FAIRVIEW PARK, OHIO — JLL Capital Markets has brokered the sale of Westgate Shopping Center in the Cleveland suburb of Fairview Park for an undisclosed price. The 474,000-square-foot power center is home to tenants such as Target, Marshalls, EarthFare, Petco, Five Below, Kohl’s, Ulta Beauty and Lowe’s. The property also includes restaurants such as Chick-fil-A, Longhorn Steakhouse, Buffalo Wild Wings, Starbucks and Five Guys. Completed in 1991, the shopping center was most recently renovated in 2014. Clinton Mitchell, Amy Sands, Kirstey Lein and Bill Poffenberger of JLL represented the seller, IRC Retail Centers/DRA Advisors. The R.H. Johnson Co. was the buyer.
NEW JERSEY — National brokerage firm SVN has negotiated the sale of a portfolio of self-storage facilities located throughout New Jersey that consists of 3,147 units and 393,400 net rentable square feet. The portfolio comprises five stabilized facilities that were originally built in the mid-1980s and two expansion projects. Nick Malagisi and Hans Hardisty of SVN brokered the deal. The buyer and seller were not disclosed.
NORTH CHARLESTON, S.C. — Standard Communities has acquired Osprey Place Apartments in North Charleston. Built in 2004, the 108-unit affordable housing property located at 2390 Baker Hospital Blvd. North comprises five garden-style apartment buildings situated on 19 acres. Community amenities include a laundry room, playground and off-street parking. The total capitalization of the transaction exceeded $22 million, including over $82,000 per unit in renovation costs. Standard Communities purchased the property on a long-term ground lease in a public-private partnership with nonprofit organization Housing on Merit and South Carolina State Finance and Development Authority (SC Housing). Regions Bank provided Low Income Housing Tax Credits (LIHTC) for the transaction in partnership with SC Housing. Gene Levental of SVN Affordable | Levental Realty represented the undisclosed seller in the transaction. The deal brings Standard Communities’ affordable housing portfolio in the Charleston area to more than 500 units. Based in New York and Los Angeles, Standard Communities has a national portfolio exceeding 15,500 apartment units, including approximately 11,500 affordable and workforce housing units. The firm has completed more than $3 billion of affordable housing acquisitions and rehabilitations nationwide.
HOUSTON — MCR, a New York City-based hospitality owner-operator, has acquired the 135-room Hampton Inn & Suites by Hilton Houston I-10 West/Park Row. The hotel offers a covered outdoor picnic area, fitness center, outdoor pool, convenience mart and 575 square feet of meeting and event space. The seller and sales price were not disclosed. MCR acquired the properties as part of a five-hotel portfolio deal that carried a price tag of $94 million.
MOONACHIE, N.J. — Nevada-based investment and development firm Dermody Properties has acquired a 72,045-square-foot warehouse that is situated on a three-acre site in Moonachie, located in Bergen County. The property offers proximity to Interstates 95, 80 and 78 and features a clear height of 20 feet, 62 parking spaces and 9,388 square feet of office space. Gary Stein of Savills, along with Craig Engelhardt and Steve Korfiatis of Newmark, represented Dermody Properties, which will implement a value-add program in the transaction. Capital improvements will include repaving the truck court and parking areas, installing new dock packages and fully renovating the existing office space. KBC Advisors will market the property for lease beginning in the fourth quarter.
INDIANAPOLIS — Slate Grocery REIT has acquired Glenlake Plaza in Indianapolis for $8.5 million. Concurrent with the acquisition, the REIT has secured a new long-term lease with the property’s anchor tenant, Kroger, for 15 years. The shopping center spans 104,679 square feet of gross leasable area and features an occupancy rate of 85 percent. An owner and operator of grocery-anchored real estate, Slate Grocery REIT’s portfolio comprises $1.4 billion of assets across major U.S. markets. The company trades on the Toronto Stock Exchange.
DENVER — RW Flats and Urban Villages, which also serves as property manager, have completed the disposition of Vita Flats, a Class B apartment property located at 101 N. Grant St. in Denver. Cohen Rojas acquired the community for $19.2 million. Built in 1961 and renovated in 2009, Vita Flats features 18 studio units, 47 one-bedroom units and nine two-bedroom units. The 11-story, 50,905-square-foot building features an Amazon package hub and a commercial-grade kitchen for resident use on the ground-floor. The new owner plans to renovate the units, as well as potentially add new units to the ground floor of the property. Patrick Henry, Boston Weir, Foster Gillis and Tommy Vento of Henry Group acted as transaction brokers in the sale.
MIAMI AND ATLANTA — Kaplan Residential, a multifamily developer with offices in Miami and Atlanta, has acquired three land sites in Georgia and Florida for the development of three build-to-rent townhome communities. The firm acquired two sites in metro Atlanta totaling more than $11 million and a 30-acre parcel in Venice, Fla., for nearly $6 million for a total of approximately $17.3 million. The first metro Atlanta acquisition is located at 3960 Redan Road in Stone Mountain, about 15 miles east of downtown Atlanta. Paideia School sold the land to Kaplan for $6.5 million. Shea Meddin of Cushman & Wakefield facilitated the sale. Brock Built Homes will serve as Kaplan’s co-general partner and general contractor for the new development. The other metro Atlanta property is located at 9570 Dallas Acworth Highway in Dallas, 37 miles northwest of downtown Atlanta. An entity doing business as AHA-Paulding LLC sold the land to Kaplan for $4.8 million. Patrick Taylor of ACI Capital Partners Inc. arranged the sale. New Wave Loans provided an undisclosed amount of financing to Kaplan. Lastly, the Southwest Florida site is located at 2201 Knights Trail Road in Venice. Rowco Development Co. LLC sold the land for approximately $6 million. …
RIVERSIDE, ALA. — An affiliate of OG Capital LLC, a Birmingham-based real estate investment firm, has purchased Riverbend Apartments, a 144-unit apartment community in Riverside. Built in 1980, the property sits about 40 miles east of Birmingham and overlooks the Coosa River and its Lake Logan Martin Reservoir. A Delaware-based entity doing business as OG Riverbend LLC purchased the property from a firm doing business as Riverbend Apartments Ltd. for $9.4 million. Located at 417 Riverbend Road, the community is 3.9 miles from Honda Manufacturing of Alabama, a $2 billion, 4.2 million-square-foot plant that directly employs nearly 6,000 workers. Riverbend, which will soon be rebranded as RiverHouse, includes one-, two- and three-bedroom apartment homes, a community pool and clubhouse. Additionally, the property has more than 4,000 feet of waterfront and offers residents a private boat launch, swimming and water sports. OG Capital plans to renovate the entire property and amenity package by improving and expanding the existing fitness center and adding new community docks, fire pits and grill stations. Arlington Properties Inc. will manage the community.
SHAWNEE, KAN. — SparrowHawk Real Estate has purchased a 272,882-square-foot industrial building in Shawnee for an undisclosed price. The newly completed property is located within the Heartland Logistics Park at 24525 W. 43rd St. Building features include a clear height of 32 feet, 27 dock doors, parking for 249 cars, parking for 75 trailers and office space. John Stafford and Ed Elder of Colliers International represented the undisclosed seller. The duo will market the building for lease. The transaction marks the second property acquisition in the Kansas City market in the last 90 days for SparrowHawk.