Acquisitions

CBRE Arranges $89M Acquisition Loan for Multifamily Property in Stamford, Connecticut

by Taylor Williams March 4, 2022

STAMFORD, CONN. — CBRE has arranged an $89 million acquisition loan for a 344-unit multifamily property located at 75 Tresser Blvd. in Stamford. The property was built in 2014 and features studio, one-, two- and three-bedroom units with stone countertops and individual washers and dryers, as well as private patios and balconies in select residences. Amenities include a pool, outdoor grilling areas, a media center, conference room, lounge, fitness center and a demonstration kitchen. Jason Gaccione, Shawn Rosenthal, Jake Salkovitz and Lauren Weinstein of CBRE arranged the loan through Apollo Global Management on behalf of the borrower, a partnership between Monday Properties and Washington Capital.

March 4, 2022

Acquisitions Connecticut Northeast Office

BDP Holdings Acquires 310,000 SF Office Building in Stamford, Connecticut

by Taylor Williams March 4, 2022

STAMFORD, CONN. — New Jersey-based investment firm BDP Holdings has acquired a 310,000-square-foot office building in Stamford, located in the southern coastal part of the state. The property was built on 22.7 acres in 1995 and was fully leased to Pitney Bowes Inc., a provider of shipping and mailing supplies and services for e-commerce firms, at the time of sale. Amenities include a cafeteria, fitness center and outdoor gathering areas. The seller and sales price were not disclosed.

March 4, 2022

Acquisitions Industrial New Jersey Northeast

Oxford Properties, EverWest Buy 78,000 SF Warehouse in East Brunswick, New Jersey

by Taylor Williams March 4, 2022

EAST BRUNSWICK, N.J. — A joint venture between global asset manager Oxford Properties Group and Denver-based EverWest Real Estate Investors has purchased a 78,000-square-foot warehouse in East Brunswick, about 40 miles south of Manhattan. The sales price was $18 million. The property was vacant at the time of sale, and the new ownership plans to redevelop the eight-acre site to house a modern logistics facility. The seller was not disclosed.

March 4, 2022

Acquisitions Affordable Housing Arizona Multifamily Western

ABI Multifamily Brokers $37.5M Sale of Vicinity Apartments in North Central Phoenix

by Amy Works March 4, 2022

PHOENIX — ABI Multifamily has negotiated the sale of The Vicinity Apartments, a multifamily community located at 6131 N. 16th St. in Phoenix. The property traded for $37.5 million, or $300,000 per unit. The undisclosed buyer and seller are both based in Arizona. Built in 1975 on 4.3 acres, The Vicinity Apartments features 125 units in 10 two- and three-story buildings. The community features a mix of 49 one-bedroom units, 26 two-bedroom townhome-style units and 50 two-bedroom/two-bath units. Units feature air conditioning/heating, hardwood-style flooring, walk-in closets, a patio or balcony, extra storage and a fully equipped kitchen with oven/range, refrigerator, garbage disposal, microwave and pantry. Community amenities include a swimming pool and spa, fitness center, business center, laundry facility, clubhouse, open courtyard, barbecue grills, picnic area, mature landscaping, controlled access and onsite covered and open parking. Alon Shnitzer, Rue Bax, Eddie Chang and Doug Lazovick of ABI Multifamily’s Phoenix-based Institutional Apartment Group handled the transaction.

March 4, 2022

Acquisitions Oregon Restaurant Retail Western

Pine Tree Acquires 269,710 SF Sunset Esplanade Shopping Center in Hillsboro, Oregon

by Amy Works March 4, 2022

HILLSBORO, ORE. — Northbrook, Ill.-based Pine Tree, in partnership with a U.S. state pension fund, has purchased Sunset Esplanade, a neighborhood retail center in Hillsboro, for $65.9 million. Target, Safeway, Ross Dress for Less, Petco and Starbucks Coffee are tenants at the 269,710-square-foot shopping center, which is located along SE Tualatin Valley Highway. Faris Lee Investments brokered the transaction. The name of the seller was not released.

March 4, 2022

Acquisitions California Office Western

Dornin Investment Group Sells 65,380 SF Office Property in Riverside, California

by Amy Works March 4, 2022

RIVERSIDE, CALIF. — Dornin Investment Group (DIG) has completed the disposition of 2280 Market Street, its fifth and final multi-tenant office building of its five-building Riverside Office Portfolio in Riverside. A California-based company acquired the final asset for $13.1 million, or $200 per square foot. The three-story property features 65,380 square feet of office space. At the time of sale, the building was 68 percent occupied. DIG recently completed renovations to the lobby, common areas and landscaping while building two speculative office suites. Anthony Delorenzo, Sammy Cemo, Bryan Johnson and Doug Mack of CBRE represented DIG in the deal. Tom Pierik and David Mudge of Lee & Associates provided leasing services for the property. The total sales of the portfolio reached $59.4 million, or $266 per square foot. DIG originally purchased the five-property portfolio from an institutional ownership group in October 2018 for $44.3 million, or $198 per square foot.

March 4, 2022

Acquisitions Colorado Restaurant Retail Western

Monfort Cos. Sells Retail Property in Denver’s LoDo Neighborhood for $24M

by Amy Works March 3, 2022

DENVER — Monfort Cos. has completed the sale of 1946 Market Street, a retail building located in Denver’s LoDo neighborhood. Jim Blumenthal, a local real estate investor, acquired the asset for $24 million. Monfort Cos. and Riot Hospitality Group will continue to lease and operate Dierks Bentley’s Whiskey Row, which recently opened in the 22,000-square-foot property following a renovation of the original building, including a 6,000-square-foot addition. Whiskey Row opened in New Year’s Eve.

March 3, 2022

Acquisitions California Multifamily Western

Matthews Brokers $10.1M Sale of Tuscania Apartment Homes in Ventura, California

by Amy Works March 3, 2022

VENTURA, CALIF. — Matthews Real Estate Investment Services has arranged the sale of Tuscania Apartment Homes, a multifamily property at 248 S. Hemlock St. in Ventura. A California-based investor sold the asset to a California-based buyer for $10.1 million. Built in 1965, Tuscania Apartment features 35 one- and two-bedroom units with select units offering ocean views. Daniel Withers, David Harrington and John Boyett of Matthews represented the seller and sourced the buyer in the deal.

March 3, 2022

Acquisitions Industrial Nevada Western

M&J Enterprises Acquires 17,300 SF Industrial Building in Henderson, Nevada

by Amy Works March 3, 2022

HENDERSON, NEV. — M&J Enterprises Construction has purchased an industrial property located at 7501 Eastgate Road in Henderson. Eastgate LLC sold the asset for $3.7 million. Greg Pancirov and Paul Hoyt of RealComm Advisors represented the buyer and seller in the transaction.

March 3, 2022

Acquisitions Multifamily Texas

SWBC Sells Two Dallas-Area Apartment Communities Totaling 566 Units

by Taylor Williams March 3, 2022

ROCKWALL AND MCKINNEY, TEXAS — Locally based developer SWBC Real Estate has sold two apartment communities totaling 566 units in the Dallas area. The Royalton at Rockwall Downes is a 295-unit property located east of Dallas that SWBC built in 2021 and that offers one-bedroom, two-bedroom, and three-bedroom units with an average size of 1,006 square feet. Amenities include a resort-style pool and spa, fitness center and spin studio, dog grooming facility and a gaming center. Central Park at Craig Ranch is a 271-unit community located north of Dallas within the Craig Ranch master-planned development in McKinney that was completed by SWBC in 2019. This property offers the same types of floor plans and a similar amenity package as Royalton at Rockwall Downes. Affiliates of Lightbulb Capital Group, the family office of Los Angeles-based Jay Schuminsky, purchased both properties for undisclosed amounts. Will Balthrope, Drew Kile, Joey Tumminello, Michael Ware and Taylor Hill of Marcus & Millichap’s Institutional Property Advisors (IPA) brokered the deals on behalf of SWBC.

March 3, 2022

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