Acquisitions

Newmark Brokers Sale of 408-Unit Apartment Community in Northeast San Antonio

by Taylor Williams June 21, 2022

SAN ANTONIO — Newmark has brokered the sale of ReNew at TPC, a 408-unit apartment community in northeast San Antonio. The property features a mix of studio, one-, two-, three- and four-bedroom units with an average size of 905 square feet. Units are furnished with hardwood-style flooring, stainless steel appliances, granite countertops and walk-in closets. Amenities include a pool, grilling areas, a resident lounge, business center, fitness center and a dog park. Patton Jones, Matt Michelson and Andrew Dickson of Newmark represented the seller, San Francisco-based FPA Multifamily, in the transaction. California-based DB Capital Management purchased the property for an undisclosed price with plans to implement a value-add program.

June 21, 2022

Acquisitions Multifamily Texas

Camino Verde Group, Bakerson Buy 152-Unit Multifamily Property in Fort Worth

by Taylor Williams June 21, 2022

FORT WORTH, TEXAS — A joint venture between Las Vegas-based investment firm Camino Verde Group and Arizona-based Bakerson has purchased Antigua Village, a 152-unit multifamily property located about six miles east of downtown Fort Worth. Built in 1968, the complex comprises 10 two-story buildings on a 7.3-acre site. Units come in one-, two- and three-bedroom floor plans, and amenities include a business center and a playground. The new ownership plans to make capital improvements and to rebrand the property as Apex Apartments. Global Real Estate Investors (GREA) brokered the sale.

June 21, 2022

Acquisitions Indiana Industrial Midwest

NAI Hiffman Brokers Sale of 1.1 MSF Industrial Property in Gary, Indiana

by Kristin Harlow June 21, 2022

GARY, IND. — NAI Hiffman has brokered the sale of Chase Street Industrial Center, a two-building industrial property totaling nearly 1.1 million square feet in Gary. The sales price was undisclosed. Located at 700 Chase St., the property sits on 98 acres and is home to four tenants, which have operated out of the buildings for an average of 18 years. Chase Street Industrial Center consists of a heavy manufacturing and warehouse property that totals 1 million square feet and is occupied by three tenants and an 80,000-square-foot facility that is home to a single tenant. Patrick Sullivan, Ryan Chambers and Chris Gary of NAI Hiffman represented the seller, Chicago-based RJB & Co. Los Angeles-based Cannon Commercial Inc. was the buyer.

June 21, 2022

Acquisitions Life Sciences Michigan Midwest

MI-HQ Acquires Former Eastern Michigan University College of Business Building

by Kristin Harlow June 21, 2022

YPSILANTI, MICH. — Michigan Innovation Headquarters (MI-HQ), a provider of life sciences and technology workspaces, has entered into a purchase agreement for Eastern Michigan University’s former College of Business headquarters building in downtown Ypsilanti for $2.6 million. The buyer plans to undertake $10 million in renovations to build shared workspaces for science, technology, engineering and mathematics (STEM) companies. Plans call for free onsite parking, research and development wet labs, medical offices, a 160-seat auditorium, exterior courtyard, café, gym and food truck area. Formerly known as the Gary Owens Building, the asset spans 130,000 square feet and is located at 300 W. Michigan Ave. The renovated building is slated to open in the first quarter of 2023 and will serve as MI-HQ’s fourth location.

June 21, 2022

Acquisitions Michigan Midwest Multifamily

Friedman Real Estate Arranges $2.9M Sale of Multifamily Property in Baldwin, Michigan

by Kristin Harlow June 21, 2022

BALDWIN, MICH. — Friedman Real Estate has arranged the $2.9 million sale of Majestic Pines Apartments in Baldwin, a city in northwestern Michigan. The 72-unit multifamily property is situated north of Ferris State University and east of Lake Michigan. Peter Jankowski of Friedman represented the undisclosed seller. The buyer was also not provided.

June 21, 2022

Acquisitions Multifamily Northeast Rhode Island

CBRE Brokers $37M Sale of Apartment Community in Middletown, Rhode Island

by Taylor Williams June 21, 2022

MIDDLETOWN, R.I. — CBRE has brokered the $37 million sale of Northgate Apartments, a 179-unit multifamily complex in Middletown. Built in phases between 1969 and 1972, the property offers one-, two- and three-bedroom units with an average size of 888 square feet. Amenities include a pool, fitness center and a leasing office. Simon Butler, Biria St. John and John McLaughlin of CBRE represented the seller, an affiliate of Boston-based Eden Properties, in the transaction. The team also procured the buyer.

June 21, 2022

Acquisitions Multifamily New Jersey Northeast

Hudson Atlantic Arranges $15.6M Sale of Northern New Jersey Multifamily Portfolio

by Taylor Williams June 21, 2022

EAST ORANGE, N.J. — Hudson Atlantic Realty has arranged the $15.6 million sale of a portfolio of four multifamily properties totaling 96 units in the Northern New Jersey community of East Orange. The sales price equates to $162,500 per unit. All four properties are located near the city’s downtown area and recently received renovations to their unit interiors, including new floors, upgraded kitchens and onsite laundry facilities. The buyer and seller were not disclosed.

June 21, 2022

Acquisitions California Retail Western

CBRE Arranges $52.2M Sale of Tiffany and Shops Retail Property in Pasadena, California

by Amy Works June 21, 2022

PASADENA, CALIF. — CBRE has brokered the sale of Tiffany and Shops, a 28,421-square-foot street-front retail property in Pasadena. Los Angeles-based Blatteis & Schnur and Hayward-based The Felson Cos. acquired the asset for $52.2 million, or approximately $1,838 per square foot. Jimmy Slusher, Philip Voorhees and Trent Steeves of CBRE’s National Retail Partners – West represented the seller, a partnership managed by Los Angeles-based Rockwood Capital, in the transaction. Slusher, Voorhees and Steeves also represented the buyer. Tiffany & Co., Crate & Barrel and House of Hoops anchor the property under corporate-guaranteed leases. The asset is located at 64-68 Colorado Blvd.

June 21, 2022

Acquisitions Arizona Retail Western

Phoenix Commercial Advisors Negotiates $18.4M Sale of Paloma Village Shopping Center in Tucson

by Amy Works June 21, 2022

TUCSON, ARIZ. — Phoenix Commercial Advisors has arranged the sale of Paloma Village Center, a retail property located within the Catalina Foothills in Tucson. The asset traded for $18.4 million, or $480 per square foot. The names of the seller and buyer were not released. Situated on the 4.5 acres on the southeast corner of Campbell Avenue and Skyline Drive, the 38,347-square-foot property was 94 percent occupied at the time of sale. Current tenants include Starbucks Coffee, CVS/pharmacy and Fleming’s Steakhouse. Chad Tiedeman and Danny Gardiner of Phoenix Commercial Advisors represented the seller in the transaction.

June 21, 2022

Acquisitions California Industrial Lee & Associates Western

Lee & Associates Brokers Sale-Leaseback of 45,214 SF Industrial Property in Vista, California

by Amy Works June 21, 2022

VISTA, CALIF. — Lee & Associates has arranged the sale-leaseback of an industrial asset located at 1280 N. Melrose Drive in Vista. Exeter Property Group acquired the property from an undisclosed seller for $11.5 million. Built in 1982, the 45,214-square-foot property features 12 dock-high doors, two grade-level doors, heavy power and 20-foot clear heights. Rusty Williams, Chris Roth and Jake Rubendall of Lee & Associates – North San Diego County’s Williams Roth Group represented the buyer. Jim Benson of Kidder Mathews represented the seller in the transaction.

June 21, 2022

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