Acquisitions

Kidder Mathews Arranges $58.3M Sale of Two Multifamily Buildings in West Seattle

by Amy Works April 20, 2022

SEATTLE — Kidder Mathews has brokered the sale of a portfolio of apartment properties located in the Junction neighborhood of West Seattle. The communities sold for a combined price of $58.3 million. The names of the seller and buyer were not released. The portfolio includes an 80-unit building that opened in 2016 and a 62-unit building that opened in 2020. The properties are located at Junction Flats at 4433 42nd Ave. SW and Junction Landing at 4417 42nd Ave. SW. Jerrid Anderson, Brandon Lawler and Dylan Simon of the Simon and Anderson Team at Kidder Mathews’ Seattle headquarters represented the seller and directly sourced the buyer in the transaction.

April 20, 2022

Acquisitions Affordable Housing Multifamily Texas

Comunidad Partners Acquires 437-Unit Affordable Housing Community in East Dallas

by Taylor Williams April 20, 2022

DALLAS — Comunidad Partners, an investment firm that specializes in affordable and workforce housing, has acquired Villas del Zocalo, a 437-unit affordable housing community in East Dallas. Taylor Snoddy of Northmarq brokered the deal. The seller and sales price were not disclosed. The new ownership plans to invest in capital improvements to preserve the property’s affordability status. Specific information on income restrictions was not disclosed.

April 20, 2022

Acquisitions Multifamily Oklahoma Seniors Housing Texas

Plains Commercial Negotiates Sale of 243-Bed Skilled Nursing Portfolio in Oklahoma

by Taylor Williams April 20, 2022

TULSA AND CUSHING, OKLA. — Plains Commercial has arranged the sale of three skilled nursing facilities totaling 243 beds in Tulsa and Cushing, Oklahoma. Two of the buildings were built in the 1960s and 1970s and had undergone extensive renovations in recent years. The third was built in 1997. The seller was a locally based seniors housing operator, and the buyer is one of the largest skilled nursing operators in the state. Both parties requested anonymity. Daniel Morris of Plains Commercial handled the transaction.

April 20, 2022

Acquisitions Multifamily Oregon Western

Trion Properties Divests of Edison Apartments in Gresham, Oregon for $19.5M

by Amy Works April 20, 2022

GRESHAM, ORE. — Trion Properties has completed the disposition of Edison Apartments, a multifamily community located at 1833 6th St. in Gresham, the largest suburb of Portland. An undisclosed buyer acquired the property for $19.5 million. Completed in 2020, Edison Apartments features 64 units with in-unit washers/dryers, stainless steel appliances, granite countertops, air conditioning, modern wooden blinds, large windows and storage units. Community amenities include onsite parking, a communal picnic area, children’s playground, landscaped grounds and video surveillance. Jordan Carter, Tyler Linn and Clay Newton of Kidder Mathews represented the seller in the transaction.

April 20, 2022

Acquisitions Arizona Healthcare Office Western

Meridian Sells Grunow Memorial Medical Center in Phoenix for $17.9M

by Amy Works April 20, 2022

PHOENIX — Meridian has completed the sale of Grunow Memorial Medical Center, a medical office property located in Phoenix. A private Canadian investor acquired the asset for $17.9 million. Located at 925 E. McDowell, Grunow Memorial Medical Center features 53,000 square feet of medical office space. At the time of sale, the building was 90 percent leased to 12 tenants, including DaVita Dialysis. Lester A. Bryon designed the property, which was constructed in 1931. Mindy Berman of JLL represented Meridian in the transaction.

April 20, 2022

Acquisitions Hospitality Texas

Door Capital Partners Buys 75-Room La Quinta Inn & Suites Hotel in Cedar Park, Texas

by Taylor Williams April 20, 2022

CEDAR PARK, TEXAS — Locally based private equity firm Door Capital Partners has purchased a 75-room La Quinta Inn & Suites hotel in Cedar Park, a northern suburb of Austin. Built in 2009, the Wyndham-branded hotel offers a mix of traditional guestrooms and suites, as well as a fitness center, onsite laundry facilities, indoor pool and 625 square feet of meeting and event space. C.W. Sheehan, Matt Ctvrtlik and Hunt Wood of JLL arranged a five-year, fixed-rate acquisition loan through Alliance Bank Central Texas on behalf of Door Capital Partners.

April 20, 2022

Acquisitions Northeast Pennsylvania Retail

JLL Negotiates Sale of 361,095 SF Exeter Commons Shopping Center in Reading, Pennsylvania

by Taylor Williams April 20, 2022

READING, PA. — JLL has negotiated the sale of Exeter Commons, a 361,095-square-foot shopping center in the Eastern Pennsylvania city of Reading. Grocer Giant Food and Lowe’s Home Improvement anchor Exeter Crossing, which was built in 2009 and was 99.5 percent leased at the time of sale. Other tenants include Ross Dress for Less, PA Wine & Spirits, Five Below, Petco, Staples, Famous Footwear, America’s Best Contacts, Moe’s Southwest Grill, Red Robin, Supercuts and Mattress Firm. Christopher Munley, Jim Galbally and Colin Behr of JLL represented the undisclosed seller in the transaction. Wharton Realty Group purchased the center for an undisclosed price.

April 20, 2022

Acquisitions New York Northeast Office Retail

IPA Arranges $35M Loan for Leasehold Acquisition of Manhattan Office, Retail Building

by Taylor Williams April 20, 2022

NEW YORK CITY — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged a $35 million loan for the leasehold acquisition of 580 Broadway, a 141,645-square-foot office and retail building in Manhattan. Originally constructed in 1898, the 12-story building consists of 8,442 square feet of grade-level retail space, 7,292 square feet of below-grade retail space and 125,911 square feet of office space. Matthew Polci of Marcus & Millichap Capital Corp. and Steven Buchwald of IPA arranged the financing through Miami-based lender BridgeInvest. Justin Natalizio of The Anton Group negotiated the sale of the property via a long-term ground lease.

April 20, 2022

Acquisitions Industrial New Jersey Northeast

NAI Hanson Brokers Sale of 17,316 SF Industrial Building in Maywood, New Jersey

by Taylor Williams April 20, 2022

MAYWOOD, N.J. — NAI James E. Hanson has brokered the sale of a 17,316-square-foot industrial building in the Northern New Jersey community of Maywood. Jonathan Kristofich of NAI Hanson represented the seller, Maywood Realty Corp., in the transaction. David Williams of Weichert Commercial represented the buyer, an entity doing business as 217 Realty LLC. The sales price was not disclosed.

April 20, 2022

Acquisitions Florida Multifamily Southeast

Electra America, AKA Purchase Multifamily Building in West Palm Beach for $84M, Plan Hotel Conversion

by Julia Sanders April 19, 2022

WEST PALM BEACH, FLA. — Electra America Hospitality Group, a joint venture between Electra America and AKA, has purchased a new multifamily property in downtown West Palm Beach for $84 million, with plans to develop a 217-room hotel asset called AKA West Palm. Transwestern Development Co. sold the six-story property. Once redeveloped, AKA West Palm will offer rooms ranging from 351 square feet to over 840 square feet in size. Originally designed as micro-apartments, all suites and residences will have a kitchen or kitchenette to cater to longer-stay guests. The property will also feature 6,000 square feet of ground-floor retail space. Other amenities will include an indoor and outdoor lounge and bar, pool and deck, fitness center, conference room and smaller conference nooks, pet spa and a private residence lounge space for AKA members. The hotel is slated to open this summer. Located at 695 S. Olive Ave., the property is situated one mile from Palm Beach and about four miles from Palm Beach International Airport.

April 19, 2022

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