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Bridge Investment Group Buys Lakeside Casitas in Tucson from Monarch Investment for $63.2M

by Amy Works November 10, 2021

TUCSON, ARIZ. — Bridge Investment Group has acquired Lakeside Casitas, a multifamily property in Tucson, from Monarch Investment and Management Group for $63.2 million, or $204,032 per unit. Built in 1983 on 21 acres, Lakeside Casitas features 310 apartments, a business center, pool, spa, koi pond and covered parking. Apartments offer open-concept living areas, washers, dryers, oversized walk-in closets and private patios. Hamid Panahi, Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented seller and procured the buyer in the deal.

November 10, 2021

Acquisitions Industrial New York Northeast Self-Storage

Marcus & Millichap Brokers Sale of 590-Unit Self-Storage Facility in Evans Mill, New York

by Taylor Williams November 10, 2021

EVANS MILL, N.Y. — Marcus & Millichap has brokered the sale of Storage Made EZ, a 590-unit facility located in the Upstate New York community of Evans Mill. Built on 10.3 acres in 2006, the property consists of 211 climate-controlled units, 370 non-climate-controlled units and nine retail spaces for a total of 80,004 square feet of net rentable space. Luke Dawley, Nathan Coe, Gabriel Coe and Brett Hatcher of Marcus & Millichap represented the seller and buyer, both of which requested anonymity, in the transaction. Susan Bands of Marcus & Millichap assisted in closing the deal as the broker of record.

November 10, 2021

Acquisitions Multifamily Texas Walker & Dunlop

Walker & Dunlop Brokers Sale of 200-Unit Multifamily Property in Houston

by Taylor Williams November 9, 2021

HOUSTON — Walker & Dunlop has brokered the sale of The Co-Op at Med Center, a 200-unit multifamily property located within the Texas Medical Center in Houston. Units come in studio, one- and two-bedroom floor plans, and amenities include a pool, fitness center, basketball and volleyball courts, study areas, coffee bar and a dog park. Walker & Dunlop’s Scott Bray, Ryan Epstein and Jennifer Ray represented the seller, Urban Genesis, in the transaction. The buyer was an entity doing business as EAS Houston LLC, plans to implement a value-add program at the property, which was originally built as a hotel and converted to multifamily in 2018.

November 9, 2021

Acquisitions Alabama Multifamily Southeast

Cushman & Wakefield Arranges $67.1M Sale of Apartment Community in Metro Birmingham

by Julia Sanders November 9, 2021

HOOVER, ALA. — Cushman & Wakefield has arranged the sale of Riverchase Landing, a 468-unit apartment community located in Hoover, about 12.1 miles from Birmingham. Jimmy Adams, Craig Hey and Andrew Brown of Cushman & Wakefield represented the Houston-based seller, ApexOne Investment Partners, in the transaction. New York-based Kushner Cos. acquired the property for $67.1 million. Built between 1984 to 1992, Riverchase Landing offers one-, two- and three-bedroom floorplans. The property’s units feature walk-in closets, wood-style floors, gas fireplaces and vaulted ceilings. Community amenities include a clubhouse, community room, dog park, dog washing station, fitness center, grill stations, playgrounds, two pools and tennis courts. Located at 200 River Haven Circle, the apartment community has access to Interstates 65 East and 459, and is located 1.7 miles from Riverchase Galleria, a shopping center with over 145 stores.

November 9, 2021

Acquisitions Industrial North Carolina Southeast

JLL Brokers Sale of 502,495 SF Last-Mile Distribution Center in Raleigh

by Julia Sanders November 9, 2021

RALEIGH, N.C. — JLL Capital Markets has brokered the sale of South 40 Distribution Center, a 502,495-square-foot, last-mile distribution facility in Raleigh. Patrick Nally, Pete Pittroff, Dave Andrews and Michael Scarnato of JLL represented the seller, LM Real Estate Partners, in the transaction. Pennybacker Capital acquired the property for an undisclosed price. Located at 2201 and 2126 S. Wilmington St., South 40 Distribution Center is in an infill location situated one mile south of downtown Raleigh. The property is also situated adjacent to Interstate 40. Pennybacker Capital is a real estate private equity investment manager with offices in Austin, New York, Denver and Charlotte. LM Real Estate Partners is a New York-based commercial real estate firm that specializes in the acquisition and operation of industrial properties.

November 9, 2021

Acquisitions Florida Retail Southeast

Tabani Group Acquires Retail Center in Central Florida for $9.2M

by Julia Sanders November 9, 2021

EUSTIS, FLA. — Tabani Group Inc., a Dallas-based commercial real estate firm, has acquired Shoppes at Eustis Village, a 29,367-square-foot retail strip center in Eustis, about 37.9 miles north from Orlando. Brad Peterson, Whitaker Leonhardt, Michael Brewster and Tommy Isola of JLL represented the seller, Miami-based CORE Investment Properties, in the transaction. The sales price was approximately $9.2 million. Completed in 2006, the Shoppes at Eustis Village is fully leased to nine tenants including Starbucks Coffee, Verizon Wireless, Pep Boys, Greenberg Dental, Liberty Health Sciences and Planet Smoothie. Located at 15439 US Highway 441, the three-building property is shadow-anchored by Publix and Bealls.

November 9, 2021

Acquisitions Illinois Industrial Midwest

Entre Commercial Realty Brokers Sale of 40,500 SF Industrial Building in South Holland, Illinois

by Kristin Harlow November 9, 2021

SOUTH HOLLAND, ILL. — Entre Commercial Realty has brokered the sale of a 40,500-square-foot industrial building in South Holland, a southern suburb of Chicago. The sales price was undisclosed. The property is located at 510 W. 172nd St. Chris Wilbur and Jeff Locascio of Entre represented the seller, Hadady Corp. Sam Deihs of Entre represented the buyer, Green Electric Solutions, an electronics recycler.

November 9, 2021

Acquisitions Arizona Multifamily Western

Jevan Capital Sells The Halifax Multifamily Property in Phoenix for $76M

by Amy Works November 9, 2021

PHOENIX — Jevan Capital has completed the disposition of The Halifax, an apartment community in Phoenix. Western Wealth Capital acquired the property for $76 million, or $253,333 per unit. Originally constructed in 1973, the 300-unit property underwent a large-scale reconstruction from 2018 to 2021, with apartments receiving luxury finishes, property systems being upgraded and community amenities added. The Halifax offers one-, two- and three-bedroom layouts with custom cabinetry, breakfast bars and wood-style plank flooring. Select units offer granite countertops, stainless steel appliances, kitchen pantries and walk-in closets. Community amenities include a centrally located and rebuilt swimming pool and spa, modernized leasing office, business center, fitness center, two laundry facilities, freshly installed dog park and covered parking. Cliff David and Steve Gebing of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

November 9, 2021

Acquisitions California Retail Western

Sunbelt Investment Buys Largest Home Depot Location on West Coast in Anaheim Hills

by Amy Works November 9, 2021

ANAHEIM HILLS, CALIF. — San Diego-based Sunbelt Investment Holdings has purchased a Home Depot Superstore in Anaheim Hills for an undisclosed price. The name of the seller was not released. The 205,000-square-foot flagship store is situated on 18 acres along the north side of Interstate 91. The property is the largest Home Depot on the West Coast and the second largest in the nation, according to the buyer. Sunbelt Investment now owns 18 shopping centers in Southern California and three in Arizona, representing approximately 4 million square feet of Class A retail space. The company also owns Home Depot locations at Genesse Plaza and on Sports Arena Boulevard in San Diego and a store in San Bernardino.

November 9, 2021

Acquisitions Industrial Massachusetts Northeast

CBRE Negotiates $17.6M Sale of Light Industrial Building in Mansfield, Massachusetts

by Taylor Williams November 9, 2021

MANSFIELD, MASS. — CBRE has negotiated the $17.6 million sale of an 81,596-square-foot light industrial building in Mansfield, located south of Boston. Built in 1986 and renovated in 2017, the property is located within the 50-acre Cabot Business Park and was fully leased to seven tenants at the time of sale. Scott Dragos, Chris Skeffington, Doug Jacoby, Anthony Hayes, Roy Sandeman, Tim Mulhall and Dan Hines of CBRE represented the seller, QS Forbes Boulevard LLC, in the transaction. Andrew Stone of CBRE arranged acquisition financing on behalf of the buyer, Connecticut-based investment firm Brickman.

November 9, 2021

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