Acquisitions

Mohr Capital Sells 200,000 SF Warehouse in Michigan City, Indiana

by Kristin Harlow March 17, 2021

MICHIGAN CITY, IND. — Dallas-based privately held investment firm Mohr Capital has sold a 200,000-square-foot warehouse and outdoor storage facility in Michigan City for an undisclosed price. GAF Materials Corp. fully occupies the property, which is located at 130 Tri Quad Drive. Michigan City is situated on the south shore of Lake Michigan in Northwest Indiana. New Jersey-based Four Springs Capital Trust was the buyer. Mohr completed development of the facility in November for GAF, which is a roofing and waterproofing manufacturer.

March 17, 2021

Acquisitions Illinois Midwest Multifamily

Kiser Group Brokers $7.1M Sale of Apartment Asset in Suburban Chicago

by Kristin Harlow March 17, 2021

DOWNERS GROVE, ILL. — Kiser Group has brokered the sale of East Village Apartments in Downers Grove for $7.1 million. Floor plans include 18 two-bedroom units and two one-bedroom units. Built in 2018, the three-story property includes 20 units. Ron Plonis of Kiser represented both the seller, Forth Group Real Estate, and the buyer, HP Ventures Group-Development Services LLC.

March 17, 2021

Acquisitions Multifamily New York Northeast

Marcus & Millichap Brokers $2.5M Sale of Brooklyn Apartment Complex

by Taylor Williams March 17, 2021

NEW YORK CITY — Marcus & Millichap has brokered the $2.5 million sale of a 12-unit apartment complex in Brooklyn. The property comprises two contiguous buildings that feature a mix of studio, one-, two- and three-bedroom units. John Brennan and Samuel Finkler of Marcus & Millichap represented the seller and buyer in the transaction. Both parties were private investors that requested anonymity.

March 17, 2021

Acquisitions Office Washington Western

Talon Private Capital Buys Leasehold of 601,081 SF Microsoft-Occupied Office Campus in Bellevue, Washington

by Amy Works March 17, 2021

BELLEVUE, WASH. — Talon Private Capital, along with an undisclosed institutional real estate manager, has acquired the leasehold interest in Advanta Edge Campus, an office park located in the Interstate 90 Corridor of Bellevue. Microsoft Corp. fully occupies the 601,081-square-foot campus through September 2023. Designed by CollinsWoerman, Advanta Edge Campus has undergone $174.5 million in capital improvements since its development in 2018 by Schnitzer West. Microsoft has funded more than $120 million of out-of-pocket capital to enhance the building’s electrical and mechanical infrastructures, telecommunications backbone, interior finishes and build-out to a level well beyond typical Class A office standards. Kevin Shannon, Nick Kucha, Rob Hannan, Ken White, Michael Moll, Rachel Hones, Tim O’Keefe and Joe Lynch of Newmark represented the undisclosed seller in the transaction. The acquisition price was not released.

March 17, 2021

Acquisitions California Retail Western

Buchanan Street Partners Acquires Showroom Retail Center in Orange County for $24M

by Amy Works March 17, 2021

FOUNTAIN VALLEY, CALIF. — Newport Beach, Calif.-based Buchanan Street Partners has purchased E405 Euclid Shops, a showroom retail center located at 18225 to 18349 Euclid St. in Fountain Valley. A Southern California-based family trust sold the asset for $24 million. Situated on 4.9 acres, the property features 91,517 square feet of flexible showroom and retail space. Current tenants include Sherwin-Williams, Guitar Center and Cort Furniture. Matthew Mousavi, Patrick Luther and Rich Walter of SRS National Net Lease Group represented the buyer and seller in the deal.

March 17, 2021

Acquisitions California Industrial Western

PPS Packaging Co. Sells 127,138 SF Industrial Building in Fowler, California

by Amy Works March 17, 2021

FOWLER, CALIF. — PPS Packaging Co. has completed the disposition of an industrial property located at 3189 Manning Ave. in Fowler. Esbenshade Partnership acquired the 127,138-square-foot building for an undisclosed price. Ethan Smith, Nick Audino and Kyle Riddering of Newmark Pearson Commercial, in cooperation with Graham & Associates and US Commercial, handled the transaction.

March 17, 2021

Acquisitions Hospitality Texas Top Stories

Host Hotels & Resorts Acquires Hyatt Regency Austin for $161M

by Kristin Harlow March 17, 2021

AUSTIN, TEXAS — Host Hotels & Resorts Inc. (NASDAQ: HST) has acquired the fee simple interest in the 448-room Hyatt Regency Austin for approximately $161 million in cash. The purchase price represents a capitalization rate of 10 percent and a 20 to 25 percent discount to pre-COVID pricing, according to HST. Hyatt will continue to manage the hotel under a long-term agreement. The seller was undisclosed. Situated on nearly six acres along Lady Bird Lake, the waterfront property is located near the city’s South Congress District and Zilker Park. The hotel’s rooms were renovated in 2015 and its meeting space was expanded in 2018. The property features 45,000 square feet of meeting space, including two ballrooms. There are also two food and beverage outlets as well as an outdoor pool and a fitness center. “As travel resumes, we expect the well-located Hyatt Regency Austin to benefit from a strong rebound led by Austin’s multiple leisure and business demand drivers that are anchored in world-renowned music festivals, sporting events and blue-chip corporations,” says James Risoleo, president and CEO of HST. “Additionally, we are encouraged by the reported contraction in Austin’s hotel construction pipeline relative to pre-pandemic levels and by the market’s …

March 17, 2021

Acquisitions Florida Multifamily Southeast

Axiom Realty Sells The Studios at Uptown Apartments in Central Florida for $10.9M

by Julia Sanders March 16, 2021

ALTAMONTE SPRINGS, FLA. — Axiom Realty Partners LLC has sold The Studios at Uptown, a 108-unit, all-studio apartment community located in Altamonte Springs, for $10.9 million. Mike Donaldson and Nick Meoli of Cushman & Wakefield represented the seller in the transaction. Denny Romain, Charles Crapse and Alex Kupp of Cushman & Wakefield arranged acquisition financing through Ameris Bank on behalf of the buyer, Ty and Tovah Lohman of Ormond Beach, Fla. Located at 245 Loraine Drive, The Studios at Uptown was 97 percent occupied at the time of sale. Community amenities include a swimming pool with a sundeck, tennis courts and onsite laundry facilities on each floor. The property is 26 miles from Walt Disney World Resort and 48 miles from Daytona Beach.

March 16, 2021

Acquisitions Kentucky Retail Southeast

MAGNA Properties Acquires Florence Shops in Metro Cincinnati for $5.5M

by Julia Sanders March 16, 2021

FLORENCE, KY. — Ohio-based MAGNA Properties has acquired Florence Shops, a 50,068-square-foot, multi-tenant shopping center located at 7541-7565 Mall Road in Florence. The property was fully leased at the time of sale. Patrick Metz of Stan Johnson Co. represented MAGNA Properties in the $5.5 million acquisition. The seller was an undisclosed local developer. The Florence Shops is situated on 4.1 acres approximately 13 miles from Cincinnati. The acquisition includes additional development potential on an adjacent pad site. The center’s neighboring tenants include Kroger, Old Navy, Ulta Beauty and Barnes & Noble. The center was last renovated in 2015.

March 16, 2021

Acquisitions Multifamily Texas

IPA Negotiates Sale of 392-Unit Cross Creek at Grapevine Ranch Apartments

by Taylor Williams March 16, 2021

GRAPEVINE, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Cross Creek at Grapevine Ranch, a 392-unit apartment community located roughly midway between downtown Dallas and Fort Worth. Built on 35 acres in 1999, the property offers a pool, business center and an indoor basketball court. Drew Kile and Joey Tumminello of IPA represented the seller, a joint venture between an affiliate of The Carlyle Group and VCT Capital Partners, in the transaction. The duo also procured the undisclosed private buyer.

March 16, 2021

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