Tuesday, March 4, 2025
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AcquisitionsMultifamilySoutheastTennessee

Origin Investments Purchases Queens WeHo Apartments in Downtown Nashville for $79.4M

by John Nelson

NASHVILLE, TENN. — Origin Investments has purchased Queens WeHo, a 221-unit apartment community located in downtown Nashville’s Wedgewood-Houston neighborhood. The sales price was not disclosed, but multiple media outlets report the property traded for $79.4 million. Queens WeHo represents the second acquisition of the Chicago-based buyer’s Origin Exchange Delaware Statutory Trust (DST) investment program that launched in June 2024. The seller, Proffitt Dixon, delivered Queens WeHo in 2023. The property was 94 percent occupied at the time of sale and features a mix of studio, one-, two- and three-bedroom apartments ranging in size from 559 to 1,120 square feet. The ground level features a 6,461-square-foot restaurant space fully occupied by Mercado by Butchertown. Russ Oldham led the Walker & Dunlop brokerage team in the sale. Jamie Butler, Cliff Ayers, Jason McFadden, Brett McGuire and Michael Bowles, also with Walker & Dunlop, arranged acquisition financing on behalf of Origin Investments.

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AcquisitionsGeorgiaIndustrialOfficeSoutheast

Third & Urban Buys 470,000 SF Industrial Flex Campus in Sandy Springs, Georgia

by John Nelson

SANDY SPRINGS, GA. — Atlanta-based Third & Urban has purchased Northridge Commons, a seven-building industrial flex campus in Sandy Springs, a northern suburb of Atlanta. The 470,000-square-foot property is located at 8601 Dunwoody Place near Ga. Highway 400. The seller and sales price were not disclosed. Northridge Commons was 83 percent leased at the time of sale to a variety of office, flex and warehouse occupiers, including Inspire Brands and Invitation Homes, a subsidiary of Blackstone. Third & Urban says it will reposition some of the office spaces to attract more flex industrial users.

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AcquisitionsMultifamilyNew YorkNortheast

Ariel Property Advisors Negotiates $6.6M Sale of East Harlem Multifamily Building

by Taylor Williams

NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $6.6 million sale of a 77-unit multifamily building located at 270 Saint Nicholas Ave. in East Harlem. According to StreetEasy, the six-story building was originally constructed in 1935. Victor Sozio, Remi Mandell and Jake Brody of Ariel represented the seller in the transaction. Amit Doshi and Shallini Mehra of Meridian Capital Group represented the buyer. Both parties requested anonymity.

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AcquisitionsFloridaIndustrialSoutheast

LPC, Walton Street Capital Buy Distribution Center in South Florida for $43.8M

by John Nelson

WESTON, FLA. — A joint venture between Dallas-based Lincoln Property Co. (LPC) and Chicago-based Walton Street Capital has acquired a 226,392-square-foot distribution center located at 1600 N. Park Drive in Weston, a city in South Florida’s Broward County. Munich-based Manova Partners sold the property for $43.8 million. José Lobón, Trey Barry, Frank Fallon, Royce Rose, George Fallon, Gabriel Braun and Daniel Sarmiento of CBRE represented the seller in the transaction. LPC will provide property management services and construction oversight for the distribution center, which was partially leased at the time of sale to Mondelēz International Inc., a global food-and-beverage distributor based in Chicago.

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AcquisitionsFloridaSoutheastStudent Housing

CAPREIT Acquires 800-Bed Student Housing Community Near Florida Gulf Coast University

by John Nelson

FORT MYERS, FLA. — CAPREIT has acquired Coastal Village, an 800-bed student housing community located near the Florida Gulf Coast University campus in Fort Myers. The acquisition marks the North Bethesda, Md.-based firm’s entry into the student housing sector. Coastal Village was developed in 2004 at 19401 Skidmore Way and offers fully furnished units in four-bedroom configurations. Shared amenities include a pool, fire pit, resident lounge, coffee bar, private study spaces and a fitness center. The seller and terms of the transaction were not released.

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AcquisitionsLouisianaMultifamilySoutheast

ECI Group Sells 378-Unit Apartment Community in Houma, Louisiana

by John Nelson

HOUMA, LA. — Atlanta-based ECI Group has sold Houma Highlands, a 378-unit apartment community located at 461 S. Hollywood Road in Houma, about 57 miles southwest of New Orleans. Oakwood Capital purchased the 16-building property for an undisclosed price. Larry G. Schedler & Associates and Mike Kemether of Cushman & Wakefield’s Atlanta office represented ECI Group in the disposition. Phase I of Houma Highlands was completed in 2004 by another developer. ECI Group purchased the first phase and then completed Phase II in 2012. The pet-friendly community features one-, two- and three-bedroom apartments, as well as a resort-style pool, fitness center and green spaces.

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ConnecticutLeasing ActivityNortheastOffice

McCarter & English Signs 10,993 SF Office Lease in Stamford, Connecticut

by Taylor Williams

STAMFORD, CONN. — McCarter & English LLP has signed a 10,993-square-foot office lease in the southern coastal Connecticut city of Stamford. The law firm is relocating from 201 Broad Street to a portion of the 11th floor at 2 Stamford Plaza, a 259,000-square-foot building that is part of a larger, four-building campus. Benjamin Goldstein and Harrison Russell of Newmark represented McCarter & English in the lease negotiations. CBRE represented the undisclosed landlord.

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AcquisitionsArizonaIndustrialWashingtonWestern

Madison Capital Buys Four REI Co-op Distribution Centers Nationwide for $230M

by Amy Works

SUMNER, WASH. — New York-based Madison Capital has acquired four REI Co-op distribution centers in Sumner, Wash., Bedford, Penn., Goodyear, Ariz. and Lebanon, Tenn., for $230 million in a sale-leaseback transaction, which also includes the land associated with the properties. REI Co-op will continue to maintain and operate all buildings, as well as own all equipment and machinery inside each facility. The co-op’s network of distribution centers services its more than 190 stores across the country, as well as fulfills customers’ online orders. Heartland LLC, in cooperation with BRK Real Estate Advisors, JLL and Foundry Commercial, represented Sumner-based REI.

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Del-Monte-Shopping-Center-Monterey-CA
AcquisitionsCaliforniaRetailWestern

Federal Realty Acquires 674,000 SF Retail Center in Monterey, California for $123.5M

by Amy Works

MONTEREY, CALIF. — Federal Realty Investment Trust has acquired Del Monte Shopping Center, a 674,000-square-foot retail development located in Monterey, for $123.5 million. Originally built in 1967 and renovated in 2007, the center is situated on 47 acres. Whole Foods Market anchors the property, which was 83 percent leased at the time of sale. Other tenants at the center include Sephora, lululemon, Pottery Barn and Anthropologie. According to Placer.ai, the development ranks among the top 5 percent of shopping centers in the United States for annual foot traffic. Federal Realty plans to implement a strategic lease-up process at the center, as well as merchandising and placemaking enhancements.

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AcquisitionsAffordable HousingCaliforniaLoansMultifamilyWestern

Northmarq Secures $64.6M in Acquisition Financing for Seven-Property Affordable Housing Portfolio in San Fernando Valley

by Amy Works

VAN NUYS, NORTH HILLS, PANORAMA CITY AND GARDENA, CALIF. — Northmarq has arranged $64.6 million in financing for the acquisition of a 596-unit, seven-property multifamily portfolio in the San Fernando Valley. The borrower is a Moorpark, Calif.-based private owner. Zalmi Klyne of Northmarq’s Los Angeles office secured the 76 percent loan-to-value acquisition financing through numerous correspondent relationships with banks. The fixed-rate transaction was priced in the high 5 percent range and structured with interest-only payments. The portfolio includes:

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