HOUSTON — A partnership between locally based investment firm Better World Holdings and New York-based Crown Capital Ventures has purchased Serenity at Cityside, a 362-unit multifamily property in Houston’s Galleria neighborhood. Built in 1968, the 32-building property offers one-, two- and three-bedroom units. According to Apartments.com, amenities include a pool, clubhouse and picnic areas. The new ownership plans to invest about $6 million in capital improvements and to rebrand the property as Aura Galleria. The seller was an entity doing business as CPEP Beverly Palms LLC. The sales price was not disclosed.
UNIONDALE, N.Y. — California-based brokerage group JRW Realty has negotiated the $24.5 million sale of a 61,916-square-foot retail property in the Long Island community of Uniondale. Grocer ShopRite occupies the property, which is also adjacent to a Walmart Supercenter. Aaron Bush of JRW Realty represented the undisclosed, institutional buyer in the transaction. Prodigy Real Estate Group represented the seller, New Jersey-based First National Realty Partners.
HUNTSVILLE, TEXAS — Stafford Barrett has brokered the sale of Encore at Sam Houston, a 528-bed student housing property located near Sam Houston State University in Huntsville. The garden-style property offers four-bedroom units with bed-to-bath parity across 12 buildings. Shared amenities include a resort-style pool, 24-hour fitness center, private study lounges, a pet park and basketball and volleyball courts. Jeyton McNair and Greg Jasper of Stafford Barrett represented the undisclosed seller in the disposition.
SRS Real Estate Partners Brokers Sales of Three Retail Outparcels at Palmdale Marketplace for $10.2M
PALMDALE, CALIF. — SRS Real Estate Partners has arranged the sales of three retail outparcels to Palmdale Marketplace, a power center located at 39340 10th St. W. in Palmdale, for a combined total of $10.2 million. There are three remaining properties for sale as part of the break-up strategy. Matthew Mousavi and Patrick Luther of SRS’ National Net Lease Group represented the seller, a Texas-based owner and operator of retail properties, and the buyers. The three transactions include: – A 5,958-square-foot retail property, which was built in 2001. Jamba Juice, Baskin-Robbins and Harbour Sushi occupy the building. A private investor acquired the asset in an all-cash transaction. – The same buyer acquired a 4,875-square-foot building, occupied by Five Guys Burgers and Fries and Café Rio, for $3.4 million. Built in 2001, the property is situated on 1.2 acres. – IHOP corporate, as owner/user, acquired a 4,022-square-foot, single-tenant property for $2.5 million. IHOP occupies the property, which was built in 2002.
CHICAGO — Dayton Street Partners (DSP) has sold two industrial facilities in Chicago to Brookfield Properties for an undisclosed price. The first property, located at 2501 W. Fulton St., spans 42,000 square feet. Constructed in 1956, the building features a clear height of 16 feet, two internal docks, one overhead door and parking for 50 cars. DSP acquired the asset in 2019 and renovated the parking lot, painted the warehouse and installed LED lighting. Shortly after, DSP leased the building to Vienna Beef Ltd. The second property, located at 1827 W. Hubbard St., spans 33,000 square feet and features a clear height of 14 feet, two loading docks, one drive-in doors and parking for 34 cars. Built in 1960, the facility is currently vacant. DSP acquired the property in 2020 and updated the façade and parking lot.
HOMESTEAD, FLA. — SRS Real Estate Partners’ National Net Lease Group has brokered the $23.8 million sale of three ground-leased, single-tenant retail properties located in Homestead. The properties are under construction and have been preleased by Target, Raising Cane’s and Murphy Oil. Target will open in late 2022, Raising Cane’s will open this month and Murphy Oil will open in the fall. Patrick Nutt and William Wamble of SRS represented the seller, an entity doing business as Homestead Pavilion LLC, in the transaction. The buyer was an entity doing business as Wells Acquisition LLC. The buildings, which will span 78,436 square feet on 8.6 acres, will serve as outparcels to Homestead Pavilion, a 450,000-square-foot shopping center leased to Kohl’s, Ross Dress for Less, Bed Bath and Beyond and T.J. Maxx.
LAKELAND, FLA. — Avanti Way Realty has arranged the $7.1 million sale of Shoppes at Lakeland Square Mall, a 44,375-square-foot retail center located at 4000 U.S. Highway 98 in Lakeland. Carrera Family Investments purchased the property in a 1031 exchange from an entity doing business as Lakeland Retail. Maria Gueits of Avanti Way Realty represented the buyer, and Anthony Bernabe and Jordan Characo of Equity Commercial Real Estate Solutions represented the seller in the transaction. Shoppes at Lakeland Square Mall was fully leased at the time of sale to tenants such as Ollies Bargain Outlet, All About Puppies, My Salon Suite, Regal Nails Salon & Spa and VidaCann, among others. The two-building property is situated on 4.5 acres adjacent to Lakeland Square Mall, an enclosed shopping mall anchored by Burlington, Dillard’s, JC Penney and Re-Sale America.
VESTAVIA HILLS, ALA. — Matthews Real Estate Investment Services has brokered the $27.2 million sale of Swaid Vestavia Medical Center, a multi-tenant medical facility located at 1021 Montgomery Highway in Vestavia Hills, a southern suburb of Birmingham. The newly built property spans 40,000 square feet and features an ambulatory surgery center and medical office space leased to tenants such as the Surgical Institute of Alabama, Vestavia Diagnostics, Swaid Clinic, Bramlett Orthopedics, Birmingham Vascular Associates, Pain Management Services, Lab First and Champion Physical Therapy. Matthews’ healthcare division sourced the buyer, an institutional healthcare real estate fund based in Dallas. The seller was not disclosed.
FAYETTEVILLE, ARK. — Rittenhouse Realty Advisors, a member of GREA, and Triad Real Estate Partners have negotiated the $15 million sale of Champions Club. The newly constructed student housing community comprises 232 beds near the University of Arkansas campus. The property offers 76 two-, three- and four-bedroom units at 1629 S. Razorback Road in Fayetteville. Units are fully furnished and feature bed-to-bath parity. Community amenities include a swimming pool, fitness center, barbecue and picnic area, fire pit, dog park, game lounge and a computer lab. The property was acquired by an undisclosed family office buyer in an off-market transaction.
HUMBLE, TEXAS — A partnership between New York-based Sunsail Capital and Dallas-based ZaneCRE has acquired Sarah at Lake Houston, a 350-unit multifamily property located in the northern Houston suburb of Humble. Built in 2020, the property features one-, two- and three-bedroom units and amenities such as a pool, fitness center, multi-sport simulator, business and conference center, dog park and a biergarten. Zack Springer of Newmark brokered the transaction. Purvesh Gosalia, also with Newmark, arranged acquisition financing on behalf of the joint venture.