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Enterprise Community Development Sells Auburn Pointe Apartments in Newport News for $28.7M

by John Nelson May 13, 2022

NEWPORT NEWS, VA. — Enterprise Community Development, a nonprofit affordable housing owner and developer based in Silver Spring, Md., has sold the 274-unit Auburn Pointe Apartments in Newport News. An affiliate of Bethesda, Md.-based RailField Partners purchased the property on behalf of its RLM Preservation Fund, which focuses on preserving affordable housing, for $28.7 million. Berkadia represented the seller in the transaction, and Answer Title provided title and escrow services. Built in 1972 at 496 Catina Way in Newport News’ Denbigh neighborhood, Auburn Pointe is located off of I-64. The property’s amenities include a pool, laundry facilities, playground and a fitness center. The buyer will keep units at Auburn Pointe affordable for the foreseeable future.

May 13, 2022

Acquisitions Midwest Missouri Retail

Rainier Cos. Acquires 545,204 SF Shopping Center in Lee’s Summit, Missouri

by Kristin Harlow May 13, 2022

LEE’S SUMMIT, MO. — The Rainier Cos. has acquired SummitWoods Crossing in Lee’s Summit within metro Kansas City for an undisclosed price. The 545,204-square-foot, Class A shopping center opened in 2001. Some of the tenants include T.J. Maxx, Bed Bath & Beyond, Old Navy, Kohl’s, Petco and Ulta. The transaction marks Rainier’s 13th shopping center acquisition in the last five years and grows its retail portfolio to more than 5 million square feet nationally. Sunny Sajnani of Institutional Property Advisors, a division of Marcus & Millichap, arranged a five-year acquisition loan. Rainier will provide property management and leasing services for SummitWoods Crossing.

May 13, 2022

Acquisitions Arizona Office Western

Time Equities Acquires 268,516 SF Paradise Village Office Park in Phoenix

by Amy Works May 13, 2022

PHOENIX — New York-based Time Equities has purchased Paradise Village Office Park in Phoenix from Sterling Equities and Lincoln Property Co. for an undisclosed price. Located at 11811 N. Tatum Blvd., the five-story property offers 268,516 square feet of Class A office space. The building features an extensive glass façade, a five-story atrium lobby, tenant lounge, conference and training center and a yoga/fitness room. At the time of sale, the asset was 72 percent leased to a mix of national, regional and local tenants. Barry Gabel and Chris Marchildon of CBRE represented the sellers, which co-owned the property for more than 13 years. CBRE’s Sean Spellman and Corey Hawley, leasing agents for the site, also assisted in the sale.

May 13, 2022

Acquisitions New York Northeast Retail

Midwood Investment & Development Sells Long Island Shopping Center for $65.3M

by Taylor Williams May 12, 2022

GARDEN CITY, N.Y. — Midwood Investment & Development has sold Whole Foods at Westbury, a 55,109-square-foot shopping center located in the Long Island community of Garden City, for $65.3 million. Whole Foods Market anchors the property, which is also home to a 4,818-square-foot, freestanding pad site occupied by HSBC Bank and Bond Vet. Jim Galbally, Chris Angelone, Jose Cruz, Christopher Munley, Andrew Scandalios, Colin Behr and J.B. Bruno of JLL represented Midwood in the disposition of the property to an undisclosed private family investment firm.

May 12, 2022

Acquisitions Arizona Multifamily Western

JLB Partners Sells Moderne Apartments in Scottsdale for $260M

by Amy Works May 12, 2022

SCOTTSDALE, ARIZ. — JLB Partners has completed the disposition of The Moderne, a mid-rise apartment property located at 4848 N. Goldwater Blvd. in Scottsdale. An undisclosed buyer acquired the asset for $260 million, or $704,607 per unit. Completed in 2015, The Moderne features 369 apartments with nine-foot ceilings, full-size washers/dryers, hardwood flooring, walk-in closets with custom wood shelving and private patios. Select units have integrated desks and bookshelves, built-in wine racks, pass-through laundry chutes and private yards. Community amenities include a resort-style pool and spa, leasing office, resident clubhouse, wellness center, electric car charging stations and private garages. 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, which is the largest single-asset core multifamily sale in Arizona history, according to IPA.

May 12, 2022

Acquisitions Retail Texas

Partnership Acquires 1.4 MSF Shops at Willow Bend in Plano, Plans Redevelopment

by Taylor Williams May 11, 2022

PLANO, TEXAS — A partnership between two locally based investment firms, Centennial and Cawley Partners, as well as New York City-based Waterfall Asset Management, has acquired the 1.4 million-square-foot Shops at Willow Bend in Plano. The new ownership plans to redevelop the property, though specific details were not disclosed. Taubman originally developed the shopping center in 2001. Tenants include Neiman Marcus, Dillard’s, Macy’s, Crate & Barrel, Vineyard Vines, H&M, Anthropologie, Equinox and Crayola Experience. California Pizza Kitchen, Wetzel’s Pretzels and Great American Cookies are among the food and beverage users. According to Chain Store Age, the seller was Syracuse-based Spinoso Real Estate Group.

May 11, 2022

Acquisitions Midwest Retail Wisconsin

Stan Johnson Co. Brokers $5.9M Sale of Retail Center Near Milwaukee

by Kristin Harlow May 11, 2022

OAK CREEK, WIS. — Stan Johnson Co. has brokered the sale of The Shoppes at Drexel in Oak Creek near Milwaukee for $5.9 million. The retail center spans 10,351 square feet and is fully leased to five tenants. Built in 2017, the property serves as an outparcel to Drexel Town Square, an 85-acre mixed-use development. Tenants include Mod Pizza, Men’s Hair House, Five Guys, Crumbl Cookies and Potbelly Sandwich Shop. Ronnie Givargis of Stan Johnson represented the seller, a New York-based individual investor. A Cedar Rapids, Iowa-based investor group was the buyer. Each party executed the transaction as part of a 1031 exchange. The sales price represents a cap rate of 5.9 percent.

May 11, 2022

Acquisitions California Retail Western

Newmark Negotiates $42.2M Sale of Country Fair Shopping Center in Chino, California

by Amy Works May 11, 2022

CHINO, CALIF. — Newmark has arranged the sale of Country Fair Shopping Center, a multi-tenant neighborhood shopping center in Chino. Red Mountain Group acquired the property from a publicly traded REIT based in New York for $42.2 million. Pete Bethea, Rob Ippolito and Glenn Rudy of Newmark represented the seller in the deal. Located at 11901-12089 Central Ave., Country Fair Shopping Center features 168,264 square feet of retail space. At the time of sale, the center was 92 percent occupied. Current tenants include PetSmart, Rite Aid, Dollar Tree, Harbor Freight Tools, America’s Tires, Kaiser Permanente and Sherwin-Williams.

May 11, 2022

Acquisitions North Carolina Office Southeast

Highwoods to Acquire Office Tower in Uptown Charlotte for $203M

by John Nelson May 10, 2022

CHARLOTTE, N.C. — Highwoods Properties Inc. plans to purchase 650 South Tryon at Legacy Union, an 18-story office tower in Uptown Charlotte that is anchored by Big 4 accounting firm Deloitte. The Raleigh-based REIT plans to acquire the 367,000-square-foot, LEED Gold-certified tower for $203 million, which includes $3.9 million of capital expenditures to boost occupancy of the tower. The property was 78 percent leased at the time of the transaction, which is expected to close in the third quarter. The seller was not disclosed but the developer, Lincoln Harris, delivered the property in late 2020. The tower represented Phase II of the Legacy Union mixed-use campus and is connected to the 33-story Bank of America Tower, which Highwoods also owns. Additionally, Highwoods has agreed to acquire a development site in Charlotte’s South End district for $27 million. The parcel at 1426 S. Tryon St. is tentatively planned for a mixed-use property comprising 300,000 square feet of office space and 250 apartments. The seller of the site was also not disclosed.

May 10, 2022

Acquisitions Florida Office Southeast

Cushman & Wakefield Brokers $56.7M Sale of Two Office Buildings in Downtown Miami

by John Nelson May 10, 2022

MIAMI — Cushman & Wakefield has brokered the $56.7 million sale of a pair of office buildings in downtown Miami totaling more than 300,000 square feet. A partnership between Triple Double Real Estate and Stonerock Capital Partners purchased the portfolio from an undisclosed seller. Mike Davis, Dominic Montazemi, Miguel Alcivar, Adam Spies, Rick Brugge and Rick Colon of Cushman & Wakefield represented both parties in the transaction. The properties include a 12-story building at 200 S.E. 1st St. and a 26-story tower at 44 W. Flagler St. The buildings are about a quarter-mile from one another and were a combined 59 percent leased at the time of sale, giving value-add opportunities to the new owners.

May 10, 2022

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