Dealmaker: Institutional Property Advisors Sells Retail, Multifamily Properties for $102M

Institutional Property Advisors, Ontario, Calif., sold four retail and multifamily properties for a combined $101.6 million.

The Plaza at Chapel Hill

IPA Senior Managing directors Scott Wiles, Erin Patton and Craig Fuller, Senior Director Joseph French Jr. and Senior Associate CJ Jackson sold The Plaza at Chapel Hill, a 458,935-square-foot Giant Eagle, Burlington and Dicks-anchored regional power center in Cuyahoga Falls, Ohio, for $46 million.

A partnership formed by private equity groups America’s Realty LLC, Baltimore, Borough Equities, New York, and Dragonfly Investments, Miami, acquired the property from a New York private real estate investment trust.

Wiles called The Plaza at Chapel Hill one of the largest shopping center assets in northeast Ohio. He said four of the five largest tenants, Giant Eagle, Burlington, Marc’s and T.J. Maxx, are all original occupants with leases dating to 1985 or 1986. “To see nearly 35 years of longevity from multiple tenants in light of the myriad economic cycles and demographic shifts over the past three decades is a testament to the strength of the property and the submarket,” he said.

First National Bank Senior Vice President Chris Nevin arranged the financing.

“The purchase agreement was executed prior to the COVID-19 pandemic and the buyer was performing due diligence as the broad business shutdowns and operating restrictions took effect across Ohio,” said French, noting the buyers were well qualified and committed to completing the acquisition.

In Walnut Creek, Calif., IPA sold three value-add apartment properties totaling 150 units. The properties included The Pines with 120 units, City View with 20 units and 1465 Mt. Pisgah with 10 units. The portfolio sold for $55.6 million, or $371,000 per unit.

Raintree Partners, Dana Point, Calif., acquired The Pines and City View. A private investor purchased 1465 Mt. Pisgah.

IPA Executive Managing Director of Investments Stanford Jones, Senior Managing Directors Philip and Salvatore Saglimbeni and Senior Managing Directors Alex Tartaglia handled the brokerage assignment with Marcus & Millichap First Vice President Carlos Azucena.

“Walnut Creek represents one of the most highly sought-after cities in the Bay Area, given its mix of lifestyle amenities including a vibrant downtown district, well-regarded schools, transit-orientation and proximity to major employment centers,” said Philip Saglimbeni. “Despite boasting an average household income of over $140,000, city residents face high barriers to homeownership, creating favorable conditions for apartment owners.”