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M Street, Highline Purchase Conyers Commons Shopping Center in Metro Atlanta for $17M

by John Nelson September 22, 2022

CONYERS, GA. — A joint venture between M Street Holdings and Highline Real Estate Capital has acquired Conyers Commons, a 118,916-square-foot shopping center in the Atlanta suburb of Conyers. The undisclosed seller sold the property for approximately $17 million, or $142.53 per square foot. Chris DeCoufle, Kevin Hurley and Matt Karempelis of CBRE brokered the transaction on behalf of the seller, and BankUnited provided acquisition financing for M Street and Highline. Conyers Commons represents the joint venture’s second transaction in the Atlanta market this year. Anchored by Ross Dress for Less and Bealls Outlet, Conyers Commons’ tenant roster includes pOpShelf, Smoothie King, Mattress Firm, CitiTrends, Panda Express and Kirkland’s. The property is shadow-anchored by Target and is situated adjacent to a 240-unit single-family neighborhood under construction.

September 22, 2022

Acquisitions Loans Midwest Minnesota Multifamily

CBRE Negotiates Sale of 121-Unit Apartment Complex in Ramsey, Minnesota

by Kristin Harlow September 22, 2022

RAMSEY, MINN. — CBRE has negotiated the sale of ParkView East in Ramsey, about 22 miles northwest of downtown Minneapolis. The sales price was undisclosed. The 121-unit apartment complex is located at 14450 Rhinestone St. near a Northstar Commuter rail station. Completed in 2017, the property features a clubhouse, fitness center, dog park and dog wash. Ted Abramson, Abe Appert and Keith Collins of CBRE Minneapolis Multifamily represented the seller, Curtis Capital Group. Partner Apartments was the buyer. Dan Trebil of Northmarq originated a $19.9 million Freddie Mac loan for the acquisition. The 10-year, fixed-rate loan features five years of interest-only payments followed by a 30-year amortization schedule.

September 22, 2022

Acquisitions California Restaurant Retail Western

Newmark Brokers $45.2M Sale of Valley Central Shopping Center in Lancaster, California

by Amy Works September 22, 2022

LANCASTER, CALIF. — Newmark has arranged the sale of Valley Central, a community shopping center in Lancaster. The property traded for $45.2 million. Pete Bethea, Rob Ippolito and Glenn Rudy of Newmark led the transaction. Situated on more than 35 acres at 44400 Valley Central Way, Valley Central features 375,541 square feet of retail space. At the time of sale, the property was 68 percent occupied. Current tenants include Marshalls, Staples, Michaels, 99 Cents Only, Burlington, Planet Fitness, Five Below, Chuck E. Cheese, Black Angus Steakhouse, Party City, GameStop, Sola Salon Studios, Starbucks Coffee, Sport Clips, Sally Beauty Supply, America’s Tires, Jersey Mike’s Subs, Vans, Leslie’s Pool Supplies and Uptown Cheapstake.

September 22, 2022

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 1,326-Unit Self-Storage Facility in Houston

by Taylor Williams September 21, 2022

HOUSTON — Marcus & Millichap has brokered the sale of Prime Storage, a 1,326-unit self-storage facility in Houston. The facility, which spans 189,088 net rentable square feet, was originally built on 10 acres in 2000 and expanded by 29,000 square feet in 2017. Dave Knobler and Charles LeClaire of Marcus & Millichap represented the seller, a locally based partnership, in the transaction. The buyer was a publicly traded REIT. Both parties requested anonymity.

September 21, 2022

Acquisitions Development Industrial Northeast Pennsylvania

JLL Arranges Sale of 85-Acre Industrial Development Site in Mount Pocono, Pennsylvania

by Taylor Williams September 21, 2022

MOUNT POCONO, PA. — JLL has arranged the sale of an 85-acre industrial development site in Mount Pocono, located in the northeastern part of the state. The buyer, Newland Capital Group, will construct a 1.2 million-square-foot warehouse and distribution center at the site and has already secured an undisclosed tenant for a full-building lease. Completion of the facility, which will feature four drive-in doors and parking for 359 trailers and 426 cars, is scheduled for the first quarter of 2024. Jeff Lockard, Ryan Barros and Kevin Lammers of JLL represented Newland Capital in the land deal. The trio also worked with Casey Mungo of DAUM Commercial to arrange the sale and negotiate the lease. Steve Cooper, also with JLL, represented the land seller.

September 21, 2022

Acquisitions Midwest Nebraska Retail

Marcus & Millichap Arranges $4.4M Sale of Retail Property in Omaha

by Kristin Harlow September 21, 2022

OMAHA, NEB. — Marcus & Millichap has arranged the sale of a 66,474-square-foot retail property occupied by Family Fare Supermarket in Omaha for $4.4 million. The building is located at 5110 S. 108th St. Brennan Clegg, Chris Lind and Mark Ruble of Marcus & Millichap represented the seller, a limited liability company. Buyer information was not provided. Family Fare operates more than 80 locations in seven states.

September 21, 2022

Acquisitions California Office Western

Cushman & Wakefield Negotiates $9M Sale of Executive Commons Office Property in Sacramento

by Amy Works September 21, 2022

SACRAMENTO, CALIF. — Cushman & Wakefield has arranged the off-market sale of Executive Commons, a two-story office building in Sacramento. 350 University Partnership sold the asset to Sacramento-based Bardis & Miry Development for $9 million. Located at 350 University Ave., the property features 47,000 square feet of multi-tenant office space. At the time of sale, the building was 95 percent leased. Kevin Partington and Ben Corfee of Cushman & Wakefield represented the seller in the transaction.

September 21, 2022

Acquisitions Multifamily Texas

DLP Capital, ORP Investments Buy 297-Unit Elan Memorial Park Apartments in Houston

by Taylor Williams September 20, 2022

HOUSTON — A partnership between two investment firms, Florida-based DLP Capital and metro Houston-based ORP Investments, has purchased Elan Memorial Park, a 297-unit multifamily property in Houston’s River Oaks neighborhood. Built in 2016, the property houses 17,000 square feet of retail space and was 92 percent occupied at the time of sale. Units come in one- and two-bedroom floor plans, and the amenity package comprises a pool, fitness center, coffee bar and a clubhouse with a gaming area. The new ownership plans to upgrade the building’s painting, siding and landscaping. The seller was not disclosed.

September 20, 2022

Acquisitions Affordable Housing California Multifamily Seniors Housing Western

TMG Brokers $41.2M Sale of Two-Property Monte Vista Gardens Affordable Seniors Housing Portfolio in San Jose

by Amy Works September 20, 2022

SAN JOSE, CALIF. — The Mogharebi Group (TMG) has arranged the sale of a two-property affordable seniors housing portfolio in San Jose. ROEM Development sold the assets to an undisclosed buyer for $41.2 million. Built in 2001 and 2003 by the seller, Monte Vista Gardens Senior 1 and 2 offer a total of 118 units across two residential buildings. Located at 2605 La Hacienda Court and 2600 Nuestra Castillo Court, the two- and three-story, controlled-access complexes include a community center with library and kitchen, a garden/courtyard area, solar panels and laundry rooms. Alex Mogharebi and Otto Ozen of TMG represented the seller in the transaction.

September 20, 2022

Acquisitions Massachusetts Northeast Retail

Atlantic Capital Partners Arranges Sale of 186,809 SF Retail Center in Fitchburg, Massachusetts

by Taylor Williams September 20, 2022

FITCHBURG, MASS. — Atlantic Capital Partners, a division of Boston-based Atlantic Retail, has arranged the sale of John Fitch Plaza, a 186,809-square-foot retail center in Fitchburg, located in the northern-central part of the state. Anchored by Cinema World and The Paper Store, the property was 79 percent leased at the time of sale. Justin Smith, Chris Peterson, Sam Koonce and Cole Van Gelder represented the buyer and seller, both of which requested anonymity, in the transaction.

September 20, 2022

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