Acquisitions

Avanti Residential Acquires Soleste Grand Central Apartment Complex in Miami for $181M

by Kristin Harlow July 6, 2022

MIAMI — Avanti Residential has acquired Soleste Grand Central, a 360-unit luxury apartment complex in downtown Miami, for $181 million. The seller was The Estate Cos., which developed the property in 2021. Located at 218 NW 8th St., Soleste Grand Central is walkable to various retail and dining options and features immediate access to I-95. Floor plans range from studios to three-bedroom units. Amenities include a fourth-floor pool, fitness center, yoga and spin studios, salon, dog park, clubroom, café, gaming lounge and a business center with individual coworking spaces and a conference room. The acquisition marks Avanti’s fourth South Florida investment in the past year, following purchases in Boynton Beach, Doral and St. Petersburg. Avanti has now invested nearly $500 million in Florida and continues to actively seek Class A apartments in the state and other key markets nationwide. “We continue to see strong fundamentals in several South Florida multifamily markets, where employment growth and migratory trends remain impactful demand generators in an already supply-constrained apartment sector,” says Christian Garner, president and CEO of Avanti. Walker & Dunlop’s South Florida investment sales team, led by Still Hunter, brokered the sale. Headquartered in Denver, Avanti is an investor and owner-operator of …

July 6, 2022

Acquisitions Florida Georgia Industrial Southeast

JLL Brokers $157.8M Sale of Industrial Portfolio in Sun Belt

by John Nelson July 5, 2022

ATLANTA — JLL has brokered the sale of an industrial portfolio in the Sun Belt totaling nearly 1.3 million square feet across 12 individual buildings. Taurus Investment Holdings LLC purchased the assets from Summit Real Estate Group for $157.8 million. Dennis Mitchell, Trent Agnew and Louis Castillo of JLL represented the seller in the transaction. The portfolio includes Creekside Distribution Center in East Point, Ga.; Peachtree Nortech in Peachtree Corners, Ga.; Maggie Boulevard in Orlando; West Bay Corporate Center and Metropointe Commerce Center in North St. Petersburg, Fla.; and Corporate Center Fannin I in Houston. The portfolio was 98 percent leased at the time of sale to public and private companies, including Raytheon, Iron Mountain and DAP Americas.

July 5, 2022

Acquisitions Florida Multifamily Southeast

Walker & Dunlop Negotiates $92M Sale of First Apartments in Miami

by John Nelson July 5, 2022

MIAMI — Walker & Dunlop has negotiated the $92 million sale of First Apartments, a luxury mid-rise multifamily community located in Miami’s East Little Havana neighborhood. Still Hunter and Kaya Suarez of Walker & Dunlop represented the buyer, Lloyd Jones, in the transaction. The seller, Premium Development, delivered First Apartments in September 2021. The community was Premium’s first project in the United States. Amenities include fitness facilities, a resort-style lap pool, business center, bike storage, an outdoor courtyard and a large dog park. Units range from studios to four-bedroom apartments and span from 578 to 1,790 square feet, according to Apartments.com.

July 5, 2022

Acquisitions Florida Office Southeast

Pebb Enterprises, Contrarian Capital Acquire Boca Raton Offices for $29.9M

by John Nelson July 5, 2022

BOCA RATON, FLA. — A partnership between Pebb Enterprises and Contrarian Capital Management has purchased Meridian Office Center, two single-tenant net-leased office buildings situated within The Park at Broken Sound in Boca Raton. Christian Lee, Marcos Minaya and Sean Kelly of CBRE Capital Markets, represented the seller, Ivy Realty, in the $29.9 million transaction. Cross Country Healthcare occupies the 70,406-square-foot building located at 6551 Park of Commerce Blvd., and Lexis Nexis occupies the 61,274-square-foot building located at 6601 Park of Commerce Blvd. Professional Bank provided acquisition financing for the deal. Meridian Office Center is Pebb’s third acquisition within the 700-acre Park at Broken Sound development, which is situated off I-95.

July 5, 2022

Acquisitions Office South Carolina Southeast

Marcus & Millichap Arranges $16.9M Sale of North Charleston Office Building

by John Nelson July 5, 2022

NORTH CHARLESTON, S.C. — Marcus & Millichap has arranged the sale of North Rhett Executive Center, a 64,800-square-foot office building located at 5617 N. Rhett Ave. in North Charleston. An out-of-state buyer purchased the building for $16.9 million. Ani Paulson and Pearce Vogler of Marcus & Millichap represented the undisclosed seller in the transaction. Built in 2008 near the Joint Base Charleston and Charleston International Airport, North Rhett Executive Center is anchored by the Department of Defense.

July 5, 2022

Acquisitions California Industrial Western

Analog Devices Sells 127,574 SF R&D Facility in Milpitas, California to Cannae Partners

by Amy Works July 5, 2022

MILPITAS, CALIF. — Analog Devices has completed the disposition of a freestanding research and development (R&D) property located at 275 S. Hillview Drive in Milpitas. A partnership controlled by San Francisco-based Cannae Partners acquired the asset for $32.8 million. The new ownership plans to renovate and re-tenant the property. The 127,574-square-foot facility features 35,862 square feet of Class 10 cleanroom and service space with a fully operational, 7,669-square-foot sub-fab and four 2,500 kVA substations with capacity for 10 megawatts of power. The building is situated on 6.4 acres and is surrounded by retail amenities, housing and transportation, as well as semiconductor and technology companies. The seller used the property as a semiconductor fabrication facility. Todd Beatty, Steve Horton, Kelly Yoder and Carrick Young of Cushman & Wakefield represented the seller in the transaction.

July 5, 2022

Acquisitions Multifamily Washington Western

Colliers Negotiates $13.6M Sale of Villa Andora Apartment Building in West Seattle

by Amy Works July 5, 2022

SEATTLE — Colliers has brokered the sale of Villa Andora, a multifamily building located at 1520 California Ave. SW in the North Admiral neighborhood of West Seattle. The property traded for $13.6 million. The names of the buyer and seller were not released. Tim McKay, Dan Chhan, Sam Wayne and Matt Kemper of Colliers represented the seller, while Adam Groberman of Colliers represented the buyer in the deal. Totaling 30,029 square feet, Villa Andora features 37 apartments, all of which have undergone interior renovations and feature new kitchens, bathrooms, flooring, windows, appliances, fixtures and finishes.

July 5, 2022

Acquisitions California Retail Western

Festival Cos. Divests of Retail Property in Claremont, California for $4.1M

by Amy Works July 5, 2022

CLAREMONT, CALIF. — Progressive Real Estate Partners has negotiated the sale of a retail property located at 903-911 W. Foothill Blvd. in Claremont. The Festival Cos. sold the asset to a San Gabriel Valley-based private investor for $4.1 million. Greg Bedell and Roxy Klein of Progressive Real Estate Partners represented the seller, while Katherine Quach of Treeland Realty Group represented the buyer in the transaction. Unleashed by Petco and Wild Birds have been tenants at the 9,226-square-foot property since 2010/2011 and recently renewed their leases. Progressive also handled the lease-up of the final space to Almond Haus Café. The property features modern architecture and was fully remodeled in 2010, including a new façade and roof.

July 5, 2022

Acquisitions Colorado Industrial Office Western

NAI Highland Brokers $2.8M Sale of Office/Industrial Portfolio in Colorado Springs

by Amy Works July 5, 2022

COLORADO SPRINGS, COLO. — NAI Highland has arranged the sale of a two-building office and industrial portfolio, located at 1120-1140 Moreno Ave. in Colorado Springs. The asset traded for $2.8 million. The terms of the transaction were not disclosed. Situated on 2.2 acres, the property consists of a 10,187-square-foot office building and a 3,200-square-foot industrial building. Randy Dowis and Bob Garner of NAI Highland handled the transaction.

July 5, 2022

Acquisitions Multifamily Oklahoma Student Housing Texas

CBRE Arranges Sale of 556-Bed Student Housing Community Near University of Oklahoma

by Taylor Williams July 5, 2022

NORMAN, OKLA. — CBRE has arranged the sale of 2900 Apartments, a 556-bed student housing community located near the University of Oklahoma in Norman. Built in 1999, the property offers 156 units and is situated adjacent to the university’s golf course. Jaclyn Fitts, William Vonderfecht, Casey Schaefer and Matt Bukhshtaber of CBRE represented the undisclosed seller in the disposition of the property to Hamilton Point Investments. The sales price was also not disclosed.

July 5, 2022

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