Acquisitions

Marcus & Millichap Arranges $2.6M Sale of Tampa Bay Retail Property

by Julia Sanders March 9, 2021

ST. PETE BEACH, FLA. — Marcus & Millichap has arranged the $2.6 million sale of Mulligan’s Plaza, a 18,750-square-foot retail property located in St. Pete Beach. Evan Cannan and James Medefind of Marcus & Millichap marketed the property on behalf of the seller, a private investor known as Mulligans Plaza LLC. Cannan and Medefind also represented and secured the undisclosed buyer, a private investor. According to Cannan, the property was closed at full list price and at a 5 percent cap rate. Mulligan’s Plaza is located at 9524 Blind Pass Road, approximately 27 miles from Tampa International Airport.

March 9, 2021

Acquisitions Multifamily Texas

IPA Negotiates Sale of 262-Unit Riley Apartments at CityLine in Metro Dallas

by Taylor Williams March 9, 2021

RICHARDSON, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of The Riley, a 262-unit apartment community located within the CityLine mixed-use development in the northeastern Dallas suburb of Richardson. The property was built in 2018 and offers amenities such as a pool, grilling areas, dog park, fitness center and a Wi-Fi café with a serving bar and TV. Drew Kile, Joey Tumminello, Will Balthrope and Grant Raymond of IPA represented the seller, JLB Partners, and procured the buyer, TTI Capital.

March 9, 2021

Acquisitions Healthcare Texas

Matthews Brokers Sale of 37,282 SF Healthcare Portfolio in Texas

by Taylor Williams March 9, 2021

SEGUNDO, CALIF. — California-based Matthews Real Estate Investment Services has brokered the sale of a portfolio of five healthcare properties in Texas totaling 37,282 square feet. The properties, which were originally constructed in 2015 as build-to-suits for emergency care provider Neighbors, are located in Lufkin, Grand Prairie, El Paso, Lake Jackson and Victoria. Neighbors went bankrupt shortly after the properties were built. Rahul Chhajed and Michael Moreno of Matthews represented the undisclosed buyer, which has converted the assets into surgery centers and signed long-term leases with a new operator.

March 9, 2021

Acquisitions Iowa Midwest Multifamily

JLL Brokers Sale of 261-Unit Apartment Community in West Des Moines

by Kristin Harlow March 9, 2021

WEST DES MOINES, IOWA — JLL Capital Markets has brokered the sale of Signature Place in West Des Moines for an undisclosed price. The 261-unit garden-style apartment community, built in 1997, features 12 buildings. Approximately 16 percent of the units have been renovated. Amenities include a pool, clubhouse, fitness center, dog park and business center. David Gaines and Kyle Butler led the JLL team that represented the seller, Artisan Capital Group LLC. The buyer, a West Coast-based equity group, assumed existing Fannie Mae debt.

March 9, 2021

Acquisitions Indiana Midwest Multifamily

Triad Real Estate Partners Arranges Sale of Three Multifamily Properties in Indianapolis

by Kristin Harlow March 9, 2021

INDIANAPOLIS — Triad Real Estate Partners has arranged the sale of three multifamily properties in Indianapolis for an undisclosed price. The Delaware Apartments, built in 2016, features 47 units and 8,920 square feet of fully leased commercial space. It is situated just north of downtown Indianapolis in the Fall Creek Place neighborhood. The second property is 632 MLK. The four-story asset, built in 2016, features 30 units with 42 beds. It is situated near the Indiana University-Purdue University Indianapolis (IUPUI) campus. The third asset is The California Townhomes. The four contiguous townhomes are also located near the IUPUI campus. The seller for all three assets was Cedarview Management, a private owner and operator based in Bloomington, Ind. The buyers included a local group, a Miami-based investment group and a California-based private investor.

March 9, 2021

6300-Bristol-Pike-Levittown-Pennsylvania

Acquisitions Industrial Northeast Pennsylvania

JLL Negotiates $21.3M Sale of Industrial Property Leased to Amazon in Metro Philadelphia

by Taylor Williams March 9, 2021

LEVITTOWN, PA. — JLL has negotiated the $21.3 million sale of a 149,180-square-foot industrial property in the northern Philadelphia suburb of Levittown. The Philadelphia Business Journal reports that the last-mile distribution center is leased to Amazon. The property was originally built in 1963 and renovated in 2018-2019. John Plower, Ryan Cottone, Larry Maister and Jeff Lockard of JLL represented the seller, Alliance HP, in the transaction. The buyer was an undisclosed, publicly traded REIT.

March 9, 2021

Acquisitions California Office Top Stories Western

Kilroy Realty Agrees to Sell Dropbox-Anchored Office Campus in San Francisco for $1B

by John Nelson March 9, 2021

SAN FRANCISCO — Kilroy Realty Corp. (NYSE: KRC) has agreed to sell The Exchange on Sixteenth, a 750,000-square-foot office campus located at 1800 Owens St. in San Francisco’s Mission Bay neighborhood. The buyer was not disclosed, but the San Francisco Chronicle reported it was KKR, a private equity firm based in New York. The agreed purchase price is a little more than $1 billion, equating to approximately $1,440 per square foot. Kilroy Realty says this is the highest per-square-foot sales price for a “major property” in the history of San Francisco’s commercial real estate market. The Chronicle reports the sale represents the second largest transaction for a single property in the city’s history. “This transaction demonstrates that quality assets in quality locations remain highly attractive to buyers, and in this case generated a record price,” says John Kilroy, chairman and CEO of Kilroy Realty. Software storage giant Dropbox Inc. (NASDAQ: DBX) signed a 15-year lease for its corporate headquarters at the campus in 2017. The San Francisco Business Times reported last summer that the company listed 270,000 square feet of its space at the campus for sublease as the COVID-19 pandemic caused most of its staff to work remotely. Kilroy …

March 9, 2021

Acquisitions California Multifamily Western

TMG Brokers $29.2M Sale of Park West Apartment Homes in Fresno

by Amy Works March 8, 2021

FRESNO, CALIF. — The Mogharebi Group (TMG) has arranged the sale of Park West Apartment Homes, a multifamily community located in Fresno in California’s Central Valley. A Southern California-based seller sold the asset to a Southern California-based private capital investor for $29.2 million. Built in 1973 on 23 acres, Park West Apartments features 256 units, two swimming pools and spas, tennis courts, basketball courts, garages, covered parking, a leasing center, clubhouse with kitchen facilities, laundry facilities and a commercial building that is leased to a day care center. Alex Mogharebi, Otto Ozen, Robin Kane and Brenda Kane of TMG represented the seller in the deal.

March 8, 2021

Acquisitions Arizona Development Multifamily Western

Embrey Partners Acquires Land Site for 266-Unit The Quincy at Kierland Multifamily Project in Phoenix

by Amy Works March 8, 2021

PHOENIX — San Antonio-based Embrey Partners has purchased a land site for the development of The Quincy at Kierland, an apartment community located on Scottsdale Road in Phoenix. The six-story, podium-style project will feature 266 apartments, access to the 101 Loop and walkability to Kierland Commons, Scottsdale Quarter, The Promenade and the Westin Kierland Resort and Spa. The property’s clubhouse and first units are scheduled to open in early 2023, with full project completion later in the year. Amenities at the development will include a clubhouse with game room and business center; fitness studio with on-demand technology and yoga room; cyber-lounge with coffee bar; conference room; and structured parking. Additionally, the community will feature a resort-style pool, outdoor grilling areas and fireplace, a landscaped courtyard and dog spa. Unit interiors will include contemporary kitchens with backsplashes, under-cabinet lighting, quartz countertops, stainless steel appliances, gas ranges, side-by-side counter-depth refrigerators in two-bedroom plans and custom cabinetry. Some floor plans also feature nine- to 10-foot ceilings, walk-in closets, linen closets with built-in shelving, soaking tubs, walk-in showers and private outdoor patios and balconies. Frost Bank is serving as lender for the project.

March 8, 2021

Acquisitions Hospitality Utah Western

Hodges Ward Elliott Arranges Receivership Sale of 85-Room TownePlace Suites in Vernal, Utah

by Amy Works March 8, 2021

VERNAL, UTAH — Hodges Ward Elliott has brokered the sale of TownePlace Suites, a hotel in Vernal, located in the northeastern portion of the state near the Colorado and Wyoming borders. Terms of the transaction were not released. Clint Hodges, B.J. Patel and Cory Carter of Hodges Ward Elliott advised the special servicer in the receivership sale of the 85-key hotel, which was marketed on the Ten-X auction platform. The hotel features contemporary guest room amenities, a fitness center and business center.

March 8, 2021

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