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Cushman & Wakefield Arranges $78.4M Sale of Two Apartment Communities in Myrtle Beach, South Carolina

by John Nelson December 14, 2022

MYRTLE BEACH, S.C. — Cushman & Wakefield has arranged the $78.4 million sale of two adjacent multifamily communities in Myrtle Beach’s Little River submarket. The assets include The Banks at Bridgewater, a new 252-unit multifamily community, and Stepping Stone at Bridgewater, a 44-unit build-to-rent community. Tai Cohen, John Phoenix and Louis Smart of Cushman & Wakefield represented the seller, Wakefield Residential, in the transaction. PassiveInvesting.com, a private equity real estate investment firm based in the Carolinas, was the buyer. Craig Davis Properties developed Banks at Bridgewater earlier this year. The property’s amenities include a coffee bar, on-demand yoga, saltwater pool, walking trails and units featuring built-in workspaces. Built in 2020, Stepping Stone at Bridgewater comprises two-bedroom/two-bath duplexes with attached garages in a neighborhood, cul-de-sac-style setting.

December 14, 2022

Acquisitions Midwest Ohio Retail

Sekulovski Group Brokers $14M Sale of Shopping Center in Steubenville, Ohio

by Kristin Harlow December 14, 2022

STEUBENVILLE, OHIO — Sekulovski Group has arranged the $14 million sale of Rural King Plaza, a 215,360-square-foot shopping center located in Steubenville, roughly 40 miles west of Pittsburgh. A Brooklyn-based private investor acquired the property from PICOA Inc. of Los Angeles. Tony Sekulovski of Sekulovski Group brokered the transaction. Anchor Rural King, a farm supply store, occupies 104,230 square feet at the retail center, which was 97 percent leased at the time of sale. Other tenants at the property include Ollie’s and Planet Fitness, which occupy 43,600 and 20,365 square feet, respectively. A 17,000-square-foot Dollar Tree and a Kay Jewelers store also occupy the center.

December 14, 2022

Acquisitions Multifamily Nevada Western

Northmarq Brokers $37M Sale of Sutton Place Apartments in Las Vegas

by Amy Works December 14, 2022

LAS VEGAS — Northmarq has arranged the sale of Sutton Place, a garden-style community located at 5400 W. Cheyenne Ave. in Las Vegas. West Lake Village, Calif.-based Sunstone Properties Trust acquired the asset from Salt Lake City-based Bridge Investment Group for $37 million, or $162,281 per unit. Built in 1986, Sutton Place features 228 apartments in a mix of one- and two-bedroom units ranging from 650 square feet to 927 square feet, a remodeled leasing office, fitness center, playground, soccer field, barbecue and picnic areas, and a laundry facility. At the time of sale, the property was 93 percent leased. The seller invested $2.8 million in capital improvements including deferred maintenance, exterior upgrades, paint and wood repair, asphalt, lighting, HVAC, landscaping, pool/deck furniture and new balcony railings throughout the property. Thomas Olivetti, Trevor Koskovich, Jesse Hudson and Ryan Boyle of Northmarq’s Las Vegas and Phoenix Investment Sales team handled the transaction.

December 14, 2022

Acquisitions Kansas Midwest Retail

LANE4 Acquires 135,000 SF Retail Center in Kansas City Metro

by Jeff Shaw December 13, 2022

OVERLAND PARK, KAN. — LANE4 Property Group has purchased Hawthorne Plaza, a 135,000-square-foot retail center located at the southwest corner of 119th St. and Roe Ave. in Overland Park, approximately 10 miles south of Kansas City. CBRE represented the seller, Dallas-based Invesco. Developed in 1990 and renovated in 2015, the property was 96 percent occupied at the time of sale. Tom O’Leary and Weston Buckley of LANE4 will handle leasing of the property. LANE4 will also provide in-house management of the center. The purchase price was not disclosed.

December 13, 2022

Acquisitions California Multifamily Western

Stepp Commercial Negotiates $9.3M Sale of Multifamily Building in Signal Hill, California

by Amy Works December 13, 2022

SIGNAL HILL, CALIF. — Stepp Commercial has arranged the sale of a residential property located at 1867 Temple Ave. in Signal Hill, near Long Beach. Los Angeles-based VMG Properties sold the asset to a Long Beach-based family office for $9.3 million, or $338,543 per unit. Built in 1964, the two-story hilltop property overlooks Long Beach and sits on a 13,849-square-foot lot. The community offers 13 one-bedroom units and 11 two-bedroom units, as well as 24 subterranean parking spaces. Community amenities include a pool, elevator and close proximity to Hillbrook Park. Robert Stepp and Michael Toveg of Stepp Commercial represented the seller, while Robert Stepp also represented the buyer in the deal.

December 13, 2022

Acquisitions Healthcare Midwest Minnesota Office

Davis Acquires $18M Medical Building in Woodbury, Minnesota

by Jeff Shaw December 12, 2022

WOODBURY, MINN. — Davis, a Minneapolis-based firm, has purchased Woodlake Medical Building, a 42,467-square-foot property located on 4.7 acres at 2080 Woodwinds Drive in Woodbury, a southeast suburb of St. Paul. The $18 million acquisition marks the latest addition to the Davis Medical Investors Fund, which now comprises 13 buildings in five states and a total of 567,356 square feet. The property is fully leased by Woodlake Surgery Center, St. Paul Eye Clinic and Midwest ENT, all of which signed new 15-year leases. Bridgewater Bank provided financing for the deal. The seller was not disclosed.

December 12, 2022

Acquisitions California Industrial Western

Ares Management Buys 205,589 SF Industrial Building in Perris, California for $59.3M

by Amy Works December 12, 2022

PERRIS, CALIF. — An Ares Management fund has acquired an industrial building, located at 100 Walnut Ave. in Perris, from 100 Walnut LLC for $59.3 million. Built in 2022 on 9.6 acres, the 205,589-square-foot property features 36-foot clear heights, 27 dock doors and 1,200 amps of power. GPA Logistics currently occupies the entire building. Cody Lerner of Avison Young represented the buyer, while Carol Taubman of Westgate Industrial Properties represented the seller in the deal.

December 12, 2022

Acquisitions Florida Multifamily Southeast

Newmark Brokers $50M Sale of Sawgrass Apartments in Orlando

by John Nelson December 9, 2022

ORLANDO, FLA. — Newmark has arranged the sale of Sawgrass Apartments, a 208-unit multifamily community located at 2859 South Conway Road in Orlando. The McKinley Cos., a multifamily investment firm based in Ann Arbor, Mich., acquired the property from Philadelphia-based PRG Real Estate for $50 million. Apartments feature studio, one-, two- and three-bedroom layouts that range in size from 658 to 1,117 square feet. Amenities at the community — which underwent $2.5 million in capital improvements in 2008 — include a lakeside dining area, sundeck and swimming pool, fitness center, pet park, car care center and electric vehicle charging stations. Scott Ramey, Ryan Moody, Patrick Dufour, Brad Downing, Andrew Visnick and Paul Grant of Newmark brokered the transaction. The buyer plans to rebrand Sawgrass Apartments as The Frederick, according to McKinley.

December 9, 2022

Acquisitions California Multifamily Western

TMG Arranges $50M Sale of Oak View Apartments in Visalia, California

by Amy Works December 9, 2022

VISALIA, CALIF. — The Mogharebi Group (TMG) has brokered the sale of Oak View Apartments, a garden-style multifamily community at 4700 W. Caldwell Ave. in Visalia. A Southern California-based private investor acquired the asset from a Los Angeles-based private investor for $50 million. Built in 1990 and partially renovated in 2022, Oak View Apartments features 237 residences in a mix of one-, two- and three-bedroom layouts, ranging from 608 square feet to 1,170 square feet, spread across two-story apartment buildings and single-level duplexes on a 16.5-acre site. Community amenities include two swimming pools, a resident clubhouse with full kitchen, business centers, fitness centers, tot lots, sports courts and laundry facilities. The buyer plans to upgrade the 173 un-renovated units. Otto Ozen of TMG represented the seller in the deal.

December 9, 2022

Acquisitions Healthcare Illinois Midwest Northmarq

Northmarq Brokers $4.7M Sale of Healthcare Property in McHenry, Illinois

by Kristin Harlow December 9, 2022

MCHENRY, ILL. — Northmarq has brokered the $4.7 million sale of a 7,000-square-foot healthcare property in McHenry, about 50 miles northwest of Chicago. The newly constructed building, located at 1830 N. Richmond Road, is fully occupied by Aspen Dental and WellNow Urgent Care. Isaiah Harf of Northmarq represented the seller, a Chicago-based developer. The asset sold to a Missouri-based private buyer completing a 1031 exchange.

December 9, 2022

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