Acquisitions

IPA Brokers $69.1M Sale of Level at Sixteenth Apartments in Central Phoenix

by Amy Works June 23, 2021

PHOENIX — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Level at Sixteenth, a mid-rise multifamily property in Phoenix’s urban core. An affiliate of Abacus Capital Group sold the asset to Sares Regis Group for $69.1 million, or $287,917 per unit. Converted from a retail center to a multifamily community in 2010, Level at Sixteenth features 240 apartments with nine-foot ceilings, private laundry areas and walk-in showers. The community also features a leasing office clubhouse with resident lounge, fireplace, demonstration kitchen, eight-foot multimedia video wall and billiards table. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the deal.

June 23, 2021

Acquisitions Multifamily Washington Western

Marcus & Millichap Negotiates $9.5M Sale of Sherwood Park Multifamily Property in Fife, Washington

by Amy Works June 23, 2021

FIFE, WASH. — Marcus & Millichap has arranged the sale of Sherwood Park, an apartment community located in Fife. A limited liability company sold the property to an undisclosed buyer for $9.5 million. Kellan Moll and Scott Morasch of Marcus & Millichap represented the seller in the transaction.

June 23, 2021

Acquisitions Colorado Restaurant Retail Western

Pinnacle Real Estate Arranges $2.1M Sale of Mercury Café in Downtown Denver

by Amy Works June 23, 2021

DENVER — Pinnacle Real Estate Advisors has brokered the sale of The Mercury Café in downtown Denver. An owner-operator acquired the property from the undisclosed seller for $2.1 million. Located at 2195 California St., the property features 9,870 square feet of restaurant space. Jason McClanahan and Dallas Sandberg of the Johnson Ritter team of Pinnacle Real Estate Advisors represented the seller in the transaction.

June 23, 2021

Acquisitions California Industrial Western

Alere Property Group Acquires 33,400 SF Warehouse Near Los Angeles

by Amy Works June 23, 2021

VERNON, CALIF. — Alere Property Group has purchased an industrial warehouse building located at 4433 Pacific Blvd. in Vernon. Alere Property Group acquired the asset from a private investor for an undisclosed price in an off-market transaction. Built in 2005, the 33,400-square-foot property features contemporary design and includes 8,800 square feet of mezzanine office space, clear heights ranging from 28 feet to 30 feet, five dock-high doors and a secured fenced yard. DAUM Commercial Real Estate Services represented the buyer and seller in the deal.

June 23, 2021

Acquisitions Hospitality Texas

Ohana Real Estate Buys 491-Room Hyatt Regency Lost Pines Resort & Spa Near Austin

by Taylor Williams June 23, 2021

BASTROP, TEXAS — Redwood City, Calif.-based Ohana Real Estate Investors has purchased the 491-room Hyatt Regency Lost Pines Resort & Spa in Bastrop, an eastern suburb of Austin. The seller was an affiliate of Hyatt Hotels Corp. According to hotelbusiness.com, which tracks the hospitality industry, the sales price was $275 million. The 650-acre property features more than 36,000 square feet of indoor meeting space and 276,000 square feet of outdoor amenity space that includes a golf course, water park, amphitheater and an equestrian facility. In addition, the property adjoins the 1,100-acre McKinney Roughs Nature National Park. The deal follows Ohana’s acquisition of the 496-room La Cantera Resort & Spa in San Antonio.

June 23, 2021

Acquisitions Florida Multifamily Southeast

Harbor Group International Sells Apartment Community in Metro Miami for $222.7M

by Julia Sanders June 23, 2021

PEMBROKE PINES, FLA. — Harbor Group International LLC has sold City Center on 7th, a Class A, 700-unit apartment community in Pembroke Pines, for $222.7 million. HGI purchased the suburban Miami property in 2017 for $158.5 million and upon acquisition invested an additional $2.65 million in interior maintenance and upgrades. The buyer was not disclosed. City Center on 7th is close to the Pembroke Lakes Mall and The Shops at Pembroke Gardens, an outdoor lifestyle center. The community is also near the Miramar Park of Commerce, an industrial and business park featuring more than 5.4 million square feet of commercial space and housing several employers to the area. Built in two phases in 2014 and 2015, the community amenities include a LEED Gold-certified clubhouse, beach-entry pool, fitness center, business center, demonstration kitchen, game room, private garages, storage units and 24-hour emergency maintenance. Harbor Group International LLC is a Norfolk, Va. private real estate and real estate investment and management firm.

June 23, 2021

Acquisitions Multifamily Texas

Embrey, Carlyle Group Sell 285-Unit Domain at Founders Parc Apartments in Metro Dallas

by Taylor Williams June 23, 2021

EULESS, TEXAS — San Antonio-based developer Embrey Partners LLC and The Carlyle Group, a private equity and alternative asset management firm based in Washington, D.C., have sold Domain at Founders Parc, a 285-unit apartment community located near Dallas-Fort Worth International Airport in Euless. Units feature custom cabinetry, wood-style flooring, stainless steel appliances, ceramic and tile backsplashes and full-size washers and dryers. Amenities include a pool with cabanas, fitness center with a spin studio, cyber and resident lounges, coffee bar, game room, conference rooms, pet park and spa, bike wash and repair shop, fire pits and an outdoor kitchen. Drew Kile, Joey Tumminello, Will Balthrope, Taylor Hill and Michael Ware of Institutional Property Advisors, a division of Marcus & Millichap, represented the buyer, Tampa-based multifamily investment firm American Landmark, in the transaction.

June 23, 2021

Acquisitions Retail Texas

2GR Equity, Tarantino Acquire 195,000 SF Retail Power Center in League City, Texas

by Taylor Williams June 23, 2021

LEAGUE CITY, TEXAS — A joint venture between metro Dallas-based 2GR Equity LLC and Houston-based Tarantino Properties has acquired League City Towne Center, a 195,000-square-foot retail power center in League City. The property sits on 31.5 acres at the southeast quadrant of Interstate 45 and FM 646 on the outskirts of Houston. Shadow-anchored by Home Depot and Target, League City Towne Center was 96 percent leased at the time of sale.

June 23, 2021

Acquisitions Industrial Texas

JLL Negotiates Sale of 154,000 SF Bronze Way Distribution Center in Southwest Dallas

by Taylor Williams June 23, 2021

DALLAS — JLL has negotiated the sale of Bronze Way Distribution Center, a 154,000-square-foot industrial property that is situated on 7.9 acres in southwest Dallas. Built in 1978, the front-load building features 22- to 24-foot clear heights and was fully leased to building materials distributor Boise Cascade Co. at the time of sale. Dustin Volz, Stephen Bailey, Dom Espinosa, Zach Riebe and Pauli Kerr of JLL represented the seller, Huntington Industrial Partners, in the transaction. Atlanta-based investment firm MDH Partners purchased the asset for an undisclosed price.

June 23, 2021

Acquisitions Development Florida Mixed-Use Southeast

Berkadia Arranges $31M Sale of Mixed-Use Development Site in Miami

by Julia Sanders June 23, 2021

MIAMI — Berkadia has arranged the $31 million sale of a 1.8-acre development site in Miami’s Bay Harbor Islands known as 1177 Kane Concourse. Located just west of Bal Harbour Shops, the site includes 300 feet of frontage on Kane Concourse and is permitted for a mixed-use residential, retail and office development. Jaret Turkell, Roberto Pesant, Scott Wadler, Omar Morales and Jose Mota of Berkadia’s Miami office represented the seller, Northwood Investors, in the transaction. David Martin is the developer’s CEO, and Terra is the buyer for the development site. Martin says the plans for 1177 Kane Concourse include a mixed-use development with a residential component, Class A office and retail space and food and beverage options at the street level. Bay Harbor Islands is a community situated roughly two miles north of Miami Beach, just above Indian Creek Island. The islands are accessible to Interstate 95 via N.E. 123rd Street.

June 23, 2021

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