Acquisitions

Coldwell Banker Commercial Brokers $3.6M Sale of Medical Office Property in Vero Beach, Florida

by Julia Sanders April 13, 2022

VERO BEACH, FLA. — Coldwell Banker Commercial has brokered the sale of a medical and professional office property in Vero Beach. The sales price was $3.6 million. Andrew Gonzalez and Linda Gonzalez of Coldwell Banker Commercial Paradise represented the undisclosed seller in the transaction. Built in 1986, the two-story, 40,000-square-foot building is situated on 4.2 acres of land and has onsite parking. Located at 333 17th St., the property is 79.5 miles from the Palm Beach International Airport.

April 13, 2022

Acquisitions Connecticut Northeast Retail

Colliers Brokers Sale of 175,000 SF Liberty Rock Shopping Center in Milford, Connecticut

by Taylor Williams April 13, 2022

MILFORD, CONN. — Colliers has brokered the sale of Liberty Rock Shopping Center, a 175,000-square-foot shopping center in Milford, located in the southern central part of the state. Tenants at Liberty Rock Shopping Center include Ocean State Job Lot, Dollar Tree, Walgreens and Taco Bell. John Cafasso and Ian Hunt of Colliers represented the seller and procured the buyer, a locally based development and investment firm, in the transaction. Both parties requested anonymity.

April 13, 2022

Acquisitions California Retail Western

Faris Lee Investments Negotiates $19.7M Acquisition of Value-Add Shopping Center in Temecula, California

by Amy Works April 13, 2022

TEMECULA, CALIF. — Faris Lee Investments has negotiated the sale of a value-add shopping center located at 32881-32965 Temecula Parkway in Temecula. California-based Centers Dynamic Partners and United Growth acquired the property from Vail Commercial for $19.7 million. Best Buy and Fitness 19 are tenants at the 70,418-square-foot shopping center, which is situated on 7.6 acres. Joe Chichester and Matt Brooks of Faris Lee Investments represented the buyer in the transaction.

April 13, 2022

Acquisitions Midwest Minnesota Multifamily Top Stories

CBRE Investment Management Acquires The Berkman Luxury Apartment Complex in Rochester, Minnesota for $187.6M

by Kristin Harlow April 13, 2022

ROCHESTER, MINN. — CBRE Investment Management has acquired The Berkman, a 350-unit luxury apartment complex in Rochester, a city in Southeast Minnesota. The purchase price was $187.6 million, according to local media reports. The sellers were Kayne Anderson Real Estate and Alatus LLC. Located at 217 14th Ave. SW, The Berkman sits across the street from the Mayo Clinic’s Saint Marys Campus, which is the nation’s largest intensive care unit. The property is also less than one mile from the Mayo Clinic’s downtown campus. The community opened in 2020. The Berkman features several environmentally friendly components, including low-flow plumbing fixtures, efficient electric heat pumping technology and sustainable building materials. David Selznick, chief investment officer with Kayne Anderson, says the objective of the development was to provide an environmental, social and governance (ESG)-oriented community to support the Mayo Clinic’s staff, patients and overall Rochester resident base. “We believe that this asset’s proximity to the area’s elite base of education, research and world-renowned medical institutions, combined with strong demographic fundamentals, will position this property as a quality asset that will capitalize on durable demand from ‘eds and meds,’” says Benjamin Green, managing director of residential transactions at CBRE Investment Management. Community amenities …

April 13, 2022

Acquisitions Arizona Industrial Western

ABI Multifamily Brokers $33.5M Sale of Park Central Luxury Townhomes in Phoenix

by Amy Works April 12, 2022

PHOENIX — ABI Multifamily has arranged the sale of Park Central Luxury Townhomes, a rental property located at 917 W. Glendale Ave. in Phoenix. Arizona-based FSO Capital Partners acquired the asset from California-based Next Wave Investors for $33.5 million, or $598,214 per unit. Completed in 2020, Park Central Townhomes features 56 townhomes residences spread across 28 two-story buildings on 3.3 acres. The property offers 54 three-bedroom/two-and-a-half bath and two four-bedroom/three-and-a-half bath units. Unit amenities include individual hot water heaters and HVAC units; quartz countertops; tile and hardwood flooring; walk-in closets; soft-close cabinets; backyards and walk-out balconies; washers/dryers; fully equipped kitchens; and attached direct-access two-car garages. Community amenities include gated access and a pool. Alon Shnitzer, Rue Bax, Eddie Chang and Doug Lazovick of ABI Multifamily Institutional Apartment Group represented the buyer and seller in the deal.

April 12, 2022

Acquisitions Colorado Multifamily Western

Berkadia Negotiates $9M Sale of Domain at Wash Park Apartments in Denver

by Amy Works April 12, 2022

DENVER — Berkadia has arranged the sale of Domain at Wash Park, a mid-rise apartment community in Denver. A California-based buyer acquired the property for $9 million, or $450,000 per unit, from an undisclosed seller. Built in 2014 at 300 S. Lafayette St., Domain at Wash Park features 20 one- and two-bedroom apartments. At the time of sale, the community was 95 percent occupied. Nick Steel, John Laratta, Tyler King and Nate Moyer of Berkadia Denver represented the seller in the deal.

April 12, 2022

Acquisitions Florida Mixed-Use Southeast

East End, BentallGreenOak Sell Mixed-Use Center in Miami Beach for $52.5M

by Julia Sanders April 12, 2022

MIAMI BEACH, FLA. — In a joint venture, East End and BentallGreenOak have sold 555 Washington, a mixed-use asset in Miami Beach totaling 65,746 square feet of office and retail space. Hermen Rodriguez, Ike Ojala and Matthew McCormack of JLL represented the seller and procured the buyer, a partnership between Greenmont Group and Boston-based Davis. The sales price was $52.5 million. Renovated in 2015, 555 Washington offers 44,516 square feet of creative office space, along with 21,230 square feet of ground-floor retail space. The property was 82 percent leased at the time of sale to 11 tenants, including CVS/pharmacy, Wells Fargo and Warner Music Group. 555 Washington also includes a six-story, 243-space parking garage. 555 Washington is located at the corner of Washington Avenue and 5th Street. The property is also situated 11.9 miles from Miami International Airport and 5.2 miles from downtown Miami.

April 12, 2022

Acquisitions Florida Multifamily Southeast

ZMR Capital Purchases Two Multifamily Properties in Metro Orlando Totaling 560 Units

by Julia Sanders April 12, 2022

APOPKA AND KISSIMMEE, FLA. — Orlando-based ZMR Capital has purchased two multifamily communities in metro Orlando totaling 560 units. The two properties include Laurel at Altamonte Apartments in Apopka (240 units) and Camila in Kissimmee (320 units). Shelton Granade and Luke Wickham of Institutional Property Advisors, a division of Marcus & Millichap, represented the undisclosed seller in the transaction. The sales price was not disclosed. Built in 2000, the Laurel at Altamonte features 11 two-story buildings spread over 14.5 acres. Unit features include quartz countertops, oversized closets, laundry rooms and wood-plank flooring. Community amenities include a fitness center, pool, private garages and a bark park with a pet washing station. Built in 1990, Camila has 14 three-story buildings spread over 27 acres. Unit features include granite countertops, walk-in closets, screened patios or balconies, large windows and washers and dryers in each residence. Community amenities include a pool, heated Jacuzzi, pool deck, fitness center and a clubhouse. Both properties feature one-, two- and three-bedroom floorplans. The common areas and exteriors at each property have all been upgraded. ZMR Capital plans to initiate a capital improvement plan at both properties designed to upgrade all unit interiors with modern features such as stainless …

April 12, 2022

Acquisitions Multifamily Southeast Tennessee

CBRE Arranges $14.9M Sale of Eastland Apartment Community in Nashville

by Julia Sanders April 12, 2022

NASHVILLE, TENN. — CBRE has arranged the $14.9 million sale of The Eastland, a 49-unit apartment community in Nashville. A Virginia-based investor, Cherner Development Group, purchased the property. Brett Carr of CBRE represented the seller, Dallas-based investor Lion Real Estate Group, in the transaction. The Eastland is a five-story multifamily building that offers one- and two-bedroom floorplans. The average unit size is 571 square feet. Completed in 2017, The Eastland features ground floor retail space. Community amenities include a fitness center, lounge and onsite maintenance. The building was 96 percent occupied at the time of sale. Located at 1035 W. Eastland Ave., the community is situated 10.1 miles from Nashville International Airport and 2.8 miles from downtown Nashville.

April 12, 2022

Acquisitions Florida Retail Southeast

Current Capital Management Acquires Two Shopping Centers in South Florida for $12.8M

by Julia Sanders April 12, 2022

LAKE WORTH BEACH AND WEST PALM BEACH, FLA. — Current Capital Management has acquired two shopping centers in Lake Worth Beach and West Palm Beach for $12.8 million. Todd Nepola of Current Capital Management led the transaction on an internal basis. Chatam Management was the seller. Benedict Gutierrez of Marcus & Millichap arranged the transaction, and South State Bank provided a $9 million acquisition loan for the buyer. The sold properties include Coco Plum Plaza, a 43,801-square-foot retail center located at 2845 N Military Trail in West Palm Beach, and Shoppes of Lake Worth, a 38,530-square-foot retail center located at 6651 Lake Worth Road in Lake Worth Beach. Both properties were fully occupied at the time of sale. The new owners plan to implement minor upgrades such as fresh paint and the addition of LED lighting throughout, as well as landscaping and signage upgrades.

April 12, 2022

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