Acquisitions

FCP Sells 312-Unit River Crossing at Roswell Apartments in Metro Atlanta

by Julia Sanders June 25, 2021

ROSWELL, GA. — FCP has sold River Crossing at Roswell, a 312-unit apartment community in metro Atlanta. The buyer was Ashcroft Capital, who bought the property for an undisclosed price. Originally known as River Trace Apartments when FCP acquired the property in 2016, River Crossing at Roswell has undergone $5.5 million in improvements to its amenities, units and exteriors. Located at 1450 Raintree Way in Roswell, River Crossing at Roswell is located adjacent to neighborhood shopping centers anchored by a Publix and Life Time Fitness. The property has a lake and is located close to the Chattahoochee River. Community amenities include a fully renovated clubhouse with a fitness center, pool, playground, picnic area and a laundry center. As part of the capital improvements made on the property, 36 percent of the one-, two-, three- and four-bedroom apartments were renovated and have full-size washer and dryer connections, as well as private balconies and patios. Shea Campbell, Ashish Cholia, Kevin Geiger, Colleen Hendrix and Mark Taylor of CBRE represented FCP in the sale. FCP is a privately held real estate investment company based in Chevy Chase, Md.

June 25, 2021

Acquisitions Industrial Texas

Partnership Acquires 311,000 SF Forney Industrial Park in Metro Dallas

by Taylor Williams June 25, 2021

FORNEY, TEXAS — A partnership controlled by Dallas-based developers Gault Co. and RTG Capital LLC has purchased Forney Industrial Park, a 311,000-square-foot property located on the eastern outskirts of Dallas. The property consists of 32 buildings across 50 acres that are leased to a roster of 35 tenants. The seller and sales price were not disclosed. The new ownership is planning various upgrades and improvements to the property, including possibly adding additional buildings in the future. TAG Industrial Group, a division of Marcus & Millichap, brokered the deal.

June 25, 2021

Acquisitions Multifamily Texas

American Landmark Buys 225-Unit Alta Spring Creek Apartments in Garland, Texas

by Taylor Williams June 25, 2021

GARLAND, TEXAS — Tampa-based multifamily investment firm American Landmark has purchased Alta Spring Creek, a 225-unit apartment community in the northeastern Dallas suburb of Garland. The property features studio, one-, two- and three-bedroom units with walk-in closets and in-unit washers and dryers. Amenities include package delivery services, an outdoor entertainment space with a grilling station, a 24/7 athletic studio and private meeting and conference spaces. The seller was not disclosed, but national multifamily firm Wood Partners developed and completed the property last September. American Landmark will rebrand the community as The ReVe and invest in capital improvements.

June 25, 2021

Acquisitions Multifamily Northeast Pennsylvania

Harbor Group International Buys Royal Athena Apartments Near Philadelphia for $59.5M

by Taylor Williams June 25, 2021

BALA CYNWYD, PA. — Affiliates of Harbor Group International (HGI) have acquired Royal Athena, a 275-unit waterfront apartment community in the Philadelphia suburb of Bala Cynwyd, for $59.5 million. According to Apartments.com, the property offers one- and two-bedroom units and amenities such as a pool, fitness center, business center and a resident clubhouse. Erin Miller of Newmark brokered the deal, the seller in which was not disclosed. Henry Stimler, Ari Schwarbad and Bill Weber, also with Newmark, arranged acquisition financing on behalf of HGI.

June 25, 2021

Acquisitions Industrial New York Northeast

W. P. Carey Acquires New York Distribution Center for $45M in Sale-Leaseback Transaction

by Taylor Williams June 25, 2021

ROME, N.Y. — In a sale-leaseback transaction, W. P. Carey has acquired a 779,000-square-foot distribution center in Rome, about 40 miles northeast of Syracuse. The purchase price was $45 million. Orgill, an independent hardware distributor, occupies the newly constructed property, which is located near Interstate 90. Orgill uses the facility as its primary regional distribution center. W. P. Carey now owns four of Orgill’s seven U.S. distribution centers. The property is triple-net leased for a period of 26 years with fixed rent escalations.

June 25, 2021

Acquisitions Industrial Midwest Minnesota

JLL Brokers $82.3M Sale of Suburban Minneapolis Industrial Park

by Kristin Harlow June 25, 2021

PLYMOUTH, MINN. — JLL Capital Markets has brokered the $82.3 million sale of Plymouth Ponds Business Park in Plymouth, about 15 miles west of downtown Minneapolis. The eight-building light industrial park sits on 60 acres at 17100 Media Road. The asset is located at the intersection of Highway 55 and County Road, providing convenient access to I-394 and I-494. Colin Ryan and David Berglund of JLL led the team that represented the buyer, Link Logistics, which was established by Blackstone in 2019. The seller was undisclosed.

June 25, 2021

Acquisitions Midwest Office Ohio

Stan Johnson Co. Arranges Sale of 70,876 SF Office Building in Cincinnati

by Kristin Harlow June 25, 2021

CINCINNATI — Stan Johnson Co. has arranged the sale of a 70,876-square-foot, Class A office building in Cincinnati for an undisclosed price. Liberty Mutual Insurance Co. occupies the building, which is located at 1876 Waycross Road within the Carillon Business Park. The building was originally completed in 2015, and tenant improvements were added earlier this year when Liberty Mutual relocated to the building from nearby Fairfield. Brad Pepin of Stan Johnson represented the seller, Nebraska-based Ameritas. NRED, a Kansas-based operating and investment firm, was the buyer.

June 25, 2021

Acquisitions Florida Multifamily Southeast

Estate Cos. Sells Soleste Alameda Apartments in West Miami for $83M

by Julia Sanders June 24, 2021

WEST MIAMI, FLA. — The Estate Cos. has sold Soleste Alameda, a new eight-story multifamily development in West Miami, for $83 million. Soleste Alameda features 306 rental units and is located at 6320 SW 8th St. Dallas-based Westdale Real Estate Investment and Management was the buyer. Completed in the second quarter of 2020, Soleste Alameda is over 90 percent occupied with a variety of studios, one- and two-bedroom units. The units feature modern kitchens, stainless steel appliances, porcelain floors, washer and dryer, private balconies, and impact-resistant windows and sliding glass doors. Community amenities for the property include a pool deck with sundeck and private cabanas, fitness center, parking with electric car charging stations, children’s playground, dry cleaning service and Luxer One package management technology. Other amenities include a resident entertainment lounge with a cyber café, al fresco dining and grilling areas. The Estate Cos. is a Miami-based developer, owner and operator of residential communities throughout South Florida.

June 24, 2021

Camino-Santa-Fe-Business-Park-San-Diego-CA

Acquisitions California Industrial Office Western

Hill Properties, Westport Capital Partners Buy 172,743 SF Business Park in San Diego

by Amy Works June 24, 2021

SAN DIEGO — An entity controlled by a joint venture between Hill Properties and Westport Capital Partners has purchased Camino Santa Fe Business Park, a seven-building industrial asset located in San Diego’s Miramar submarket. A global investment manager sold the campus for an undisclosed price. The sale also includes an 0.8-acre developable land parcel. Developed between 1983 and 1990, Camino Santa Fe Business Park consists of six multi-tenant industrial buildings and one office building located at 8320, 8340, 8360, 8375, 8380, 8395 and 8445 Camino Santa Fe. Totaling 172,743 square feet, the park features efficient ingress/egress, functional warehouse and office layouts, docks and grade loading and ample parking. Suites range from 835 square feet to 22,290 square feet. At the time of sale, the property was 91 percent leased to multiple tenants. Bryce Aberg, Jeff Cole, Jeff Chiate and Zach Harman of Cushman & Wakefield’s Industrial Investment Advisory Group in Southern California, together with Rick Reeder and Brad Tecca of the firm’s Capital Markets Group in San Diego, represented the buyer and seller in the deal. Additionally, Cushman & Wakefield’s Brant Aberg and Ryan Downing provided market leasing advisory for the transaction.

June 24, 2021

Acquisitions California Office Western

Avison Young, Method Commercial Broker $11.2M Sale of Creative Office Building in El Segundo, California

by Amy Works June 24, 2021

EL SEGUNDO, CALIF. — Avison Young and Method Commercial have brokered the sale of a creative office property located at 2210-2218 E. Maple Ave. in El Segundo. Five Amigos, a partnership comprising the former owner-users and Australia-based investors, sold the asset to a Los Angeles-based private investor for $11.2 million. Tecolote Research and Goodlife Physical Medicine fully occupy the 15,743-square-foot building. Built in 2015, the property features two roll-up doors with private patios, two balconies with accordion sliding glass doors, abundant windows and skylights and ample parking. The building is part of the Evelon Campus, a 46.5-acre, 15-building development offering office, retail and hospitality space, as well as athletic fields. Neil Resnick of Avison Young and Martin McDermott of Method Commercial represented the seller, while the buyer was self-represented in the deal.

June 24, 2021

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