Acquisitions

CP Group Acquires 1.2 MSF CNN Center Office Building in Atlanta

by Julia Sanders July 2, 2021

ATLANTA — CP Group has acquired One CNN Center, a 1.2-million-square-foot office building in downtown Atlanta, for an undisclosed price. The acquisition was completed via a joint venture with funds managed by Miami-based Rialto Capital Management LLC. The transaction makes CP Group the second largest office owner in the state of Georgia, according to the company. The seller, WarnerMedia, will lease back the CNN Center for several years. WarnerMedia is the parent company of 24-hour news station CNN, which broadcasts from the building. Located at 190 Marietta St. NW, the CNN Center is located in the center of Atlanta’s central business district, near State Farm Arena, Mercedes-Benz Stadium, Centennial Olympic Park, Georgia World Congress Center, World of Coca-Cola, Georgia Aquarium, College Football Hall of Fame and the Center for Civil & Human Rights. “The CNN Center is one of Atlanta’s most iconic landmarks and we look forward to embracing the opportunity to strategically transform the asset and build off the city’s current momentum,” says Chris Eachus, partner at CP Group. The center is located adjacent to Centennial Yards, which is a $5 billion mixed-use project that will include multiple residential and office towers, restaurants and retail. “Many markets across the …

July 2, 2021

Acquisitions Florida Multifamily Southeast

CBRE Brokers $26.1M Sale of Pinebrook Apartment Homes in Jacksonville

by Julia Sanders July 2, 2021

JACKSONVILLE, FLA. — CBRE has brokered the sale of Pinebrook Apartment Homes, a 208-unit multifamily property located in Jacksonville. Bella Property LLC acquired the property for $26.1 million, or $125,481 per unit. Cliff Taylor and Joe Ayers of CBRE represented the seller, an entity doing business as Pinebrook CE Partners LLC, in the transaction. Originally built in 1974, Pinebrook is located at 7500 Powers Ave. and features 13 apartment buildings and one clubhouse. The apartment community is situated 7.7 miles from downtown Jacksonville and 34 miles from St. Augustine. Pinebrook has had improvements completed to the property over the past 18 months, including renovations to the exterior and unit interiors.

July 2, 2021

Acquisitions Industrial North Carolina Self-Storage Southeast

Berkshire Hathaway Arranges Sale of Self-Storage Portfolio in North Carolina

by Julia Sanders July 2, 2021

SHELBY AND HICKORY, N.C. — Berkshire Hathaway has arranged the sale of a self-storage portfolio in Shelby and Hickery. The sales price was not disclosed. Parker Sweet and Cameron Vale of Berkshire Hathaway represented the seller and secured the buyer, both privately owned companies. The properties total 1,570 units and 219,000 net rentable square feet.

July 2, 2021

Acquisitions Colorado Multifamily Western

CIM Group Purchases 710-Unit The Lex at Lowry Multifamily Community in Denver

by Amy Works July 2, 2021

DENVER — CIM Group has purchased The Lex at Lowry, an apartment property located on 26 acres at 240 S. Moncao Parkway in Denver. Terms of the transaction were not released. Originally built in 1972, The Lex at Lowry consists of 24 buildings offering a total of 710 units in a mix of townhome and mid-rise buildings in one-, two- and three-bedroom layouts. Community amenities include 1,204 parking stalls, multiple swimming pools, tennis courts, a yoga and spin studio, racquetball court, indoor basketball court, fitness center and business and conference facilities. The property also features a playground, dog park and ample outdoor seating areas with fire pits. This acquisition brings CIM Group’s Denver-area residential portfolio to more than 1,300 units.

July 2, 2021

Acquisitions Multifamily New Mexico Western

Kennedy Wilson Acquires Sombra del Oso Apartments in Albuquerque for $65M

by Amy Works July 2, 2021

ALBUQUERQUE, N.M. — Kennedy Wilson has acquired Sombra del Oso, a wholly owned apartment property located on 16 acres on Albuquerque’s Westside, for $65 million, excluding closing costs, in an off-market transaction. Situated on 16 acres, the two-story, garden-style community features 344 apartments. The buyer invested $28 million of equity using proceeds generated from recent asset sales and secured a 10-year, fixed-rate loan of $39 million. The name of the seller was not released.

July 2, 2021

Acquisitions California Loans Multifamily Western

PCCP Provides $76M Acquisition, Renovation Loan for High-Rise Apartment Property in San Diego

by Amy Works July 2, 2021

SAN DIEGO — PCCP has provided a $76 million senior loan to an affiliate of Sares Regis Group for the purchase and renovation of LIT Cortez Hill (formerly known as AVA Cortez Hill), a multifamily property in downtown San Diego. AvalonBay sold the property for an undisclosed price. Located at 1399 Ninth Ave., the 15-story building features 299 apartments and 1,670 square feet of ground-floor retail space. The unit mix is 97 studios, 117 one-bedroom and 85 two-bedroom units, all with private patios or balconies and ranging from 570 square feet to 1,059 square feet. The property features 30,000 square feet of outdoor amenity space with full-size basketball and tennis courts, resort-style pool and spa, fitness center, resident lounge, 13 laundry rooms and a ground-floor market.

July 2, 2021

Acquisitions California Industrial Western

Hines Buys 161,168 SF Activity Business Park in San Diego from BKM Capital Partners

by Amy Works July 2, 2021

SAN DIEGO — Hines has acquired Activity Business Park, a five-building industrial property located at 9235-9265 Activity Road and 9520-9530 Padgett St. in San Diego’s Miramar submarket. BKM Capital sold the asset for an undisclosed price. Totaling 161,168 square feet, the property consists of five one- and two-story buildings with expansive windows, abundant light, clear heights ranging from 10 feet to 20 feet and flexibility for a variety of users. At the time of sale, the property was 90 percent leased. Bryce Aberg, Jeffrey Cole, Jeff Chiate, Zach Harman, Mike Adey and Ed Hernandez of Cushman & Wakefield’s National Industrial Investment Advisory Group in Southern California, along with Rich Reeder and Brad Tecca of the firm’s Capital Markets group in San Diego, represented the buyer and seller in the deal. Brant Aberg of Cushman & Wakefield and Chris Duncan of Voit Real Estate provided market leasing advisory for the transaction.

July 2, 2021

Acquisitions Multifamily Washington Western

Glencrest Group Purchases Salish Flats Multifamily Property in Airway Heights, Washington for $45M

by Amy Works July 2, 2021

AIRWAY HEIGHTS, WASH. — Glencreast Group has acquired Salish Flats, an apartment community in Airway Heights, approximately seven miles from downtown Spokane. TWG Development sold the asset for $45 million. Built in 2020, Salish Flats consists of six residential buildings offering a total of 216 garden-style apartments in a mix of one-, two- and three-bedroom floorplans. Community amenities include a clubhouse, fitness center, basketball court, sand volleyball court, resort-style swimming pool and sundeck, barbecue and grilling area, resident lounge and media room. Salish Flats is on a long-term ground lease with the Kalsipel Tribe of Indians. This ownership structure facilitated the first Freddie Mac loan on Native American land. Andrew Behrens and Jesse Weber of CBRE Capital Markets’ Debt & Structured Finance team provided debt and advisory services and secured a $31 million, 10-year, interest-only, fixed-rate loan for the buyer. Josh McDonald, Phil Oester and Joe Nydahl of CBRE represented the seller and buyer in the deal.

July 2, 2021

Acquisitions Multifamily Texas

Cushman & Wakefield Negotiates Sale of 200-Unit Apartment Community Near San Antonio

by Taylor Williams July 2, 2021

CONVERSE, TEXAS — Cushman & Wakefield has negotiated the sale of The Heights at Converse, a 200-unit apartment community in Converse, a northeastern suburb of San Antonio. Built in 2015, the property offers amenities such as a pool, clubhouse, fitness center, cybercafé, dog park and a playground. John Carr and Ben Fuller of Cushman & Wakefield represented the seller, Acme Development LLC, in the transaction. The duo also procured the buyer, California-based Investors Management Group, which purchased the asset for an undisclosed price with plans to implement a value-add program. David Bleiweiss of Berkadia originated an undisclosed amount of acquisition financing for the deal.

July 2, 2021

Acquisitions Retail Texas

RealSource Brokers Sale of 3,010 SF Retail Asset Leased to 7-Eleven in Arlington

by Taylor Williams July 2, 2021

ARLINGTON, TEXAS — RealSource Group has brokered the sale of a 3,010-square-foot single-tenant retail property in Arlington that is triple-net leased to 7-Eleven. Austin Blodgett of RealSource, along with ParaSell Inc., represented the seller, a private developer based in Houston. Jeremy McChesney of Hanley Investment Group represented the buyer, a 1031 exchange investor based in Southern California. The asset traded at a cap rate of 4.7 percent. The 7-Eleven store, which includes a fuel station, opened on June 10 to mark the beginning of a new 15-year lease.

July 2, 2021

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