CINCINNATI — SRS Real Estate Partners has brokered the sale of Ridgewater Plaza in Cincinnati for $10.2 million. The 175,945-square-foot shopping center is located at 3240 Highland Ave. The property is 92 percent occupied by tenants such as American Freight and NAPA Auto Parts. Jack Cornell of SRS represented the seller, Oklahoma-based Frayer Enterprises, as well as the buyer, an Ohio-based private real estate investment firm.
MIAMI — Marcus & Millichap has arranged the sale of a 17-suite retail portfolio in Miami dubbed Midtown Miami. The assets sold for $23 million, or $922.77 per square foot. The portfolio is occupied by tenants such as Citi Bank, 305 Kicks, Calligaris, Wynwood Tattoo and Galerie Monnin. Alex Zylberglait, Alejandro D’Alba and Scott Sandelin of Marcus & Millichap represented the seller, Block Capital Group, and procured the German-based buyer, Rüger Holding KG. Robert Bhat of Marcus & Millichap arranged an undisclosed amount of acquisition financing for the buyer. The Midtown Miami retail portfolio features two buildings totaling 24,925 square feet of gross leasable space at 3300 N Miami Ave. and 30 NW 34 St. The property also includes 30 dedicated parking spaces. The adjacent retail assets are located about 7.5 miles from Miami International Airport and 6.4 miles from Miami Beach.
FORT LAUDERDALE, FLA. — Colliers has brokered the $14.9 million sale of two industrial buildings in Fort Lauderdale. Mark Rubin, Bastian Laggerbauer, Jake Stauber, Steven Wasserman and Erin Byers of Colliers represented the seller, Apogee Investment Partners LLC, as well as the buyer, Elion Acquisitions LLC, in the transaction. The two buildings include a 60,000-square-foot repair facility that was renovated in 2019 and a 11,682-square-foot staging facility. The buildings are conjoined by a recently constructed covered walkway. The industrial buildings are currently occupied by CTS Engines, a turbine engine maintenance, repair and overhaul (MRO) company, with long-term leases in place. Located at 3000 & 3060 SW 2nd Ave. on 2.6 acres, the properties are adjacent to Fort Lauderdale-Hollywood International Airport and less than three miles from Port Everglades.
ORLANDO, FLA. — Navarra Investments LLC has sold Avenue Shoppes, a 42,196-square-foot retail strip center and outparcel in Orlando. John Krzyminski and Max Krzyminski of JLL represented the seller and procured the buyer, House Reform Group. The sales price was $8.1 million. Originally constructed in 1988, Avenue Shoppes was most recently renovated in 2020 when the seller implemented a capital improvement plan to reposition the property. The property was 94 percent leased at the time of sale to tenants including Euro Living, Wallcoverings Mart, Toxic Lounge, Greenberg Dental, GL Staffing, Little New Orleans, Let’s Relax Spa, Le’s Alternations, Memories of Peru, Adega Gaucha and Estrella Insurance. Located on 2.7 acres at 8204 Crystal Clear Lane, the center is situated 12.4 miles from Walt Disney World Resort and 9.6 miles from Orlando International Airport.
ARLINGTON, TEXAS — Marcus & Millichap has brokered the sale of Alpha Storage Centers, a 290-unit self-storage facility in Arlington. The property spans 88,107 net rentable square feet. Brandon Karr and Danny Cunningham of Marcus & Millichap represented the seller, a locally based private investor, in the transaction. An entity doing business as 10 Federal Self Storage purchased the asset for an undisclosed price.
WINFIELD, ILL. — Interra Realty has arranged the $44.2 million sale of Winfield Station in Winfield, about 35 miles west of Chicago. The newly built, transit-oriented apartment complex features 162 units and is situated near the Winfield Metra station. The property was 82 percent occupied at the time of sale. Amenities include a resident lounge, business center, fitness center and outdoor pool. Jon Morgan, David Goss and Joe Smazal of Interra represented the seller, an affiliate of Chicago-based Synergy Construction Group, which completed construction of the property in August 2021. Patrick Kennelly and Paul Waterloo of Interra procured and represented the buyer, Mango Shadow LLC.
SAN MARCOS, TEXAS — Austin-based Palladius Capital Management has purchased The Heights, a 672-bed student housing community serving students at Texas State University in San Marcos, located south of the state capital. The property is located about three miles from campus, comprises 240 units and offers amenities such as a pool, fitness center, clubhouse and study lounges. The seller and sales price were not disclosed. The new ownership plans to implement a value-add program focused on unit interiors, building exteriors and amenity spaces.
CARROLLTON, GA. — Aspen Square Management has purchased Timbercrest at Carrollton, a 240-unit, 792-bed student housing community in Carrollton. Sean Baird of Colliers arranged the transaction. DoubleLine Capital sold the property for an undisclosed price. The buyer plans to convert the student housing community into a multifamily property. Since 2019, the community has undergone capital improvements totaling nearly $1.1 million, which included upgrades to the pool, basketball courts, courtyard and technology package. The property was 87 percent occupied at the time of sale. Located at 316 Columbia Drive, the property is situated about one mile from the University of West Georgia and 46.2 miles from the Hartsfield-Jackson Atlanta International Airport.
FRAMINGHAM, MASS. — A joint venture between global private equity firm Taurus Investment Holdings and Kayne Anderson Real Estate has acquired Halstead Framingham, a 1,020-unit multifamily development located on the western outskirts of Boston. Halstead Framingham, which was originally built in 1976, was 98 percent occupied at the time of sale. The community’s amenity package consists of a fitness center with simulation surfing options, resident lounge with shared workspaces, a pool, pickleball court and multiple grilling areas. The joint venture plans to implement a capital improvement program focused on sustainability and rebrand the property as The Green on 9 & 90. Simon Butler, Biria St. John and John McLaughlin of CBRE represented the seller, an affiliate of Boston-based DSF Group, in the transaction.
LYNDHURST, OHIO — Marcus & Millichap has arranged the $5.6 million sale of a Tesla dealership and service center in Lyndhurst, an eastern suburb of Cleveland. The 23,428-square-foot, net-leased property is located at 5180 Mayfield Road. Opened in 2014, the location is one of four Tesla dealerships in the state of Ohio. There are eight years remaining on the initial 10-year lease. Dominic Sulo and Andrew Antoniou of Marcus & Millichap represented the buyer, a Florida-based limited liability company. Seller information was not provided.
