Acquisitions

RADCO Cos. Sells 1,426-Unit Multifamily Portfolio in Indianapolis for $108.5M

by Kristin Harlow March 26, 2021

INDIANAPOLIS — The RADCO Cos. has sold a portfolio of three multifamily properties comprising 1,426 units in Indianapolis for $108.5 million. Aion Partners was the buyer. The portfolio includes the 220-unit Ashford Georgetown, the 728-unit Ashford Meridian Hills and the 478-unit Creekside at Meridian Hills. All three assets are situated in the northwest portion of the city and include newly renovated one-, two- and three-bedroom floor plans. George Tikijian, Hannah Ott and Cameron Benz of Cushman & Wakefield Indiana brokered the transaction.

March 26, 2021

Acquisitions Illinois Midwest Multifamily

Berkadia Brokers $43.2M Sale of Three Apartment Communities in Illinois

by Kristin Harlow March 26, 2021

ELGIN AND URBANA, ILL. — Berkadia has brokered the sale of three apartment communities in Illinois for $43.2 million. Ralph DePasquale of Berkadia’s Chicago office led the teams representing, the sellers. Wing Park Apartments is a 184-unit, garden-style property in Elgin, a northwest suburb of Chicago. A joint venture between New York-based Trevian Capital and Crown Properties Inc. sold the asset to Illinois-based Cunat Inc. The Urbana Two Portfolio is comprised of 304 units across two properties, Parkside and Stone Ridge Square. They are located within a quarter mile of each other in Urbana. Loop Investments acquired the asset from Illinois-based BWCU LLC.

March 26, 2021

Acquisitions Midwest Ohio Retail

Cooper Group Negotiates $1M Sale of Aldi-Anchored Shopping Center in Canton, Ohio

by Kristin Harlow March 26, 2021

CANTON, OHIO — The Cooper Commercial Investment Group has negotiated the $1 million sale of Pleasant View Commons in Canton, just south of Akron. The Aldi-anchored shopping center was 49 percent occupied at the time of sale. Dan Cooper and Bob Havasi of Cooper represented the seller, a private investment group based in Ohio. A private investor from Nevada purchased the asset.

March 26, 2021

Acquisitions California Healthcare Office Western

UBS Realty Investors Divests of Five-Story Medical Office Building in Beverly Hills for $74.4M

by Amy Works March 26, 2021

BEVERLY HILLS, CALIF. — UBS Realty Investors has completed the disposition of a five-story medical office building located at 9033 Wilshire in Beverly Hills. LaSalle Investment Management acquired the asset for $74.4 million. University of Southern California’s Keck Medical Center anchors the 49,721-square-foot property, which was extensively renovated in 2011. SIM & Associates designed the building, which features a surgery center, a full-service pharmacy offering drug compounding, unique art installations, valet parking with call-down service and a rooftop deck. Kevin Shannon, Rob Hannah, Ken White, Laura Stumm and Steven Salas of Newmark represented the seller in the transaction.

March 26, 2021

Acquisitions Multifamily Oregon Western

Virtu Investments Sells Courtyard at Cedar Hills Multifamily Property Near Portland to Hamilton Zanze for $32.1M

by Amy Works March 26, 2021

BEAVERTON, ORE. — Virtu Investments has completed the sale of Courtyard at Cedar Hills, a value-add multifamily property located in Beaverton, approximately seven miles from Portland. Comprising 14 garden-style residential buildings, the community features 145 units in a mix of one-, two- and three-bedroom units averaging 900 square feet. Community amenities include an indoor pool, fitness center, laundry facilities and a package locker room. The property underwent a $2 million renovation in 2016 that included updates to the common areas and select unit interiors. Located at 13643 SW Electric St., the transit-oriented community is within two blocks of the MAX light rail station, enabling connectivity across the Portland area. Ira Virden, Carrrie Kahn and Frank Solorzano of JLL Capital Markets represented the seller in the deal.

March 26, 2021

Acquisitions Multifamily Washington Western

Summerfield Commercial Arranges $20.5M Sale of Maryhill Apartments in East Wenatchee, Washington

by Amy Works March 26, 2021

EAST WENATCHEE, WASH. — Summerfield Commercial has arranged the sale of Maryhill Apartments, a multifamily property at 2272 S. Nevada Court in East Wenatchee, which is located along the Columbia River in the central part of the state. Maryhill Plaza Apartments LLC sold the asset to 11 Capital LLC for $20.5 million, or $213,542 per unit. Completed earlier this year, Maryhill Apartments features 96 residential units in a mix of 72 two-bedroom and 24 three-bedroom layouts, with an average unit size of 1,128 square feet. Units include open floor plans, in-unit washers/dryers and private patios/balconies, with select units offering mountain views. On-site amenities include a clubhouse, swimming pool, barbecue area, sports court and 182 parking stalls. Ryan Kidwell and Robert Parmar of Summerfield Commercial handled the transaction.

March 26, 2021

Acquisitions Industrial Office Oregon Western

Norris & Stevens Brokers $1.5M Sale of Office/Warehouse Building in Portland

by Amy Works March 26, 2021

PORTLAND, ORE. — Norris & Stevens has arranged the sale of an office/warehouse property located at 1623 SE Sixth Ave. in Portland. Thomas Dwight Short Revocable Trust sold the building to 1623 SE Pants LLC for $1.5 million. Constructed in 1932 with additions in 1945 and 1966, the 11,318-square-foot building offers 2,370 square feet of office space and 8,948 square feet of warehousing space. Todd VanDomelen of Portland-based Norris & Stevens represented the seller, while Eli Haworth of Cloud City Realty represented the buyer in the transaction.

March 26, 2021

Acquisitions Development Multifamily New Jersey Northeast

CBRE Negotiates Sale of Multifamily Development Site in Plainfield, New Jersey

by Taylor Williams March 26, 2021

PLAINFIELD, N.J. — CBRE has negotiated the sale of a multifamily development site that will ultimately house 104 units at 803 South Ave. in Plainfield, located in the north-central part of the state. A partnership between Bennett Realty & Development and EDEN Property Co. LLC sold the site to West of Hudson Real Estate for an undisclosed price. Jeffrey Dunne, Jeremy Neuer, Gene Pride, Zach McHale, Nat Gambuzza and Trevor Fiebel of CBRE represented both parties in the deal. A construction timeline for the project was not disclosed.

March 26, 2021

Acquisitions Georgia Retail Southeast

Institutional Property Advisors Brokers $12.7M Sale of Kroger-Anchored Shopping Center in Metro Atlanta

by Julia Sanders March 25, 2021

CONYERS, GA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $12.7 million sale of Conyers Square, a 90,218-square-foot, Kroger-anchored shopping center in Conyers. Zach Taylor and Don McMinn of IPA’s Taylor McMinn Retail Group represented the seller, Sansome LLC, and procured the buyer, Forge Capital Partners. Kroger has 15 years of left on its lease term, and Taylor says that the previous owner did not have any COVID-19-related rent concessions with its tenants. “The Conyers Square disposition illustrated how strong and diverse the market is right now for successful, grocery-anchored centers,” says Taylor. “We received over one dozen offers from both private and institutional groups, with the private buyers beating the institutional pricing significantly. We received the most compelling financing quotes I have seen in over a decade and surpassed pricing expectations for our client.” Conyers Square was constructed on 11 acres in 1985. Additional tenants include Sunny’s Beauty Supply, Sapphire Nails, Lendmark Financial and H&R Block.

March 25, 2021

Acquisitions Georgia Industrial Southeast

JLL Arranges Sale of New 1.1 MSF Bulk Distribution Center Near Savannah

by Julia Sanders March 25, 2021

RINCON, GA. — JLL Capital Markets has arranged the sale of Georgia International Trade Center’s (GITC) Building 2B, a 1.1 million-square-foot bulk distribution center in the Savannah suburb of Rincon. Britton Burdette, Patrick Nally, Matt Wirth and Dennis Mitchell of JLL represented the seller, a joint venture between Stonemont Financial Group and The Davis Cos., in the transaction. Invesco Real Estate purchased the property for an undisclosed price. The cross-dock building is situated on 76.6 acres at 2008 Trade Center Blvd. within the broader, fully occupied GITC. Building 2B is less than 10 miles from Port of Savannah’s Garden City Terminal. Additionally, the property is located close to Interstates 16 and 95 and features access to every major destination east of the Mississippi River via two Class I railroads.

March 25, 2021

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