Acquisitions

Industrial Properties Group Arranges Sale of 143,590 SF Spec Building in Hartwell, Georgia

by Julia Sanders June 10, 2021

HARTWELL, GA. — Industrial Properties Group Inc. has arranged the sale of a 143,590-square-foot speculative industrial building located at 2052 Knox Bridge Crossing Road in Hartwell. Developed in 2020 by Adams Hart Partners I LLC, the building is situated on 14.8 acres within Gateway Industrial Park, located one exit south of the Georgia-South Carolina border along Interstate 85. Industrial Properties Group represented the seller and Russell D. Dye of Avison Young (formerly The Simpson Co.) represented the buyer. Richard R. Holdings LLC, a regional manufacturer, bought the property for an undisclosed price. The seller plans to build a second 120,000-square-foot building within Gateway Industrial Park, which Industrial Properties Group will market.

June 10, 2021

Acquisitions Multifamily New Jersey Northeast

Invel Capital Acquires 22-Unit Multifamily Property in South Orange, New Jersey

by Taylor Williams June 10, 2021

SOUTH ORANGE, N.J. — New York City-based Invel Capital LLC has acquired a 22-unit multifamily property in South Orange, located outside of Newark. The property, which offers one- and two-bedroom units, also houses 2,500 square feet of commercial space, a 35-space enclosed parking garage and a 4,000-square-foot landscaped patio space. Invel purchased the asset from its original developer for $9.3 million.

June 10, 2021

Acquisitions Multifamily Nevada Western

Northcap Commercial Negotiates $11.4M Sale of Skyline Villas Apartments in Las Vegas

by Amy Works June 10, 2021

LAS VEGAS, NEV. — Northcap Commercial has brokered the sale of Skyline Villas Apartments, a multifamily property located at 3501 S. Maryland Parkway in Las Vegas. Dumont 94 LLC sold the asset for an undisclosed buyer for $11.4 million, or $121,809 per unit. Built in 1962, the community features 94 apartments. According to Northcap, the transaction is a record sales price for a property of its vintage. Devin Lee, Robin Willett, Jerad Roberts and Jason Dittenber of Northcap Commercial Multifamily represented the seller in the deal.

June 10, 2021

Acquisitions Arizona Net Lease Retail Western

Marcus & Millichap Brokers $9.6M Sale of EoS Fitness-Occupied Property in Tempe

by Amy Works June 10, 2021

TEMPE, ARIZ. — Marcus & Millichap has arranged the sale of retail property located at 1727 W. Ranch Road in Tempe. MAR Group acquired the asset from a private preferred developer of EoS Fitness for $9.6 million. EoS Fitness occupies the 38,000-square-foot property under a net-lease agreement. Mark Thiel of Marcus & Millichap represented the seller and procured the buyer. Ryan Sarbinoff of Marcus & Millichap’s Phoenix office served as broker of record.

June 10, 2021

Acquisitions Georgia Multifamily Southeast

Continental Realty Corp. Acquires Two Addison Place Apartments Near Savannah

by Julia Sanders June 10, 2021

POOLER, GA. — Baltimore-based Continental Realty Corp. (CRC) has acquired Two Addison Place, a 325-unit multifamily community located at 2 Addison Place in Pooler, 10 miles from Savannah. The property was purchased via Continental Realty Fund V L.P., a $210.8 million private equity fund focused on acquiring retail and multifamily properties in the Mid-Atlantic and Southeast regions. The sales price and seller were not disclosed. Delivered in 2014, Two Addison Place offers one-, two- and three-bedroom floorplans ranging from 723 to 1,737 square feet. Thirty seven custom floor plans are available, with open space units featuring nine- to 14-foot ceiling heights, granite kitchen and bathroom countertops, ceiling fans throughout, wood-style and stained concrete flooring, washers and dryers, walk-in closets and balconies or porches. The garden-style community, which also features some cottage homes with attached garages, was 97 percent occupied at the time of the off-market sale. Community amenities include a clubhouse with conference center, cybercafé, fitness center, yoga room and a resort-style saltwater swimming pool with private cabanas, as well as two outdoor courtyards with fireplaces and grilling areas, a dog park, dog wash area and a car care center. With this acquisition, CRC now owns three properties in Georgia, …

June 10, 2021

Acquisitions Arizona Multifamily Western

Taylor Street Advisors Arranges Sales of Three Multifamily Properties in Tucson

by Amy Works June 10, 2021

TUCSON, ARIZ. — Taylor Street Advisors has arranged the sales of three apartment communities located in Tucson. In the first transaction, an out-of-state investor acquired Fort Lowell Casitas, a 13-unit low-rise apartment building, for $1.5 million, or $116,153 per unit. The property features one- and two-bedroom units. Evan Plonis of Taylor Street Advisors represented the undisclosed seller. In the second deal, The 7th Ave Apartments sold for $990,000, or $66,000 per unit. The 15-unit property was recently remodeled and units feature modern kitchens and bathrooms and tile floors throughout. Andy Burnett of Taylor Street Advisors represented the undisclosed buyer in the deal. In the third transaction, the eight-unit Eagle Ridge Apartment complex sold for $700,000, or $87,500 per unit. Austen Oakley of Taylor Street Advisors represented the undisclosed seller and undisclosed buyer in the deal.

June 10, 2021

Acquisitions Illinois Industrial Midwest

Avison Young Brokers Sale of Three-Building Industrial Portfolio in Chicago

by Kristin Harlow June 10, 2021

CHICAGO — Avison Young has brokered the sale of a three-building industrial portfolio spanning 100,000 square feet in Chicago. The contiguous buildings are located at 4006 W. Belden Ave., 2311 N. Keystone Ave. and 2321 N. Keystone Ave. Steven Kohn and Patrick Richwine of Avison Young represented the seller, Eazypower Corp., which is relocating to a new property in a northern suburb of Chicago. The buyer, a Chicago-based industrial investor, plans to complete an extensive renovation of the buildings.

June 10, 2021

Acquisitions Florida Office Southeast

Avison Young Brokers $58.9M Sale of Pinnacle Corporate Park in Fort Lauderdale

by Julia Sanders June 9, 2021

FORT LAUDERDALE, FLA. — Avison Young has brokered the $58.9 million sale of Pinnacle Corporate Park, a two-building, Class A office portfolio located at 500 and 550 W. Cypress Creek Road in Fort Lauderdale. The portfolio totals 259,458 square feet on 14.3 acres in Broward County’s Cypress Creek submarket. Avison Young arranged the sale on behalf of the seller, a joint venture between a fund managed by DRA Advisors LLC and Banyan Street Capital. The buyer, an affiliate of St. Petersburg, Fla.-based Feldman Equities doing business as Pinnacle Corporate Park LLC, purchased the property with capital raised through online crowdfunding platform called Crowdstreet.com. Pinnacle Corporate Park is Feldman’s first investment property in South Florida. The buyer plans to invest over $3 million in renovations. Pinnacle Corporate Park’s tenants include Vertiv, Jacobs Engineering, Trustbridge, I Pipeline and AmTrust. The property is in the center of Fort Lauderdale’s Uptown Urban Village, a master plan that supports the development of a mixed-use neighborhood. The offices are less than one mile from Interstate 95 and close to the Cypress Creek Tri-Rail station. John Crotty, David Duckworth, Michael Fay, Greg Martin, George Vail, Brian de la Fé and Berkley Bloodworth of Avison Young led the …

June 9, 2021

Acquisitions Industrial Texas

KBS Sells 372,763 SF Southpark Commerce Center in Austin to BentallGreenOak

by Taylor Williams June 9, 2021

AUSTIN, TEXAS — California-based KBS has sold Southpark Commerce Center, a 372,763-square-foot industrial park in Austin, to institutional investment firm BentallGreenOak for an undisclosed price. Built in 1998, the four-building property was fully leased at the time of sale and features 24-foot clear heights and a 36 percent office finish. Trent Agnew, Dustin Volz, Dom Espinoza, Josh Villareal and Wesley Gilmer of JLL represented KBS in the transaction.

June 9, 2021

Acquisitions Loans Multifamily North Carolina Southeast

Latitude Management Receives $53.2M Acquisition Financing for Apartment Community in Leland, North Carolina

by Julia Sanders June 9, 2021

LELAND, N.C. — Latitude Management Real Estate Holdings Inc. has received a $53.2 million acquisition loan for Harrington Village Apartments, a multifamily property located at 4276 Harrington Road in the Wilmington suburb of Leland. Harrington Village totals 387,315 square feet and includes 333 one- and two-bedroom units. The property also features seven commercial units totaling 11,895 square feet that are available for lease. Units include granite countertops, in-unit washer and dryer connections, nine-foot ceilings, walk-in closets and balconies in select units. Community amenities include access to a bark park and dog washing station, business center, outdoor grilling area, clubhouse, fitness center and a pool with a sundeck and outdoor entertainment area. At close, an additional plot of interior retail space will be permitted for the development of 16 additional residential units, with construction completion slated to finish by the end of the year. In addition, the sponsor intends to allocate capital to add 12 more residential units to a vacant pad of entitled land on the site. Paul Brindley, Jeff Sause, John Gavigan and Harrison Kalt of JLL arranged the loan through Sound Point Capital Management LP on behalf of Latitude Management. The non-recourse, interest-only bridge loan was structured at …

June 9, 2021

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