Acquisitions

Monument Capital Management Acquires LUX Apartments in Suburban Minneapolis for $9.9M

by Kristin Harlow February 8, 2022

FRIDLEY, MINN. — Monument Capital Management, an A-Rod Corp. company, has acquired LUX Apartments in Fridley, a northern suburb of Minneapolis, for $9.9 million. The 72-unit apartment community is located at 1230 Cheri Lane NE. This is the second acquisition in Minnesota within a week for the firm, which was founded by baseball star Alex Rodriguez and Ramon Corona in 2012. Built in 1963, LUX Apartments is spread across four buildings. Amenities include a barbecue area, dog park, laundry centers and garages. Monument plans to upgrade common areas and units. Ted Brickel of Colliers represented the seller, Quality Trusted Property Management. Monument purchased the asset in a joint venture with unnamed private investors. Monument now owns and manages seven multifamily properties in Minnesota totaling 819 units.

February 8, 2022

Acquisitions Illinois Industrial Midwest

Venture One Buys 37,247 SF Industrial Building in Waukegan, Illinois

by Kristin Harlow February 8, 2022

WAUKEGAN, ILL. — Venture One Real Estate has purchased a 37,247-square-foot industrial building in Waukegan for an undisclosed price. The single-tenant property is located at 1429 Shields Drive. Constructed in 2004, the building features a clear height of 28 feet, four exterior docks, one drive-in door and 5,738 square feet of office space. Venture One plans to make improvements such as office renovations, new paint and new LED lighting. The undisclosed tenant is vacating the property in December of this year. Chris Volkert, Ned Frank and Pat Hake of Colliers will market the building for lease. Venture One’s acquisition fund, VK Industrial V LP, is a partnership between Venture One and Kovitz Investment Group.

February 8, 2022

Acquisitions California Office Western

Prologis Acquires Pacific Vista Office Campus in Orange County for $96M

by Amy Works February 8, 2022

LAKE FOREST, CALIF. — Prologis has purchased Pacific Vista, a corporate office campus at 25500-25550 Commercentre Drive in Lake Forest. An undisclosed party sold the asset for $96 million. Situated on 24.4 acres, Pacific Vista consists of five two-story buildings featuring a 322,262 square feet of Class A office space. At the time of sale, the property was leased to seven long-term tenants. Jason Ward of Cushman & Wakefield represented the buyer, while John Harty, Jeffrey Cole, Nico Napolitano and Ed Hernandez of Cushman & Wakefield represented the seller in the transaction.

February 8, 2022

Acquisitions California Industrial Lee & Associates Western

Lee & Associates Brokers $11.7M Sale of Industrial Building in Vista, California

by Amy Works February 8, 2022

VISTA, CALIF. — Lee & Associates – NSDC has arranged the sale of a single-tenant industrial property located within Oak Ridge Business Center in Vista. Elion Partners acquired the asset for $11.7 million from Tom E. Dixon Trust. The 47,560-square-foot property features three dock-high doors, two grade-level doors and heavy power. Additionally, the building is 100 percent temperature controlled. Rusty Williams, Chris Roth and Jack Rubendall of Lee & Associates Williams-Roth Group represented the seller, while Greg Pieratt of Lee & Associates represented the buyer in the deal.

February 8, 2022

Acquisitions Multifamily Texas

Conti Capital Acquires 300-Unit Pioneer Hill Apartments in Northeast Austin

by Taylor Williams February 7, 2022

AUSTIN, TEXAS — Dallas-based Conti Capital has acquired Pioneer Hill, a 300-unit apartment community located at 1625 Edgeworth Bend in northeast Austin. The property was built in 2021, according to Apartments.com. Units feature one-, two- and three-bedroom floor plans, and amenities include a pool, movie theater, 24-hour fitness center, business center, outdoor grilling and dining areas, package lockers and a dog park. The seller and sales price were not disclosed.

February 7, 2022

Acquisitions Industrial New Jersey Northeast

JLL Arranges Sale of 131,205 SF Warehouse, Distribution Center in Newark

by Taylor Williams February 7, 2022

NEWARK, N.J. — JLL has arranged the sale of a 131,205-square-foot industrial warehouse and distribution center located on a five-acre site at 241 Oraton St. in Newark. The property features a clear height of 25- to 28-feet, nine loading docks and 9,789 square feet of office space. Jordan Avanzato, Marc Duval, Jose Cruz, Nick Stefans and Josh Stein of JLL represented the seller, Jewels Transportation, in the transaction. David Sitt, Peter Rotchford, Matthew Pizzolato and Jake Moore of JLL arranged acquisition financing for the deal through National Life Group on behalf of the borrower, Thor Equities. The nonrecourse loan was structured with an 11-year term and a fixed interest rate.

February 7, 2022

Acquisitions Industrial New Jersey Northeast

STRO Cos., Millstein Acquire 90,000 SF Industrial Building in Passaic, New Jersey

by Taylor Williams February 7, 2022

PASSAIC, N.J. — A partnership between locally based investment firm STRO Cos. and The Millstein Family Office has acquired a 90,000-square-foot warehouse and manufacturing building located at 147 Falstrom Court in Passaic, about 30 miles northwest of Manhattan. James McNerney of McBride Corporate Real Estate represented the buyer in the transaction. Additional terms of sale were not disclosed.

February 7, 2022

Acquisitions California Office Western

Parallel Capital Sells Shoreline Square Office Tower in Long Beach for $85.5M

by Amy Works February 7, 2022

LONG BEACH, CALIF. — Parallel Capital Partners has completed the disposition of Shoreline Square, an office tower in downtown Long Beach. Shoreline Square Holdings LLC acquired the asset for $85.5 million. Located at 201 E. Ocean Blvd., the 20-story tower features 410,920 square feet of office space. At the time of sale, the property was 92 percent leased to a diverse tenant mix, with 52 percent of the rent roll including U.S. government and municipal tenants. Current tenants include U.S. Customs, California State Land Commission, Department of Defense, California Coastal Commission and the Bureau of Alcohol, Tobacco, Firearms and Explosives. Additional tenants include Jersey Mike’s Subs, Comeria Bank, Café 301 and Corporate Concierge. Kevin Shannon, Ken White, Rob Hannan and Laura Stumm of Newmark represented the seller in the transaction.

February 7, 2022

Acquisitions Florida Hospitality Southeast

Berkadia Hotels & Hospitality Arranges $16M Sale of Holiday Inn Express Hotel in Metro Tampa

by Julia Sanders February 7, 2022

BRANDON, FLA. — Berkadia Hotels & Hospitality has arranged the $16 million sale of the Holiday Inn Express Brandon, a 119-room hotel property in Brandon. Michael Weinberg, Preston Reid, Kyle Stevenson and Wyatt Krapf of Berkadia Hotels & Hospitality arranged the sale on behalf of the seller, New Jersey-based Spring Bay Property Co. The buyer was not disclosed. The Holiday Inn Express Brandon features amenities such as an outdoor heated pool, fitness center and self-service laundry facilities for guests. Located at 510 Grand Regency Blvd. off Interstate 75, the hotel is near the Tampa Bay Convention Center, Busch Gardens, Hard Rock Casino and Brandon Ice Sports Forum.

February 7, 2022

Acquisitions Multifamily Washington Western

Marcus & Millichap Brokers $5.2M Sale of Riviera Multifamily Property in Kent, Washington

by Amy Works February 7, 2022

KENT, WASH. — Marcus & Millichap has arranged the sale of Riviera I & II, a multifamily community located at 10718 SR 238th St. in Kent. A limited liability company sold the asset to a limited liability company for $5.2 million. Riviera I & II consists of three residential buildings offering a total of 26 apartments. The property features one 14-unit building, which was built in 1978, and two six-unit buildings that were built in 1968. The property offers a mix of one-bedroom/one-bath, two-bedroom/one-bath and two-bedroom/one-and-a-half baths. Kellan Moll and Scott Morasch of Marcus & Millichap’s Seattle office represented the seller and the buyer in the deal.

February 7, 2022

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