HARTFORD, CONN. — Northeast Private Client Group has arranged the $16.5 million sale of two multifamily portfolios totaling seven buildings and 182 units in Hartford. The South End Portfolio comprises four buildings and 131 units, and the West End Portfolio consists of three buildings totaling 51 units. Taylor Perun and Alex Burr of Northeast Private Client Group represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
BROOMFIELD, COLO. — Tepuy Properties has acquired a warehouse facility, located at 2360 Industrial Lane in Broomfield, for an undisclosed price. The building marks Tepuy’s largest ever capital raise, with a goal of $6.5 million. The company plans to use the money to purchase the building, upgrade it and re-tenant it. Situated on 5.5 acres, the property features 62,970 square feet of warehouse space. The building currently houses two short-term tenants, but Tepuy plans to renovate the building and eventually lease the property to up to six long-term tenants. The name of the seller was not released.
ITHACA, N.Y. — California-based brokerage firm Hanley Investment Group has arranged the $2.4 million sale of a 7,500-square-foot restaurant building in the upstate New York community of Ithaca that is fully leased to Texas Roadhouse. The property was built on 1.4 acres in 2015. Jeff Lefko and Bill Asher of Hanley Investment Group, along with Parasell Inc., represented the California-based buyer in the transaction. Dalton Barnes of Alpha Real Estate Advisors represented the Chicago-based seller.
FLORIDA, NORTH CAROLINA AND TENNESSEE — Clarion Partners LLC and Blackfin Real Estate Investors LLC have acquired a 12-property multifamily portfolio totaling 3,564 units for $885.5 million. The assets are located in the Sun Belt markets of Tampa, Fla.; Orlando, Fla.; Melbourne, Fla.; Charlotte, N.C.; Wilmington, N.C.; and Nashville, Tenn. A partnership between PGIM Real Estate and CARROLL was the seller. The garden-style, Class B communities were built between 1972 and 1995. Amenities at the properties include clubhouses, pools, fitness centers and basketball and tennis courts. Clarion and Blackfin plan to upgrade both unit interiors and community amenities. The majority of the units will be updated with new vinyl floors, appliances, countertops and LED lights. “This acquisition further strengthens our position in fast-growing Sun Belt markets and also gives us exposure to a high-growth portfolio of seasoned multifamily properties which we can own below replacement cost and renovate for yield enhancement,” says Thomas James, managing director with Clarion. Greystar will serve as property manager for the six properties in Florida and Tennessee, while Durcker & Falk will manage the North Carolina communities. DLA Piper served as legal counsel for Clarion. Eastdil Secured brokered the transaction. New York-based Clarion is a …
BEAVERTON, ORE. — Next Wave Investors has purchased two apartment properties in Beaverton for a total of $30.5 million. The communities are the 62-unit The Huntley and the 48-unit Parker Apartments. The seller was not disclosed. Located at 12310 SW Center St., The Huntley sold for $18 million and has nine remaining unrenovated units. Located at 17135 SW Heritage Court, Parker Apartments sold for $12.5 million and features 12 classic units that Next Wave plans to modernize. The buyer also plans to install HVAC systems in all units at both properties.
ARVADA, COLO. — Stan Johnson Co. has facilitated the sale of a Class B office building located at 6850 W. 52nd Ave. in Arvada. A Louisiana-based private investor acquired the property from a Washington-based individual investor for $3 million. Built in 1998 on 2.6 acres, the two-story, 28,492-square-foot property is occupied by multiple tenants, including HomeGuard Services and Venture Financial. At the time of sale, the asset was 91 percent leased. Craig Tomlinson of Stan Johnson Co. represented the buyer in the deal.
ESTACADA, ORE. — Norris & Stevens has arranged the sale of Viewpoint Restaurant, located at 20189 and 20195 S. Springwater Road in Estacada. Shadado Inc., doing business as Bent Shovel Brewing, purchased the property for an undisclosed price. Situated on 4.5 acres, the 10,000-square-foot restaurant features views of Mt. Hood, 32 parking spaces and access to Milo McIver State Park. Bent Shovel Brewing creates hand-crafted ales and lagers on a 10-barrel system along the Clackamas River in Oregon City. The Viewpoint Restaurant will remain a full-service restaurant, bar, beer garden and patio, as well as a small music venue. Tim Pfeiffer of Portland-based Norris & Stevens represented the buyer, while Mike Foley of First Commercial Real Estate represented the seller in the deal. The seller and price were not disclosed.
TUCSON, ARIZ. — Villa Delano Partners LLC has acquired an apartment community, located at 123 W. Delano in Tucson, from 123 Delano LLC for $4.8 million. Villa Delano Apartments features 32 apartments. Allan Mendelsberg and Conrad Joey Martinez of Cushman & Wakefield|PICOR represented the seller and buyer in the transaction.
HOUSTON — Northmarq has arranged the sale of Urban Palms, a 659-unit apartment community in the Chinatown area of West Houston. The property was built in 1979 and renovated in 2017. Units feature energy-efficient appliances, washer/dryer connections and private balconies/patios. Amenities include two pools, a fitness center, business center, playground, grilling and picnic areas and onsite laundry facilities. Justin Chambers and Scott Lamontagne of Northmarq represented the Southern California-based seller and the undisclosed buyer in the transaction. Joel Heikenfeld, James Currell and Emily Balazik, who are also with Northmarq, arranged acquisition financing and joint venture equity for the deal.
MIAMI BEACH, FLA. — BH Properties, a private real estate investment firm based in Los Angeles, has purchased Lincoln Center, a 129,360-square-foot retail destination in Miami Beach. Vornado Realty Trust sold the asset to BH Properties, marking the firm’s entry to the Miami market. The sales price was not disclosed, but South Florida Business Journal reported the property traded for $93.6 million. Built in 1999, the four-story building is situated on a full city block in the South Beach neighborhood along Lincoln Road, which is Miami’s high-street retail corridor. An 18-screen Regal Cinema, the only movie theater in South Beach, anchors the property. Regal recently extended its lease, according to BH Properties. The asset was 74 percent leased at the time of sale to tenants including French apparel retailer Zadig & Voltaire, fine art gallery Romero Britto, Ben & Jerry’s, Doraku Sushi and restaurant Wok to Walk. The property also includes an attached, 291-space parking garage.
