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Newmark Brokers $16.4M Sale of Phoenix West Plaza Shopping Center in Phoenix

by Amy Works April 28, 2022

PHOENIX — Newmark has arranged the sale of Phoenix West Plaza, a retail center located at 4344 W. Indian School Road in Phoenix. Aetna West sold the property to Gale Commerce Center for $16.4 million. At the time of sale, the 163,233-square-foot property was 93 percent occupied by 25 tenants. The seller originally purchased the property in 2012 and invested approximately $5 million in renovations and repairs. Steve Julius, Jesse Goldsmith and Chase Dorsett of Newmark represented the seller in transaction.

April 28, 2022

Acquisitions Healthcare Kansas Midwest

Newmark Brokers $15.3M Sale of Outpatient Surgery Center in Wichita, Kansas

by Kristin Harlow April 28, 2022

WICHITA, KAN. — Newmark has brokered the sale of Cypress Surgery Center in Wichita for $15.3 million. The 33,620-square-foot outpatient surgery building is located within the Cypress Medical Park. The property is fully leased to a joint venture between Surgery Partners and a group of 137 local physicians under a long-term lease. The surgery center houses six operating rooms, three pain rooms and two endoscopy suites. Ben Appel and Bert Sanders of Newmark represented both the seller, DeSanto Realty Group, and the buyer, Montecito Medical Real Estate.

April 28, 2022

Acquisitions Retail Southeast Virginia

JLL Arranges Sale of Stony Point Fashion Park Shopping Center in Richmond

by Julia Sanders April 28, 2022

RICHMOND, VA. — JLL Capital Markets has arranged the sale of Stony Point Fashion Park, a 396,961-square-foot, open-air shopping center in Richmond. David Monahan, Cameron Pittman, Jordan Lex, Jimmy Appich and Spotty Robins of JLL represented the seller, a receiver acting pursuant to a receivership order entered by the Circuit Court of the City of Richmond. Second Horizon Capital acquired the asset for an undisclosed price. Opened in 2003, Stony Point Fashion Park is anchored by Dillard’s and an 83,600-square-foot Saks Fifth Avenue. The center is also home to RH, Tiffany & Co., Brooks Brothers, Anthropologie, Latitude Seafood, P.F. Chang’s, CMX CineBistro, Vineyard Vines, Talbots, Fleming’s Steakhouse, Eggspectation and LensCrafters. Located on 45 acres at 9200 Stony Point Parkway, the property is situated 10 miles from downtown Richmond and 22.4 miles from Richmond International Airport.

April 28, 2022

Acquisitions Industrial Texas

Cushman & Wakefield Brokers Sale of Two Houston Industrial Portfolios Totaling 1.4 MSF

by Taylor Williams April 28, 2022

HOUSTON — Cushman & Wakefield has brokered the sale of two Houston industrial portfolios totaling approximately 1.4 million square feet. The Northwest Houston Portfolio consists of eight buildings totaling 740,925 square feet located along the U.S. Highway 290 corridor, and the Loop 610 Portfolio comprises five buildings totaling 709,114 square feet in various submarkets. Jim Carpenter, Jud Clements, Robby Rieke, Taylor Starnes, Jim Foreman and Brooke Forrest of Cushman & Wakefield represented the undisclosed seller in the transaction. At the time of sale, the portfolios had a combined occupancy rate of 97.4 percent. The buyer was also undisclosed.

April 28, 2022

Acquisitions Industrial New Hampshire Northeast Self-Storage

Storage Ventures Acquires 385-Unit Self-Storage Facility in Concord, New Hampshire

by Taylor Williams April 28, 2022

CONCORD, N.H. — Storage Ventures, a Connecticut-based self-storage investment and management firm, has acquired a 385-unit facility located along Concord’s Loudon Road corridor. Built in 1988, the six-building complex offers drive-up self-storage space and a rental apartment, as well as outdoor parking for cars, recreational vehicles and boats. The seller and sales price were not disclosed.

April 28, 2022

Acquisitions Multifamily North Carolina Southeast

Magma Equities, Prudent Growth Acquire $23.7M Multifamily Property in Fayetteville, North Carolina

by Julia Sanders April 27, 2022

FAYETTEVILLE, N.C. — A joint venture between Manhattan Beach, Calif.-based Magma Equities and Chapel Hill, N.C.-based Prudent Growth Partners has acquired Keystone Apartments, a 202-unit multifamily community in Fayetteville, for $23.7 million. The seller was not disclosed. Constructed in 1974 and renovated in stages from 2018 through 2021, Keystone offers one- and two-bedroom floorplans. Located at 425 Woodstream Trail, the property features 28 two-story residential buildings on a 19.1-acre site. Community amenities include a pool, fitness center, onsite property management and 24-hour maintenance. The joint venture plans to spend $1.5 million renovating units and improving the common areas, such as the leasing office, fitness center, pool area and other outdoor amenities.

April 27, 2022

Acquisitions Midwest Multifamily Wisconsin

Berkadia Brokers $34.1M Sale of Wisconsin Multifamily Portfolio

by Kristin Harlow April 27, 2022

MILWAUKEE AND MEQUON, WIS. — Berkadia has brokered the $34.1 million sale of the Dermond Milwaukee Portfolio, a collection of three multifamily properties totaling 138 units in Milwaukee and Mequon. The properties include: the 33-unit Artesa Apartments in Mequon; the 36-unit Avante Apartments in Milwaukee; and the 69-unit Vue Apartments in Milwaukee. Ralph DePasquale, Pete Evans, Jack Maloney and Richard Evans of Berkadia represented the seller, Wisconsin-based Dermond Property Investments. A Nevada-based private family office was the buyer.

April 27, 2022

Acquisitions Industrial Lee & Associates Texas

Lee & Associates Negotiates $27.2M Sale of Northeast Houston Warehouse

by Taylor Williams April 27, 2022

HOUSTON — Lee & Associates has negotiated the $27.2 million sale of a 214,300-square-foot warehouse in northeast Houston. Built in 2020, the cross-dock facility features 32-foot clear heights, 44 dock-high doors and an ESFR sprinkler system. The sale included 16.2 acres of land for future development. Michael Androwich, Mason Alsbrooks and Mike Spears of Lee & Associates represented the buyer, an undisclosed international manufacturer, in the transaction. Will Clay of JLL represented the seller, Houston-based Clay Development.

April 27, 2022

Acquisitions Multifamily South Carolina Southeast Student Housing

Armada Hoffler Disposes of Student Housing Property in Charleston

by Julia Sanders April 26, 2022

CHARLESTON, S.C. — Armada Hoffler Properties Inc. has sold Summit Place, a 357-bed student housing community located at 530 Meeting St., about one mile from the College of Charleston. The sales price and buyer were not disclosed. Completed by Armada Hoffler in 2020 at the corner of Spring and Lee streets, Summit Place is a five-story building offering private bathrooms, roommate matching, a study lounge, individual leases available and individual locking bedrooms. Community amenities include a clubhouse, pool, fitness center, business center, grill and an elevator. Earlier this month, Armada Hoffler announced the closing of the sale of Hoffler Place, also in Charleston. Hoffler Place and Summit Place were the company’s last remaining student housing properties. The Virginia Beach-based company will use the sale proceeds of Summit Place to fund development and acquisition opportunities in the conventional multifamily, mixed-use and grocery-anchored real estate sectors.

April 26, 2022

Acquisitions Alaska Industrial Retail Western

Time Equities Acquires Retail, Warehouse Portfolio in Anchorage for $44M

by Amy Works April 26, 2022

ANCHORAGE, ALASKA — Time Equities Inc. has purchased Midtown Mall and 5900 Old Seward Highway in Anchorage from Seritage Growth Properties for a $44 million. Totaling 252,663 square feet, the deals mark Time Equities’ entry to Alaska. Midtown Mall is a 164,664-square-foot, grocery-anchored shopping center. At the time of sale, the property was 81 percent leased. Current tenants include Carr’s Grocery Store, Guitar Center, Nordstrom Rack and Planet Fitness. Situated on 7.8 acres, 5900 Old Seward Highway is a 98,087-square-foot former Sears warehouse building, which is currently vacant. Ami Ziff, Jonathan Kim and Grant Scott provided in-house representation for Time Equities, while Dino Christophilis of CBRE represented the seller in the deal.

April 26, 2022

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