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OneWall Purchases Affordable Housing Community in Metro D.C. for $23M

by John Nelson October 28, 2022

SUITLAND, MD. — OneWall Communities has acquired Gateway Station — formerly Allentown Apartments — a 178-unit affordable multifamily property located in the Washington, D.C., suburb of Suitland. CBRE Affordable Housing arranged the transaction, in which RailField Realty Partners sold the property for $23 million. Built in 1963 and renovated in 2007, Gateway Station features eight buildings comprising apartments in a mix of studio, one-, two- and three-bedroom layouts. Community amenities include a swimming pool, onsite laundry facilities and a playground. The property currently operates under the Low Income Housing Tax Credit (LIHTC) program, which reserves units at various income restrictions. Connecticut-based OneWall plans to preserve Gateway Station’s affordability during its ownership.

October 28, 2022

Acquisitions Georgia Retail Southeast

Northmarq Arranges Sale of 20,053 SF Retail Center in McDonough, Georgia

by John Nelson October 28, 2022

MCDONOUGH, GA. — Northmarq has arranged the sale of Towne Crest Village, a 20,053-square-foot retail center located in McDonough, approximately 30 miles south of Atlanta. Jeff Enck of Northmarq represented the private Florida-based buyer in the transaction. An individual Los Angeles-based investor sold the property for $5.7 million. Built in 2005, Towne Crest was 100 percent leased at the time of sale to a mix of local businesses including service retailers and restaurants.

October 28, 2022

Acquisitions Industrial Iowa Midwest

Newmark Brokers Sale of 251,100 SF Industrial Building in Davenport, Iowa

by Kristin Harlow October 28, 2022

DAVENPORT, IOWA — Newmark has brokered the sale of a 251,100-square-foot industrial building in Davenport for an undisclosed price. The property at 8740 Zenith Ave. is fully leased to Ryder Logistics. Michael VanBuskirk, Chris Robertson, Andy Gallas, Andrew Sandquist, Ben Greazel and Raegen Root of Newmark represented the sellers, Blue Vista Capital Management LLC and Russell Development. Minneapolis-based Founders Properties acquired the asset. The property is the first of six buildings within the Russell Industrial Park, which will span nearly 1.5 million square feet upon full buildout.

October 28, 2022

Acquisitions Arizona Multifamily Seniors Housing Western

Cushman & Wakefield Negotiates Sale of 188-Unit Bella Vista Seniors Housing Property in Mesa, Arizona

by Amy Works October 27, 2022

MESA, ARIZ. — Cushman & Wakefield has arranged the sale of Bella Vista, a 188-unit independent living and assisted living community in Mesa. Cushman & Wakefield’s Rick Swartz, Jay Wagner, Aaron Rosenzweig, Sam Dylag and Jack Griffin represented the sellers, a joint venture between Wexford Real Estate Investors and Beztak Cos., in the transaction. Bourne Financial Group, a private equity buyer based in Winter Park, Florida, acquired the asset and will self-manage this community with its in-house operator, Park Avenue Lifestyle. The price was not disclosed. The property was originally constructed in 1978 and underwent significant renovations from 2013 to 2017.

October 27, 2022

Acquisitions Colorado Georgia Maryland Self-Storage Southeast Tennessee Virginia

Ziff Purchases Six Self-Storage Properties in Southeast, Colorado Totaling 2,750 Units

by John Nelson October 27, 2022

MOUNT PLEASANT, S.C. — Ziff Real Estate Partners has purchased six self-storage properties in the Southeast and Colorado totaling 2,750 climate- and non-climate-controlled units, including boat and RV rental spaces. The Mount Pleasant-based investor purchased the assets for an undisclosed price via its ZRP Storage Opportunity Fund. The assets in the portfolio include four existing properties: Morristown Self Storage in Morristown, Tenn.; J&S Self Storage in Fountain, Colo.; Mocks Hwy 20 Self Storage in Cumming, Ga.; and Atlas Business Center in Gainesville, Ga. The portfolio also includes two buildings in Roanoke, Va., and Waldorf, Md., that were acquired for conversion to self-storage properties branded under the StoreEase flag. Combined the six assets span 340,000 net rentable square feet. The sellers were not disclosed.

October 27, 2022

Acquisitions Multifamily North Carolina Southeast Student Housing

Preiss Acquires 928-Bed Student Housing Community Near NC State in Raleigh, Plans $10M Renovation

by John Nelson October 27, 2022

RALEIGH, N.C. — The Preiss Co. has acquired Valentine Commons, a 928-bed student housing property located near the North Carolina State University (NC State) campus in Raleigh. Located steps away from campus at 3009 ME Valentine Drive, the property features an 11-story building offering 277 fully furnished units in two-, three- and four-bedroom configurations. Shared amenities include a swimming pool, rooftop terrace, private study rooms on every floor, a business center, aerobics room, fitness center, game room and a private parking garage. The seller and sales price were not disclosed, but Ben Roelke and Ian Walker of Newmark secured $77.3 million in financing for the acquisition through an unnamed life company lender. The five-year loan features full-term, interest-only payments. Preiss Co. is planning a $10 million capital improvement plan for Valentine Commons, the construction timeline of which was not disclosed.

October 27, 2022

Acquisitions Northeast Office Pennsylvania

Equus Capital Partners Sells 150,466 SF Office Campus in Metro Philadelphia

by Taylor Williams October 27, 2022

KING OF PRUSSIA, PA. — Locally based investment firm Equus Capital Partners has sold a 150,466-square-foot office campus in King of Prussia, located north of Philadelphia. Built in 1978, the two-building complex was 95 percent leased at the time of sale. Brett Grifo and Keith Braccia of Cushman & Wakefield represented Equus, which acquired the property in 2018 and invested roughly $5 million in capital improvements, in the transaction. The buyer and sales price were not disclosed.

October 27, 2022

Acquisitions Florida Retail Southeast

Marcus & Millichap Brokers $35.3M Sale of South Beach Store Leased to Walgreens

by John Nelson October 27, 2022

MIAMI BEACH, FLA. — Marcus & Millichap has brokered the $35.3 million sale of a single-tenant, 22,875-square-foot store in Miami Beach leased to Walgreens. The trophy two-story property is located at 509 Collins Ave. at the intersection of Collins Avenue and 5th Street, which is the closest intersection to South Beach. Walgreens has 12 years left on its 25-year lease, which has seven five-year extension options. Ronnie Issenberg, Gabriel Britti and Ricardo Esteves of Marcus & Millichap’s Miami office represented the seller, an entity doing business as 509 Collins Realty LLC, in the transaction. The buyer was not disclosed.

October 27, 2022

Acquisitions Illinois Midwest Retail

Greenstone Partners Arranges $2.6M Sale of Retail Development Site in Oak Lawn, Illinois

by Kristin Harlow October 27, 2022

OAK LAWN, ILL. — Greenstone Partners has arranged the $2.6 million sale of a retail development site in the Chicago suburb of Oak Lawn. The site comprises a vacant restaurant that was formerly home to Texas Corral. The buyer plans to demolish the restaurant and build a new retail development. Located at 6616 W. 95th St., the property is situated across the street from Chicago Ridge Mall. Brewster Hague and AJ Patel of Greenstone brokered the transaction. Buyer and seller information was not provided. The deal marks the highest land price per acre in Oak Lawn, according to Greenstone.

October 27, 2022

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Arranges Sale of 768-Unit Self-Storage Portfolio in San Antonio Area

by Taylor Williams October 26, 2022

SAN ANTONIO — Marcus & Millichap has arranged the sale of a portfolio of five self-storage facilities totaling 768 units throughout the greater San Antonio area. The portfolio totals 94,517 net rentable square feet. Dave Knobler and Charles LeClaire of Marcus & Millichap represented the seller, a locally based private investor, in the transaction. The duo also procured the buyer, a limited liability company based in the Northeast. Both parties requested anonymity.

October 26, 2022

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