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Joint Venture Acquires 1,156-Bed Value-Add Student Housing Community Near Brigham Young University

by Amy Works April 2, 2021

PROVO, UTAH — A joint venture between investment affiliates of Redstone, MJW Investments and MHE Enterprises has acquired The Lodges at Glenwood, a 1,156-bed student housing community located near Brigham Young University in Utah. The community offers a mix of studio, one- and three-bedroom units. Communal amenities include a study area, swimming pool and spa, volleyball court, gaming tables, cabanas and barbecue grill. Brian Eisendrath and Cameron Chalfant of CBRE secured acquisition financing for the property through a prominent life insurance company. Significant renovations are planned for the community, details of which were undisclosed. The seller and price were also undisclosed.

April 2, 2021

Acquisitions Industrial Massachusetts Northeast

Stream Capital Partners Arranges $34.4M Industrial Sale-Leaseback in Chicopee, Massachusetts

by Taylor Williams April 2, 2021

CHICOPEE, MASS. — Stream Capital Partners has arranged a $34.4 million industrial sale-leaseback for National Convenience Distributors, which serves the convenience store industry, in the western Massachusetts city of Chicopee. The transaction encompassed five properties totaling 381,355 square feet. Daniel Macks, Chelsea Mandel and Jeff Lizzo of Stream Capital Partners represented National Convenience Distributors, the seller and tenant, in the transaction. The buyer was an undisclosed REIT.

April 2, 2021

Acquisitions Florida North Carolina Retail Southeast

Westwood Financial Acquires Two Publix-Anchored Shopping Centers in Metro Charlotte, Orlando

by Julia Sanders April 1, 2021

LOS ANGELES — Westwood Financial LLC has acquired Prosperity Village Square and Fountains West, two Publix-anchored shopping centers in the Southeast. Prosperity Village Square was developed in 2016 and is located in the Highland Creek suburb of Charlotte. Fountains West is a neighborhood center located in the western Orlando suburb of Ocoee, Fla. Westwood Financial acquired the assets in a single transaction from one undisclosed, private seller. CBRE acted as lead broker on the deal, the price of which was not disclosed. The Los Angeles-based investor financed the purchase of Prosperity Village using a combination of existing cash on hand and proceeds from its unsecured credit facility. Westwood completed the closing of Fountains West subsequent to assuming an existing loan on the property and funded the remaining portion of the purchase price with cash on hand. Prosperity Village was 96 percent occupied at closing, while Fountains West was fully occupied and experienced little turnover during 2020.

April 1, 2021

Acquisitions Hospitality Illinois Midwest

Mumford Co. Brokers Sale of 40-Room Hotel in Southern Illinois

by Kristin Harlow April 1, 2021

ULLIN, ILL. — Mumford Co. has brokered the sale of an Americas Best Value Inn hotel in Ullin within southern Illinois. The sales price was undisclosed. The two-story property is home to 40 rooms along with a pool and video gaming area. George Arvanitis of Mumford represented the seller, which completed a 1031 exchange. North Carolina-based IAH Hotels LLC was the buyer. The hotel will retain its Americas Best Value Inn brand.

April 1, 2021

Acquisitions Nevada Retail Western

Dapper Cos. Acquires Historic Huntridge Theater in Downtown Las Vegas, Begins Renovation

by Amy Works April 1, 2021

LAS VEGAS — Dapper Cos. has purchased the historic Huntridge Theater in Las Vegas for $4 million. The company plans to renovate the theater, which is on the National Register of Historic Places. The theater originally opened in 1944 and shuttered after nearly 60 years of operation on July 31, 2004. The theater was originally operated by the Commonwealth Theater Company of Las Vegas and in 1951, was taken over by the Huntridge Theater Company of Las Vegas, partially owned by actresses Loretta Young and Irene Dunne. J Dapper, head of Dapper Cos., has also invested in the redevelopment of five other commercial proeprties in downtown Las Vegas, including Huntridge Shopping Center, 630 S. 11th Street, The Herbert at 801 S. Main St., 608 S. Maryland Parkway and 201 S. Las Vegas Boulevard.

April 1, 2021

Acquisitions Industrial Maryland Southeast

Merritt Properties Purchases Former GM Facility in Metro Baltimore for $34.5M, Plans Industrial Redevelopment

by Julia Sanders March 31, 2021

WHITE MARSH, MD. — Merritt Properties has purchased 10301 Philadelphia Road in White Marsh for $34.5 million. The property is a former GM Baltimore Global Propulsions Systems site that opened in 2000 to produce transmissions and electric motors before it closed in 2019. Bo Cashman and Jonathan Beard of CBRE represented the unnamed seller in the transaction. Located off Interstate I-95 near Interstate 695, the 56-acre project will be known as White Marsh Interchange Park. White Marsh Interchange Park is located within Merritt’s Baltimore County east portfolio, which has been 97 percent occupied since 2016. Baltimore-based Merritt Properties plans to construct up to nine, one-story buildings totaling approximately 750,000 square feet, which will create space for 50 to 100 businesses, leasing from 2,700 to 50,000 square feet or more. The company anticipates that these businesses will provide jobs for 1,200 to 1,500 people. Merritt Construction Services, the construction division of Merritt Cos., will manage future construction.

March 31, 2021

Acquisitions New Jersey Northeast Office

Mack-Cali Sells New Jersey Office Portfolio to Opal Holdings for $254M

by Taylor Williams March 31, 2021

EDISON AND ISELIN, N.J. — New Jersey-based REIT Mack-Cali Corp. (NYSE: CLI) has sold its Metropark office portfolio, which consists of four buildings totaling 945,906 square feet in the Northern New Jersey cities of Edison and Iselin, to New York City-based Opal Holdings for $254 million. The sale of the property, which was approximately 90 percent leased at closing, comes as part of Mack-Cali’s stated objective of divesting of its office holdings. The initiative has already led to the sale of office assets in Parsippany and Woodbridge. The company plans to use the proceeds to pay down its unsecured corporate debt in the second quarter. A Cushman & Wakefield team of Andy Merin, David Bernhaut, Gary Gabriel, Frank DiTommaso, Seth Zuidema, Adam Spies, Kevin Donner, Todd Elfand and Kevin Carton brokered the deal on behalf of Mack-Cali.

March 31, 2021

Acquisitions Florida Georgia Industrial Self-Storage South Carolina Southeast

Compass Self Storage Acquires Three Self-Storage Centers Around the Southeast

by Julia Sanders March 31, 2021

CLEVELAND — Compass Self Storage has acquired several self-storage centers that in total added over 183,000 net rentable square feet to the firm’s portfolio. The newest storage units are located at 9085 SW State Road 200 in Ocala, Fla.; 3300 Jodeco Road and 3497 Jodeco Road in McDonough, Ga.; and 5A Estate Drive in Bluffton, S.C. These three acquisitions bring Compass’ total property count to 98. Compass Self Storage has plans to upgrade all three properties, including upgraded security by offering smart locks, high definition video, lighting and individual access control. Compass Self Storage will also offer onsite truck rental services. These Compass Self Storage locations, as well as all Compass Self Storage centers nationwide, now offer contactless rentals. Compass Self Storage is a member of Cleveland-based Amsdell Cos. The three Southeast acquisitions were made by separate affiliates of Amsdell Group LLC and Compass Self Storage LLC. The sellers and sales prices were not disclosed.

March 31, 2021

Acquisitions Michigan Midwest Multifamily

Time Equities Acquires Apartment Complex in Grand Rapids for $68.2M

by Kristin Harlow March 31, 2021

GRAND RAPIDS, MICH. — Time Equities Inc. (TEI) has acquired The Brix in Grand Rapids for $68.2 million. Located at 414 Benson Ave. and built in 2018, the two-building apartment complex offers one- to three-bedroom floor plans. It is currently 93 percent occupied. Amenities include a heated swimming pool, two-story fitness center, tenant lounge, golf simulator, covered parking and pet park. Brad Gordon and Robert Cohan of TEI managed the acquisition on an internal basis and will also manage the property. Evan Riggle of Triad RE Partneres represented the undisclosed seller. The purchase marks TEI’s 13th acquisition in the state of Michigan and its third multifamily property in Grand Rapids.

March 31, 2021

Acquisitions Multifamily Oregon Western

Pathfinders Partners Buys FortyOne 11 Apartments in Portland for $27.4M

by Amy Works March 30, 2021

PORTLAND, ORE. — San Diego-based Pathfinder Partners has completed the acquisition of FortyOne 11 Apartments, a multifamily property in northeast Portland. An undisclosed seller sold the property for $27.4 million. FortyOne 11 features 112 apartments and was 76 percent occupied at the time of sale. The investment was made from Pathfinder Partners Opportunity Fund VIII, which was raised in 2020 to make opportunistic multifamily investments. Pathfinder Fund VIII also invests in Seattle, Sacramento, Southern California, Phoenix and Denver.

March 30, 2021

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