Acquisitions

Mountain-Vista-Commerce-Center-Phoenix-AZ

Westmount Realty Capital Buys 134,713 SF Mountain Vista Commerce Center in Phoenix

by Amy Works June 7, 2021

PHOENIX — Westmount Realty Capital has purchased Mountain Vista Commerce Center, a three-building industrial property located at 14647 S. 50th St. in Phoenix. Terms of the transaction were not released. Built in 1999, the multi-tenant property features 134,713 square feet of flex industrial space. One building is configured for corporate office use built out with modern standard design and finishes. The other two buildings are configured for showroom/training and office/warehouse spaces with 18-foot, clear-height dock doors. Additionally, the property provides 517 total parking spaces and a large monument sign. At the time of sale, the property was 62 percent occupied. Cognizant Trizetto, a healthcare IT services provider, occupies 38 percent of the modern corporate office space, while six wellness- and fitness-related businesses occupy another 32 percent.

June 7, 2021

Acquisitions Arizona Multifamily Western

Taylor Street Brokers Sale of Three Apartment Properties in Arizona Totaling $14.2M

by Amy Works June 7, 2021

PHOENIX AND SURPRISE, ARIZ. — Taylor Street Advisors has arranged the sales of three multifamily properties located in Phoenix and Surprise for a total of $14.2 million. Brian Tranetzki and Anton Laakso of Taylor Street Advisors represented the buyer, an out-of-state investor, and the undisclosed seller in the deals. The transactions include: The $5.4 million, or $200,000 per unit, acquisition of Encanto Oasis, a 26-unit property located at 1840 W. Thomas Road in Phoenix. The buyer plans to add in-unit washers/dryers and private patios to each unit and convert the laundry facilities and gym space into two additional residential units. The $3.8 million, or $209,722 per unit, purchase of The Madison, an 18-unit community located at 5624-5646 N. Sixth St. in Phoenix. The $5 million, $147,059 per unit, acquisition of Thompson Ranch, a 34-unit townhome property located at 15427 N. Jerry St. in Surprise.

June 7, 2021

Acquisitions Colorado Loans Western

Money360 Provides $7.4M Acquisition Loan for Industrial Property in Littleton, Colorado

by Amy Works June 7, 2021

LITTLETON, COLO. — Money360 has provided an undisclosed borrower with a $7.4 million loan for the acquisition of an industrial building in Littleton. Loan proceeds will be used to fund future leasing costs and a capital expenditure program to renovate add value to the property. The three-year loan features two 12-month extension options.

June 7, 2021

Acquisitions Iowa Midwest Restaurant Retail

Boulder Group Brokers $1.2M Sale of Restaurant Property in Des Moines

by Kristin Harlow June 7, 2021

DES MOINES, IOWA — The Boulder Group, a net-lease investment brokerage firm, has brokered the sale of a restaurant property occupied by Fazoli’s in Des Moines for $1.2 million. The 3,350-square-foot building is located at 3600 Merle Hay Road. Randy Blankstein and John Feeney of Boulder represented the seller, an undisclosed investment firm based in Texas, in the transaction. A Midwest-based investor was the buyer. Fazoli’s, an American fast-casual restaurant chain, has more than 10 years remaining on its lease.

June 7, 2021

Acquisitions Healthcare Life Sciences Massachusetts Northeast Office Top Stories

Boston Properties Acquires Two Life Sciences Buildings in Metro Boston for $100M

by Taylor Williams June 7, 2021

WALTHAM, MASS. — Boston Properties Inc. (NYSE: BXP) has acquired two life sciences buildings totaling 153,000 square feet in the western Boston suburb of Waltham for $100 million in cash. The seller was an affiliate of Los Angeles-based investment firm Montana Avenue Capital Partners LLC. The buildings, located at 153 and 211 Second Ave., were fully leased to an undisclosed pharmaceutical company at the time of sale. The assets are located adjacent to Boston Properties’ 272,000-square-foot building at 200 West St., a portion of which was recently converted into lab space. That property is 100 percent leased to Translate Bio. Following this transaction, Boston Properties now owns approximately 4.9 million square feet of lab and Class A office properties in the Waltham/Lexington area. The submarket has emerged as a major hub of life sciences construction, with companies such as Greatland Realty Partners, The Davis Cos. and Boston Development Group announcing or breaking ground on new projects in the last few months. Boston Properties holds more than 3 million square feet of life sciences space throughout the greater Boston and Los Angeles areas and has about 1 million square feet of life sciences projects in its development pipeline. “The adjacency to …

June 7, 2021

Acquisitions Florida Multifamily Southeast

CGI+ Sells Multifamily Property in Metro Orlando for $74.5M

by Julia Sanders June 4, 2021

CELEBRATION, FLA. — Woodland Hills, Calif.-based CGI+ Real Estate Investment Strategies has sold Astoria at Celebration, a 306-unit luxury multifamily community in Celebration. Aliso Viejo, Calif.-based Versity Investments LLC acquired the property for $74.5 million. Originally completed in 2016, Astoria at Celebration, which was then known as Sola at Celebration, had to be vacated in 2017 due to construction issues. Then, CGI+ acquired the vacant community in 2019 for $43 million. Mario Lopez of CGI+ and Ryan Bitzer of Turning Leaf Construction made renovations in order to bring the property up to code. During this time, CGI+ worked with Epoch Property Management to rebrand the community as Astoria at Celebration. At the time of the sale, the property was 99 percent leased. Astoria at Celebration features a mix of luxury one-, two- and three-bedroom units located in six four-story, Art Deco-inspired residential buildings around a centralized clubhouse and pool area. The property unit size ranges from 741 square feet to 1,371 square feet. The apartments feature nine-foot ceilings, kitchens with stainless steel appliances, 42-inch espresso cabinets, granite countertops, full-size washers and dryers and walk-in closets. Community amenities include a saltwater pool, private pool cabanas, 24-hour fitness studio, a clubhouse with …

June 4, 2021

Acquisitions Data Centers Industrial Southeast Virginia

Yondr Group Acquires 270 Acres in Northern Virginia for Data Centers Developments

by Julia Sanders June 4, 2021

LOUDOUN AND PRINCE WILLIAM COUNTY, VA. — Yondr Group, in partnership with JK Land Holdings LLC, have acquired 270 acres of land in Loudoun and Prince William counties for the development of data centers. The price and seller were not disclosed. The data centers’ new sites are close to Northern Virginia’s major fiber path and power transmission lines, and the sites are expected to support the delivery of 500 megawatts of critical IT capacity. Yondr aims to have its first capacity ready for service in late 2022. Yondr also is currently building data center projects in London, England; Frankfurt and Berlin, Germany; Jakarta, Indonesia; and multiple cities in India. The company wants to develop data centers across five continents by 2024.

June 4, 2021

Acquisitions Development Multifamily Southeast Tennessee

Alliance Residential Co. Purchases Two Acres in Nashville for Broadstone OneCity Apartment Development

by Julia Sanders June 4, 2021

NASHVILLE, TENN. — Alliance Residential Co. has purchased nearly two acres for the development of Broadstone OneCity, a luxury multifamily community located at 7 City Place in Nashville. The price and seller were not disclosed. Construction is scheduled to begin this year with first residents moving in spring of 2023. Designed by architect Dynamik Design and civil engineer Catalyst Design Group, Broadstone OneCity will include 261 studio, one- and two-bedroom luxury apartment units averaging 814 square feet. Units will feature finishes including gas ranges, beverage refrigerators, entertainment islands and custom entry benches. Community amenities will include a fitness center, private focus rooms, individual yoga pods, mailroom with 24/7 package concierge, resort-style pool and courtyard and a Skylounge equipped with a demonstrator kitchen and rooftop putt-putt. Broadstone OneCity will be part of the OneC1TY development, an urban community in Nashville. The property will be located close to restaurants like Pastaria and Avo, recreational areas, office spaces and fitness facilities such as CrossFit and Edge Cycle. Alliance Residential Co. has two other developments currently under construction including Broadstone SoBro and Broadstone Nations. Based in Scottsdale, Ariz., Alliance Residential Co. is a multifamily developer.

June 4, 2021

Acquisitions Office Texas

Newmark Brokers Sale of 367,364 SF Office Complex in North Dallas

by Taylor Williams June 4, 2021

DALLAS — Newmark has brokered the sale of Heritage One & Two, a 367,364-square-foot office complex located at the convergence of the Dallas North Tollway and LBJ Freeway in North Dallas. The two-building property sits on 12 acres and features amenities such as a fitness center, conference center and a café with outdoor seating. Gary Carr, Robert Hill, Chris Murphy, John Alvarado and Chase Tagen of Newmark represented the undisclosed seller in the transaction. The buyer was Oregon-based investment firm Menashe Properties. The complex was 75 percent leased at the time of sale.

June 4, 2021

Acquisitions Multifamily Texas

ZMR Capital Acquires 240-Unit Chimney Hill Apartments in Richardson, Texas

by Taylor Williams June 4, 2021

RICHARDSON, TEXAS — Tampa-based investment firm ZMR Capital has acquired Chimney Hill Apartments, a 240-unit multifamily community located in the northeastern Dallas suburb of Richardson. The property offers a mix of one-, two- and three-bedroom units across 11 two-story buildings. Amenities include a pool with a lounge area, outdoor picnic and grilling stations, fitness center and a cybercafé. Brian Eisendrath of CBRE arranged an undisclosed amount of acquisition financing on behalf of ZMR Capital, which will implement a capital improvement program focused on unit interiors, amenity spaces and building exteriors.

June 4, 2021

Newer Posts

Older Posts