Acquisitions

DAUM Commercial Negotiates Sale of 110,679 SF Industrial Property in Phoenix

by Amy Works December 23, 2021

PHOENIX — DAUM Commercial Real Estate Services has arranged the sale of an industrial asset in Phoenix’s Deer Valley submarket. The four-building property features 110,679 square feet of industrial space. California-based Greenwood & McKenzie sold the asset to Mountain West for an undisclosed price. Chris Rogers and Trevor McKendry of DAUM represented the seller and procured the buyer. Will Strong of Cushman & Wakefield also brokered the transaction. The buildings, which are fully leased to 38 tenants, are located at 23021, 23025, 23005 and 23015 N. 15th Ave. in Phoenix. The buildings offer 20-foot clear heights, two shared truck wells and 10-foot by 12-foot grade-level doors.

December 23, 2021

Acquisitions Colorado Healthcare Office Retail Western

DPC Development Co. Sells Retail, Medical Office Property Near Denver for $10.2M

by Amy Works December 23, 2021

WHEAT RIDGE, COLO. — DPC Development Co. has completed the disposition of Wilmore Center, a mixed-use building located at 7615 and 7777 W. 38th Ave. in Wheat Ridge. T-2 Ventures acquired the asset for $10.2 million. Originally built in the early 1980s, Wilmore Center features 52,743 square feet of retail and medical office space. At the time of sale, approximately 93 percent of the property was occupied by a mix of service and medical-oriented businesses. Jon Hendrickson and Aaron Johnson of Cushman & Wakefield’s Denver office represented the seller in the transaction.

December 23, 2021

Acquisitions Multifamily Texas

Atlantic Pacific Buys 372-Unit Highland Park West Lemmon Apartments in Dallas

by Taylor Williams December 23, 2021

DALLAS — Miami-based Atlantic Pacific Cos. (A|P) has purchased Highland Park West Lemmon, a 372-unit apartment community in the Highland Park area of Dallas. The mid-rise building houses a mix of studio, one-, two- and three-bedroom floor plans ranging in size from 503 to 1,749 square feet, as well as 18,000 square feet of ground-floor retail space. The amenity package consists of two pools, a fitness center, resident clubhouse and a dog park. The seller and sales price were not disclosed. Following this purchase, A|P now owns 16 multifamily properties in Texas totaling nearly 5,500 units.

December 23, 2021

Acquisitions Multifamily Texas

Barvin Acquires 326-Unit Elan Heights Apartments in Houston

by Taylor Williams December 23, 2021

HOUSTON — Locally based investment firm Barvin has acquired Elan Heights, a 326-unit apartment community in The Heights neighborhood of Houston. Developed in 2016 by South Carolina-based Greystar, the property features units with stainless steel appliances and quartz countertops. Amenities include a fitness center with yoga and spin studios, a game room, conference center and a rooftop lounge. The seller and sales price were not disclosed.

December 23, 2021

Acquisitions Illinois Midwest Multifamily

Waterton Acquires Two Apartment Towers Totaling 1,156 Units in Downtown Chicago

by Kristin Harlow December 23, 2021

CHICAGO — Chicago-based Waterton has acquired The Shoreham at Lakeshore East and The Tides at Lakeshore East in downtown Chicago. The purchase price was undisclosed, but Crain’s Chicago Business previously reported that the combined price could approach $400 million. The apartment towers total 1,156 units in the Lakeshore East neighborhood. The adjacent properties are situated directly south of the recently completed St. Regis Chicago, which rises 95 stories with 191 hotel and condo units. Both The Shoreham, which opened in 2005, and The Tides, which debuted in 2008, feature a 24-hour concierge, private club floor, outdoor pool, game room, fitness center, storage and parking. Waterton plans to upgrade unit fixtures and finishes, as well as modernize the common areas and amenity spaces. With this acquisition, Waterton’s Chicagoland portfolio now totals 10 communities with more than 6,600 units. John Jaeger, Dan Cohen and Justin Puppi of CBRE represented the seller, PNC Realty Investors.

December 23, 2021

Acquisitions Illinois Industrial Midwest

SRS Brokers $58.2M Sale of Large Distribution Center in Effingham, Illinois

by Kristin Harlow December 23, 2021

EFFINGHAM, ILL. — SRS Real Estate Partners has brokered the $58.2 million sale of a 1.3 million-square-foot distribution center occupied by Sherwin-Williams in Effingham, about 90 miles southeast of Springfield. The property sits on 71 acres at 711 W. Wabash Ave. John Redfield, Britt Raymond and Kyle Fant of SRS represented the seller, a private partnership. JRW Realty represented the buyer, ExchangeRight. The facility serves as the only center that Sherwin-Williams uses to distribute coatings for the automotive industry. More than 300 workers are employed at the property.

December 23, 2021

Acquisitions Michigan Midwest Office

Bedrock Acquires Former UAW-GM Training Center in Detroit

by Kristin Harlow December 23, 2021

DETROIT — Dan Gilbert’s Bedrock has acquired The ICON, a 420,000-square-foot facility in Detroit that formerly served as the home of the UAW-GM training center. The purchase price was undisclosed, but the vacant property previously traded hands for $34 million in November 2020, according to Crain’s Detroit Business. In addition to office and training space, the property includes 880 parking spaces, a 375-seat auditorium and direct access to Detroit’s East Riverfront. Located at 200 Walker St., the facility is adjacent to a 500,000-square-foot office building at 300 River Place that Bedrock also owns.

December 23, 2021

Acquisitions Midwest Nebraska Office

Three-Building Office Portfolio in Omaha Trades Hands for $30.7M

by Kristin Harlow December 23, 2021

OMAHA, NEB. — A local family trust has sold a portfolio of three office buildings totaling 169,183 square feet in Omaha for $30.7 million. The portfolio includes: a 21,368-square-foot building at 2323 171st St.; a 47,815-square-foot property at 2425 S. 171st St.; and a 100,000-square-foot asset at 13609 California St. The properties are situated within Omaha’s Suburban West Dodge and Lakeside Hills submarkets. Steve Sheppard and Dan Fishburn of CBRE represented the seller. The portfolio sold to three undisclosed buyers.

December 23, 2021

Acquisitions Georgia Multifamily Southeast

Kaplan Residential Sells Apartment Community in Downtown Atlanta for $126.9M

by John Nelson December 23, 2021

ATLANTA — Kaplan Residential has sold Generation Atlanta, a 336-unit, 17-story high-rise apartment building located in downtown Atlanta. Frankforter Group purchased the community for $126.9 million. The sales transaction marks the largest multifamily sale in downtown Atlanta’s history, according to Kaplan Residential. Located at 369 Centennial Olympic Park Drive, Generation Atlanta offers studio apartments to two-bedroom units, spanning from 459 to 1,512 square feet, with monthly rents ranging from $1,600 to $3,650. Units feature quartz countertops, custom cabinetry, kitchen islands, stainless steel appliances, full-size washers and dryers, private balconies and smart keyless entry. Community amenities include an outdoor theater, rooftop pool and sundeck, bowling alley, EV charging stations, coffee bar, fitness center, yoga studio and a rooftop lounge that offers views of the Atlanta skyline. The property is located on a 1.8-acre land parcel close to Atlanta’s most notable landmarks, including Centennial Olympic Park, World of Coca-Cola, National Center for Civil & Human Rights, Georgia Aquarium, CNN Center, State Farm Arena and Mercedes-Benz Stadium.

December 23, 2021

Acquisitions Development Florida Industrial Southeast

CBRE Arranges $26.4M Sale of Industrial Site in Hialeah, Florida

by John Nelson December 23, 2021

HIALEAH, FLA. — CBRE has arranged the sale of North Dade Distribution, a 16.5-acre industrial site under development in Hialeah. Dallas-based Dalfen Industrial purchased the site for $26.4 million. Christian Lee, Chris Riley, José Lobón, Amy Julian and Royce Rose of CBRE represented the seller, Coconut Creek, Fla.-based Butters Realty, in the transaction. Slated to be completed in March 2023, North Dade Distribution will total 298,354 square feet. The rear-load warehouse will feature 32-foot clear heights, a 120-foot truck court, 240-foot building depth, separate ingress and egress access for cars and trucks and an ESFR sprinkler system. Located on the corner of 97th Ave. and 165th St., the site provides access to Interstate 75 and the Florida Turnpike via NW 138th St.

December 23, 2021

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