Acquisitions

CBRE Brokers Sale of 160-Bed Student Housing Property Near UCLA

by Amy Works March 31, 2022

LOS ANGELES — CBRE has arranged the sale of Studio 11024, a 160-bed student housing property serving students attending the University of California, Los Angeles (UCLA). The 31-unit community was built in 2015 in the Westwood neighborhood of Los Angeles. The property offers shared amenities including a fitness center; yoga studio; study center with both private and group study spaces; a community room with a kitchenette; courtyard; grilling station; and two rooftop decks. Jaclyn Fitts, William Vonderfecht, Casey Schaefer, Laurie Lustig-Bower and Kadie Presley Wilson of CBRE represented the seller, Phoenix Property Co., in the disposition of the property to an undisclosed company based in the Los Angeles area.

March 31, 2022

Acquisitions Industrial Northeast Pennsylvania

CRG Sells 311,920 SF Cubes at Emig Road Industrial Facility in York, Pennsylvania

by Taylor Williams March 31, 2022

YORK, PA. — National developer CRG has sold The Cubes at Emig Road, a 311,920-square-foot speculative industrial facility in York. The newly built, cross-dock warehouse sits on 29 acres and features a clear height of 36 feet, high-efficiency LED lighting, 29 dock doors, 149 car parking spaces and 27 trailer stalls. Approximately 125,000 square feet of the building is leased to DCL Logistics, a third-party logistics company based in Fremont, Calif. JLL is marketing the remainder of the space for lease. CRG’s parent company, Clayco, served as design-builder on the project, and its subsidiary, Lamar Johnson Collaborative, was the architect. The buyer was not disclosed.

March 31, 2022

Acquisitions Multifamily New York Northeast

TerraCRG Negotiates $41.8M Sale of Brooklyn Multifamily Portfolio

by Taylor Williams March 31, 2022

NEW YORK CITY — Locally based brokerage firm TerraCRG has negotiated the $41.8 million sale of a portfolio of four rent-stabilized multifamily buildings totaling 246 units in Brooklyn’s Midwood neighborhood that were built in the 1940s. The unit mix consists of four studios, 77 one-bedroom apartments, 100 two-bedroom residences and 25 three-bedroom units. Ofer Cohen, Matt Cosentino, Daniel Lebor, Isaiah Thomas and Ben Robbins of TerraCRG represented the undisclosed seller in the transaction. The buyer was also not disclosed. The deal traded at a sub-5 percent cap rate.

March 31, 2022

Acquisitions Florida Office Southeast

Franklin Street Brokers $9.3M Sale of Office Property in North Miami Beach, Florida

by Julia Sanders March 30, 2022

MIAMI BEACH, FLA. — Franklin Street has brokered the $9.3 million sale of North Miami Beach Financial Center, a two-story office building leased in North Miami Beach. Ivan Herrera of Florida Royalty Investments Group LLC acquired property from Alberto Lensi of Addi Properties. Adam Tiktin and Greg Matus of Franklin Street represented the seller in the transaction. Built in 1972, North Miami Beach Financial Center is located in an opportunity zone and features a two-story Regions Bank branch. The SAE Institute has also been a tenant of the building since 2002. The property features fundamentals including 675 feet of frontage along West Dixie Highway, easy access and parking. Located at 16051 W. Dixie Highway, the property is situated about 17 miles from Miami International Airport and downtown Miami.

March 30, 2022

Acquisitions Multifamily Southeast Virginia

Greysteel Arranges Sale of 40-Unit Multifamily Property in Woodbridge, Virginia

by Julia Sanders March 30, 2022

WOODBRIDGE, VA. — Greysteel has arranged the sale of Friendship Place Apartments, a 40-unit multifamily property in Woodbridge. Kyle Tangney and Max Goldstein of Greysteel represented the undisclosed seller. The sales price and buyer were also not disclosed. Built in 1963, Friendship Place offers one- and two-bedroom floorplans averaging 787 square feet. Community amenities include laundry facilities, and unit features include in-unit washers and dryers. Located at 14400 Gemstone Drive, the property is situated about 16 miles from Washington, D.C. and 45.6 miles from University of Maryland.

March 30, 2022

Acquisitions Arizona Multifamily Western

Weidner Apartment Homes Sells Five-Property Multifamily Portfolio in Tucson for $130M

by Amy Works March 30, 2022

TUCSON, ARIZ. — Weidner Apartment Homes has completed the disposition of Tucson V, a five-property, 880-unit apartment portfolio in Tucson. Western Wealth Capital acquired the assets for $130 million. Hamid Panahi, Steve Gebing and Cliff David of Institutional Property Advisors (IPA), a division of Marcus & Millichap, and procured the buyer in the deal. The properties include: Aventura, 239 units built in 1985 Las Brisas, 248 units built in 1983 Alegria, 161 units built in 1985 The Enclave, 120 units built in 1974 Vista Montana, 112 units built in 1984

March 30, 2022

Acquisitions California Multifamily Western

Lowe, LaSalle Investment Divest of IDEA1 Multifamily Community in San Diego for $106M

by Amy Works March 30, 2022

SAN DIEGO — Lowe and LaSalle Investment Management have completed the disposition of IDEA1, a mid-rise apartment complex located at 895 Park Blvd. in San Diego’s East Village neighborhood. Fairfield acquired the property for $106 million. Built in 2017 by Lowe, LaSalle and I.D.E.A. Partners, the six-story IDEA1 features 295 apartments in a mix of studios, one- and two-bedroom units with 12-foot ceilings, dual-pane vinyl windows, full-size washers/dryers, stainless steel appliances, quartz countertops and an average size of 739 square feet. Community amenities include a glass IDEA Box that serves as a business center, coworking space and conference room that can transform into a giant screen for movies and concerts in the courtyard. Additional amenities include a rooftop clubroom, sundeck with outdoor barbecues and firepits, rooftop spa, 24-hour fitness center, the HUB flexible event space, onsite restaurants and an art gallery. The property also offers 5,533 square feet of retail space and 7,717 square feet of office space, as well as a five-story mural. Darcy Miramontes and Kip Malo of JLL Capital Markets represented the seller in the deal.

March 30, 2022

Acquisitions Affordable Housing California Multifamily Northmarq Western

Northmarq Arranges $79.7M Sale of Towne at Glendale Apartment Complex in Glendale, California

by Amy Works March 30, 2022

GLENDALE, CALIF. — Northmarq has brokered the sale of Towne at Glendale, a multifamily community located in the Verdugo Woodlands area of Glendale. Los Altos, Calif.-based Interstate Equities Corp. sold the asset to a public-private partnership of CSCDA Community Improvement Authority and BLVD Impact Housing for $79.7 million, or $630,000 per unit. Built in 1965, Towne at Glendale features 126 units, averaging 1,136 square feet. The property has undergone major renovations to provide luxury interior features and outstanding amenities. The buyer plans to expand upon the already completed enhancements and lease all units to renters earning between 80 percent and 120 percent of average median income. Shane Shafer and Bryan Schellinger of Northmarq’s Los Angeles investment sales team represented the seller in the transaction.

March 30, 2022

Acquisitions Arizona Development Industrial Western

EastGroup Properties Buys 50 Acres for Development of 655,400 SF Industrial Project in Mesa, Arizona

by Amy Works March 30, 2022

MESA, ARIZ. — EastGroup Properties has assembled and closed on 50 acres in the Phoenix Mesa Gateway Airport submarket for the development of Gateway Interchange, a Class A industrial development. Totaling 655,400 square feet and seven buildings, Gateway Interchange will feature spaces ranging from 13,440 square feet to 180,000 square feet with 28- to 32-foot clear heights, seven-inch floor thickness, abundant power, full concrete truck courts, dock-high and ground-level loading, LED warehouse lighting and ESFR sprinkler system. The buildings will include glass roll-up doors leading out of breakrooms to covered patio areas, six outdoor amenity nodes that are interconnected by trails and feature patio tables and chairs for outdoor dining, as well as turf areas for cornhole and other outdoor games. The project will be developed in two phases, with Phase I consisting of four buildings totaling 359,700 square feet and Phase II is slated for three buildings totaling 295,700 square feet. Willmeng Construction is serving as general contractor and Butler Design Group is serving as architect. Construction of Phase I is slated to begin third quarter of 2022 with delivery by the second quarter of 2023. The project will be developed, owned and managed by EastGroup. Steve Larsen, Pat …

March 30, 2022

Acquisitions California Restaurant Retail Western

Matthews Brokers $9M Sale of Woodland Hills Retail Property in California

by Amy Works March 30, 2022

WOODLAND HILLS, CALIF. — Matthews Real Estate Investment Services has arranged the sale of a retail building located at 5780 Canoga Ave. in Woodland Hills. California-based Bolour Associates acquired the property from California-based Flamingo Investments for $9 million in an off-market transaction. Baja Fresh, Salad Farm and The Stand are tenants at the retail building. Kyle Pari and Michael Pakravan of Matthews Real Estate Investment Services represented the buyer and seller in the transaction.

March 30, 2022

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