Acquisitions

HilltopVillas-StewartVillas-Apts-Las-Vegas-NV

Northcap Commercial Arranges $22.1M Sale of Hilltop Villas, Stewart Villas Multifamily Properties in Las Vegas

by Amy Works March 10, 2021

LAS VEGAS, NEV. — Northcap Commercial has arranged the sale of Hilltop Villas and Stewart Villas, two multifamily properties in Las Vegas. Hilltop LLC sold the assets to an undisclosed buyer for $22.1 million, or $98,009 per unit. Located at 600 N. 12th St., 600 N. 13th St., 601 N. 13th St., 2640 Marlin Ave and 2601 Stewart Ave., the properties offer a total of 226 units. The communities were built in 1963. Robin Willett, Devin Lee, Jerad Roberts and Jason Dittenber of Northcap Commercial represented the seller in the deal.

March 10, 2021

Acquisitions California Healthcare Multifamily Seniors Housing Western

CareTrust REIT Acquires Buena Vista Care Center in Santa Barbara for $15.9M

by Jeff Shaw March 10, 2021

SANTA BARBARA, Calif. — CareTrust REIT Inc. (NASDAQ: CTRE) has acquired Buena Vista Care Center, a 150-bed skilled nursing facility in the Southern California community of Santa Barbara. California-based Covenant Care Inc. will continue to operate the property under a long-term lease that CareTrust assumed in the off-market transaction. It represents the eighth property that CareTrust owns and Covenant operates. CareTrust’s total investment was approximately $15.9 million, inclusive of transaction costs. The acquisition was funded using CareTrust’s $600 million unsecured revolving credit facility. Covenant Care has approximately four years left on its existing lease term, with two five-year renewal options. The lease currently carries approximately $1.5 million in annual cash rent with 3 percent annual escalators.

March 10, 2021

Acquisitions California Retail Western

CBRE Negotiates $5.8M Sale of Grocery Outlet-Occupied Retail Property in Anaheim

by Amy Works March 10, 2021

ANAHEIM, CALIF. — CBRE has brokered the sale of a retail property located at 3430 W. Lincoln Ave. in Anaheim. Land Investments sold the asset to a Los Angeles-based private investor for $5.8 million. Grocery Outlet occupies the 26,414-square-foot building, which is situated on a two-acre lot. The asset is situated two miles south of Knott’s Berry Farm and six miles east of Disneyland. Alan Krueger and Vanessa Haddad of CBRE represented the buyer and seller in the transaction.

March 10, 2021

Acquisitions Multifamily Texas

PEM Real Estate Buys 335-Unit Edge & Stone Apartments in San Antonio

by Taylor Williams March 10, 2021

SAN ANTONIO — Arizona-based PEM Real Estate Group has purchased Edge & Stone, a 335-unit, newly built apartment community in north-central San Antonio. The property sits on 22 acres and features studio, one- and two-bedroom units with quartz or granite countertops and private balconies or patios. Amenities include a pool with cabanas, outdoor grilling stations, fitness center and a dog park. Will Balthrope and Drew Garza of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller, a partnership between Thompson Realty Capital and Trez Capital, in the transaction. The duo also procured PEM Real Estate as the buyer.

March 10, 2021

Acquisitions Connecticut Multifamily Northeast

CBRE Negotiates $82M Sale of The Royce at Trumbull Apartments in Connecticut

by Taylor Williams March 10, 2021

TRUMBULL, CONN. — CBRE has negotiated the $82 million sale of The Royce at Trumbull, a 340-unit apartment community located in Connecticut’s Fairfield County. The property was built in 1998 and offers amenities such as a pool, fitness center, outdoor grilling areas, an indoor basketball court and an outdoor lounge. Jeffrey Dunne, Gene Pride, Jeremy Neuer, Steve Bardsley, David Gavin and Stuart MacKenzie of CBRE represented the seller, a joint venture between Paredim Partners and LEM Capital, in the transaction. The team also procured the buyer, Connecticut-based Sym Investments, which will implement a value-add program.

March 10, 2021

Acquisitions Industrial Massachusetts Northeast

SVN | Parsons Commercial Group Brokers Sale of 44,472 SF Industrial Property Near Boston

by Taylor Williams March 10, 2021

LOWELL, MASS. — SVN | Parsons Commercial Group has brokered the sale of a 44,472-square-foot industrial property in the northern Boston suburb of Lowell. The sales price was approximately $2.8 million. Marci Alvarado of SVN | Parsons Commercial Group represented the seller, Pagson LLC, and procured the buyer, 4th Corner LLC.

March 10, 2021

Acquisitions Multifamily Oregon Western

Mountain Capital Partners, New Earth Equities Buy 99-Unit Harbour Court Apartments in Portland

by Amy Works March 9, 2021

PORTLAND, ORE. — A joint venture between Mountain Capital Partners and New Earth Equities has acquired Harbour Court, a multifamily community in Portland. Harbour Court Owner LLC, an affiliate of the San Diego-based ConAm Group, sold the asset for an undisclosed price. Located at 910 N. Harbour Drive, Harbour Court features 99 apartments and is served by Portland’s MAX light rail service, TriMet bus lines and Interstate 5. Ira Virden, Carrie Kahn and Frank Solozano of JLL Capital Markets represented the seller in the deal.

March 9, 2021

Acquisitions Colorado Office Western

Graham Street Realty Sells Flatiron Parkway Office Building in Boulder, Colorado

by Amy Works March 9, 2021

BOULDER, COLO. — Graham Street Realty has completed the disposition of 5665 Flatiron Parkway, an office building located in Boulder. Terms of the transaction were not released. GSR originally acquired the asset in February 2019 as part of a three-property portfolio, including 3005 Center Green Drive, 2945 Wilderness Place and 5665 Flatiron Parkway, totaling 114,862 square feet of leasable office and lab space. Situated within East Boulder’s Flatiron Business Park, 5665 Flatiron offers suites ranging from 10,000 square feet to 20,000 square feet.

March 9, 2021

Acquisitions Industrial Southeast Virginia

Stan Johnson Co. Brokers $12.7M Sale of Manufacturing Facility in Salem, Virginia

by Julia Sanders March 9, 2021

SALEM, VA. — Stan Johnson Co. has brokered the sale of a single-tenant manufacturing facility in Salem fully leased to the Mack Trucks division of parent company AB Volvo Group, which is a manufacturer of trucks, buses, construction equipment and marine and industrial engines. Rob Gemerchak of Stan Johnson marketed the 280,900-square-foot property on behalf of the undisclosed seller, an individual investor based in Virginia. The undisclosed buyer, a private equity partnership based in Buenos Aires, Argentina, bought the property for $12.7 million. Located at 6450 Technology Drive, the facility launched production in 2020 and serves as Mack Trucks’ only medium-duty assembly plant in the country. The property, originally built in 1997 on 134 acres, is located along Interstate 81 just west of Roanoke and offers access to Interstates 64 and 77. The property is less than 50 miles from Volvo’s truck manufacturing facility in Dublin, Va. Property amenities include 18- to 21-foot clear heights, 11 dock doors with two drive-in doors, a sprinkler system and 400-plus parking spaces.

March 9, 2021

Acquisitions Multifamily Southeast Virginia

Capital Square 1031 Acquires Multifamily Community in Metro D.C.

by Julia Sanders March 9, 2021

GAINESVILLE, VA. — Capital Square 1031 has acquired SomerHill Farms, a 140-unit multifamily community in Gainesville, a suburb of Washington, D.C. Located at 7351 Yountville Drive, the community is situated on 18.8 acres. Constructed in 2006, SomerHill Farms features six three- and four-story residential buildings and one clubhouse. The community includes one-, two- and three-bedroom units ranging in size from 786 square feet to 1,446 square feet. Community amenities include a clubhouse, outdoor pool, dog park, fitness center, tot lot and community garden. Capital Square 1031 acquired the property via an investment vehicle that seeks to raise $23.2 million in equity from accredited investors and has a minimum investment threshold of $50,000. The seller and sales price were not disclosed. Capital Square 1031 is a national real estate firm specializing in real estate investments, including Delaware statutory trusts for 1031 exchanges and qualified opportunity zone funds for tax deferral and exclusion.

March 9, 2021

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