ARLINGTON, TEXAS — Locally based investment firm 180 Multifamily Properties has acquired a 444-unit community located at 2420 Abrams St. in Arlington. The Class B property was originally built on 20 acres in 1966. The new ownership plans to implement a value-add program and rebrand the community as Stratton Apartment Homes. The seller and sales price were not disclosed.
PORTLAND, MAINE — Davis Medical Investors LLC, an affiliate of Minneapolis-based investment firm Davis, has acquired a 107,228-square-foot medical office building in Portland’s Bayside District. InterMed, Maine’s largest private medical practice, anchors the 10-story building, which was fully leased at the time of sale. Joe Massa of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the undisclosed seller in the transaction.
CHULA VISTA, CALIF. — Buchanan Street Partners has purchased a newly constructed self-storage asset located at 3296 Heritage Road in Chula Vista. HomeFed Corp. sold the property for $26.4 million in an off-market transaction. The facility offers 95,000 square feet of climate-controlled self-storage units. The property received its certificate of occupancy in April 2021, and Buchanan Street acquired the asset during early lease up. William Warren Group will serve as property manager and will rebrand the facility under the StorQuest flag.
AUBURNDALE, FLA. — Matthews Real Estate Investment Services has arranged the sale of Imperial Plaza, a Winn-Dixie-anchored, 129,807-square-foot shopping center located at 303-413 Havendale Blvd. in Auburndale. Jonah Yulish and Ben Snyder of Matthews Real Estate represented the undisclosed buyer, which purchased the property for $12.4 million. Core Imperial Plaza was the seller, and Palomar Group was the brokerage firm representing the seller. For 44 years, Imperial Plaza has been anchored by Winn-Dixie, and the retailer completed a $1 million interior renovation in 2020. About 97 percent occupied, Imperial Plaza is co-anchored by Harbor Freight, O’Reilly Auto Parts and Fresenius.
LANCASTER, OHIO — MAG Capital Partners LLC has acquired a 483,048-square-foot industrial property in Lancaster, about 30 miles southeast of Columbus. The purchase price was undisclosed. MAG Capital Partners acquired the facility in a sale-leaseback transaction with the tenant, The Babcock & Wilcox Co., a fully owned subsidiary of the publicly traded energy and environmental technologies giant Babcock & Wilcox Enterprises Inc. Located at 2600 E. Main St., the property primarily supports Babcock & Wilcox’s thermal business and is the company’s largest manufacturing and production facility. Built in 1949, the property includes three buildings on 51 acres. Mary Garnett and Jim Tuesley of Barnes & Thornburg LLP represented MAG Capital Partners in the transaction. Gary Gladder of Cresa represented Babcock & Wilcox. Led by Dax Mitchell and Andrew Gi, MAG Capital Partners is a Fort Worth, Texas-based real estate investment firm.
WEST VALLEY CITY, UTAH — Portland, Ore.-based Felton Properties has completed the sale of Lake Pointe Corporate Centre, a two-building suburban office campus located in West Valley City. A partnership between Advanced Medical Properties and George Urban Properties acquired the asset for an undisclosed price. Kevin Shannon, Ken White, Rick Stumm, Bryce Blanchard and Steve Walton of Newmark represented the seller in the deal. David Milestone and Brett Green, also of Newmark, secured acquisition financing for the buyer. Located at 2850 and 2875 S. Decker Lake Drive, the property consists of 182,121 square feet of industrial space. At the time of sale, the asset was 97 percent leased to a roster of nationally recognized tenants. Since 2018, the property has undergone significant capital upgrades, including fully renovated lobbies, digital tenant directors, fitness center enhancements, elevator modernizations, prominent signage, refurbished restrooms and corridors, and tenant interior improvements.
LAS VEGAS — Waterton has purchased a two-community apartment portfolio in the Centennial Hills master-planned community in Las Vegas. Situated 15 minutes northwest of downtown Las Vegas, the portfolio offers a total of 624 apartments in a mix of one-, two and three-bedrooms layouts. The acquisition includes Ely at Centennial Hills, a 312-unit property at 5900 Sky Pointe Drive, and Pointe at Centennial Hills, a 312-unit property at 5850 Sky Pointe Drive. Waterton plans to rebrand the assets as one community: The Paisley & Pointe at Centennial Hills. A portion of the residences and amenity spaces at both properties have undergone cosmetic upgrades. However, Waterton still plans to implement a value-add strategy across the assets. Amenities at the properties include clubhouses, picnic and barbecue areas, playgrounds, fitness centers, resort-style pools and in-unit washers/dryers. Ely at Centennial Hills also includes a dog park, shuffleboard and billiards, while Pointe at Centennial Hills features basketball and tennis courts. Terms of the acquisition were not released.
JACKSONVILLE, FLA. — Robbins Property Associates, a multifamily owner and operator, has acquired SoBA Apartments, a 147-unit multifamily property in Jacksonville. Robbins Property acquired the property from Atlanta-based Catalyst Development Partners for $35.4 million, according to the Jacksonville Business Journal. Built in 2020, SoBA Apartments is four stories tall and offers one-, two- and three-bedroom apartments. The units feature kitchens with granite countertops and stainless steel appliances, walk-in closets and patios. Community amenities include a pool with in-water lounge chairs, clubroom, open-air game lounge, kitchen with gas grill stations, outdoor lounge, self-service grooming pet spa, 24-hour fitness club and an outdoor yoga garden. The property’s clubroom has a Starbucks beverage café, game room and a business lounge. Located at 1444 Home St., SoBA Apartments is situated on the Southbank in the downtown submarket of Jacksonville. The apartment complex is situated about 0.7 mile from San Marco Square, which has dining and shopping options. Robbins Property Associates is a real estate private equity firm with offices in Tampa and Boston. The company currently owns and operates 22 properties totaling over 5,700 units in Florida.
ROCKFORD, ILL. — Greystone Bel Real Estate Advisors has arranged the sale of a five-property multifamily portfolio in Rockford for $43.3 million. The portfolio totals 582 units. The properties include Hampton Ridge, Hampton Woods, Hampton Courtyard, Hampton Crossings and Hampton Meadows. Completed from 1958 to 2008, the properties offer a variety of one-, two- and three-bedroom units averaging 1,094 square feet. William Montana and Christopher Sackley of Greystone Bel represented the seller. Buyer and seller information were not disclosed.
NOVATO, CALIF. — Grosvenor Americas has completed the disposition of Hamilton Marketplace, a retail center located at 5800 Nave Drive in Novato. Terms of the transaction were not released. Grosvenor originally developed the 90,769-square-foot, open-air shopping center in 2008. At the time of sale, the property was 100 percent occupied. Tenants include Safeway, Pet Food Express, Super Duper, Peet’s Coffee, Wells Fargo, Toast Restaurant and Cycle Bar. Nicholas Bicardo of Newmark Retail Capital Markets represented Grosvenor in the deal.
