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CGI+ Acquires Two-Property Apartment Portfolio in Atlanta for $144.8M

by Julia Sanders August 18, 2021

ATLANTA — CGI+ Real Estate Strategies has acquired a two-property multifamily portfolio in Atlanta from an affiliate of FPA Multifamily for $144.8 million. The 712-unit portfolio includes The Mille Brookhaven, a 359-unit community built in 2014, and TwentyNine 24 Brookhaven, a 353-unit community built in 2009. The two properties are located adjacent from each other in the Atlanta submarket of Brookhaven, which currently has a new $2.5 billion medical district under development by Emory University and Children’s Healthcare of Atlanta. Located at 1000 Barone Ave. NE, The Mille Brookhaven features a business center, pool, fitness center, playground and clubhouse. Mille Brookhaven, which is being rebranded as The Haven, was 97 percent leased at the time of sale. Located at 2924 Clairmont Road, TwentyNine24 offers a pool, fitness center, clubhouse, private patio and poolside grills. TwentyNine24, which is being rebranded as The Hendrix, was 94 percent leased at the time of sale. Both properties offer a mix of one-, two- and three-bedroom floor plans. The units in both apartment communities include vaulted ceilings, kitchens with stainless steel appliances, quartz countertops, in-unit washers and dryers, built-in workspaces and wraparound balconies and terraces. CGI+ Real Estate Investment Strategies is a Los Angeles-based multifamily …

August 18, 2021

Acquisitions Midwest Multifamily Ohio

Vision & Beyond Acquires 297-Unit Multifamily Property in Cincinnati

by Kristin Harlow August 18, 2021

CINCINNATI — Vision & Beyond Capital Investments has acquired Clifton Colony, a 297-unit multifamily property in Cincinnati’s Clifton neighborhood. The purchase price was undisclosed. The buyer plans to invest $5 million to install new HFAC, windows and landscaping. The development will continue to serve the workforce housing population. No tenants will be displaced while renovations are underway. Monthly rents start at $610. Vision & Beyond says it plans to implement nominal rent increases for units as they are renovated.

August 18, 2021

Acquisitions Multifamily Texas

Strategic Realty Holdings Buys Two-Property Houston Apartment Portfolio for $34.3M

by Taylor Williams August 18, 2021

HOUSTON — California-based investment firm Strategic Realty Holdings has purchased a portfolio comprising two multifamily properties totaling 488 units in Houston for $34.3 million. Cypress Ridge Apartments was built in 1980 and totals 252 units in one- and two-bedroom floor plans ranging in size from 599 to 957 square feet. Highland Cross Apartments was also constructed in 1980 and comprises 236 units that also feature one- and two-bedroom formats and range in size from 685 to 1,140 square feet. Both properties have similar amenity packages that include pools, fitness centers, clubhouses and onsite laundry facilities. Electra Capital contributed a $6.2 million preferred equity investment to the transaction, the seller in which was not disclosed.

August 18, 2021

Acquisitions Retail Texas

JLL Negotiates Sale of 240,000 SF Shopping Center in Dallas

by Taylor Williams August 18, 2021

DALLAS — JLL has negotiated the sale of The Hill, a 240,000-square-foot shopping center located at the corner of Walnut Hill Lane and Central Expressway in north-central Dallas. Built in 1977, The Hill houses tenants such as Houndstooth Coffee, Hiatus Spa + Retreat, Snooze, Taco Deli, Hat Creek Burger Co. and Boardroom Salon for Men. Barry Brown, Ryan Shore, Chris Gerard and Jason Jacobs of JLL represented the seller, EB Arrow, in the transaction. North Carolina-based investment firm Asana Partners purchased the property for an undisclosed price in an off-market deal.

August 18, 2021

Acquisitions Restaurant Retail Utah Western

Cushman & Wakefield Brokers $51M Sale of Foothill Village Shopping Center in Salt Lake City

by Amy Works August 17, 2021

SALT LAKE CITY — Cushman & Wakefield has brokered the sale of Foothill Village, a neighborhood retail center located at 1400 S. Foothill Drive in Salt Lake City. JTJG Foothill sold the asset to Charlotte, N.C.-based Asana Partners for $51 million. A premier grocery store anchors the 270,000-square-foot property, which also features a mix of restaurants, retailers, spas and salons. Asana plans to renovate the existing buildings and parking garage on the 11-acre site. The shopping center was originally developed in 1954. Renovations are slated to begin next spring with completion scheduled for the end of 2022. Kip Paul of Cushman & Wakefield and James Burgess of The Burgess Co. represented the buyer and seller in the deal.

August 17, 2021

Acquisitions Industrial Kansas Midwest

Taurus Acquires 20-Building Kansas City Industrial Portfolio for $55.2M

by Kristin Harlow August 17, 2021

KANSAS CITY, KAN. — Taurus Investment Holdings LLC, a global private equity real estate firm, has acquired a light industrial portfolio in Kansas City for $55.2 million. Comprised of 20 buildings and more than 715,000 square feet, the portfolio will expand Taurus’ industrial platform to encompass 196 buildings totaling over 13 million square feet. Seller information and specific properties were not disclosed.

August 17, 2021

Acquisitions Industrial Texas

JLL Brokers Sale of 182,129 SF Southlake Business Park Near Fort Worth

by Taylor Williams August 17, 2021

SOUTHLAKE, TEXAS — JLL has brokered the sale of Southlake Business Park, a 182,129-square-foot light industrial development located near Fort Worth. The three-building park was developed in 2020 and was fully leased at the time of sale. Building features include 24- to 28-foot clear heights, 63 dock-high doors, 15 percent office finishes, ESFR fire protection systems and ample vehicle parking. Dustin Volz, Stephen Bailey, Dom Espinosa, Matthew Barge and Wesley Gilmer of JLL represented the seller, Holt Lunsford Commercial Investments, in the transaction. CBRE Global Investors purchased the asset for an undisclosed price. The development was fully leased to six tenants at the time of sale.

August 17, 2021

Acquisitions Industrial Life Sciences New York Northeast Top Stories

KKR to Sell National Industrial Portfolio to Oxford Properties for $2.2B

by John Nelson August 17, 2021

NEW YORK CITY AND TORONTO — KKR, a global private equity firm based in New York City, has agreed to sell a national portfolio of warehouses and distribution centers to Oxford Properties Group, a real estate owner and manager based in Toronto. The $2.2 billion deal is expected to close in the coming months. The portfolio comprises 149 properties located across 12 major industrial U.S. markets, including the Inland Empire in California, Dallas, Atlanta, Phoenix, Chicago, Houston, Tampa, Orlando, San Diego and the Baltimore-Washington, D.C. corridor. Since 2018, KKR and its management platform Alpha Industrial Properties assembled and maintained the portfolio across 50 individual transactions. The firm’s decision to focus on high-barrier-to-entry sites near major population centers attracted the strong offer from Oxford Properties, which is looking to allocate one-third of its global equity in industrial real estate. “Growing our U.S. industrial business is one of Oxford’s highest-conviction global investment strategies as we continue to build, buy and invest in the physical infrastructure that serves the digital economy,” says Ankit Bhatt, vice president of investments at Oxford Properties and leader of the firm’s U.S. industrial investment strategy. ”High-quality, infill, consumption-driven industrial portfolios of scale trade infrequently, so this transaction is …

August 17, 2021

Acquisitions Civic Midwest Ohio

Matthews Brokers $15.9M Sale of Ohio Veteran Affairs Portfolio

by Kristin Harlow August 16, 2021

AKRON AND CANTON, OHIO — Matthews Real Estate Investment Services has brokered the sale of a three-property Veteran Affairs Center portfolio in Ohio for $15.9 million. Two of the centers are in Akron while the third is in Canton. Kyle Mackulak, Rahul Chhajed and Michael Moreno of Matthews represented the undisclosed seller. The buyer is one of the top buyers in the U.S. for properties leased to Veteran Affairs, according to Matthews.

August 16, 2021

Acquisitions Multifamily North Carolina Southeast

Continental Realty Corp. Acquires Apartment Community in Wilmington, North Carolina for $76M

by Julia Sanders August 16, 2021

WILMINGTON, N.C. — Continental Realty Corp. (CRC) has acquired The Reserve at Mayfaire, a 264-unit apartment community located at 1411 Parkview Circle in Wilmington. State Street Cos. sold the property to CRC for $76 million. The Reserve at Mayfaire is a garden-style community with 12 three-story buildings. Built in 2004 and renovated four times since 2008, the apartment community includes one-, two- and three-bedroom floorplans ranging in size from 860 to 1,721 square feet. The community was 99 percent occupied at the time of the sale. Units include granite or quartz kitchen and bathroom countertops, wood-style flooring, slide-in oven and stoves, in-unit washers and dryers and balconies or porches. Community amenities include a clubhouse with a conference center, kitchen facility, business center, movie theater, fitness center, package locker center, outdoor swimming pool with sundeck, poolside grilling pavilion, bocce ball court and a resident car wash facility. The former owner renovated approximately 140 of the 264 units within The Reserve at Mayfaire. CRC plans to invest in a continuing upgrade strategy that will address the remaining units over a multi-year period. These plans will focus on improvements to the in-unit appliance package, flooring and countertops in the kitchen and bathroom, as …

August 16, 2021

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