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GeorgiaRetailSoutheast

Wheeler REIT Purchases Shopping Center in Macon for $37.3M

by John Nelson

MACON, GA. — Wheeler Real Estate Investment Trust Inc. has purchased Rivergate Shopping Center, a 205,811-square-foot, Publix-anchored development located in Macon. The shopping center was 95.5 percent leased at the time of sale to tenants such as Dollar Tree, T-Mobile and H&R Block. The property features eight outparcels, including a standalone Starbucks Coffee, Buffalo Wild Wings, IHOP and Steak N’ Shake, as well as co-tenant buildings leased to FedEx/Panera Bread, Dunkin’ Donuts/Subway, Planet Fitness/SkyZone and Pet Supermarket/Tuesday Morning. Wheeler REIT financed the acquisition using a three-year bank loan that features one year of interest-only payments, 25-year amortization schedule for years two and three, a floating interest rate and 65 percent LTV.

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FloridaIndustrialSoutheast

Monmouth Real Estate Buys Industrial Facility in Fort Myers Leased to FedEx Ground for $21M

by John Nelson

FORT MYERS, FLA. — Monmouth Real Estate Investment Corp. has purchased a newly built, 213,672-square-foot industrial facility located at 14001 Jetport Loop in Fort Myers for $21 million. The facility is net-leased for 10 years to FedEx Ground Packaging System Inc. The building is situated on roughly 22.5 acres directly across from Southwest Florida International Airport. Monmouth is a publicly traded industrial REIT based in Freehold, N.J.

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FloridaRetailSoutheast

The Shopping Center Group, Avison Young Broker $12.6M Sale of Retail Center in North Palm Beach

by John Nelson

NORTH PALM BEACH, FLA. — The Shopping Center Group and Avison Young have brokered the $12.6 million sale of Northlake Promenade Shoppes, an 82,966-square-foot, Publix-anchored shopping center in North Palm Beach. Woolbright Development purchased the asset from a private investment company based in Canada. The shopping center’s outparcel tenants include CVS/pharmacy, Chase Bank and BP Gas. The property is situated on 21 acres at the southwest corner of Northlake Boulevard and Federal Highway and features a development site for Phase II of the shopping center. Anthony Blanco of The Shopping Center Group and David Duckworth and AJ Belt III of Avison Young led the marketing efforts.

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MultifamilyTexas

Lowe Enterprises Investors Acquires 208-Unit Apartment Property in Metro San Antonio

by Amy Works

UNIVERSAL CITY, TEXAS — Lowe Enterprises Investors, in a joint venture with an investment client, has acquired Sunrise Canyon, an apartment complex located at 501 Sunrise Canyon Drive in Universal City, for an undisclosed price. Built in 2005, the property offers 208 apartments in one-, two- and three-bedroom layouts. On-site amenities include a clubhouse, resort-style pool, fitness center, business center, outdoor kitchen with grilling area and a dog park. United Apartment Group has been retained to manage the property. CBRE represented the seller, KKR, in the deal. Berkadia provided financing services for the acquisition.

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MultifamilyTexas

Atlantic|Pacific, Blue Atlantic Acquire 324-Unit Apartment Community in Houston

by Amy Works

HOUSTON — Atlantic|Pacific Cos., with its co-sponsor fund Blue Atlantic Partners, has acquired Vintage Park Apartments in Houston for an undisclosed price. The property features 324 units in a mix of one- and two-bedroom floor plans, a swimming pool with splash pad, fire pit, picnic areas with barbecue pits, a business center, 18-seat media room, fitness center, children’s playground, covered parking and an outdoor seating area with a fireplace. Atlantic|Pacific Management will handle property management responsibilities for the property. The name of the seller was not released.

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HospitalityTexas

InLight Capital Purchases 102-Room Hampton Inn & Suites Austin Airport Hotel

by Amy Works

AUSTIN, TEXAS — InLight Capital has acquired Hampton Inn & Suites Austin Airport Hotel, located at 7712 E. Riverside Drive in Austin. Pendo Investments sold the 102-room hotel for an undisclosed sum. Completed in 2001 and renovated in 2015, the hotel features 18 suites, an outdoor pool, 440 square feet of meeting space, a fitness center, business center and complimentary hot breakfast. Dan Peek, John Bourret and Austin Brooks of HFF represented the seller in the transaction.

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IndustrialMixed-UseMultifamilyNew YorkNortheastOfficeRetail

Colony Capital, NorthStar Receive Approval for Merger

by Amy Works

NEW YORK CITY — Colony Capital Inc., NorthStar Asset Management Group and NorthStar Realty Finance Corp. have received approval from shareholders for the previously announced merger of the three companies. Named Colony NorthStar Inc. (NYSE: CLNS), the combined company will have assets under management in excess of $58 billion, managing capital on behalf of its stockholders, institutional and retail investors in private funds and non-traded and traded real estate investment trusts and 1940 Act companies. Upon closing of the transaction, Thomas Barrack Jr. will be executive chairman of the board of directors, David Hamamoto will be executive vice chairman and Richard Saltzman will be chief executive officer of the new company. The companies expect to complete the merger in January 2017.

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MultifamilyNew YorkNortheast

BCB Property Management Sells 48-Unit Multifamily Property in Brooklyn for $30M

by Amy Works

NEW YORK CITY — BCB Property Management has completed the disposition of a four-building multifamily asset located at 315-329 Lincoln Place in Brooklyn’s Prospect Heights neighborhood. Related Cos. acquired the buildings for $30 million. Totaling 52,543 square feet, the asset features 13 two-bedroom units, 11 three-bedroom apartments and 24 four-bedroom units. Approximately half of the 48 units were rent-stabilized at the time of sale. Stephen Palmese of Cushman & Wakefield represented the seller in the transaction.

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New HampshireNortheastOffice

NAI Norwood Group Arranges $1.2M Sale of Two Land Parcels in Manchester, New Hampshire

by Amy Works

MANCHESTER, N.H. — NAI Norwood Group has brokered the sale of two state-owned land parcels in Manchester. A private investor acquired the properties for $1.2 million. The site at 300 Hanover St. includes a 20,360-square-foot office building and the parcel at 436 Maple St. is currently used as a parking lot. NAI Norwood Group represented the seller, the state of New Hampshire, in the transaction.

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IllinoisMidwestMultifamily

Kiser Group Brokers $20M Sale of 220-Unit Multifamily Portfolio in Chicago

by Kristin Harlow

CHICAGO — Kiser Group has brokered the sale of a multifamily portfolio in Chicago’s Rogers Park neighborhood for $20 million. The vintage buildings are located at 1412 W. Chase Ave., 6945 N. Ashland Ave., 1310 and 1257 W. Lunt Ave. The properties include studio, one-bedroom and two-bedroom units. Allen Smith of Winnemac Properties bought the four-building, 220-unit portfolio with plans to renovate the units. Luke Lesniewski, Stevens Haen, Michael Feldstein and Lee Kiser of Kiser Group represented the seller, Ansonia Properties.

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