Acquisitions

Armada Hoffler Sells Student Housing Property in Baltimore for $75M

by Julia Sanders November 19, 2021

BALTIMORE — Armada Hoffler Properties Inc. has sold Nine East 33rd, a 157-unit student housing property in Baltimore, for $75 million. The buyer was not disclosed. Aaron Moll, Cody Kirkpatrick, Noam Franklin, Chinmay Bhatt and Matthew Tu of Berkadia arranged a $62 million loan from PIMCO for the sale. Nine East 33rd offers one-, two-, three- and four-bedroom floorplans with an average unit size range of 590 to 1,120 square feet. The fully furnished units feature in-unit washers and dryers, pantries, patios and kitchen islands. Community amenities include a fitness center, bike storage, gameroom, media center and movie theater, courtyard, grill, retail space and onsite maintenance. The property also offers individual locking bedrooms, a study lounge, individual leases available and roommate matching options. Located at 9 E 33rd St., the property is situated close to downtown Baltimore and Interstate 83. The property is less than a mile from Johns Hopkins University campus and two miles from the Maryland Institute College of Art. The property has nearby retailers such as Insomnia Cookies, Barnes & Noble, Chipotle Mexican Grill, Kung Fu Tea and BOZ’s Burger Bistro. The transaction was part of Armada Hoffler’s plans to exit the student housing sector. The Virginia …

November 19, 2021

Acquisitions Florida Multifamily Southeast

Avison Young Brokers $63.5M Sale of Apartment Community in Orlando

by Julia Sanders November 19, 2021

ORLANDO, FLA. — Avison Young has brokered the $63.5 million sale of Linden on the GreeneWay, a garden-style, 234-unit apartment community in southeast Orlando. Peter Sherman, Jay Maddox and Rosendo Caveiro of Avison Young arranged the sale. Avison Young also assisted in arranging financing on behalf of the buyer, Beverly Hills-based Cores Management Inc. Institutional Property Advisors, a division of Marcus & Millichap, represented seller, Norfolk, Va.-based Harbor Group Management. Built in 2017, Linden on the GreeneWay offers studios, one-, two- and three-bedroom units. The apartments feature nine-foot ceilings, full-size washers/dryers and private patios/balconies. Community amenities include a resort-style swimming pool, two-story clubhouse with a fitness center, modern resident lounge, pet park and outdoor covered seating with a fireplace. The property was 96 percent occupied at closing. Located at 13000 Breaking Dawn Drive on 11.7 acres, Linden on the GreeneWay is situated 8.8 miles from Orlando International Airport and 13.9 miles from Walt Disney World Resort. The property is also close to major highways such as State Route 417 and the Florida Turnpike.

November 19, 2021

Acquisitions Office Southeast Virginia

Newmark Arranges $29.3M Sale of Springfield Corporate Center in Metro D.C.

by Julia Sanders November 19, 2021

SPRINGFIELD, VA. — Newmark has arranged the $29.3 million sale of Springfield Corporate Center, a five-story, 138,830-square-foot office building in Springfield. A joint venture between metro Washington, D.C.-based Artemis Real Estate Partners and Washington, D.C.-based MRP Realty sold the property to BGP Enterprises, a Springfield-based commercial real estate investment company. James Cassidy and Jud Ryan of Newmark represented the sellers in the transaction. Springfield Corporate Center was 84 percent leased at the time of sale to tenants including federal government contractors including Computer Systems Center Inc. (CSCI), Novetta Solutions and Volkert. Built in 1988, Springfield Corporate Center underwent a $2.7 million capital improvement project in 2014 and 2015 that included main lobby renovations, a new fitness center, restroom renovations and cooling tower replacement. Located at 6225 Brandon Ave., Springfield Corporate Center is situated 13.9 miles from Washington, D.C. The property is also located near Interstates 95, 495 and 395. The Springfield area includes tenants such as National Geospatial-Intelligence Agency (NGA) at a new $1.7 billion, 2.1-million-square-foot headquarters building at Fort Belvoir North. Just two miles from Springfield Corporate Center, Transportation Security Administration (TSA) relocated to a new 625,000-square-foot headquarters building.

November 19, 2021

Acquisitions Illinois Industrial Midwest Office

Chicago’s Bradley Business Center Trades Hands for Nearly $100M

by Kristin Harlow November 19, 2021

CHICAGO — Bradley Business Center, an office and industrial complex on Chicago’s North Side, has traded hands. The sales price was nearly $100 million, according to Crain’s Chicago Business. The 23-acre property consists of four buildings totaling 466,871 square feet. The asset is 97 percent leased to 21 tenants. Cody Hundertmark, Tom Sitz, David Knapp, Mike Tenteris, Adam Tyler and Jim Carpenter of Cushman & Wakefield represented the seller, a private venture led by Hansen Realty Group. Hines Global Income Trust Inc. was the buyer.

November 19, 2021

Acquisitions Illinois Industrial Midwest

Cushman & Wakefield Brokers Sale of 355 Logistics Center in Lockport, Illinois

by Kristin Harlow November 19, 2021

LOCKPORT, ILL. — Cushman & Wakefield has brokered the sale of 355 Logistics Center in Lockport, about 30 miles southwest of Chicago. The sales price was undisclosed. Constructed in 2018, the two-building industrial development spans 611,576 square feet. Both buildings feature a clear height of 32 feet. James Carpenter, Mike Tenteris and Adam Tyler of Cushman & Wakefield represented the seller, Boston-based High Street Logistics Properties. A fund managed by a subsidiary of Ares Management Corp. was the buyer.

November 19, 2021

Acquisitions Arizona Retail Western

SRS Real Estate Partners Brokers $65.8M Sale of Arcadia Crossing Retail Center in Phoenix

by Amy Works November 19, 2021

PHOENIX — SRS Real Estate Partners has arranged the sale of Arcadia Crossing, a grocery-anchored power center located at 44th Street and Thomas Road in Phoenix. A Phoenix-based family office sold the asset to a Denver-based family office for $65.8 million. Chris Tramontano, John Redfield, Mike Polachek and Brian Polachek of SRS represented the seller, while Pinnacle Real Estate Partners represented the buyer in the transaction. Situated on 44 acres, Arcadia Crossing features 453,457 square feet of retail space. At the time of sale, the property was 95 percent occupied. Tenants include Fry’s Food & Drug, Target, Burlington, Conn’s HomePlus, Costco, Ross Dress for Less, Petco and Five Below.

November 19, 2021

Acquisitions Multifamily Seniors Housing Utah Western

Buchanan Street Partners Sells Incline at Anthem Active Adult Community in Herriman, Utah

by Amy Works November 19, 2021

HERRIMAN, UTAH — Buchanan Street Partners has completed the disposition of Incline at Anthem, a 55-plus multifamily property in Herriman. Ridan acquired the community for an undisclosed price. Completed in 2018 on eight acres, Incline at Anthem features 298 apartments with open-concept living areas, vaulted ceilings, wood-style flooring, plush carpeting and washers/dryers. Community amenities include a pool and spa; a yoga, cycle and Cross Fit studio; a lounge with billiards and shuffleboard; and a business center and conference room. Daniel Shin, Brock Zylstra, Steve Gebing, Cliff David and Hamid Panahi of Institutional Property Advisors, a division of Marcus & Millichap, procured the buyer in the deal. Justin Forman of Marcus & Millichap served as broker of record in Utah.

November 19, 2021

Acquisitions Georgia Multifamily Southeast

Carroll Sells 1,263-Unit Southeastern Multifamily Portfolio to Greystar

by Julia Sanders November 18, 2021

ATLANTA — Atlanta-based Carroll Co. has sold a four-property, 1,263-unit multifamily portfolio located across four Southeastern states: Georgia, Tennessee, South Carolina and North Carolina. Charleston-based Greystar purchased the property for an undisclosed amount. Shea Campbell, Colleen Hendrix and Ashish Cholia of CBRE represented Carroll in the transaction. Nate Sittema and Kristen Reilley of CBRE Capital Markets’ Debt & Structured Finance team in Charlotte represented the borrower, a subsidiary of Greystar. One of the portfolio’s properties is Edgewater Plantation, a 360-unit property located at 100 Eighty Oak Ave. in Mount Pleasant, S.C. The property was recently rebranded to Avana Long Point. Built in 2001, the property offers one-, two- and three-bedroom floorplans with unit features such as in-unit washers and dryers, walk-in closets and patios/decks. Community amenities include a pool, laundry facility, playground, fitness center and a business center. Another one of the properties is Arium South Oaks, which was rebranded to Avana South Oaks. The 323-unit property is located at 100 Antioch Pike in Nashville, and offers one-, two- and three-bedroom floorplans with a unit size range of 742 to 1,660 square feet. The units feature walk-in closets, balconies/patios and washer/dryer hookups. Community amenities include a tennis court, playground, fitness …

November 18, 2021

Acquisitions Industrial South Carolina Southeast

JLL Arranges Sale of 196,540 SF Industrial Property in Charleston

by Julia Sanders November 18, 2021

CHARLESTON, S.C. — JLL Capital Markets has arranged the sale of 7770 Palmetto Commerce Parkway, a 196,540-square-foot industrial facility in Charleston. Pete Pittroff, Dave Andrews, Patrick Nally, Josh McArdle, Michael Scarnato and Zach Lloyd of JLL represented the seller, a joint venture between Charleston-based The Beach Co. and Greensboro, S.C.-based Samet Corp. New York-based Indus Realty Trust Inc. acquired the property for an undisclosed amount. 7770 Palmetto Commerce Parkway is a Class, A rear-load warehouse that is partially leased to Cummins Inc., an Indiana-based diesel and alternative fuel engines and generators retailer. The infill property is situated adjacent to Interstate 26, eight miles from Charleston International Airport and 16.2 miles from Port of Charleston.

November 18, 2021

Acquisitions Multifamily Nevada Western

Bascom Group Sells Lyric Apartments in Las Vegas to Starlight U.S. Residential Fund for $135.2M

by Amy Works November 18, 2021

LAS VEGAS — The Bascom Group has completed the disposition of Lyric Apartments, a multifamily property located at 304 E. Silverado Ranch in Las Vegas. Starlight U.S. Residential Fund acquired the community for $135.2 million, or $359,575 per unit. Curt Allsop, Angela Bates, Doug Schuster and Vittal Ram of Newmark represented the seller in the deal. Matthew Williams and James Maynard, also of Newmark, secured $91.4 million in acquisition financing through Sumitomo Mitsui Banking Corp. for the buyer. Built in 2014 by Nevada West, Lyric Apartments features 376 units in a mix of one-, two- and three-bedroom layouts. On-site amenities include two resort-style pools with cabanas, a fitness center, karaoke lounge, splash pad and playground. At the time of sale, the property was 99 percent occupied.

November 18, 2021

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