Acquisitions

Passco Purchases Two Multifamily Properties in Baton Rouge Totaling 552 Units

by Julia Sanders November 17, 2021

BATON ROUGE AND ADDIS, LA. — Passco Cos., an Irvine, Calif.-based commercial real estate company, has purchased two multifamily communities in Baton Rouge totaling 552 units. The properties include Tapestry Long Farm and Sweetwater Apartments. The sales price was not disclosed. Arlington Properties will manage both properties moving forward. Passco acquired 276-unit Tapestry Long Farm from the property’s developer, Birmingham, Ala.-based Arlington Properties. Mike Kemether and Larry Schedler of Cushman & Wakefield represented Passco and the seller in the transaction. Tapestry Long Farm features a mix of one-, two- and three-bedroom floorplans. Community amenities include a fitness center, business center, auto car center, pet park and grooming station, sports pub, swimming pool and a yoga and spin studio. Located at 16333 Columns Way, Tapestry Long Farm is situated within Long Farm Village, a 235-acre master planned development with residential, retail and office space. Built in 2017, the property is situated 12.8 miles from Louisiana State University (LSU). Hammond, La.-based Stoa Group sold the 276-unit Sweetwater Apartment Homes. Jeffery Glassover and Matthew Raitz of Glassover & Raitz LLC represented the buyer and seller in the transaction. Sweetwater offers one-, two- and three-bedroom floorplans with interior features including stainless steel appliances, faux-wood …

November 17, 2021

Acquisitions Alabama Office Southeast

Fairway, Pope & Land Acquire Brookwood Office Center in Birmingham for $55M

by Julia Sanders November 17, 2021

BIRMINGHAM, ALA. — A partnership between Birmingham-based Fairway Investments LLC and Atlanta-based Pope & Land Enterprises Inc. has acquired Brookwood Office Center, an office building located in Birmingham spanning nearly 170,000 square feet. Atlanta-based Preferred Apartment Communities Inc. sold the property to the partnership for $55 million. Built in 2007, Brookwood Office Center is fully-occupied and is anchored by Kinder Morgan, a Houston-based energy infrastructure company. Other tenants include Surgical Care Affiliates, an outpatient surgery provider; Merrill Lynch, a financial services firm; and PricewaterhouseCooper (PwC), a financial consulting firm. The property also houses two storefronts including O’Henry’s Coffees and JoS.A.Bank. The property has 896 total parking spots. Colliers will retain property management and leasing under the new ownership. Located at 569 Brookwood Village, the office building is situated adjacent to the Brookwood Village Mall and Macy’s. The property is also located near retailers such as The Fresh Market grocery store, Verizon Wireless, Target, Dunkin’ and Five Guys. Fairway Investments and Pope & Land have worked together for more than 20 years on projects to develop and enhance commercial real estate throughout the Southeast.

November 17, 2021

Acquisitions Florida Retail Southeast

CBRE Arranges $17.1M Sale of Retail Center in Fort Lauderdale

by Julia Sanders November 17, 2021

FORT LAUDERDALE, FLA. — CBRE has arranged the $17.1 million sale of Galleria Plaza, a 24,807-square-foot, multi-tenant retail center in Fort Lauderdale. David Donnellan and Patricia Friend of CBRE represented the seller, Sunrise Investment Properties LLC, a Florida-based entity managed by Stiles Corp., in the transaction. The property sold for close to $700 per square foot. Paul Ahmed and Mackenzie Lampman of CBRE Capital Markets secured acquisition financing on behalf of the buyer, Shawnick Galleria LLC, an entity affiliated with a California-based private investor. The long-term, fixed-rate loan was placed through an undisclosed life insurance company. Galleria Plaza is home to tenants including GEICO, Primo Fine Wines and Downtown Bicycles. The property is shadow-anchored by a separately owned Publix that was not included in the sale. Located at 2414 E Sunrise Blvd., Galleria Plaza is situated about 2.6 miles from downtown Fort Lauderdale, 7 miles from Fort Lauderdale International Airport and 12.5 miles from Hollywood Beach.

November 17, 2021

Acquisitions Industrial Kansas Midwest

Stan Johnson Co. Brokers $16.4M Sale of FedEx-Occupied Facility in Topeka, Kansas

by Kristin Harlow November 17, 2021

TOPEKA, KAN. — Stan Johnson Co. has brokered the sale of a FedEx-occupied distribution center spanning 26,892 square feet in Topeka for $16.4 million. The property is located at 5116 SW Wenger St. Built in 2015, the facility features 36 docks and ample trailer parking. Erik Lundberg of Stan Johnson represented the seller, a New Jersey-based investor group that acquired the property less than a year ago. A Wisconsin-based investor completing a 1031 tax-deferred exchange was the buyer. The sales price represents a cap rate of 5 percent.

November 17, 2021

Acquisitions California Multifamily Western

CGI+ Buys Alturas Multifamily Community in Oxnard, California for $50.7M

by Amy Works November 17, 2021

OXNARD, CALIF. — CGI+ Real Estate Strategies has acquired Alturas, a multifamily property located in Oxnard, for $50.7 million in an off-market transaction. The company plans to rebrand the 170-unit community as Via Oxnard. Built in 1965, the property features one-, two- and three-bedroom units with 76 percent being two-story townhomes. CGI+ plans to upgrade and renovated the non-renovated units and common areas. Greg Harris, Joe Grabiec and Kevin Green of Institutional Property Advisors, a division of Marcus & Millichap, represented the undisclosed seller and buyer in the deal.

November 17, 2021

Acquisitions Industrial Texas

HLCI Sells 700,000 SF Industrial Portfolio in Dallas Area to TA Realty

by Taylor Williams November 17, 2021

DALLAS — Locally based firm Holt Lunsford Commercial Investments (HLCI) has sold a portfolio of five shallow-bay industrial properties totaling approximately 700,000 square feet in the Dallas area to Boston-based investment firm TA Realty. The sales price was not disclosed. Two of the properties, Valwood Trade Center and Golden Bear Distribution Center, are located in Carrollton. The remainder of the portfolio consists of McKinney Logistics Center, Richardson Logistics Center and Edmonds Airport Trade Center, located in Lewisville. HLCI developed all of the assets between late 2020 and the summer of 2021.

November 17, 2021

Acquisitions Idaho Multifamily Western

RanchHarbor Acquires 112-Unit Glenbrook Apartments in Boise, Idaho

by Amy Works November 17, 2021

BOISE, IDAHO — Newport Beach, Calif.-based RanchHarbor has purchased Glenbrook Apartments, a multifamily community at 563 S. Curtis Road in Boise. A private seller sold the asset for an undisclosed price in an off-market transaction. Built in 1973 and lightly renovated in 2017, Glenbrook features 112 apartments in a mix of one- and two-bedroom units. At the time of sale, the property was 92 percent occupied. RanchHarbor plans to perform deferred maintenance and an extensive exterior renovation program on the property. The renovation plan includes paint, new laundry rooms, installation of a dog park and wash station, package locker system, bike racks, barbecue areas and a new playground, as well as updating the pool area and clubhouse. The company also plans to replace windows in all units, add carports and update the unit interiors. Jake Miles of Marcus & Millichap represented the buyer and seller in the deal.

November 17, 2021

Acquisitions Multifamily Texas

Newmark Brokers Sale of 334-Unit West Lake Vistas Apartment Community in Austin

by Taylor Williams November 17, 2021

AUSTIN, TEXAS — Newmark has brokered the sale of West Lake Vistas, a 334-unit apartment community located in northwest Austin. Built in 2009, the property features one-, two-, and three-bedroom units with an average size of 1,032 square feet. Amenities include three pools with lounge seating, two clubhouses with culinary presentation kitchens, a business center, dog park, 24-hour fitness center and media rooms. Patton Jones and Andrew Dickson of Newmark represented the seller, The Connor Group, in the transaction. Henry Stimler, Bill Weber and Ari Schwartzbard of Newmark arranged acquisition financing on behalf of the buyer, Houston-based Hines. The property was 96 percent occupied at the time of sale.

November 17, 2021

Acquisitions Industrial Texas

Stan Johnson Co. Arranges Sale of 28,907 SF Industrial Facility in Longview, Texas

by Taylor Williams November 17, 2021

LONGVIEW, TEXAS — Oklahoma-based brokerage firm Stan Johnson Co. has arranged the sale of a 28,907-square-foot industrial facility in Longview, located about 120 miles east of Dallas. The two-building complex was constructed in phases in the 1970s and is leased to utilities contractor ADB Cos. and S&B Engineers. Evan Altemus of Stan Johnson Co. represented the seller, a locally based private investor, in the transaction. An undisclosed, California-based 1031 exchange purchased the asset at a cap rate of 9.3. percent.

November 17, 2021

Acquisitions Healthcare Massachusetts Northeast

Newmark Brokers $29.5M Sale of Medical Office Building in Methuen, Massachusetts

by Taylor Williams November 17, 2021

METHUEN, MASS. — Newmark has brokered the $29.5 million sale of a 94,325-square-foot medical office building anchored by Dana-Farber Cancer Institute in the northern Boston suburb of Methuen. Robert Griffin, Frank Nelson, Michael Greeley and Allie Percoco of Newmark represented the seller, Marcus Partners, and procured the buyer, a joint venture between Celera Properties and AEW Capital Management. Newmark also arranged acquisition financing for the deal.

November 17, 2021

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