Acquisitions

Pearlmark Receives $7M Mezzanine Loan for Northview Center Office Building in Lynnwood, Washington

by Amy Works September 21, 2022

LYNNWOOD, WASH. — Chicago-based Pearlmark has received a $7 million mezzanine debt investment as part of its purchase of Northview Center, an office property in Lynnwood. The 182,009-square-foot building is close to a new light rail station that will provide easy access to downtown Seattle. The investment was made on behalf of Pearlmark Mezzanine Realty Partners V LP. Prime Finance provided the senior loan. Nitze-Stagen is the manager for the borrower. Bill Swackahmer of Pearlmark arranged the transaction.

September 21, 2022

Acquisitions Nevada Office Western

CBRE Negotiates $5.1M Sale of Two-Building Office, Industrial Property in Las Vegas

by Amy Works September 21, 2022

LAS VEGAS — CBRE has brokered the sale of two freestanding commercial buildings at 2829 Losee Road in Las Vegas. Bob Beylik acquired the asset from Jaramillo Trust for $5.1 million. Built in 1989, the property includes a 4,500-square-foot office space and a 10,000-square-foot industrial warehouse facility on a 3.4-acre secured plot. The two buildings are located near the Interstate 15 interchange, North Fifth Street and Cheyenne Avenue. Tyler Ecklund and James Griffis of CBRE represented the seller in the deal.

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 Industrial Texas

Partners Acquires 53,500 SF Industrial Flex Property in Southwest Houston

by Taylor Williams September 20, 2022

HOUSTON — Partners, a Houston-based investment and brokerage firm formerly known as NAI Partners, has acquired a 53,500-square-foot industrial flex property located at 10849-10899 Kinghurst Drive in southwest Houston. The property was fully leased at the time of sale. Jason Scholtz of Colliers represented Partners in the transaction. Veritex Community Bank provided acquisition financing. The seller and sales price were not disclosed.

September 20, 2022

Springs-Foothills-Farms-Colorado-Springs-CO

Acquisitions Colorado Multifamily Western

Berkadia Negotiates $110.9M Sale of Springs at Foothills Farms Apartments in Colorado Springs

by Amy Works September 20, 2022

COLORADO SPRINGS, COLO. — Berkadia Institutional Solutions has arranged the sale of Springs at Foothills Farms, a garden-style multifamily community located at 1203 Affirmed View in Colorado Springs. Wisconsin-based Continental Properties Co. sold the asset to California-based Hamilton Zanze & Co. for $110.9 million. Built in 2021, Springs at Foothills Farms features 264 apartments in a mix of studio, one-, two- and three-bedroom floor plans with in-unit washers/dryers, private patios or balconies, attached and detached garage options and walk-in closets. Community amenities include a swimming pool, fitness center and outdoor barbecue area. Nick Steele, John Laratta, Nate Moyer and Tyler King of Berkadia Denver represented the seller in the deal. Additionally, Clay Akiwenzie of Berkadia Incline Village arranged $58.1 million in permanent acquisition financing on behalf of the buyer. The 10-year loan was financed through Freddie Mac.

September 20, 2022

Acquisitions Hospitality Oregon Western

Pebblebrook Hotel Trust Sells Historic Kimpton Hotel Vintage Portland to Pacifica Hotels for $32.9M

by Amy Works September 20, 2022

PORTLAND, ORE. — Pebblebrook Hotel Trust has completed the disposition of Kimpton Hotel Vintage Portland, located at 422 SW Broadway in Portland. Aliso Viejo, Calif.-based Pacifica Hotels acquired the property for $32.9 million. Originally constructed in the late 1800s, the European-inspired hotel underwent a multimillion-dollar makeover in 2015 and 2018 that overhauled the lobby, rooms and amenities. Currently, each hotel floor is dedicated to a different Willamette Valley American Viticultural Area and each room is named after a local winery. The hotel features 117 guest rooms, 8,000 square feet of event space, a street-level restaurant and bar called Il Solito and Bacchus Bar, a private wine cellar and a game lounge. Additionally, the hotel’s lobby doubles as a tasting room. Chris Burdett, Matthew Behrens and Aaron Solaimani of CBRE Hotels in the Pacific Northwest represented the seller in the deal.

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 Multifamily Oregon Western

Next Wave Buys 180-Unit, Value-Add Multifamily Community in Gresham, Oregon for $34M

by Amy Works September 20, 2022

GRESHAM, ORE. — Next Wave Investors has acquired The Nash, a 180-unit apartment property located at 224 SE 188th Ave. in Gresham. An undisclosed seller sold the asset for $34 million. Built in 1975, The Nash features 68 one-bedroom units, 104 two-bedroom and eight three-bedroom units, as well as a pool, children’s pool, spa, on-site laundry facilities, playground, clubhouse and fitness center. Next Wave plans to implement a series of in-unit capital improvements, including new appliances, cabinets, doorframes, drawers, countertops, vinyl flooring, contemporary plumbing and lighting fixtures, air conditioning wall units and window coverings. Additionally, the company plans to upgrade the property exterior with refreshed landscaping; refurbished roofing; parking lot resurfacing; renovation of the fitness center, pool, spa and leasing office; and improved on-site security.

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

Acquisitions Indiana Midwest Retail

Hanley Investment Group Arranges Sales of Three Restaurant Properties in Indiana Totaling $9M

by Kristin Harlow September 20, 2022

GREENFIELD, IND. — Hanley Investment Group Real Estate Advisors has arranged the sales of three restaurant properties in Greenfield, an eastern suburb of Indianapolis. Dylan Mallory of Hanley and Jacque Haynes of Midland Atlantic Properties represented the seller and developer, Indianapolis-based Midland Atlantic Properties, in all three transactions. All three properties are part of a new development named Greenfield Market. In the first sale, a 2,616-square-foot building occupied by Chipotle Mexican Grill sold to a Simi Valley, Calif.-based private investor for $2.9 million. The property features a mobile order drive-thru lane. David Leibowitz of IREA Inc. represented the buyer. In the second transaction, a 3,500-square-foot property occupied by Panera Bread sold to a Hillsborough, Calif.-based private investor for $2.9 million. The building features two drive-thru lanes. Jeff Ida and Doug Ogard of Marcus & Millichap represented the buyer. In the third sale, a 4,500-square-foot Chick-fil-A ground lease sold for $3.1 million to a Dallas-based private investor, who was self-represented.

September 20, 2022

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