Acquisitions

221-299-Allen-Ave-906-924-Cataract-Ave-San-Dimas-CA

RanchHarbor, Manhattan West Acquire 91,000 SF Industrial Infill Property in San Dimas, California

by Amy Works May 16, 2022

SAN DIMAS, CALIF. — Newport Beach-based RanchHarbor and Los Angeles-based Manhattan West have partnered to purchase a multi-tenant industrial warehouse property located at 221-299 Allen Ave. and 906-924 Cataract Ave. in San Dimas. Terms of the transaction were not released. Situated on five acres, the value-add asset includes four individual buildings encompassing 91,000 rentable square feet across 44 individual suites. At the time of sale, the property was 98 percent occupied. The property’s four concrete tilt-up structures feature 14-foot to 18-foot clear heights and 44 ground-level doors. Unit sizes range from 1,232 square feet to 6,250 square feet. The property was originally built in 1979 and renovated in 2005. The buyers plan to perform deferred maintenance and capital improvements to the property. Jack Haley of Lee & Associates represented the buyer, while Todd Launchbaugh and Justin Leewood of Lee & Associates represented the undisclosed seller in the deal.

May 16, 2022

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 199-Unit South Texas Self-Storage Facility

by Taylor Williams May 13, 2022

GEORGE WEST, TEXAS — Marcus & Millichap has brokered the sale of 281 Mini Storage, a 199-unit self-storage facility in George West, located roughly midway between San Antonio and Corpus Christi. The facility spans 37,440 net rentable square feet. Bryan Quaschnick, Brandon Karr and Danny Cunningham of Marcus & Millichap represented the seller, a private investor, in the transaction. The trio also procured a privately held, Texas-based investment group as the buyer. Both parties requested anonymity.

May 13, 2022

Acquisitions Multifamily Seniors Housing Texas

Blueprint Negotiates $10.5M Sale of Skilled Nursing Facility in Temple, Texas

by Taylor Williams May 13, 2022

TEMPLE, TEXAS — Blueprint Healthcare Real Estate Advisors has negotiated the sale of a 70-unit transitional care facility in Temple, approximately 70 miles north of Austin. Mainstreet developed the newly constructed healthcare property but never opened it. An undisclosed, Texas-based investor acquired the asset for $10.5 million. The new owner structured a lease with a national healthcare system based out of Southern California and will operate the facility as a specialty post-acute hospital.

May 13, 2022

Acquisitions Kentucky Multifamily Southeast

Marcus & Millichap Arranges $32.5M Sale of Regal Park Apartments in Louisville

by John Nelson May 13, 2022

LOUISVILLE, KY. — Marcus & Millichap has arranged the $32.5 million sale of Regal Park Apartments, a 228-unit apartment property in Louisville. David Badgett Jr. of Marcus & Millichap represented the seller and buyer, both undisclosed limited liability companies, in the transaction. Colby Haugness, Marcus & Millichap’s broker of record in Kentucky, assisted Badgett in the transaction. Regal Park is located at 9400 Hurstbourne Park Blvd. and offers a variety of floor plans: 30 one-bed/one-bath, 150 are two-bed /two-bath and 48 are three-bed/two-bath. The property has consistently held a 92 percent occupancy rate, according to Marcus & Millichap. Regal Park was built in 1972 and has seen several renovations since its construction. In recent years, Regal Park underwent upgrades, including a complete renovation to the clubhouse. The property features amenities including a swimming pool, grilling area, sundeck and a spacious courtyard.

May 13, 2022

Acquisitions Affordable Housing Multifamily Southeast Virginia

Enterprise Community Development Sells Auburn Pointe Apartments in Newport News for $28.7M

by John Nelson May 13, 2022

NEWPORT NEWS, VA. — Enterprise Community Development, a nonprofit affordable housing owner and developer based in Silver Spring, Md., has sold the 274-unit Auburn Pointe Apartments in Newport News. An affiliate of Bethesda, Md.-based RailField Partners purchased the property on behalf of its RLM Preservation Fund, which focuses on preserving affordable housing, for $28.7 million. Berkadia represented the seller in the transaction, and Answer Title provided title and escrow services. Built in 1972 at 496 Catina Way in Newport News’ Denbigh neighborhood, Auburn Pointe is located off of I-64. The property’s amenities include a pool, laundry facilities, playground and a fitness center. The buyer will keep units at Auburn Pointe affordable for the foreseeable future.

May 13, 2022

Acquisitions Multifamily New York Northeast

JT Tai & Co. Sells Manhattan Multifamily Portfolio for $41.5M

by Taylor Williams May 13, 2022

NEW YORK CITY — Locally based nonprofit JT Tai & Co. Foundation has sold a portfolio of two multifamily buildings totaling 105 residential and commercial spaces in Manhattan’s East Midtown neighborhood. The four-story building at 959-961 Second Ave. consists of 10 apartments and two commercial units, and the six-story property at 246 E. 46th St. comprises 81 residential units and 12 commercial spaces. Bob Knakal, Clint Olsen, Jonathan Hageman, Eddie Shuai, Stephen Godnick and Jacob Russell of JLL represented JT Tai & Co. in the transaction. The buyer was a locally based private investor who plans to renovate the properties.

May 13, 2022

Acquisitions Midwest Missouri Retail

Rainier Cos. Acquires 545,204 SF Shopping Center in Lee’s Summit, Missouri

by Kristin Harlow May 13, 2022

LEE’S SUMMIT, MO. — The Rainier Cos. has acquired SummitWoods Crossing in Lee’s Summit within metro Kansas City for an undisclosed price. The 545,204-square-foot, Class A shopping center opened in 2001. Some of the tenants include T.J. Maxx, Bed Bath & Beyond, Old Navy, Kohl’s, Petco and Ulta. The transaction marks Rainier’s 13th shopping center acquisition in the last five years and grows its retail portfolio to more than 5 million square feet nationally. Sunny Sajnani of Institutional Property Advisors, a division of Marcus & Millichap, arranged a five-year acquisition loan. Rainier will provide property management and leasing services for SummitWoods Crossing.

May 13, 2022

Acquisitions Healthcare Midwest Ohio

Davis Sells Medical Office Building in Suburban Columbus for $27.7M

by Kristin Harlow May 13, 2022

NEW ALBANY, OHIO — Minneapolis-based healthcare real estate firm Davis has sold New Albany Medical Building II on the Mount Carmel Surgical Hospital campus for $27.7 million. The 59,233-square-foot medical office building is located in the Columbus suburb of New Albany. Davis acquired the asset in late 2019. The building is now 95 percent leased to tenants such as New Albany Surgery Center, OrthoNeuro, 161 Dental Studio, Ohio Skin, Capitol Pain and Stephen Webster Endodontics. Milwaukee-based Physicians Realty Trust was the buyer.

May 13, 2022

Acquisitions Industrial Iowa Midwest

Matthews Real Estate Brokers $17.5M Sale of Amazon-Occupied Distribution Center Near Des Moines

by Kristin Harlow May 13, 2022

GRIMES, IOWA — Matthews Real Estate Investment Services has brokered the $17.5 million sale of an Amazon-occupied distribution center in Grimes, about 16 miles northwest of Des Moines. Built in 2019 and located at 1301 Southeast Gateway Drive, the property spans 109,786 square feet. Alexander Harrold of Matthews represented the buyer, a Los Angeles-based family office completing a 1031 exchange. The buyer was seeking an investment opportunity in the Midwest that would provide higher yields compared with California, according to Matthews. Matt Berres, Samer Khalil, Karick Brown and Jeffrey Miller of Newmark represented the seller, Briar Capital Management.

May 13, 2022

Acquisitions New Jersey Northeast Retail

IPA Brokers Sale of 109,828 SF Shopping Center in Union, New Jersey

by Taylor Williams May 13, 2022

UNION, N.J. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Greenleaf at Union, a 109,828-square-foot shopping center in Northern New Jersey. Built in 2017 and anchored by LA Fitness and Bob’s Discount Furniture, the property was fully leased at the time of sale. Other tenants include Sleep Number, First Watch, Red Wing Shoes and Crumbl Cookies. Brad Nathanson and Steven Siegel of IPA represented the seller, Sun Equity Partners LLC, in the transaction. The duo also procured the buyer, Prestige Properties.

May 13, 2022

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