NORTH KINGSTOWN, R.I. — Atlantic Capital Partners, the capital markets division of Boston-based Atlantic Retail, has brokered the sale of Frenchtown Plaza, a 123,061-square-foot shopping center located south of Providence in North Kingstown. The sales price was $9.5 million. Justin Smith, Chris Peterson, Sam Koonce and Cole Van Gelder of Atlantic Capital Partners represented the undisclosed seller and the buyer, Ocean State Job Lot, which also anchors the center, in the transaction. Other tenants at Frenchtown Plaza include Walgreens and Ace Hardware.
CHARLESTON, S.C. — Northland, a private equity investment firm based in Newton, Mass., has purchased 511 Meeting, a 221-unit apartment community located in Charleston’s North Meeting Street neighborhood. The seller and sales price were not disclosed. Situated near King Street and the upcoming Lowcountry LowLine linear park, 511 Meeting comprises studio, one-, and two-bedroom apartments, 33 of which are rent-restricted. The podium-style, mid-rise building features a fitness center with a separate yoga studio, bike storage and repair area, media center, business center and a second-story pool deck with a fire pit and grill stations. Other amenities include a resident lounge with a billiards table, foosball table and bar space, as well as 2,960 square feet of retail space occupied by Blum, a local coffee and wine bar. 511 Meeting is Northland’s third investment in the Charleston area, joining The Standard on James Island and Wharf 7 on Daniel Island.
JACKSONVILLE, FLA. — Capital Real Estate Group – U.S. Healthcare Investment Sales (CREG) has brokered the sale of Southpoint Surgery Center, a 34,029-square-foot medical office building in Jacksonville. An unnamed REIT purchased the property for $18.6 million. CREG represented the undisclosed seller in the transaction. Southpoint Surgery Center is anchored by Ascension St. Vincent (ASC), a healthcare system in Northeast Florida. The first floor of the property houses the surgery center and the second and third floors are leased to Florida Eye Specialists. Southpoint Surgery Center is located adjacent to the 309-bed hospital campus of ASC’s Medical Center Southside, an affiliate of Ascension Health.
LAFAYETTE, LA. — SRS Real Estate Partners’ National Net Lease Group has arranged the sale of a single-tenant retail property in Lafayette leased to Shoe Station. The buyer, a private investor based in Texas, purchased the property for $2.2 million. Sabrina Kortlandt of SRS’ New Orleans office represented the seller, a Washington-based family trust, in the off-market transaction. The 13,125-square-foot store is located at 3606 Ambassador Caffery Parkview near Acadiana Mall, Acadiana Square and Ambassador Row.
CHICAGO — Interra Realty has brokered the sale of a three-building multifamily portfolio in Chicago’s Hyde Park neighborhood for $17 million. The properties, which total 79 units, include 1310 E. Hyde Park Blvd., 1318 E. Hyde Park Blvd. and 1334 E. Hyde Park Blvd. They are situated about a mile north of the University of Chicago. Joe Smazal of Interra represented the private seller, an East Coast-based investor that renovated 90 percent of the units. Ted Stratman of Interra represented the buyer, also an East Coast-based investor. The buyer plans to add energy-efficient boilers, replace all roofs, update the units that have yet to be renovated and add new amenities such as bike rooms.
COLORADO — Evans Senior Investments (ESI) has arranged the sale of seven skilled nursing facilities in Southwest Colorado for $51.5 million, or approximately $92,000 per bed. An owner-operator sold the 558-bed portfolio to an East Coast-based owner-operator looking to expand its reach in the West. The properties were built between 1957 and 2017. Prior to the COVID-19 pandemic, the portfolio was 77 percent occupied and produced nearly $6.2 million in annual net operating income. Throughout the pandemic, the portfolio’s occupancy decreased and at the time of marketing was only 65 percent occupied. “The competitive bidding arena and strong price per bed for a rural portfolio whose census and cash flow were well below stabilized levels showcases the willingness of buyers and lenders continuing to work together to get deals finished with the headwinds that they continue to face,” says Brendan DeSilvia, associate at ESI.
PLANO, TEXAS — JAH Realty, a retail investment firm with offices in Dallas and Oklahoma City, has acquired Park West Plaza, a 191,103-square-foot shopping center in Plano. The property sits on 17 acres and was 98 percent leased at the time of sale to tenants such as Aldi, Elliot’s Hardware, Nadine Floor Co., CiCi’s Pizza, Dairy Queen and Firehouse Subs. Los Angeles-based ASG Real Estate Co. sold the property to JAH Realty for an undisclosed price. Chris Harden and Kris Von Hohn of Cushman & Wakefield brokered the deal. Southside Bank provided acquisition financing.
CEDAR GROVE, N.J. — Fort Worth-based investment firm MAG Capital Partners has acquired a 144,025-square-foot manufacturing facility in the Northern New Jersey community of Cedar Grove. Built on 13.9 acres in 1984 and renovated in 2020, the single-story facility features a clear height of 25 feet. MAG Capital Partners acquired the property from Contract Filling Inc. (CFI), a provider of fragrances, deodorants and cosmetic products. Harvey Pava and Jordan Shea of Walker & Dunlop advised the buyer on debt financing. A sale-leaseback transaction was completed with private equity firm CORE Industrial Partners’ portfolio company Arizona Natural Resources (ANR), which announced its acquisition of CFI in mid-August.
CHICAGO — Newcastle Properties has acquired Forest View shopping center in Chicago for an undisclosed price. Jewel-Osco anchors the 68,727-square-foot property, which is located at the corner of Cumberland and Lawrence avenues. The sale marks the first time the property has sold since it was built in the mid-1960s. Len Blackman of Leklen Realty Group and Michael Horne of Newcastle sourced the off-market acquisition. Drew Trammell of Newcastle managed the due diligence process and closing. Seller information was not provided.
ACWORTH AND SMYRNA, GA. — Hackney Real Estate Partners has sold two grocery-anchored shopping centers in metro Atlanta for $29 million. The assets include the 144,678-square-foot Cherokee Corners in Acworth and the 185,601-square-foot Concord Village in Smyrna. Brad Buchanan, Jim Hamilton and Andrew Kahn of JLL represented Hackney in the portfolio transaction. Both shopping centers are anchored by Food Depot, which has recently signed a 10-year renewal at both locations. Built in 1984 and renovated in 2016, Cherokee Corners was fully leased at the time of sale to tenants such as Woodstock Market, Dolce Furniture and Family Dollar. Concord Village was built in 1988 and renovated in 2016. The center was 99 percent leased at the time of sale to tenants such as Goodwill, Citi Trends, Mega Furniture Outlet, Dollar General and CSL Plasma.