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Cushman & Wakefield Brokers Sale of 2,103-Unit Multifamily Portfolio in Indiana

by Kristin Harlow July 19, 2022

INDIANA — Cushman & Wakefield has brokered the sale of a six-property multifamily portfolio totaling 2,103 units in Indiana for an undisclosed price. The portfolio includes Boardwalk at Westlake, Elliot at College Park, Lakeshore Reserve off 86th, Lakeside Crossing at Eagle Creek, Parkside at Castleton Square and Preserve at Allisonville. George Tikijian, Hannah Ott and Cameron Benz of Cushman & Wakefield represented the seller, a joint venture between Wilkinson Corp. and Torchlight Investors. Morgan Properties was the buyer. The seller renovated a number of units, and the buyer plans to continue doing so.

July 19, 2022

Acquisitions Healthcare Montana Western

Catalyst Healthcare, National Real Estate Advisors Acquire 244,500 SF Great Falls Clinic Campus in Montana

by Amy Works July 19, 2022

GREAT FALLS, MONT. — Catalyst Healthcare Real Estate and National Real Estate Advisors have purchased Great Falls Clinic Campus, a three-building healthcare portfolio in Great Falls. Terms of the transaction were not released. Totaling 244,500 square feet, the campus currently consists of a surgical hospital, ambulatory surgery center with four operating rooms and a medical office building. The surgical hospital is undergoing a 58,800-square-foot expansion that will increase the number of in-patient and ICU beds while enhancing other inpatient services. The 108,000-square-foot medical office building is attached to the surgical hospital and provides a variety of services, including imaging, oncology and orthopedics. All three assets are master leased to the Great Falls Clinic and are strategically located to provide healthcare services to the central Montana region.

July 19, 2022

Acquisitions Retail Texas

JLL Brokers Sale of 262,556 SF Retail Power Center in West Houston

by Taylor Williams July 18, 2022

HOUSTON — JLL has brokered the sale of Market Square at Eldridge, a 262,556-square-foot retail power center located near the Energy Corridor area in West Houston. At the time of sale, the property was 98 percent leased to tenants such as Burlington, Michaels, Party City, PetSmart, Dollar Tree, HomeGoods, Bath & Body Works, Ulta Beauty, Cato, Old Navy and Office Depot. Chris Gerard, Ryan West, Erin Lazarus and Megan Babovec of JLL represented the seller, Walton Street Capital, in the transaction. Locally based investment firm Wu Properties purchased the center for an undisclosed price.

July 18, 2022

Acquisitions Affordable Housing Florida Multifamily Southeast

Marcus & Millichap Brokers $49M Sale of Affordable Housing Community in Fort Myers, Florida

by John Nelson July 18, 2022

FORT MYERS, FLA. — Marcus & Millichap has brokered the $49 million sale of The Brittany, a 320-unit affordable housing community located at 4050 Winkler Ave. in Fort Myers. Evan Kristol of Marcus & Millichap represented the seller, a private investment firm based in New York City, and procured the buyer, an entity doing business as Dominium Acquisition LLC. Built in two phases in 1999 and 2000, The Brittany features large floor plans ranging in size from 771 to 1,444 square feet, three-fourths of which are two-, three- and four-bedroom units. Amenities at the LIHTC property include a gated swimming pool with a large sundeck and cabanas, business center, fitness center, two playgrounds, basketball courts, a car wash and a community van. The new ownership will continue to operate The Brittany as affordable housing.

July 18, 2022

Acquisitions Healthcare Iowa Midwest

PRECAP Brokers $16.4M Sale of Healthcare Portfolio in Waterloo, Iowa

by Kristin Harlow July 18, 2022

WATERLOO, IOWA — Physician Real Estate Capital Advisors (PRECAP) has brokered the sale of a two-property healthcare portfolio in Waterloo for $16.4 million. The buildings total 30,235 square feet and are located at 2413 W. Ridgeway Ave. and 419 Donald St. Allen Memorial Hospital, a subsidiary of UnityPoint Health, occupies both properties. Scott Niedergang of PRECAP, along with JDS Real Estate Services Inc., represented the seller, a physician partnership. The all-cash buyer was a net lease fund structured as a Delaware Statutory Trust.

July 18, 2022

Acquisitions Multifamily Washington Western

Kidder Mathews Negotiates $38.7M Sale of Apartment Community in Vancouver, Washington

by Amy Works July 18, 2022

VANCOUVER, WASH. — Kidder Mathews arranged the sale of 134th Street Lofts, a multifamily property in Vancouver. An undisclosed buyer acquired the asset from an undisclosed seller for $38.7 million in an off-market transaction. Newly constructed, 134th Street Lofts offers 124 apartments and is near Legacy Salmon Creek Medical Center, Washington State University Vancouver and a variety of local and national retailers. Dylan Simon, Max Frame and Jerrid Anderson of Kidder Mathews’ Simon and Anderson team represented the seller and sourced the buyer in the deal.

July 18, 2022

Acquisitions California Mixed-Use Office Retail Western

Bolour Associates Acquires 32,500 SF Mixed-Use Building in Hollywood

by Amy Works July 15, 2022

LOS ANGELES — Bolour Associates has purchased a two-story, mixed-use building located at 6432 Santa Monica Blvd. in the Hollywood neighborhood of Los Angeles for $13.7 million, or $421 per square foot. Totaling 32,500 square feet, the property features 17,500 square feet of ground-floor retail space and 15,000 square feet of second-story office space. At the time of sale, the property was 100 percent occupied by tenants ranging from creative management and casting to production equipment rentals and photography studios. Brandon Michaels, Matthew Luchs and Andrew Leff of Marcush & Millichap represented the buyer and undisclosed seller in the deal.

July 15, 2022

Acquisitions Multifamily Texas

Stoneweg US Acquires 312-Unit Ashford Apartments in Houston’s Energy Corridor

by Taylor Williams July 15, 2022

HOUSTON —Florida-based investment firm Stoneweg US has acquired Ashford, a 312-unit apartment community in Houston’s Energy Corridor. According to Apartments.com, the property was built in 2017 and features studio, one- and two-bedroom units that range in size from 553 to 1,326 square feet. Amenities include a pool, fitness center, outdoor grilling and dining stations and a dog park. The seller and sales price were not disclosed. Stoneweg US has tapped RPM Living to manage the property and oversee a value-add program.

July 15, 2022

Acquisitions New York Northeast Retail

DRA Advisors, KPR Centers Sell 16 Northeast Shopping Centers Totaling 1.5 MSF

by Taylor Williams July 15, 2022

NEW YORK CITY — A joint venture between two New York City-based firms, DRA Advisors and KPR Centers, has sold 16 grocery-anchored shopping centers totaling roughly 1.5 million square feet that are located throughout the Northeast and Mid-Atlantic region. The sale occurred in conjunction with the joint venture’s acquisition of 33 grocery-anchored shopping centers throughout the region from Cedar Realty Trust for $879 million. The centers were sold to Baltimore-based Klein Enterprises, Kimco Realty Trust and an affiliate of KPR Centers for undisclosed amounts. Chris Angelone of JLL represented the seller in this transaction. The joint venture intends to hold and manage the remaining centers acquired from Cedar Realty Trust, which currently have a collective occupancy rate of 93 percent.

July 15, 2022

One-Eleven-La-Quinta-Center-La-Quinta-CA

Acquisitions California Retail Western

SRS Brokers $35M Sale of Retail Property in La Quinta, California

by Amy Works July 14, 2022

LA QUINTA, CALIF. — SRS Real Estate Partners has arranged the sale of a 154,383-square-foot portion of One Eleven La Quinta Center, a community retail center located at 78959 CA-11 in La Quinta. A Coachella Valley-based private family office sold the asset to Anaheim-based Milan Capital Management for $35 million. Chris Tramontano and John Redfield of SRS’ Investment Properties Group represented the seller, while the buyer was self-represented in the deal. Terrison Quinn and Casey Mahony of SRS Real Estate Partners are the exclusive leasing agents for the property. Tenants include Ross Dress for Less, Staples, Petco and Big 5 Sporting Goods. The property was 79 percent occupied at the close of escrow. The center is shadow anchored by Stater Bros, Hobby Lobby and Kohl’s. Built in phases between 1992 and 2002, One Eleven La Quinta Center totals 852,465 square feet and is situated on 19.7 acres. This transaction marks the first sale of a portion of the center since development.

July 14, 2022

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