Acquisitions

JLL Brokers $18.7M Sale of Active Adult Community in Andover, Minnesota

by Kristin Harlow February 1, 2021

ANDOVER, MINN. — JLL Capital Markets has brokered the $18.7 million sale of The Estates at Arbor Oaks in Andover, which is about a 30-minute drive from downtown Minneapolis. The 66-unit active adult community sits on 12.5 acres. It is currently 95 percent occupied. Resident amenities include a bistro, salon, fitness center, pickleball court, outdoor patio, underground parking, continental breakfast and recreational programs. Dan Linnell, Mox Gunderson, Josh Talberg and Adam Haydon of JLL represented the seller, Estates of Arbor Oaks LLC. Matt Steffen, Ken Dayton and Russ Kappenman of JLL arranged acquisition financing on behalf of the buyer, PC Arbor Oaks LLC.

February 1, 2021

Acquisitions Midwest Minnesota Multifamily

Marcus & Millichap Arranges $10.4M Sale of Multifamily Property Near Minneapolis

by Kristin Harlow February 1, 2021

NEW HOPE, MINN. — Marcus & Millichap has arranged the $10.4 million sale of Wincrest Apartments in New Hope, just north of Minneapolis. The 108-unit multifamily property, located on Winnetka Avenue, is comprised of three buildings. Units range in size from 750 to 1,050 square feet. Monthly rents average $912. The community was built in the late 1960s and recently received upgrades. Abe Roberts of Marcus & Millichap marketed the property on behalf of the undisclosed seller and procured the buyer, a local investor.

February 1, 2021

Acquisitions Multifamily South Carolina Southeast Student Housing Tennessee Top Stories

Arcapita Acquires Two Student Housing Communities in Southeast for $120M

by Taylor Williams February 1, 2021

CLEMSON, S.C. AND KNOXVILLE, TENN. — Arcapita, a global investment manager with offices in Atlanta, London and Singapore, has acquired two student housing communities in the Southeast for a combined $120 million. Clemson Lofts is a 640-bed community located approximately one mile from Clemson University in South Carolina that was fully occupied at the time of sale. Quarry Trail is an 840-unit property serving the University of Tennessee in Knoxville. The properties were acquired in separate transactions, with the sellers in each deal opting to remain anonymous. Clemson Lofts features one-, two-, three- and four-bedroom units. The property’s amenity package was recently expanded and upgraded and now includes a pool, fitness center, dog park, group and private study rooms, outdoor yoga space, indoor gaming lounge and a resident clubroom with TVs. Quarry Trail also offers one-, two-, three- and four-bedroom floor plans that feature full-size washers and dryers and private patios in select units. Communal amenities include a new dog park, fitness center, pool and study areas, as well as a resident clubhouse and shuttle service to campus. Arcapita says it is bullish on the student housing sector and intends to aggressively pursue deal opportunities in 2021. In particular, Arcapita …

February 1, 2021

Acquisitions Office Texas

Stanton Road Capital Acquires 176,700 SF Office Complex in Irving

by Taylor Williams January 29, 2021

IRVING, TEXAS — California-based investment firm Stanton Road Capital has acquired Esters 114 Business Center, a 176,700-square-foot office complex in Irving’s Las Colinas District. The two-building property was 91 percent leased at the time of sale. Chris Murphy, Robert Hill, Gary Carr and John Alvarado of Newmark represented the undisclosed seller in the transaction. Cushman & Wakefield will handle leasing of the property for the new ownership.

January 29, 2021

Acquisitions Office Texas

Partners Capital Sells 85,368 SF Marymont Office Park in San Antonio

by Taylor Williams January 29, 2021

SAN ANTONIO — Partners Capital, the investment arm of NAI Partners, has sold Marymont Office Park, an 85,368-square-foot complex located adjacent to NE Loop 410 in San Antonio. Partners Capital originally acquired the four-building park in 2017. Carrie Caesar of Cushman & Wakefield represented Partners Capital in the transaction. Houston-based Citadel Venture Holdings purchased the asset for an undisclosed price.

January 29, 2021

Acquisitions Hospitality New York Northeast

JLL Negotiates Sale of 443-Unit New York LaGuardia Airport Marriott Hotel

by Taylor Williams January 29, 2021

NEW YORK CITY — JLL has negotiated the sale of the 443-room New York LaGuardia Airport Marriott hotel in Queens. The building spans 224,620 square feet and houses the Ditmars Bar & Grill restaurant, a fitness center and 13,000 square feet of meeting and event space. The property received $30 million in renovations in 2018, including reconfigurations of public spaces and meeting areas, as well as remodeling of guest rooms and upgrading of parking lots. K.C. Patel, Kevin Davis and Nikhil Chuchra of JLL represented the seller, Rubicon Cos., in the transaction. California-based ASAP Holdings purchased the asset for an undisclosed price.

January 29, 2021

Acquisitions Indiana Industrial Midwest

JLL Brokers Sale of 660,384 SF Industrial Facility in Suburban Indianapolis

by Kristin Harlow January 29, 2021

GREENFIELD, IND. — JLL Capital Markets has brokered the sale of Building I at Mount Comfort Logistics Center in Greenfield, a suburb of Indianapolis. The 660,384-square-foot industrial facility, built in 2020, is fully leased to an e-commerce tenant. Building I features include a clear height of 36 feet, 178 dock-high doors, two drive-in doors, LED lighting and both trailer and car parking. John Huguenard, Ed Halaburt and Jake Sturman of JLL represented the seller, Indianapolis-based Ambrose Property Group. The buyer information and sales price were undisclosed. Ambrose is underway on Building II at the industrial park, which is expected to span 2.2 million square feet upon completion.

January 29, 2021

Acquisitions Illinois Midwest Office

Bradford Allen Acquires 137,492 SF Office Building in Deerfield, Illinois

by Kristin Harlow January 29, 2021

DEERFIELD, ILL. — Bradford Allen Investment Advisors has acquired a 137,492-square-foot office building in Deerfield for an undisclosed price. The four-story property is located at 570 Lake Cook Road. The building was constructed in 1984 and recently renovated. Joel Berger and Matt Alexander of Bradford Allen Realty Services will serve as leasing agents for the building, which currently has 40,000 square feet of vacancy. Bradford Allen Management Services will serve as property manager. The seller was undisclosed.

January 29, 2021

Acquisitions Industrial Midwest Ohio

Marcus & Millichap Arranges $5.4M Sale of Whirlpool-Occupied Distribution Center in Fremont, Ohio

by Kristin Harlow January 29, 2021

FREMONT, OHIO — Marcus & Millichap has arranged the $5.4 million sale of a Whirlpool-occupied distribution center in Fremont, about 35 miles southeast of Toledo. The 132,500-square-foot, net-leased property is located at 240 Norwest Drive. Whirlpool has fully occupied the building for more than 10 years. Dustin Javitch, Craig Fuller, Erin Patton and Scott Wiles of Marcus & Millichap secured and represented the buyer, a private investor. Buyer information was undisclosed.

January 29, 2021

Acquisitions Multifamily Washington Western

Bell Partners Acquires 160-Unit Modera Jackson Apartments in Seattle from Mill Creek Residential

by Amy Works January 29, 2021

SEATTLE — Bell Partners has purchased Modera Jackson, an apartment community located in Seattle. Acquired on the behalf of the firm’s Fund VII investors, the property will be renamed Bell Jackson Street. Boca Raton, Fla.-based Mill Creek Residential sold the asset for an undisclosed price. Situated in Seattle’s Central District, Bell Jackson Street features 160 apartments in a mix of studio, one- and two-bedroom layouts. Units offer keyless entries, programmable thermostats, stainless steel appliances, quartz countertops and vinyl plank flooring. Select apartments feature direct patio access, Juliet balconies and foyers for added privacy. Community amenities include a rooftop clubhouse with an adjustable deck, media and conference rooms, a fitness center, electric vehicle stalls and bike storage. Institutional Property Advisors (IPA), a division of Marcus & Millichap, brokered the transaction.

January 29, 2021

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