L. Nusbaum has brokered the sale of a 109,813-square-foot former Macy’s within Virginia Commons Mall in for $2 million. The buyers, VCC Partners LLC and Shamin VCC LLC, plan to demolish the existing building and redevelop the nine-acre property into a sports arena that will include indoor event space, basketball courts and seating for 4,500 spectators. Demolition will begin by May. The mall, which is home to tenants including Burlington, JCPenney, Bath & Body Works, Foot Locker and Finish Line, is located 12 miles north of downtown Richmond. David Kalman of S.L. Nusbaum Realty Co. represented the seller, Impact Investments Group LLC, in the transaction.

January 23, 2020

Acquisitions Alabama Multifamily Southeast

Cushman & Wakefield Secures $22.5M Sale of Apartment Complex in Daphne, Alabama

by Alex Tostado January 23, 2020

DAPHNE, ALA. — Cushman & Wakefield has arranged the $22.5 million sale of Palladian at Daphne, a 120-unit apartment complex near Mobile Bay in Daphne. The community offers residents home-style living with attached garages, ground-floor entry and an average floor plan size of 1,800 square feet. Amenities include a fitness center, conference room, outdoor TV lounge, 15-seat movie theater, swimming pool and a bark park with pet washing station. Craig Hey and Jimmy Adams of Cushman & Wakefield represented the seller, The Gateway Cos., in the transaction. Hathaway and Lynx Capital, both based in Atlanta, acquired the property.

January 23, 2020

Acquisitions Mississippi Multifamily Southeast Student Housing

JLL Arranges Sale of 504-Bed Student Housing Community Near Mississippi State University

by Alex Tostado January 23, 2020

STARKVILLE, MISS. — JLL has arranged the sale of Lakeside Student Living, a 504-bed student housing community located near the Mississippi State University campus in Starkville. The property opened in 2006 and features a mix of studio, one-, two- and four-bedroom, fully furnished units. Community amenities include a fitness complex, swimming pool, volleyball court, hammock beach, computer lab and private study lounges. Scott Clifton, Stewart Hayes and Barry Brown of JLL represented the undisclosed seller in the transaction. The buyer and terms of the transaction were also not disclosed.

January 23, 2020

Acquisitions Florida Retail Southeast

MMG Equity Partners Acquires Two Shopping Centers in Metro Miami for $12.7M

by Alex Tostado January 23, 2020

MIAMI — MMG Equity Partners has acquired two retail centers in metro Miami for a total of $12.7 million: Naranja Plaza and Lakeside Plaza. Naranja Plaza was purchased for $7.1 million, or $139 per square foot, in an-off market deal. The shopping center spans 51,246 square feet and is situated at 27000-27100 S. Dixie Highway in Homestead, 29 miles southwest of downtown Miami. The Dollar General-anchored asset was built in 1980 and was fully leased at the time of sale. MMG Equity Partners also acquired Westlake Plaza for $5.6 million, or $128 per square foot. The property is a 43,781-square-foot retail center located at the intersection of Bird Road and 109th Avenue in Miami. Lakeside Plaza was built in 1959 and comprises five buildings. Amerant Bank provided acquisition loans for both transactions totaling $9.5 million, including a future advance for construction. The two sellers were not disclosed.

January 23, 2020

Development Multifamily Northeast Pennsylvania

Equus Completes 182-Unit Madison Lansdale Station Apartments Near Philadelphia

by Taylor Williams January 23, 2020

LANSDALE, PA. — Equus Capital Partners, a locally based private equity fund, has completed Madison Lansdale Station, a 182-unit multifamily property in Lansdale, about 25 miles north of Philadelphia. The property, which features studio, one- and two-bedroom units, is part of a 6.7-acre mixed-use development located adjacent to Lansdale station on the SEPTA transit line. Additional uses include single-family homes and 15,000 square feet of retail space. Amenities at Madison Lansdale Station, which is now 50 percent leased, include a fitness center, business center, clubhouse, demonstration kitchen, billiard room and outdoor spaces with lounges and fire pits.

January 23, 2020

Acquisitions Midwest Minnesota Multifamily

JLL Arranges Sale of 212-Unit Apartment Property in Downtown Minneapolis

by Kristin Harlow January 23, 2020

MINNEAPOLIS — JLL Capital Markets has arranged the sale of Eitel Apartments in downtown Minneapolis for an undisclosed price. The 212-unit apartment property is located at 1367 Willow St. and overlooks Loring Park. The community consists of three buildings, one of which is a repurposed historic building that formerly housed Eitel Hospital. Unit sizes average 800 square feet. Amenities include a rooftop deck, sky lounge, fitness center, yoga studio, billiards room, sauna and two-level parking garage. The property was 90 percent occupied at the time of sale. Matthew Lawton, Kevin Girard, Wick Kirby, Josh Talberg, Dan Linnell and Mox Gunderson of JLL represented the undisclosed seller. The team also procured the institutional buyer.

January 23, 2020

Development Massachusetts Multifamily Northeast

Greystar to Develop 126-Unit Apartment Building in Boston’s Back Bay

by Taylor Williams January 23, 2020

BOSTON — Charleston, S.C.-based Greystar has acquired land at 212 Stuart St. in Boston’s Back Bay neighborhood for the development of a 19-story, 126-unit apartment building that will also feature ground-floor retail space. The property will offer one- and two-bedroom units as well as three-bedroom penthouses ranging in size from 500 to 2,100 square feet. Amenities will include a fitness center, lounge, library and bike storage space. Greystar plans to break ground this month and to complete the project in the first half of 2022.

January 23, 2020

Acquisitions Industrial Midwest Ohio

Stan Johnson Co. Negotiates $16.8M Sale of Distribution Facility in Findlay, Ohio

by Kristin Harlow January 23, 2020

FINDLAY, OHIO — Stan Johnson Co. has negotiated the sale of a single-tenant, 402,604-square-foot distribution facility in Findlay for $16.8 million. The warehouse is fully leased to American Plastics, a designer, manufacturer and distributor of plastic-injection molded products. It is located at 14801 County Road 212. Originally built in 1998, the property sits on 24 acres and features a clear height of 28 feet, 44 dock doors and a fenced truck court. Rob Gemerchak and Jeff Hughes of Stan Johnson represented the seller, local developer Nickolas LLC. Plymouth Industrial REIT Inc. purchased the asset.

January 23, 2020

Illinois Midwest Multifamily

Habitat Co. Named Property Manager for 724-Unit Park Tower Condo Building in Chicago

by Kristin Harlow January 23, 2020

CHICAGO — The Habitat Co. has been awarded the property management of Park Tower, a 724-unit condominium building in Chicago’s Edgewater neighborhood. Located at 5415 N. Sheridan Road and constructed in 1973, the building rises 55 stories. Amenities include a rooftop garden, grocery store, clubhouse, fitness center, pool and parking garage. Park Tower is one of the largest residential buildings in Chicago by unit count, according to Habitat, which maintains more than 22,000 units under management across six states.

January 23, 2020

Acquisitions Industrial Midwest Ohio

Reichle Klein Group Brokers $4.6M Sale of Industrial Building in Ohio

by Kristin Harlow January 23, 2020

PIONEER, OHIO — Reichle Klein Group has brokered the $4.6 million sale of a 157,550-square-foot industrial building in Pioneer in northwest Ohio. The property is located at 2 Kexon Drive. Ron Jurgenson of Reichle Klein and Tim Echemann of Industrial Property Brokers represented the seller, Pioneer’s Kidston Family Cos. Ltd. Jurgenson represented the buyer, ATD Properties LLC.

January 23, 2020

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