Acquisitions

CP Group Acquires One Biscayne Tower in Downtown Miami for $225M

by Jeff Shaw July 1, 2021

MIAMI — CP Group, formerly Crocker Partners, has acquired One Biscayne Tower, a 38-story office tower in downtown Miami, in a joint venture with funds managed by Rialto Capital Management and Sabal Capital Partners. Dow Chemical sold the asset for $225 million, according to the Daily Miami News. L&B Realty has managed One Biscayne Tower on behalf of Dow for the last 20 years. Located along the waterfront, the property overlooks Bayfront Park, Biscayne Bay, Miami Beach and the Atlantic Ocean. Trammell Crow Co. developed the property in 1973, with Gutierrez-Latimer and Praga Associates as designers, according to the Council on Tall Buildings and Urban Habitat. One Biscayne Tower features nine floors of parking below 24 floors of office space. Amenities include a newly renovated lobby, fitness center, Pilates studio, two banks, a deli and a variety of services such as a florist, car wash, hair salon, print shop and Amazon locker delivery. The acquisition brings CP Group’s total downtown Miami holdings to over 2 million square feet, including SunTrust International Center and Citigroup Center, formerly known as Miami Center. The company claims it is now the largest office landlord in downtown Miami, largest commercial landlord in Florida, third-largest landlord …

July 1, 2021

Acquisitions Florida Office Southeast

Joint Venture Acquires One Clearlake Office Building in Downtown West Palm Beach for $60.7M

by Julia Sanders July 1, 2021

WEST PALM BEACH, FLA. — Tricera Capital, New England Development, NDT Development and Rockpoint Group have acquired One Clearlake, an office building in downtown West Palm Beach. JLL arranged the $60.7 million sale. Velocis, a private equity real estate manager, was the seller. Located on three acres at 250 S. Australian Ave., One Clearlake is 2.3 miles from Palm Beach and 3.4 miles from Palm Beach International Airport. The 18-story property has more than 220,000 square feet of rentable space, with an average floor plate of nearly 13,000 square feet. One Clearlake’s attached 669-space garage provides a parking ratio of three spaces per 1,000 square feet. The building’s amenities include 24-hour security, a new tenant lounge, fitness center and an onsite café. Built in 1986, the office tower recently underwent renovations to the lobby and other building elements. The building is LEED Gold- and Energy Star-certified. The property was 62 percent leased when it was put under contract. Prior to closing, Tricera and its partners successfully executed two new leases at the building. In addition, the new ownership is heading to lease with another large user, which the joint venture expects to finalize soon. The building’s tenant roster includes Intech …

July 1, 2021

Acquisitions Alabama Multifamily Southeast

Cushman & Wakefield Brokers $40.5M Sale of Barrington on the Green Apartments in Hoover, Alabama

by Julia Sanders July 1, 2021

HOOVER, ALA. — Cushman & Wakefield has brokered the $40.5 million sale of Barrington on the Green, a 342-unit apartment community located in the Birmingham suburb of Hoover at 5831 Summer Place Parkway. Jimmy Adams and Craig Hey of Cushman & Wakefield represented a private undisclosed seller in the transaction. The buyer, White Eagle, plans to rebrand the community as The Avenues of South Hoover. Constructed in 1996, Barrington on the Green’s community amenities include a pet park with agility equipment, swimming pool, a playground, outdoor kitchen and picnic area, resident park amenity area, clubhouse, sports courts and a cardio and strength training center. The property was 97 percent occupied at the time of sale.

July 1, 2021

Acquisitions Georgia Multifamily Southeast

Berkadia Arranges $32M Sale of Tucker Square Apartments in Metro Atlanta

by Julia Sanders July 1, 2021

TUCKER, GA. — Berkadia has arranged the $32.3 million sale of Tucker Square, a 276-unit, garden-style multifamily property in Tucker. Judy MacManus, Paul Vetter, Andrew Mays and Matt White of Berkadia represented the seller, New York-based Read Property Group LLC, in the transaction. New Jersey-based LightWater Capital Investments was the buyer. Located at 1313 Stone Mill Way, Tucker Square is situated at the intersection of Stone Mountain Parkway and Memorial Drive. The property features one-, two-, three- and four-bedroom floor plans, as well as townhome layouts. The apartment units include washer and dryer connections, fireplaces, upgraded lighting and private balconies or patios. Community amenities include a swimming pool, business center and a clubhouse. The property was built in 1973 and renovated in 2019, and was 95 percent occupied at the time of sale.

July 1, 2021

Acquisitions Office Washington Western

Newmark Arranges $62M Sale of Office Campus in Bellevue’s 520 Corridor

by Amy Works July 1, 2021

BELLEVUE, WASH. — Newmark has brokered the sale of Corporate Campus East, a multi-tenant office campus located in Bellevue’s 520 Corridor. An liability limited company associated with Kennedy Wilson sold the asset to Lake Washington Partners for $62 million. Kevin Shannon, Rob Hannan, Ken White, Michael Moll and Nick Kucha of Newmark represented the seller in the deal. Located at 3025, 3055 and 3075 112th Ave. NE, the three-building campus offers a total of 136,592 square feet of office space. At the time of sale, the property was 93 percent leased to a variety of tenants with Microsoft as an anchor. The property recently underwent a $3 million capital repositioning, which included lobby remodels, bathroom renovations, exterior paint and the addition of an outdoor patio and seating. Additional property features include premier signage, flexible floorplates, ample parking and regional access.

July 1, 2021

Acquisitions Multifamily Nevada Western

Avison Young Brokers $23.7M Sale of Crystal Court Apartments in Las Vegas

by Amy Works July 1, 2021

LAS VEGAS — Avison Young has arranged the sale of Crystal Court, a multifamily property located in Las Vegas. Crystal Court Apartments Inc. sold the asset to an undisclosed buyer for $23.7 million, or $203,233 per unit. Located at 900 E. Desert Inn Road, Crystal Court features 116 apartments. Patrick Sauter, Art Carll-Tangora and Steve Nosrat of the Sauter Multifamily Group at Avison Young represented the seller in the deal.

July 1, 2021

Acquisitions Arizona Net Lease Retail Western

Marcus & Millichap Arranges Sale of 14,820 SF Walgreens-Occupied Building in Maricopa, Arizona

by Amy Works July 1, 2021

MARICOPA, ARIZ. — Marcus & Millichap has brokered the sale of a retail property located on 1.7 acres at the intersection of North John Wayne Parkway and West Smith Enke Road in Maricopa. An out-of-state buyer acquired the asset from the estate of a Northern California family for $5.7 million. Walgreens occupies the 14,820-square-foot retail building on a net-leased basis. Sanford Burstyn of Marcus & Millichap’s Phoenix office represented the seller and procured the buyer in the deal.

July 1, 2021

Acquisitions Oregon Retail Western

Norris & Stevens Negotiates $2.4M Sale of Redevelopment Opportunity Space in Portland

by Amy Works July 1, 2021

PORTLAND, ORE. — Norris & Stevens has arranged the sale of a retail space located at 2251 NE Glisan in Portland. Colton-based First Church of Christ, Scientist, Portland acquired the property from Taoist Tai Chi Society of The United States of America Inc. for $2.4 million. Originally built as a warehouse in 1946, the 4,000-square-foot property has undergone extensive renovations and features a full commercial kitchen and hood, refinished wooden beams, ADA-compliant bathrooms and ample private parking. The property was most recently used as a Taoist shrine and center for the teaching and practice of Taoist Tai Chi. The First Church of Christ, Scientist intends to use the property as a bookstore and learning center. Matt Lyman and Jack Schaub of Portland-based Norris & Stevens represented the seller, while Jim Lewis of Cushman & Wakefield represented the buyer in the transaction.

July 1, 2021

Acquisitions Illinois Midwest Multifamily

Connor Group Sells Glenmuir of Naperville Apartment Property for $103M

by Kristin Harlow July 1, 2021

NAPERVILLE, ILL. — The Connor Group has sold Glenmuir of Naperville, a 321-unit apartment property in suburban Chicago. BH Equities purchased the asset for roughly $103 million, according to Crain’s Chicago Business. The deal marked the second-largest property sale in Connor’s nearly 30-year history, according to the company, which acquired the asset in 2014. Connor, which owns and operates 45 apartment communities across 16 markets, says it intends to continue operating in the Naperville submarket long-term.

July 1, 2021

Acquisitions Affordable Housing Illinois Midwest Multifamily

POAH Acquires Island Terrace Apartments in Chicago for $29.5M

by Kristin Harlow July 1, 2021

CHICAGO — Preservation of Affordable Housing (POAH) has acquired Island Terrace Apartments in Chicago for $29.5 million. The 240-unit apartment community is located at 6430 S. Stony Island across from the planned Obama Presidential Center and serves residents at a variety of income levels. The seller, PNC Bank, had owned the property since 2015. The allocation of 9 percent low-income housing tax credits from the Illinois Housing Development Authority along with a financial commitment from the City of Chicago made the purchase possible. POAH will also finance the acquisition with a loan from Merchants Capital and its own equity. POAH will take over property management through its affiliate, POAH Communities. A renovation of the apartment complex, which was built in 1969, will begin next year. The work will include improvements to the building’s major systems, modernization of the units and upgrades to resident community space.

July 1, 2021

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