Acquisitions

Virtu Investments Acquires BLU Bellevue Multifamily Community in Washington for $109M

by Amy Works September 10, 2021

BELLEVUE, WASH. — Continental Properties has completed the sale of BLU Bellevue, an apartment property located in downtown Bellevue. Virtu Investments acquired the community for $109 million, or $1,004 per square foot. Built in 2020 by Continental Properties, BLU Bellevue features 135 apartments, a rooftop terrace, 24-hour fitness center, pet facilities, parking garage with electric charging stations, and 360-degree cityscape and mountain views. Units feature floor-to-ceiling, triple-pane windows; air conditioning; walk-in closets with custom, built-in shelving; and biometric wall safes. Philip Assouad, Giovanni Napoli, Ryan Dinius, Sidney Warsinske and Anthony Palladino of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

September 10, 2021

Acquisitions Multifamily Washington Western

Thayer Manca Residential Divests of Citizen & Oake Apartments in Lakewood for $60M

by Amy Works September 10, 2021

LAKEWOOD, WASH. — Seattle-based Thayer Manca Residential has completed the sale of Citizen & Oake, an apartment community in Lakewood. An undisclosed buyer purchased the property for $60 million. Thayer Manca originally acquired the property in 2016 for $32.9 million and completed $4.8 million in renovations. Located at 5406 82nd St. SW, Citizen & Oake features 231 apartments and a 5,000-square-foot clubhouse with a fitness center, office space, community kitchen, game room and lounge, outdoor grills and firepits. The property also offers a secure package locker room, pet park and 40 solar panels. Interior renovations were completed in 227 units and the property received a full rebranding.

September 10, 2021

Acquisitions Arizona Healthcare Office Western

Newmark Negotiates $33M Sale of Copper Point Medical Office Building in Gilbert, Arizona

by Amy Works September 10, 2021

GILBERT, ARIZ. — Newmark has arranged the sale of Copper Point, a medical office building located at 3530 S. Val Vista Drive in Gilbert. West Coast Capital Partners sold the asset to CA Ventures for $33 million. The two-story, 91,805-square-foot building was 96 percent occupied by multiple tenants at the time of sale. The tenant mix includes orthopedic surgery, oncology, cardiology and laboratory services. The building is adjacent to Dignity Health Mercy Gilbert Medical Center. Kathleen Morgan and Trisha Talbot of Newmark represented the seller, while the buyer was self-represented in the transaction.

September 10, 2021

Acquisitions California Retail Western

Triss Sells 25,148 SF Retail Strip Center in Long Beach, California

by Amy Works September 10, 2021

LONG BEACH, CALIF. — Triss LLC has completed the disposition of a retail strip center located on the corner of East Pacific Coast Highway and Martin Luther King Jr. Avenue in Long Beach. A family trust acquired the asset for $4.4 million, or $175 per square foot. 7-Eleven anchors the 25,148-square-foot property. Tina LaMonica and Cheryl Pester of NAI Capital Commercial’s Investment Services represented the seller in the deal.

September 10, 2021

Acquisitions Indiana Midwest Multifamily

Cushman & Wakefield Brokers Sale of 186-Unit Luxury Apartment Complex in Indianapolis

by Kristin Harlow September 10, 2021

INDIANAPOLIS — Cushman & Wakefield has brokered the sale of Notch at Nora, a 186-unit luxury apartment complex in Indianapolis. The sales price was undisclosed. The recently completed development is located at the corner of 86th Street and Westfield Boulevard. Amenities include a pool, dog park, fitness center, grilling area and direct access to the Monon Trail. George Tikijian, Hannah Ott and Cameron Benz of Cushman & Wakefield represented the seller, locally based TWG Development. Becovic Management was the buyer.

September 10, 2021

Acquisitions Michigan Midwest NAI Retail

NAI Wisinski of West Michigan Negotiates Sale of 136,942 SF Shopping Center in Grand Rapids

by Kristin Harlow September 10, 2021

GRAND RAPIDS, MICH. — NAI Wisinski of West Michigan has negotiated the sale of Alpine Summit Shopping Center in Grand Rapids for an undisclosed price. The 136,942-square-foot shopping center is located at 3165 Alpine Ave. The center is fully occupied by Ulta, HomeGoods, Marshalls, Petco, Party City, CATO, Sola Salons, America’s Bride and ABC Warehouse. Bob Lotzar and Bill Tyson of NAI Wisinski represented the buyer. NAI Wisinski also serves as the property manager.

September 10, 2021

Acquisitions Illinois Midwest Multifamily

SVN Arranges $10M Sale of Multifamily Portfolio in Chicago

by Kristin Harlow September 10, 2021

CHICAGO — SVN | Chicago Commercial has arranged the sale of a portfolio of multifamily units in Chicago’s West Rogers Park neighborhood for $10 million. The portfolio consists of eight contiguous buildings located at 6705-37 N. California Ave. with 94 units. Jeffrey Baasch of SVN represented the seller. An out-of-state private family fund was the buyer.

September 10, 2021

Acquisitions Multifamily New Jersey Northeast Seniors Housing

ESI Brokers $24M Sale of Skilled Nursing Community in New Jersey

by Taylor Williams September 10, 2021

NEW JERSEY — Evans Senior Investments (ESI) has arranged the sale of a 120-bed skilled nursing community in New Jersey for $24 million. The property, the name and location of which were not released, was built in the last 20 years with multiple renovations since. ESI represented the seller, an independent owner-operator that sought to exit the long-term care industry. The buyer was an East Coast-based owner-operator of skilled nursing communities that wanted to grow its presence in New Jersey.

September 10, 2021

Acquisitions Colorado Office Western

KBS Sells 593,527 SF Granite Tower Office Building in Denver

by Amy Works September 9, 2021

DENVER — KBS has completed the disposition of Granite Tower, a 31-story, Class A office tower located at 1099 18th St. in downtown Denver. A joint venture between CP Group and Related Fund Management acquired the building from KBS REIT II for an undisclosed price. Built in 1983 as part of a four-tower development and formerly known as Steller Plaza and Plaza Tower, the asset now consists of 592,527 square feet of office space and a 774-space, three-level parking structures with 615 spaces dedicated to its office tenants. Tim Richley, Jenny Knowlton, Chad Flynn, Charley Will and Alex Mulvihill of CBRE represented the seller in the transaction. Bruce Fischer, Howard Chu, Amanda Kennedy and Mark Baker of Greenberg Traurig LLP provided legal counsel to KBS in the disposition.

September 9, 2021

Acquisitions California Industrial Office Western

Cruzan, Independencia Acquire 95,000 SF Post-Production Facility in Burbank, California

by Amy Works September 9, 2021

BURBANK, CALIF. — Cruzan and Independencia have purchased a post-production property in located at 2130 N. Hollywood Way in Burbank. Strategic Office Partners sold the asset for $37.4 million. Situated on 4.4 acres, the 95,000-square-foot facility was completed in 1965 and last renovated in 2017. Deluxe Media, a post-production, distribution and asset management company for the entertainment industry, occupies the single-story building. Mike Longo, Todd Tydlaska and Sean Sullivan of CBRE represented the seller in the deal. Greg Grant and Clayton Matsuda, also of CBRE, facilitated the acquisition loan on behalf of the buyer.

September 9, 2021

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