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JLL Negotiates Sale of 162,919 SF Office Building in Houston’s Energy Corridor

by Taylor Williams May 20, 2022

HOUSTON — JLL has negotiated the sale of One Park 10 Plaza, a 162,919-square-foot office building in Houston’s Energy Corridor area. The eight-story building is located within the 550-acre Park 10 master-planned development and was 76 percent leased at the time of sale. The property includes a 560-space parking garage. Marty Hogan and Kevin McConn of JLL represented the seller, Florida-based investment firm Accesso Partners, in the transaction. Houston-based private equity firm Interra Capital Group purchased the building, which has received more than $ 1 million in capital improvements over the last decade, for an undisclosed price.

May 20, 2022

Acquisitions Midwest Retail Wisconsin

JLL Brokers $15.1M Sale of Grocery-Anchored Retail Center in Wisconsin

by Kristin Harlow May 20, 2022

SAINT FRANCIS, WIS. — JLL Capital Markets has brokered the $15.1 million sale of Whitnall Square in Saint Francis, just south of Milwaukee. Pick ’N Save anchors the 133,421-square-foot shopping center, which was constructed between 1989 and 1991. Other tenants include Petco, Planet Fitness, Harbor Freight Tools, Metro PCS, Dollar Tree, Subway, H&R Block, Bangkok House Restaurant, Hariport, Papa Murphy’s Pizza and P.T. Nails. The center is 96 percent leased. Amy Sands, Clinton Mitchell, Michael Nieder and Jaime Fink of JLL represented the seller, Newport Capital Partners, and procured the buyer, Savitar Realty Advisors.

May 20, 2022

Acquisitions Multifamily Southeast Top Stories Virginia

Cortland Acquires Four Apartment Communities in Arlington, Virginia for $1B

by John Nelson May 20, 2022

ARLINGTON, VA. — Cortland, an Atlanta-based multifamily investment firm, has purchased four apartment communities in Arlington totaling more than 1,500 units. The $1 billion investment marks the firm’s re-entry into the Washington, D.C., metro area, and the firm says it plans to “double its investment in the area” in the near future. “Northern Virginia is a highly coveted location that is already seeing a rebound in growth as residents move back to the urban core,” says Mike Altman, chief investment officer at Cortland. “This is just the start of Cortland’s investment in the region.” The portfolio includes Aubrey, a 331-unit apartment community that will be rebranded as Cortland Rosslyn, and Aura Pentagon City, a 534-unit apartment community to be renamed Cortland Pentagon City. The other two Arlington communities are undisclosed as those sales have yet to close, though the firm says they will be announced soon. “The combination of these investments allows us to gain a strong foothold in the region at a strategic time based on our proprietary analysis of market trends,” says Altman. Cortland Rosslyn is a LEED Gold-certified community that was developed in 2021 by Penzance. The 23-story community offers studios to three-bedroom homes, as well as …

May 20, 2022

Acquisitions Healthcare Midwest Wisconsin

JLL Arranges Sale of 111,827 SF Medical Office Portfolio in Wisconsin

by Kristin Harlow May 19, 2022

WISCONSIN — JLL Capital Markets has arranged the sale of a four-property medical office portfolio in Wisconsin totaling 111,827 square feet for an undisclosed price. The properties are located in Glendale, Oak Creek, Mt. Pleasant and Green Bay. The portfolio is 98 percent leased. Tenants include Children’s Wisconsin, Hospital Sisters Health System, Ascension and Advocate Aurora Health Care. Evan Kovac, Mindy Berman, Tim Joyce, Matt DiCesare, Trent Jemmett and Jamie Fink of JLL represented the seller, Chicago-based Stage Equity Partners. Big Sky Medical was the buyer.

May 19, 2022

Acquisitions Florida Multifamily Southeast

JBM Brokers Sale of Two Luxury Florida Apartment Communities for $221.7M

by John Nelson May 19, 2022

ST. PETERSBURG, FLA. — JBM Institutional Multifamily has brokered the sale of two Class A multifamily communities in Florida: Ridgelake in Sarasota and The Reserve at Coconut Point in Estero. The combined sales price for both properties was $221.7 million. The buyer was not disclosed. Ridgelake is a 329-unit property located off Bee Ridge Road and I-75. The property is an elevator-serviced, Class A community that features luxury finishes such as a dedicated solar farm that powers the clubhouse and some of the residential buildings, a heated saltwater pool, fitness center, community garden, community recycling program and valet trash, electric vehicle chargers and attached/detached garages. The three-story property is NGBS Green-certified and Energy Star-rated. Units feature stainless steel appliances, quartz countertops, shaker-style cabinets, luxury wood-like plank flooring, wine coolers, walk-in showers and large soaking tubs. The Reserve at Coconut Point is a 180-unit property located within the Coconut Point development. Coconut Point Mall, a 1.2 million-square-foot retail destination, is less than one mile away. The Reserve is a podium-style construction community, with covered parking on the first floor. The concrete, elevator-serviced community features a resort-style pool with sundeck, half-mile jogging trail, Luxer One package room with refrigerator for grocery delivery, …

May 19, 2022

Acquisitions North Carolina Office Southeast

Crestlight Capital Acquires SouthPark Towers Office Campus in Charlotte

by John Nelson May 19, 2022

CHARLOTTE, N.C. — Private equity investment firm Crestlight Capital has purchased SouthPark Towers, a two-building office campus in Charlotte’s SouthPark submarket totaling 534,263 square feet. The sales price and seller were not disclosed. The transaction represents Crestlight’s first office investment in Charlotte and fourth investment over the past 16 months, totaling over $500 million of enterprise value. The firm, which has regional headquarters in Detroit and New York City, partnered with an unnamed institutional investor for the acquisition. Crestlight plans on executing a significant renovation of both buildings, including cosmetic improvements, new building amenities and an overhaul of outdoor space. Crestlight has tapped Joe Franco, Kris Westmoreland and Stephanie Spivey to handle leasing at SouthPark Towers.

May 19, 2022

Acquisitions Multifamily Texas

Clarion Partners Acquires 354-Unit Modera Domain Apartments in North Austin

by Taylor Williams May 18, 2022

AUSTIN, TEXAS — New York-based investment firm Clarion Partners has acquired a 354-unit apartment community located at the entrance to The Domain in North Austin. Completed earlier this year, Modera Domain offers studio, one- and two-bedroom units with an average size of 846 square feet. Amenities include a pool, fitness center, outdoor grilling and dining areas, dog park and a resident lounge, as well as coworking and private workspaces. Patton Jones and Andrew Dickson of Newmark represented the seller, a joint venture between Mill Creek Residential and PGIM, in the transaction.

May 18, 2022

The-Shops-at-Valley-Square-Warrington-Pennsylvania

Acquisitions Northeast Pennsylvania Retail

IPA Negotiates Sale of 293,000 SF Shops at Valley Square in Warrington, Pennsylvania

by Taylor Williams May 18, 2022

WARRINGTON, PA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of The Shops at Valley Square, an approximately 293,000-square-foot shopping center in Warrington, a northern suburb of Philadelphia. Built in 2007, the center consists of 89,447 square feet of office space and 203,701 square feet of retail space that houses tenants such as Ulta Beauty, Designer Shoe Warehouse, Bath & Body Works, Sleep Number and Eastern Mountain Sports. Food and beverage users include P.F. Chang’s, Panera Bread and Gran Rodeo Mexican Grill. Brad Nathanson of IPA represented the undisclosed seller and procured the buyer, Lamar Cos., in the transaction. The Shops at Valley Square was 70 percent leased at the time of sale.

May 18, 2022

Acquisitions Indiana Industrial Midwest

MAG Capital Partners Acquires 34,630 SF Indianapolis Industrial Facility in Sale-Leaseback Transaction

by Kristin Harlow May 18, 2022

INDIANAPOLIS — In a sale-leaseback transaction, MAG Capital Partners LLC has acquired a 34,630-square-foot industrial facility in Indianapolis for an undisclosed price. The building sits on three acres at 6266 Morenci Trail. The seller, Printing Technologies Inc., has occupied the property since its founding in 1994. The facility was originally built in 1984. Based in Fort Worth, Texas, MAG Capital Partners is led by Dax Mitchell and Andrew Gi.

May 18, 2022

Acquisitions Arizona Multifamily Western

IPA Brokers $96M Sale of Hudson on Farmer Apartments in Downtown Tempe

by Amy Works May 18, 2022

TEMPE, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Hudson on Farmer, an apartment community in downtown Tempe. Ideal Capital Group purchased the property from 8th & Farmer Owner LLC for $96 million, or $561,404 per unit. Completed in 2021, Hudson on Farmer features 171 apartments with full-size washers/dryers, walk-in showers and private balconies. Community amenities include a heated swimming pool, spa and second-story resident lounge with social space, a conference room and workspaces. The landscaped courtyard offers a covered outdoor dining area, barbecue grills, a firepit, desert vegetation and misting systems. The property also features a fitness center, bike parking room and electric vehicle charging stations. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the deal.

May 18, 2022

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