Acquisitions

Newmark Brokers Sale of 130,371 SF Lincoln Legacy Two Office Building in Plano

by Taylor Williams May 6, 2022

PLANO, TEXAS — Newmark has brokered the sale of Lincoln Legacy Two, a 130,371-square-foot office building in the Legacy area of Plano. The five-story building was constructed in 2014 and features a tenant lounge, fitness center and a four-story parking garage. Chris Murphy, Robert Hill, Gary Carr and Chase Tagen of Newmark represented the seller, a partnership led by Dallas-based Pillar Commercial, in the transaction. Josh Francis of Newmark arranged acquisition financing on behalf of the buyer, Missouri-based Larson Capital Management. Lincoln Legacy Two was 90 percent leased at the time of sale.

May 6, 2022

Acquisitions Retail Texas

JLL Negotiates Sale of 60,136 West U Marketplace Shopping Center in Houston

by Taylor Williams May 6, 2022

HOUSTON — JLL has negotiated the sale of West U Marketplace, a 60,136-square-foot shopping center in Houston. Whole Foods Market anchors the center, which also houses tenants such as Yoshi Sushi, Natural Pawz, Island Grill, French Cuff Boutique and River Oaks Nail & Spa. Chris Gerard, Ryan West and Katherine Miller of JLL represented the seller, an affiliate of New York-based Camden Securities Co., in the transaction. Brixmor Property Group (NYSE: BRX) acquired the asset for an undisclosed price.

May 6, 2022

Acquisitions Office Texas

SkyWalker Property Partners Sells 36,879 SF Call Center in Wichita Falls, Texas

by Taylor Williams May 6, 2022

WICHITA FALLS, TEXAS — Dallas-based SkyWalker Property Partners has sold a 36,879-square-foot call center located at 2236 Airport Freeway in Wichita Falls, about 140 miles northwest of Fort Worth. Situated on a seven-acre site, the property was fully leased at the time of sale to a subsidiary of customer service and communications firm The Results Cos. The call center was auctioned by Ten-X, with SCM Real Estate brokering for the seller of record, Wichita Calls LLC. The winning bid came from a local 1031 exchange buyer, Star Texan Properties LLC.

May 6, 2022

Acquisitions Arizona Multifamily Western

Liv Communities Sells Liv North Scottsdale Multifamily Community in Arizona for $145M

by Amy Works May 6, 2022

SCOTTSDALE, ARIZ. — Liv Communities has completed the disposition of Liv North Scottsdale, an apartment property located at 15509 N. Scottsdale Road in Scottsdale. An undisclosed buyer acquired the asset for $145 million, or $604,167 per unit. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction. Completed in 2014, Liv North Scottsdale features 240 apartments with nine-foot ceilings, full-size washers/dryers, walk-in closets and private balconies or patios. Community amenities include a resort-style heated pool and spa, a private cabana with flat-screen TVs, rentable storage units, covered parking and structured parking. A rooftop patio features a firepit, outdoor kitchen with barbecue grilling station, bar seating and views of Scottsdale Airpark and the McDowell Mountains.

May 6, 2022

Acquisitions Arizona Multifamily Western

CBRE Brokers $127.8M Sale of Tamarron Multifamily Property in Phoenix

by Amy Works May 6, 2022

PHOENIX — CBRE has arranged the sale of Tamarron, a multifamily community located at 4410 N. 99th Ave. in Phoenix. CX Holdings sold the asset to Decron Properties for $127.8 million. The 328-unit Tamarron features a resort-style swimming pool and spa area; a fully equipped fitness center and sauna; two outdoor basketball courts; resident clubhouse with media room and business center; children’s playground; dog park; barbecue and picnic areas; and parcel package lockers. Asher Gunter, Matt Pesch, Sean Cunningham, Austin Groen and Tyler Anderson of CBRE represented the seller in the transaction. Joseph Dietz of Beacon Investment Real Estate assisted in the transaction as asset manager to the seller and Curt Cranfield represented the seller. Chris Maddox and Vicki Etherton of Landmark Title Assurance Agency handled escrow.

May 6, 2022

Acquisitions Alabama California Loans Net Lease Retail Tennessee Western Wisconsin

Tauro Capital Advisors Arranges $149.7M Bridge Loan for 24-Store Walgreens Portfolio

by Amy Works May 6, 2022

LOS ANGELES — Los Angeles-based Tauro Capital Advisors, on behalf of borrower IBF Properties, has facilitated a $149.7 million, one-year, floating-rate bridge loan for a 24-property Walgreens portfolio. The stores are located in nine states across the United States, primarily in Tennessee, Wisconsin and Alabama. The borrower is purchasing retail assets occupied by investment-grade tenants and plans to create a REIT to hold and operate the portfolio of income-producing real estate. Matt Bucaro, Eric Alvarez, Michael Bucaro, Matthew Ingle and Garryn Laws of Tauro Capital Advisors arranged the financing transaction. Benefit Street Partners was the lender. Totaling 314,852 square feet, the borrower purchased the portfolio in 2021. After acquisition, longer leases were negotiated for the majority of the tenants, which provided stability for those investors purchasing dividends within the REIT and offering a level of commitment by Walgreens to the sites and a low probability of leaving.

May 6, 2022

Acquisitions New York Northeast Office Retail

Joint Venture Buys Ridge Hill Office, Retail Development in Yonkers for $220M

by Taylor Williams May 6, 2022

YONKERS, N.Y. — A joint venture between Nuveen Real Estate, Taconic Partners and North American Properties has acquired Ridge Hill, a 1.2 million-square-foot office and retail development in Yonkers, located north of New York City, for $220 million. Built in 2011, Ridge Hill is currently 71.7 percent leased. Tenants include Whole Foods Market, Lowe’s Home Improvement, Dick’s Sporting Goods, T.J. Maxx, H&M, LA Fitness, L.L. Bean, Showcase Cinemas, Legoland Discovery Center, Guitar Center, The Container Store and Westmed Medical Group. Dave Monahan, Cameron Pittman, Chris Angelone, Jose Cruz and Andrew Scandalios of JLL represented the seller, QIC US Management Inc., in the transaction. Kellogg Gaines, Aaron Niedermayer, Evan Pariser, Claudia Steeb and Joy Dracos, also with JLL, arranged $181.3 million in acquisition financing on behalf of the joint venture, which plans to enhance Ridge Hill’s public spaces, street design and parking areas. The new ownership also plans to target locally inspired food and beverage concepts, as well as national luxury apparel and boutique fitness users.

May 6, 2022

Acquisitions Massachusetts Multifamily Northeast

CBRE Negotiates $103M Sale of Flats on First Apartments in Cambridge, Massachusetts

by Taylor Williams May 6, 2022

CAMBRIDGE, MASS. — CBRE has negotiated the $103 million sale of Flats on First, a newly built, 136-unit apartment complex in Cambridge. Designed by Perkins Eastman and constructed by Tocci Building Cos., Flats on First comprises two buildings that house a mix of one-, two- and three-bedroom units, as well as 15,800 square feet of retail space and a 142-space underground parking garage. Amenities include a clubroom, fitness center, rooftop deck, open-air amphitheater and a landscaped courtyard. Sixteen apartments are reserved as affordable housing for residents earning 80 percent or less of the area median income. Simon Butler, Biria St. John and John McLaughlin of CBRE represented the seller, an affiliate of locally based developer UrbanSpaces, in the transaction. The team also procured the buyer, an affiliate of Barings LLC, an international investment management firm owned by insurance giant MassMutual.

May 6, 2022

Acquisitions Multifamily Western Wyoming

Cushman & Wakefield Negotiates $3M Sale of Apartment Property in Cheyenne, Wyoming

by Amy Works May 6, 2022

CHEYENNE, WYO. — Cushman & Wakefield has arranged the sale of a multifamily complex located at 3306-3310 Myers in Cheyenne. Lazy P Apartments sold the property to Robinson Mountain Investments for $3 million, or approximately $144,000 per unit. At the time of sale, the 21-unit community was 95 percent occupied. Originally built in 1977, but undergoing several renovations in the time since opening, the property offers 21 one- and two-bedroom units and is centrally located within Cheyenne. Jared Goodman and Brian Mannlein of Cushman & Wakefield represented the seller in the transaction.

May 6, 2022

Acquisitions Midwest Office Retail Wisconsin

Klein Development Acquires Historic Three-Story Building in Madison, Wisconsin

by Kristin Harlow May 6, 2022

MADISON, WIS. — Milwaukee-based developer Klein Development, in partnership with Hintz Holdings, has acquired a three-story building located on Madison’s Capitol Square. Located at 14 W. Mifflin St., the property was originally constructed in 1924 as Baron’s Department Store. It is currently home to Rare Steakhouse on the ground floor. The building’s second and third floors boast roughly 20,000 square feet of vacant commercial space. Klein plans to reposition the property with assistance from Eppstein Uhen Architects. Renovations will be made to the first-floor lobby and restrooms on the second and third floors. Chase Brieman of CBRE will handle leasing. The seller and sales price were undisclosed.

May 6, 2022

Newer Posts

Older Posts