Acquisitions

IPA Negotiates Sale of 310-Unit Infinity at the Rim Apartments in San Antonio

by Taylor Williams August 2, 2021

SAN ANTONIO — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Infinity at the Rim, a 310-unit apartment community in San Antonio. Built in 2018, the mid-rise property is located on a five-acre site within The Rim, a 1.8 million-square-foot mixed-use development on the city’s northwest side. Units feature studio, one-, two- and three-bedroom floor plans with an average size of 997 square feet. Amenities include a rooftop terrace, infinity pool and an outdoor amphitheater. Will Balthrope and Drew Garza of IPA represented the seller, Florida-based DeBartolo Development, in the transaction and procured the Maryland-based buyer.

August 2, 2021

Acquisitions California Multifamily Western

IPA Arranges $74.1M Sale of The Dylan Multifamily Property in Oceanside, California

by Amy Works August 2, 2021

OCEANSIDE, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Dylan, a multifamily property located in Oceanside. 29th Street Capital sold the asset to 550 Los Arbolitos Owner LLC for $74.1 million, or $356,250 per unit. Built in 1973, The Dylan features 208 apartments in a mix of one-, two- and three-bedroom layouts. Community amenities include two swimming pools, two spas, a gym and a business center. Christopher Zorbas, Alexander Garcia Jr. and Tyler Martin of IPA represented the seller and procured the buyer in the deal.

August 2, 2021

Acquisitions California Multifamily Western

Mogharebi Group Brokers $18M Sale of Country Club Apartments in San Bernardino, California

by Amy Works August 2, 2021

SAN BERNARDINO, CALIF. — The Mogharebi Group has arranged the sale of Country Club Apartments, a 79-unit seniors housing community in San Bernardino. The buyer and seller were both private investment groups based in Los Angeles. The property sold for $18 million, or $228,000 per unit. “Due to the proven value-add upside, and close proximity to San Bernardino’s largest employers, the buyer pool was large,” says Otto Ozen, executive vice president of TMG. Ozen and Alex Mogharebi of TMG represented the seller in the transaction. Built in 1986, Country Club Apartments is a two-story community comprising 71,428 square feet of rentable space. The complex is situated on a 5.4-acre site. Country Club Apartments features two-bedroom floor plans with an average size of 903 square feet.

August 2, 2021

Acquisitions Arizona Office Western

CBRE Negotiates Sale of 25,350 SF Office Building in Tucson

by Amy Works August 2, 2021

TUCSON, ARIZ. — CBRE has arranged the sale of an office building located at 222 E. Fifth St. in Tucson. 222 Building LLC sold the property to 222 Tucson LP for $8.9 million. Bryce Horner of CBRE represented the seller in the transaction. Originally constructed in 1952 and redeveloped in 2014, the three-story property features 25,350 square feet of Class A office space. Mister Car Wash (NYSE: MCW), which went public in June, utilizes the property as its corporate headquarters.

August 2, 2021

Acquisitions Arizona Multifamily Western

Cushman & Wakefield|PICOR Arranges Sale of 24-Unit Vida Nueva Apartments in Tucson

by Amy Works August 2, 2021

TUCSON, ARIZ. — Cushman & Wakefield|PICOR has brokered the sale of Vida Nueva Apartments, a multifamily property in Tucson. Equilibrium Villas Vida Blue LLC acquired the asset from Seajak Properties for $1.2 million. Located at 3525 N. Stone Ave., the 28,228-square-foot property features 24 apartments. Allan Mendelsberg and Conrad Martinez of Cushman & Wakefield|PICOR represented both parties in the transaction.

August 2, 2021

Acquisitions Industrial South Carolina Southeast

Cushman & Wakefield Brokers $105.6M Sale of Industrial Portfolio in Upstate South Carolina

by John Nelson August 2, 2021

DUNCAN, S.C. — Cushman & Wakefield has brokered the $105.6 million sale of the Apple Valley Industrial Portfolio, a four-building portfolio of industrial facilities in the Upstate South Carolina market of Duncan. An affiliate of Lexington Realty Trust purchased the facilities from Panattoni and PCCP. Stewart Calhoun and Casey Masters of Cushman & Wakefield, along with Marcus Cornelius of CBRE and Ryan Koop of Broadstreet Partners, represented the sellers in the transaction. Situated near Inland Port Greer and BMW’s campus, the Class A portfolio is located off of Apple Valley Road and totals more than 1 million square feet.

August 2, 2021

Acquisitions Georgia Mixed-Use Multifamily Southeast

Kaplan Residential Sells Mixed-Use Apartment Community in Metro Atlanta for $59.2M

by John Nelson August 2, 2021

SANDY SPRINGS, GA. — Kaplan Residential, a multifamily developer with offices in Atlanta and Miami, has sold Square One, a 203-unit mixed-use multifamily community in Sandy Springs. Atlanta-based Audubon purchased Square One for $59.2 million. Located at 6050 Roswell Road, Square One encompasses studios starting from 620 square feet to two-bedroom units spanning 1,361 square feet. Unit interiors feature stainless steel appliances, full-size washers and dryers, nine- and 10-foot ceilings, granite kitchen islands, subway tile in kitchens and bathrooms and walk-in closets. Community amenities include a rooftop bar and pool, coffee bar, onsite dog park, preferred parking for energy-efficient cars and a fitness center. The property also includes 10,000 square feet of retail space on the ground level leased to a wax salon, nail salon, gym and Vietnamese restaurant. George Morgan and Candy Morgan of George S. Morgan Development Co. Inc. partnered with Kaplan Residential for the entirety of the project. The firm enlisted architectural firm Niles Bolton Associates to design the shared amenity spaces, units and overall structure. Robert Stickel of Cushman & Wakefield represented the buyer in the transaction. Steven Kennedy of Seyfarth Shaw represented the seller. Kaplan Residential opened the five-story property, which sits at the corner …

August 2, 2021

Acquisitions Florida Office Southeast

Grover Corlew Purchases Downtown Boca Raton Office Tower for $44.6M

by John Nelson August 2, 2021

BOCA RATON, FLA. — Grover Corlew, a locally based real estate investment and development firm, has purchased the 109,497-square-foot Bank of America Tower in downtown Boca Raton. The undisclosed seller sold the office building in an off-market transaction for $44.6 million. In addition to Bank of America, the building’s tenants include Charles Schwab and Waypoint Residential. Originally built in 1970, the eight-story Bank of America Tower offers onsite management and a building engineer, Wi-Fi access in the lobby, a conferencing facility and free and secure surface and garage parking. Located at 150 East Palmetto Park Road, Bank of America Tower is located 28.7 miles from Palm Beach International Airport and 4.1 miles from Boca Raton Airport. Additionally, the building is adjacent to Royal Palm Place and within walking distance to Mizner Park and the future Brightline Station. Dominic Montazemi, Scott O’Donnell and Mike Davis of Cushman & Wakefield brokered the transaction. Jason Hochman and Ron Granite of Cushman & Wakefield arranged acquisition financing on behalf of Grover Corlew through Wells Fargo Bank.

August 2, 2021

Acquisitions Illinois Industrial Midwest

NAI Hiffman Brokers $13.2M Sale of Two Manufacturing Facilities in Itasca, Illinois

by Kristin Harlow August 2, 2021

ITASCA, ILL. — NAI Hiffman has brokered the sale of two light manufacturing and warehousing facilities in Itasca for $13.2 million. Located at 1500 Bryn Mawr Ave. and 1251 Ardmore Ave., the properties total 108,357 square feet and were built in 1969. Phoenix Converting Inc., a producer of specialty pouches for flexible packaging, occupies both buildings. Patrick Sullivan, Ryan Chambers and Jeff Janda of NAI Hiffman represented the seller, Oak Brook-based TradeLane Properties LLC. A national industrial REIT was the buyer.

August 2, 2021

Acquisitions Industrial Michigan Midwest Northmarq

NorthMarq Arranges $10.3M Acquisition Loan for Industrial Property in Taylor, Michigan

by Kristin Harlow August 2, 2021

TAYLOR, MICH. — NorthMarq has arranged a $10.3 million bridge loan for the acquisition of a 243,894-square-foot industrial property in Taylor, about 18 miles southwest of Detroit. The building is located on Trolley Industrial Drive. Reina Abboud of NorthMarq arranged the four-year loan, which features three years of interest-only payments. A bridge and mezzanine lender provided the loan on behalf of the undisclosed borrower.

August 2, 2021

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