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CBRE Negotiates $23.7M Sale of Greentree Plaza in Everett, Washington

by Amy Works January 3, 2023

EVERETT, WASH. — CBRE has arranged the sale of Greentree Plaza, a shopping center located at 305-505 SE Everett Mall Way in Everett. ACF Property Management sold the retail center to Transnational Management for $23.7 million. Built between 1998 and 2004, Greentree Plaza offers 83,035 square feet of retail space. At the time of sale, the property was 96 percent leased to 18 tenants, including Chipotle, Starbucks Coffee, Sportsman’s Warehouse, Jamba Juice, Visionworks, Bank of America, Subway and Supercuts. The plaza shares a parking lot with a Target store, which was not included in the sale. Dino Christophilis and Daniel Tibeau of CBRE’s National Retail Partners represented the seller in the deal.

January 3, 2023

Acquisitions Affordable Housing Illinois Midwest Multifamily

Emerald Empire Acquires Chicago Affordable Housing Portfolio from Pangea Properties

by Kristin Harlow January 3, 2023

CHICAGO — Emerald Empire has acquired Pangea Properties’ Chicago portfolio for an undisclosed price. The portfolio spans several hundred multifamily properties and thousands of units, 97 percent of which are designated as affordable for residents who earn up to 60 percent of the area median income. Arbor Realty Trust and NewPoint Real Estate Capital provided acquisition financing through Fannie Mae. Pangea’s Chicago-area employees will continue to manage the properties on behalf of Emerald Empire. Chestnut Ridge, N.Y.-based Emerald Empire maintains $2 billion of assets and roughly 17,000 units under management.

January 3, 2023

Acquisitions Indiana Midwest Retail

FCPT Purchases Jiffy Lube Portfolio in Indiana for $7.9M in Sale-Leaseback

by Kristin Harlow December 23, 2022

INDIANA — In a sale-leaseback transaction, Four Corners Property Trust (FCPT) has purchased a portfolio of five retail properties occupied by Jiffy Lube in Indiana. Jiffy Lube has roughly 15 years remaining on its leases at the net-leased properties. The sales price of $7.9 million represents a cap rate of 6.5 percent.

December 23, 2022

Acquisitions Arizona Build-to-Rent Single-Family Rental Western

Taylor Morrison Sells 145-Unit Build-to-Rent Community in Mesa, Arizona for $53M

by Amy Works December 23, 2022

MESA, ARIZ. — Scottsdale-based Taylor Morrison has completed the disposition of a 145-unit build-to-rent community located at 250 N. Ellsworth Road in Mesa. San Diego-based Ellsworth Housing Partners acquired the property for $53 million, or $368,055 per unit, and plans to brand the community as The Logan at Ellsworth. Built in 2022, the community features 58 one-bedroom, 650-square-foot units and 87 two-bedroom, 995-square-foot units. In-home features include kitchens with quartz countertops, stainless steel appliances, wood-inspired flooring, high ceilings, dual-pane windows, full-size washers/dryers, walk-in closets and maintenance-free private backyards. The property offers smart-home technology, including satellite TVs with HD and DVR, mobile phone controls, smart-home touchscreen panels, USB outlets, keyless entry, self-monitored security systems with doorbell cameras and door and motion sensor alarms, and smart thermostats. The community features 20 detached garages, as well as 168 covered and 137 uncovered spaces. Onsite amenities include a heated swimming pool and spa, poolside ramadas with outdoors TVs, a fitness studio, an event lawn and a roving patrol. Trevor Koskovich, Jesse Hudson, Ryan Boyle and Logan Baca of Northmarq’s Phoenix investment sales team represented the seller in the deal.

December 23, 2022

Acquisitions Georgia Multifamily Southeast

Fogelman Acquires 204-Unit Columns at Timothy Woods Apartments in Athens, Georgia

by John Nelson December 23, 2022

ATHENS, GA. — Fogelman Properties has acquired The Columns at Timothy Woods, a 204-unit apartment community located in Athens, roughly 70 miles northeast of Atlanta. Fogelman acquired the property for an undisclosed price from ECI Group, which acquired the community in 2019 and completed improvements to the property’s interiors and amenities. Originally built in 1996, the community features units in one-, two- and three-bedroom layouts. Kevin Geiger of CBRE represented ECI in the transaction.

December 23, 2022

Acquisitions Retail Southeast Tennessee

JLL Brokers $19.5M Sale of Shopping Center in Chattanooga Suburb

by John Nelson December 23, 2022

CLEVELAND, TENN. — JLL Capital Markets has brokered the sale of Cleveland Towne Center, a 148,203-square-foot shopping center located in the northeast Chattanooga suburb of Cleveland. Jim Hamilton, Brad Buchanan and Andrew Kahn of JLL represented the seller, Wicker Park Capital Management LLC, in the $19.5 million transaction. Bodin Properties acquired the center, which was fully leased at the time of sale. Ross Dress for Less, Ashley Furniture, Old Navy, Books-A-Million and Electronic Express anchor the property, which is also shadow-anchored by Kohl’s and Target.

December 23, 2022

Acquisitions Affordable Housing District of Columbia Multifamily Southeast

Greysteel Brokers $76.7M Sale of Six-Property Multifamily Portfolio in Northwest D.C.

by John Nelson December 22, 2022

WASHINGTON, D.C. — Greysteel has brokered the sale of a six-property multifamily portfolio in Northwest Washington, D.C., totaling 362 apartments. The six properties in the portfolio include Barclay, Ravenel, Park Meridian, Park Marconi, Richman Towers and Sarbin Towers. Van Metre Cos. and institutional investors advised by J.P. Morgan Asset Management sold the portfolio to four different buyers for approximately $76.7 million, three of which were sold to local nonprofit affordable housing provider Jubilee Housing. Kyle Tangney and Herbert Schwat of Greysteel represented the sellers in the transaction. Four of the assets will be preserved as affordable housing. All six properties were sold via an assignment of their respective tenant associations to third-party developers pursuant to D.C.’s Tenant Opportunity to Purchase Act (TOPA).

December 22, 2022

Acquisitions Affordable Housing Multifamily Southeast Virginia

Northmarq Arranges $34.3M Sale of Affordable Housing Community in Fredericksburg, Virginia

by John Nelson December 22, 2022

FREDERICKSBURG, VA. — Northmarq has arranged the $34.3 million sale of Timber Ridge Townhomes, a 147-unit affordable housing community located at 3500 Goldenfield Lane in Fredericksburg, a town equidistant between Richmond and Washington, D.C. Northmarq’s Richmond investment sales team of Wink Ewing, Mike Marshall and Matt Straughan represented the seller, CAPREIT, in the transaction. The firm’s Richmond debt placement team of Keith Wells, Reina Abboud and Hunter Wood originated an undisclosed amount of acquisition financing for the buyer, Linden Property Group, through an unnamed regional bank. Built in 1999, Timber Ridge is a LIHTC community that comprises 21 apartment buildings. The property had a waiting list at the time of sale, and the Virginia Housing Development Authority recently raised rent caps at the property by 12 percent, according to Northmarq. Community amenities include onsite property management, a pet play area, business center, fitness center and a pool, with Wi-Fi access available at the clubhouse and pool areas.

December 22, 2022

Acquisitions Industrial North Carolina Southeast

Cushman & Wakefield Negotiates $32M Sale of New Industrial Facility in Metro Charlotte

by John Nelson December 22, 2022

HUNTERSVILLE, N.C. — Cushman & Wakefield has negotiated the $32 million sale of a newly built, 159,492-square-foot industrial facility within Park at Huntersville, an industrial park in metro Charlotte. Rob Cochran, Nolan Ashton, Bill Harrison and Josh McGee of Cushman & Wakefield represented the seller, a joint venture between Edgewater Ventures and an institutional equity partner, in the transaction. The buyer was an undisclosed private investor. Located at 13359 Reese Blvd. in Huntersville, the facility was built on a speculative basis but was fully preleased at the time of sale to Safeguard Medical, a global provider of emergency medical products, technologies and skills training programs used by first responders and military personnel. The facility serves as Safeguard Medical’s global headquarters and houses the firm’s manufacturing, logistics and front office operations. The property features 30-foot clear heights, 49 potential dock-high positions, 28 trailer parking spaces, 155 auto parking spaces and a 130- to 200-foot truck court.

December 22, 2022

Acquisitions Restaurant Southeast Virginia

Red Mountain Group Acquires Virginia Beach Restaurant for $1.6M

by John Nelson December 22, 2022

VIRGINIA BEACH, VA. — Red Mountain Group Inc., a retail redevelopment firm based in Southern California, has purchased a 4,925-square-foot, single-tenant net-lease restaurant in Virginia Beach for $1.6 million. The restaurant is leased to Dirty Buffalo, a wing chain based in Virginia’s Hampton Roads region. The property is an outparcel to Target and has roughly seven years remaining on its lease. Matthew Mousavi of SRS Real Estate Partners represented Red Mountain Group in the transaction. The seller was not disclosed.

December 22, 2022

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