Acquisitions

Bear Holding Group Sells Gateway Scottsdale Apartment Community in Arizona for $18.2M

by Amy Works February 10, 2022

SCOTTSDALE, ARIZ. — Phoenix-based Bear Holdings Group has completed the sale of Gateway Scottsdale, a multifamily property located at 5245 E. Thomas Road in Scottsdale. Washington-based EZ Real Estate acquired the asset for $18.2 million, or $491 per square foot. Situated on 2.3 acres, the two-story, 37,115-square-foot Gateway Scottsdale features 71 units in a mix of studio, one- and two-bedroom layouts, averaging 523 square feet. Community amenities include a gated entry, swimming pool with sundeck, dog park, central courtyard area with a water feature, barbecue grills and picnic areas. Constructed in 1968, the property was fully remodeled in 2021. Chris Roach, Brad Cooke, Matt Roach and Cindy Cooke of Colliers in Arizona handled the off-market transaction.

February 10, 2022

Acquisitions Colorado Retail Western

IPA Brokers Sale of Sprouts Farmers Market-Occupied Retail Property in Denver

by Amy Works February 10, 2022

DENVER — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of a newly constructed retail building located in Denver. Colorado-based Rustic Partners acquired the property from Evergreen DevCo for an undisclosed price. Evergreen developed the 23,300-square-foot asset as a build-to-suit for Sprouts Farmers Market. The grocery store anchors the new shopping center at the northeast corner of 56th Avenue and Tower Road. Ryan Bowlby and Drew Issac of IPA, along with James Rassenfoss of Marcus & Millichap, represented the seller and procured the buyer in the deal.

February 10, 2022

Acquisitions California Industrial Western

DAUM Negotiates Acquisition of Two Industrial Buildings Totaling 208,180 SF in Fremont, California

by Amy Works February 10, 2022

FREMONT, CALIF. — DAUM Commercial Real Estate Services has arranged the purchase of two fully leased industrial properties in Fremont. CenterPoint Properties acquired the assets from an undisclosed seller for $86 million. Jordan Lara of DAUM represented the buyer in the deal. Situated on 13.7 acres at 41099 Boyce Road, the properties offer a total of 208,180 square feet of industrial space with 28-foot clear heights and a fully secured site.

February 10, 2022

Acquisitions Arizona Loans Office Western

Gantry Arranges $15.5M Acquisition Financing for Office Building in Chandler, Arizona

by Amy Works February 10, 2022

CHANDLER, ARIZ. — Gantry has secured $15.5 million in financing for the acquisition of a three-story office building located at 3377 S. Price Road in Chandler. Workpliciti, a Chandler-based co-working space provider, anchors the 83,000-square-foot property. Craig Hoebing, Chad Metzger and Kevin Valenzuela of Gantry arranged the loan for the borrower, a private investor. Avana Cos. provided the five-year loan, which features a fixed rate and 25-year amortization schedule with no pre-payment penalties.

February 10, 2022

Acquisitions California Loans Multifamily Western

Ready Capital Closes $17.3M Loan for Multifamily Property in Los Angeles

by Amy Works February 10, 2022

LOS ANGELES — Ready Capital has closed $17.3 million in financing for the acquisition, renovation and stabilization of a 94-unit apartment community in Los Angeles’ Norwalk submarket. Upon acquisition, the undisclosed borrower plans to implement a capital improvement plan including taking care of deferred maintenance projects while renovating unit interiors, building exteriors and common areas. Ready Capital closed the non-recourse, interest-only, floating-rate loan, which features a 36-month term, two extension options, flexible prepayment and a facility to provide future funding for capital expenditures.

February 10, 2022

Acquisitions Hospitality Texas

Hodges Ward Elliott Arranges Sale of Three Texas Hotels Totaling 280 Rooms

by Taylor Williams February 10, 2022

ATLANTA — Atlanta-based brokerage firm Hodges Ward Elliott (HWE) has arranged the sale of a portfolio of three select-service hotels in Texas totaling 280 rooms. The portfolio comprises the 109-room Fairfield Inn & Suites Waco North; the 83-room Fairfield Inn & Suites Marshall; and the 88-room Holiday Inn Express & Suites Dallas South Desoto. The hotels were respectively built in 2004, 2005 and 2007. Austin Brooks led the HWE team that represented the seller, Avatar Hotel Group, in the transaction. Houston-based hospitality investment firm Wolfgramm Capital purchased the portfolio for an undisclosed price. Wolfgramm Capital also acquired Avatar’s management operations as part of the deal.

February 10, 2022

Acquisitions Multifamily Texas

Newmark Brokers Sale of 192-Unit Joseph at Huebner Apartments in San Antonio

by Taylor Williams February 10, 2022

SAN ANTONIO — Newmark has brokered the sale of The Joseph at Huebner, a 192-unit apartment community in north-central San Antonio. Built in 1983, the 16-building complex features one- and two-bedroom units with an average size of 846 square feet. Amenities include a pool, fitness center, outdoor grilling areas and a dog wash station. Matt Michelson and Patton Jones of Newmark represented the seller, a partnership between RSN Property Group and Wildhorn Capital, in the transaction. The buyer, First Capital Advisors, an investment and management firm with offices in Austin and Chicago, plans to implement a value-add program.

February 10, 2022

Acquisitions Development Midwest Minnesota Multifamily

JLL Negotiates Sale of Multifamily Development Site in Minneapolis

by Kristin Harlow February 10, 2022

MINNEAPOLIS — JLL Capital Markets has negotiated the sale of a multifamily development site on Oak Grove Street in the Loring Park neighborhood of Minneapolis. The sales price was undisclosed. The buyer is an affiliate of Linden Street Investments, which also has developments in downtown east and the southwest suburbs of Minneapolis. Josh Talberg, Mox Gunderson, Dan Linnell and Adam Haydon of JLL represented the seller, The Woman’s Club of Minneapolis. The site is home to the club’s former parking lot. The buyer’s development plans were not released.

February 10, 2022

Acquisitions Midwest Retail Wisconsin

Stan Johnson Co. Brokers $9.8M Sale of Two Childcare Centers in Suburban Milwaukee

by Kristin Harlow February 10, 2022

NEW BERLIN AND MENOMONEE FALLS, WIS. — Stan Johnson Co. has brokered the sale of two childcare centers net leased to The Learning Experience in suburban Milwaukee for $9.8 million. Both locations were built in 2020 and are situated in New Berlin and Menomonee Falls. Brandon Duff and Matt Spangenberg of Stan Johnson represented the sellers, two private entities based in Atlanta and Chicago. Milo Spector of Stan Johnson represented the San Francisco-based buyer, which completed a 1031 exchange.

February 10, 2022

Acquisitions Illinois Industrial Lee & Associates Midwest

Lee & Associates Arranges Sales of Two Industrial Buildings Totaling 168,636 SF in Illinois

by Kristin Harlow February 10, 2022

ST. CHARLES AND BATAVIA, ILL. — Lee & Associates has arranged the sales of two industrial buildings totaling 168,636 square feet in central Kane County, which is located west of Chicago. In the first transaction, a 102,000-square-foot building in St. Charles sold to a publicly traded REIT. Michael Androwich Jr. of Lee & Associates represented the buyer, while Jeff Holmes of Regional Realty represented the seller, Wise Plastics. In the second transaction, Androwich represented buyer WP Industries in its purchase of a 66,636-square-foot building at 1260 Kingsland Drive in Batavia. Ellerman Commercial represented the undisclosed seller.

February 10, 2022

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