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STAG Industrial Buys Caro Nut’s Fresno Production Facility in $30M Sale-Leaseback Deal

by Amy Works September 14, 2022

FRESNO, CALIF. — STAG Industrial has acquired a 233,840-square-foot industrial facility, located at 2624 E. Edgar Ave. in Fresno. Caro Nut, a producer of nuts and nut butters for blue-chip retail customers such as Costco and Hormel, sold the asset for $30 million in a sale-leaseback transaction. The asset is a single-tenant nut processing facility operated by Caro Nut Co., which processes and packages a variety of nuts sourced from around the world and turns them into dry roasted, oil roasted or pasteurized raw snacking nuts; nut butters; and ingredients for major brands, private labels and industrial manufacturers. The facility features 24- to 26-foot clear heights, 44- by 48-foot column spacing, 10 dock-high doors, four grade-level doors, a paved and fenced yard and ESFR sprinklers. Jordan Alleva and Carter Lear of Newmark represented the seller in the deal.

September 14, 2022

Acquisitions Industrial Midwest Wisconsin

Colliers Brokers Sale of 277,982 SF Industrial Portfolio in Kenosha for $33.2M

by Kristin Harlow September 14, 2022

KENOSHA, WIS. — Colliers Wisconsin has brokered the sale of a portfolio of eight light industrial buildings totaling 277,982 square feet in Kenosha for $33.2 million. The properties, constructed in phases between 1995 and 2007, are situated within the Business Park of Kenosha. The portfolio was 97 percent leased by 43 tenants at the time of sale. Some of the tenants include Sherwin-Williams, Fastenal, First Supply and Viking Electric. Tom Shepherd and Jennifer Huber-Bullock of Colliers represented the seller, an affiliate of Zilber Ltd. An Elmhurst, Ill.-based private buyer purchased the portfolio.

September 14, 2022

Acquisitions Multifamily Texas

Marcus & Millichap Brokers Sale of 159-Unit Pleasant Creek Apartments in Metro Dallas

by Taylor Williams September 13, 2022

LANCASTER, TEXAS — Marcus & Millichap has brokered the sale of Pleasant Creek, a 159-unit apartment complex in Lancaster, a southern suburb of Dallas. The garden-style property houses 16 buildings with amenities such as a pool, fitness center, business center and onsite laundry facilities. Nick Fluellen and Chris Pearson of Marcus & Millichap represented the undisclosed seller and procured the buyer, Cove Capital Investments, in the transaction.

September 13, 2022

Acquisitions Multifamily Washington Western

OpenPath Investments Divests of Pointe East Apartment Homes in Fife, Washington for $31.7M

by Amy Works September 13, 2022

FIFE, WASH. — OpenPath Investments has completed the disposition of Pointe East Apartment Homes, an apartment community in Fife. 11 Capital LLC acquired the property for $31.7 million, or $256,048 per unit. Philip Assouad, Giovanni Napoli, Ryan Harmon and Nicholas Ruggiero of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction. Built in 1986, Pointe East features 124 apartments, a leasing office, fitness center, outdoor courtyard with barbecue areas and a children’s playground. All apartments offer wood-burning fireplaces, extra storage spaces, private decks or patios, and a walk-in closet or dual closets in the main bedroom. The unit mix includes 37 one-bedroom units and 87 two-bedroom apartments.

September 13, 2022

Acquisitions Industrial Midwest Ohio

Sealy & Co. Acquires 1.1 MSF Industrial Portfolio in Dayton, Ohio

by Kristin Harlow September 13, 2022

DAYTON, OHIO — Sealy & Co. has acquired a 1.1 million-square-foot industrial portfolio in Dayton for $53.2 million. Known as the Mid States Industrial Portfolio, the portfolio contains 10 buildings that are home to 22 tenants. The assets are concentrated in two submarkets, Moraine and Airport/Vandalia, both of which are located along I-75. Jason Gandy and Davis Gibbs led the transaction for Sealy on an internal basis. Steve Timmel, Jeff Johnston and Will Roberts of CBRE represented the seller, Culmen Real Estate Services. Sealy maintains corporate offices in Dallas and Shreveport, La.

September 13, 2022

Acquisitions Florida Multifamily Southeast

Berkadia Brokers $66M Sale of Topaz Villas Apartments in Jacksonville

by John Nelson September 13, 2022

JACKSONVILLE, FLA. — Berkadia has brokered the $66 million sale of Topaz Villas, a 444-unit multifamily community located at 5327 Timuquana Road in Jacksonville. Greg Rainey of Berkadia’s Jacksonville office led the transaction on behalf of the sellers, Topaz Capital Group and The Lynd Co. Mitch Sinberg, Brad Williamson and Wesley Moczul of Berkadia arranged $53 million in acquisition financing on behalf of the buyer, ROI Capital Group, which plans to rebrand the community. Voya Investment Management provided the three-year, floating-rate loan with extension options and interest-only payments. The loan includes approximately $5.3 million in future funding for capital improvements. Topaz Villas offers one-, two- and three-bedroom apartments that range from 500 to 1,400 square feet in size. Community amenities include two swimming pools, a fitness center, bark park, playground, tennis court and 24-hour emergency maintenance. The property is situated within Ortega Farms, a suburban neighborhood along the Ortega River, and offers convenient access to I-295 and the Naval Air Station Jacksonville.

September 13, 2022

Acquisitions Multifamily Texas

Casoro Group Sells 368-Unit Quinn South at Westchase Apartments in West Houston

by Taylor Williams September 12, 2022

HOUSTON — Austin-based investment firm Casoro Group has sold The Quinn South at Westchase, a 368-unit apartment community in West Houston. The property offers studio, one-, two- and three-bedroom units, and select units feature stainless steel appliances, granite countertops, individual washers and dryers and private patios/balconies. Communal amenities include multiple pools, a tennis court, dog park, fitness center, clubhouse and onsite laundry facilities. Casoro Group acquired the property in 2018 and implemented capital improvements to the unit interiors, building exteriors and amenity spaces. Scott LaMontagne and Justin Chambers of Northmarq brokered the deal. The buyer was not disclosed.

September 12, 2022

Acquisitions Multifamily Texas

Madera Residential Acquires 325-Unit Multifamily Property in Central Houston

by Taylor Williams September 12, 2022

HOUSTON — Lubbock-based Madera Residential has acquired Chelsea Museum District, a 325-unit multifamily property in Central Houston. Built in 2021, the property offers one- and two-bedroom units ranging in size from 412 to 1,632 square feet. Amenities include a pool, fitness center, coworking lounge, speakeasy, dog park, golf simulator and package lockers. Chris Curry, Todd Marix, Jeff Skipworth, Chris Young, Joey Rippel and Kyle Whitney of Berkadia represented the seller, Arizona-based Alliance Residential, in the transaction. Chris Pollard and Jason Rice, also with Berkadia, arranged acquisition financing through an undisclosed direct lender on behalf of Madera Residential.

September 12, 2022

Acquisitions Kansas Midwest Multifamily

CBRE Brokers Sale of 260-Unit Apartment Community in Lenexa, Kansas

by Kristin Harlow September 12, 2022

LENEXA, KAN. — CBRE has brokered the sale of Park Edge in Lenexa for an undisclosed price. Located at 8201 Renner Road, the apartment community consists of 260 units across 29 buildings. Units average 1,131 square feet each. Completed in 1999, Park Edge features amenities such as a fitness center, clubhouse and indoor and outdoor pools. Jeff Stingley and Max Helgeson of CBRE represented the seller, Maxus Realty Trust Inc. Kansas City-based Cohen-Esrey was the buyer.

September 12, 2022

Acquisitions Arizona Multifamily Western

Greenlight Communities Sells Cabana 99th Apartments in Glendale, Arizona for $93.5M

by Amy Works September 12, 2022

GLENDALE, ARIZ. — Greenlight Communities has completed the sale of Cabana 99th, a multifamily community in Glendale. B&R Capital Partners and American Landmark acquired the asset for $93.5 million, or $326,923 per unit. Completed in 2022, Cabana 99th features 286 apartments with nine-foot ceilings, stainless steel appliance packages, wood-style vinyl plank flooring with carpet in the bedrooms and keyless entry systems. Select floor plans have built-in workstation desks and full-size, front-loading washers and dryers. Community amenities include a clubhouse, fitness center, outdoor fitness circuits and a resort-style swimming pool. The controlled-access, gated-entry property also offers two laundry rooms, co-working space, a parcel delivery room and covered parking. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

September 12, 2022

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