Acquisitions

Berkadia Arranges Sale of 319-Unit Apartment Community in Katy, Texas

by Taylor Williams April 19, 2022

KATY, TEXAS — Berkadia has arranged the sale of Boardwalk Lofts, a 319-unit apartment community in the western Houston suburb of Katy. Developed by Houston-based Sueba USA in 2021, Boardwalk Lofts offers one-, two- and three-bedroom units ranging in size from 520 to 1,914 square feet. Units feature stainless steel appliances, brushed nickel hardware, granite countertops, wood-style flooring and patios/balconies. Amenities include two pools, an outdoor kitchen with gas grills, business center, fitness center, coffee bar, walking trails and valet trash service. Jeffrey Skipworth, Kyle Whitney, Joey Rippel, Chris Young, Chris Curry and Todd Marix of Berkadia represented Sueba USA in the sale. The buyer and sales price were not disclosed.

April 19, 2022

Acquisitions Retail Texas

Triten Real Estate Begins Redevelopment of 300,000 SF Market Square Mall in Plano

by Taylor Williams April 19, 2022

PLANO, TEXAS — Texas-based development and investment firm Triten Real Estate Partners has begun the redevelopment of Market Square Mall, a 300,000-square-foot shopping and dining destination located north of Dallas in Plano. The firm originally acquired the 26-acre property, which was built in the mid-1980s, in January 2021. Plans for the redevelopment, which will be branded Assembly Park, currently call for 180,000 square feet of office space, 16,500 square feet of retail and restaurant space and 305 residential units, all of which will surround a central park. Agent Architecture and Michael Hsu Office of Architecture are handling design of the project, with GFF serving as the architect of record and lead designer of the multifamily component. Newmark is leasing the office space. Completion is slated for late 2023.

April 19, 2022

Acquisitions Multifamily Seniors Housing Texas

Blueprint Negotiates $52M Sale of Seniors Housing Portfolio in Texas

by Taylor Williams April 19, 2022

CHICAGO — Blueprint Healthcare Real Estate Advisors has brokered the sale of four seniors housing communities in Texas, one in each of the four major markets (Dallas, Houston, Austin and San Antonio), for $52 million. The portfolio totals 315 skilled nursing beds and 24 assisted living beds. All facilities were constructed between 2017 and 2018 and feature resort-style amenities with therapy and rehabilitation gyms. The buyer and seller were not disclosed.

April 19, 2022

Acquisitions Industrial Midwest Missouri Office

ElmTree Funds Acquires Seven Industrial, Office Properties for $800M

by Kristin Harlow April 19, 2022

ST. LOUIS — St. Louis-based ElmTree Funds has acquired seven industrial and office properties across the U.S. for approximately $800 million. The single-tenant, net-leased properties span 3.2 million square feet and are fully leased with a weighted average lease term of 13.7 years. The assets are in markets such as Minneapolis, Seattle and Raleigh. ElmTree, a real estate private equity firm that manages capital on behalf of institutional and private investors, made the acquisitions in the first quarter of 2022.

April 19, 2022

Acquisitions Development Michigan Midwest Multifamily

Friedman Brokers Sale of Michigan’s Southgate Tower in Advance of Redevelopment Project

by Kristin Harlow April 19, 2022

SOUTHGATE, MICH. — Friedman Real Estate has brokered the sale of Southgate Tower in Southgate, a southwest suburb of Detroit. The sales price was undisclosed. Rising 14 stories and constructed in the early 1970s, Southgate Tower is a former bank office building that now sits vacant. The buyer, Southgate Tower LLC, plans to undertake a massive redevelopment project. Upon full buildout, the project will consist of 201 apartment units. The construction timeline is 24 to 30 months. Friedman’s Andrew Ledger represented the buyer in the transaction. The seller was undisclosed.

April 19, 2022

Acquisitions Multifamily New York Northeast

A&E Real Estate Acquires Manhattan Apartment Building for $42.5M

by Taylor Williams April 19, 2022

NEW YORK CITY — Locally based investment firm A&E Real Estate has acquired a 20-story apartment building located at 1080 Amsterdam Ave. in Manhattan’s Morningside Heights neighborhood for $42.5 million. The 96-unit building was originally constructed in 1931 to house the staff of St. Luke’s-Roosevelt Hospital. The seller, SL Green Realty Corp. (NYSE: SLG), acquired 1080 Amsterdam in 2014 in a partnership with Stonehenge NYC and repositioned the asset. Amenities now include a fitness center, resident lounge, bike storage space and 24-hour lobby attendance.

April 19, 2022

Acquisitions New York Northeast Retail

RIPCO Real Estate Brokers $5.6M Sale of Long Island Retail Property Leased to CVS

by Taylor Williams April 19, 2022

WEST HEMPSTEAD, N.Y. — RIPCO Real Estate has brokered the $5.6 million sale of a 10,125-square-foot retail building located in the Long Island community of West Hempstead. The property is leased to CVS through 2032. A partnership between two locally based limited liability companies sold the asset to private investor Kenny Mauer. Stephen Preuss, Kevin Louie, Gene Spiegelman, Kevin Schmitz and Andreas Efthymiou of RIPCO brokered the deal.

April 19, 2022

Acquisitions Colorado Industrial Western

Stockbridge Purchases Fully Occupied 1.3 MSF Industrial Portfolio in Denver

by Amy Works April 19, 2022

DENVER — Stockbridge has acquired an eight-building industrial portfolio in Denver. The name of the seller and acquisition price were not released. Totaling more than 1.3 million square feet of infill industrial space, the portfolio includes: Table Mountain Commerce Center, 16163 W. 45th Drive West 53rd Place, 445 W. 53rd Place Leyden I, 4735-4795 Leyden St. Leyden II, 4725 Leyden St. Denver Business Center 5, 11175 E. 55th Ave. Denver Business Center, 11605 E. 55th Ave. Moline Distribution Center, 4865 Moline St. Moncrieff Distribution Center, 14303 E. Moncrieff Place Built between 1971 and 2009, the buildings offer clear heights ranging from 22 feet to 32 feet. At the time of sale, the portfolio was fully leased to 25 tenants in variety of industries, including electrical supplies; warehouse and distribution; manufacturing; construction and building materials; technology; and consumer goods. Jim Bolt, Tyler Carner, Jeremy Ballenger and Jessica Ostermick of CBRE’s Denver office represented the seller in the deal.

April 19, 2022

Acquisitions California Industrial Western

JLL Income Property Trust Buys South San Diego Distribution Center for $158.5M

by Amy Works April 19, 2022

SAN DIEGO — JLL Income Property Trust has purchased South San Diego Distribution Center, a three-building industrial portfolio in San Diego. Affiliates of Murphy Development Co. sold the asset for $158.5 million. Totaling 665,000 square feet, the three properties were 96 percent leased to eight tenants at the time of sale. The investment was acquired through the assumption of an in-place, $72.5 million first mortgage at a 3.18 percent fixed interest rate. The financing features interest-only payments for another four years with maturity in 2031. The acquisition also includes the issuance of $75 million in operating partnership units to the sellers. The balance of the purchase was funded with cash.

April 19, 2022

Acquisitions California Multifamily Seniors Housing Washington Western

Merrill Gardens, NHI Acquire Six-Property Independent Living Portfolio in California, Washington

by Amy Works April 19, 2022

CALIFORNIA AND WASHINGTON — A joint venture between owner-operator Merrill Gardens and publicly traded REIT National Health Investors (NYSE: NHI) has acquired six independent living communities located on the Pacific Coast. The communities were formerly managed by Holiday Retirement, and more recently, Atria Senior Living. The price and seller were not disclosed. The communities will be rebranded as part of the Truewood by Merrill brand. The properties include: Truewood by Merrill, Fig Garden; Fresno, Calif.; 103 units Truewood by Merrill, Modesto; Modesto, Calif.; 120 units Truewood by Merrill, Pinole; Pinole, Calif.; 98 units Truewood by Merrill, Roseville; Roseville, Calif.; 117 units Truewood by Merrill, West Covina; West Covina, Calif.; 110 units Truewood by Merrill, Vancouver; Vancouver, Wash.; 103 units NHI was already the owner of the communities and leased them to third-party operators. The acquisition brings in Merrill Gardens as the new operator under a joint-venture structure rather than a lease.

April 19, 2022

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