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Cedar Realty Trust Sells Grocery-Anchored Shopping Center Portfolio for $879M

by Taylor Williams July 12, 2022

PORT WASHINGTON, N.Y. — Cedar Realty Trust (NYSE: CDR) has sold a portfolio of 33 grocery-anchored shopping centers for $879 million, inclusive of existing debt. The names and addresses of the centers were not disclosed, but the properties are primarily located in high-density markets throughout the Northeast and Mid-Atlantic regions. The buyer was a joint venture between two New York City-based firms, DRA Advisors and KPR Centers. The sale, which was first announced in March, comes as part of the New York-based REIT’s plan to divest of its assets prior to being acquired by Virginia-based Wheeler REIT (NASDAQ: WHLR).

July 12, 2022

Acquisitions Loans Multifamily Utah Western

New York Life Provides $55M Acquisition Loan for The Ridge Apartments Near Salt Lake City

by Amy Works July 12, 2022

MIDVALE, UTAH — New York Life Investors has provided a $55 million loan to MAXX Properties for the purchase of The Ridge, a Class A multifamily property in Midvale. The fixed-rate loan features 10 years of interest-only payments. Built in 2017, The Ridge features 261 apartments. The property is located at 7611 S. Union Park Ave. Robert Prouty, Jordi DeHoyos and Katie Thompson of Colliers Mortgage advised the buyer on the financing. Rawley Nielsen, Darren Nielsen and Mark Jensen of Colliers International Salt Lake City brokered the transaction. MAXX Properties is a privately held, 86-year-old real estate firm consisting of multifamily, commercial and cooperatives. The firm’s portfolio includes 39 communities, consisting of 9,351 owned multifamily units in six states.

July 12, 2022

Acquisitions Alabama Retail Southeast

First National Realty Acquires Brook Highland Plaza Shopping Center in Birmingham for $77M

by John Nelson July 11, 2022

BIRMINGHAM, ALA. — First National Realty Partners has purchased Brook Highland Plaza, a 549,500-square-foot shopping center located in Birmingham. The seller and sales price were not disclosed, but the Birmingham Business Journal reports the property traded for $77 million. The transaction marks the Red Bank, N.J.-based investor’s second grocery-anchored center acquisition in Alabama. Brad Buchanan and Jim Hamilton of JLL’s Atlanta office represented the seller in the transaction. A 127,000-square-foot Lowe’s Home Improvement store and a 23,400-square-foot Sprouts Farmers Market anchor Brook Highland Plaza. Other tenants include Burlington, Best Buy, HomeGoods, Petco, Dollar Tree, Ulta Beauty, Five Below and Ashley Furniture. The property has about 11,650 square feet of space available, according to First National Realty Partners.

July 11, 2022

Acquisitions New Jersey Northeast Office

Regal Ventures Sells Five Metro Philadelphia Office Buildings for $51M

by Taylor Williams July 11, 2022

MOUNT LAUREL, N.J. — Philadelphia-based investment firm Regal Ventures has sold a quintet of office buildings totaling 398,460 square feet in Mount Laurel, about 20 miles east of Philadelphia. California-based Top Terraces Inc. purchased the portfolio for $51 million. Each of the buildings totals 79,692 square feet, with four of the buildings currently occupied by affiliates of defense contractor Lockheed Martin and one currently vacant. Illinois-based brokerage firm The Boulder Group negotiated the deal. Regal Ventures originally purchased the properties in September 2021 for $35 million.

July 11, 2022

Acquisitions Multifamily Washington Western

American Capital Group, Artemis Real Estate Partners Divest of Uplund Apartments in Kirkland, Washington for $242M

by Amy Works July 11, 2022

KIRKLAND, WASH. — American Capital Group (ACG) and Artemis Real Estate Partners have completed the disposition of Uplund, a multifamily community located at 11723 NE 117th Court in Kirkland. An undisclosed buyer acquired the asset for $242 million. Built in 2021 on 7.4 acres, Uplund features two six-story buildings offering 409 apartments in a mix of studio, one-, two- and three-bedroom floorplans with an average unit size of 789 square feet. Ten percent of the apartments are designated as affordable units. The property features an onsite hiking trail, two private terrace courtyards, a 24-hour fitness center, car wash station, dog wash station, bike storage and repair station, smart parcel lockers with refrigeration for grocery delivery, coworking spaces and multiple resident lounges. ACG completed the property after taking over the development from the previous owner mid-construction during the pandemic. Eli Hanacek, Jon Hallgrimson, Mark Washington and Kyle Yamamoto of CBRE Capital Markets in Seattle represented the sellers in the deal.

July 11, 2022

Acquisitions Multifamily Texas

Frankforter Group Buys 319-Unit Apartment Community at Texas Medical Center in Houston

by Taylor Williams July 8, 2022

HOUSTON — The Frankforter Group has purchased The Regard at Medical Center, a 319-unit apartment community located within Texas Medical Center in Houston that was built in 2013. Units come in studio, one- and two-bedroom floor plans and range in size from 638 to 1,418 square feet. The amenity package comprises a pool, fitness center, business center, clubhouse, conference room, courtyards wit fire pits, outdoor grilling stations and a dog park. Frankforter Group will implement a value-add program. The seller and sales price were not disclosed.

July 8, 2022

Acquisitions Multifamily Nevada Western

Epic Investments Sells Las Brisas de Cheyenne Apartments in Las Vegas for $40M

by Amy Works July 8, 2022

LAS VEGAS — Epic Investments has completed the sale of Las Brisas de Cheyenne, an apartment property located at 3985 E. Cheyenne Ave. in Las Vegas. Tides Equities acquired the asset for $40 million, or $227,272 per unit. Located in Las Vegas’ Sunrise Manor submarket, Las Brisas de Cheyenne features 176 apartments on nine acres. Built in 1999 and renovated in 2020, the two-story, garden-style apartment community offers one-, two- and three-bedroom floor plans with an average unit size of 720 square feet. Patrick Sauter, Art Carll-Tangora and Steve Nosrat of Avison Young represented the seller in the deal.

July 8, 2022

Acquisitions Multifamily New Jersey Northeast

Cushman & Wakefield Brokers $51.7M Sale of Multifamily Property in Fort Lee, New Jersey

by Taylor Williams July 8, 2022

FORT LEE, N.J. — Cushman & Wakefield has brokered the $51.7 million sale of The Sterling, a 128-unit multifamily property located in the Northern New Jersey community of Fort Lee. The community’s unit mix consists of 14 studios, 56 one-bedroom apartments, 56 two-bedroom residences and two four-bedroom units. Communal amenities include an updated lobby, pool and laundry facilities. Niko Nicolaou, Brian Whitmer, Ryan Dowd and Will Gerlin of Cushman & Wakefield represented the undisclosed seller and procured the buyer, Blue Diamond Equities, in the transaction.

July 8, 2022

Acquisitions Retail Texas

JLL Negotiates Sale of 559,457 SF Glade Parks Town Center in Euless, Texas

by Taylor Williams July 7, 2022

EULESS, TEXAS — JLL has negotiated the sale of Glade Parks Town Center, a 559,457-square-foot retail power center located in the eastern Dallas suburb of Euless. Built in phases between 2014 and 2018, the property houses tenants such as Dick’s Sporting Goods, Total Wine & More, Cinepolis, Ulta Beauty, Belk, Michael’s, HomeGoods, EoS Fitness, First Watch, Hopdoddy, Daiso, Old Navy, Burlington, DSW and Massage Envy. Barry Brown, Chris Gerard, Ryan Shore, Greyson Fewin and Matthew Barge of JLL represented the seller, a joint venture led by Iron Point Partners, an investment firm with offices in Dallas and Washington, D.C., in the transaction. Charlotte-based Big V Property Group acquired the asset for an undisclosed price.

July 7, 2022

Acquisitions Arizona Multifamily Western

Northland Divests of 826-Unit Hilands Multifamily Property in Tucson for $178M

by Amy Works July 7, 2022

TUCSON, ARIZ. — Northland has completed the disposition of Hilands, an apartment community in Tucson. Bridge Investment Group acquired the asset for $178 million, or $215,496 per unit. Situated at the intersection of North Craycroft and River roads, Hilands features 826 apartments with breakfast bars, French doors, extra storage space and an average unit size of 557 square feet. Select units offer stacked and full-size washers/dryers and private patios. The 460,418-square-foot property was built in two phases in 1985 and 1986 and features 41 residential buildings, a 24-hour fitness center, an air-conditioned racquetball court and two lighted tennis courts. Hamid Panahi, Clint Wadlund, Art Wadlund, Steve Gebing and Cliff David of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the deal. According to IPA, the transaction is the highest single-asset multifamily transaction in Tucson history.

July 7, 2022

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