Acquisitions

Alere Property Group Acquires 33,400 SF Warehouse Near Los Angeles

by Amy Works June 23, 2021

VERNON, CALIF. — Alere Property Group has purchased an industrial warehouse building located at 4433 Pacific Blvd. in Vernon. Alere Property Group acquired the asset from a private investor for an undisclosed price in an off-market transaction. Built in 2005, the 33,400-square-foot property features contemporary design and includes 8,800 square feet of mezzanine office space, clear heights ranging from 28 feet to 30 feet, five dock-high doors and a secured fenced yard. DAUM Commercial Real Estate Services represented the buyer and seller in the deal.

June 23, 2021

Acquisitions Hospitality Texas

Ohana Real Estate Buys 491-Room Hyatt Regency Lost Pines Resort & Spa Near Austin

by Taylor Williams June 23, 2021

BASTROP, TEXAS — Redwood City, Calif.-based Ohana Real Estate Investors has purchased the 491-room Hyatt Regency Lost Pines Resort & Spa in Bastrop, an eastern suburb of Austin. The seller was an affiliate of Hyatt Hotels Corp. According to hotelbusiness.com, which tracks the hospitality industry, the sales price was $275 million. The 650-acre property features more than 36,000 square feet of indoor meeting space and 276,000 square feet of outdoor amenity space that includes a golf course, water park, amphitheater and an equestrian facility. In addition, the property adjoins the 1,100-acre McKinney Roughs Nature National Park. The deal follows Ohana’s acquisition of the 496-room La Cantera Resort & Spa in San Antonio.

June 23, 2021

Acquisitions Florida Multifamily Southeast

Harbor Group International Sells Apartment Community in Metro Miami for $222.7M

by Julia Sanders June 23, 2021

PEMBROKE PINES, FLA. — Harbor Group International LLC has sold City Center on 7th, a Class A, 700-unit apartment community in Pembroke Pines, for $222.7 million. HGI purchased the suburban Miami property in 2017 for $158.5 million and upon acquisition invested an additional $2.65 million in interior maintenance and upgrades. The buyer was not disclosed. City Center on 7th is close to the Pembroke Lakes Mall and The Shops at Pembroke Gardens, an outdoor lifestyle center. The community is also near the Miramar Park of Commerce, an industrial and business park featuring more than 5.4 million square feet of commercial space and housing several employers to the area. Built in two phases in 2014 and 2015, the community amenities include a LEED Gold-certified clubhouse, beach-entry pool, fitness center, business center, demonstration kitchen, game room, private garages, storage units and 24-hour emergency maintenance. Harbor Group International LLC is a Norfolk, Va. private real estate and real estate investment and management firm.

June 23, 2021

Acquisitions Multifamily Texas

Embrey, Carlyle Group Sell 285-Unit Domain at Founders Parc Apartments in Metro Dallas

by Taylor Williams June 23, 2021

EULESS, TEXAS — San Antonio-based developer Embrey Partners LLC and The Carlyle Group, a private equity and alternative asset management firm based in Washington, D.C., have sold Domain at Founders Parc, a 285-unit apartment community located near Dallas-Fort Worth International Airport in Euless. Units feature custom cabinetry, wood-style flooring, stainless steel appliances, ceramic and tile backsplashes and full-size washers and dryers. Amenities include a pool with cabanas, fitness center with a spin studio, cyber and resident lounges, coffee bar, game room, conference rooms, pet park and spa, bike wash and repair shop, fire pits and an outdoor kitchen. Drew Kile, Joey Tumminello, Will Balthrope, Taylor Hill and Michael Ware of Institutional Property Advisors, a division of Marcus & Millichap, represented the buyer, Tampa-based multifamily investment firm American Landmark, in the transaction.

June 23, 2021

Acquisitions Retail Texas

2GR Equity, Tarantino Acquire 195,000 SF Retail Power Center in League City, Texas

by Taylor Williams June 23, 2021

LEAGUE CITY, TEXAS — A joint venture between metro Dallas-based 2GR Equity LLC and Houston-based Tarantino Properties has acquired League City Towne Center, a 195,000-square-foot retail power center in League City. The property sits on 31.5 acres at the southeast quadrant of Interstate 45 and FM 646 on the outskirts of Houston. Shadow-anchored by Home Depot and Target, League City Towne Center was 96 percent leased at the time of sale.

June 23, 2021

Acquisitions Industrial Texas

JLL Negotiates Sale of 154,000 SF Bronze Way Distribution Center in Southwest Dallas

by Taylor Williams June 23, 2021

DALLAS — JLL has negotiated the sale of Bronze Way Distribution Center, a 154,000-square-foot industrial property that is situated on 7.9 acres in southwest Dallas. Built in 1978, the front-load building features 22- to 24-foot clear heights and was fully leased to building materials distributor Boise Cascade Co. at the time of sale. Dustin Volz, Stephen Bailey, Dom Espinosa, Zach Riebe and Pauli Kerr of JLL represented the seller, Huntington Industrial Partners, in the transaction. Atlanta-based investment firm MDH Partners purchased the asset for an undisclosed price.

June 23, 2021

Acquisitions Development Florida Mixed-Use Southeast

Berkadia Arranges $31M Sale of Mixed-Use Development Site in Miami

by Julia Sanders June 23, 2021

MIAMI — Berkadia has arranged the $31 million sale of a 1.8-acre development site in Miami’s Bay Harbor Islands known as 1177 Kane Concourse. Located just west of Bal Harbour Shops, the site includes 300 feet of frontage on Kane Concourse and is permitted for a mixed-use residential, retail and office development. Jaret Turkell, Roberto Pesant, Scott Wadler, Omar Morales and Jose Mota of Berkadia’s Miami office represented the seller, Northwood Investors, in the transaction. David Martin is the developer’s CEO, and Terra is the buyer for the development site. Martin says the plans for 1177 Kane Concourse include a mixed-use development with a residential component, Class A office and retail space and food and beverage options at the street level. Bay Harbor Islands is a community situated roughly two miles north of Miami Beach, just above Indian Creek Island. The islands are accessible to Interstate 95 via N.E. 123rd Street.

June 23, 2021

Acquisitions Illinois Midwest Multifamily Single-Family Rental

Blackstone to Acquire Home Partners of America for $6B

by Kristin Harlow June 23, 2021

CHICAGO — Blackstone Real Estate Income Trust Inc. (BREIT) has entered into a definitive agreement to acquire Chicago-based Home Partners of America (HPA), valuing the company at $6 billion. HPA purchases, owns and operates single-family rental homes and provides a path to homeownership for individuals and families across the United States. HPA’s portfolio includes more than 17,000 homes across the country. BREIT intends to support the HPA management team as it explores opportunities to expand access to high-quality housing for lower-income households, including by formally launching its Choice Lease program. This program aims to provide a direct and tangible opportunity to help address housing affordability challenges for families, according to Blackstone. “The fundamental premise of the HPA platform is to provide residents with the opportunity to live in their chosen home with the option to purchase it,” says Jacob Werner, senior managing director with Blackstone Real Estate. “We intend to build on that goal and expand access to homes across the United States.” The transaction is expected to close in the third quarter. BREIT is externally managed by a subsidiary of Blackstone (NYSE: BX), which maintains approximately $196 billion in investor capital under management.

June 23, 2021

Acquisitions Industrial Iowa Midwest

JLL Arranges $54M Sale of Industrial Portfolio in Eastern Iowa

by Kristin Harlow June 23, 2021

IOWA CITY AND CEDAR RAPIDS, IOWA — JLL has arranged the sale of a 1.4 million-square-foot industrial portfolio in Iowa City and Cedar Rapids for $54 million. The Class B portfolio, currently 80 percent occupied, consists of five buildings that were constructed in the early 2000s. Three properties are in Iowa City at 2561, 2570 and 2610 Independence Road. The others are in Cedar Rapids at 5404 and 5507 Ely Road. Marcus Pitts, Justin Lossner, Michael Minard and Austin Hedstrom of JLL represented the seller, 2570 Independence LLC. JLL will continue to serve as leasing agent on behalf of the undisclosed buyer. The sale represents the largest industrial portfolio sale ever recorded in Iowa, according to JLL.

June 23, 2021

Acquisitions Illinois Midwest Retail

Marcus & Millichap Brokers $36.2M Sale of Shopping Center in Evanston, Illinois

by Kristin Harlow June 23, 2021

EVANSTON, ILL. — Marcus & Millichap has brokered the sale of Evanston Plaza in Evanston for $36.2 million. The 212,759-square-foot shopping center is located at 1910 Dempster St. Valli Fresh Market anchors the center and occupies 69,210 square feet. Renovated in 2015, the property was 97 percent leased at the time of sale. Adrian Mendoza, Austin Weisenbeck and Sean Sharko of Marcus & Millichap marketed the center on behalf of the seller, a private investor. The team also secured and represented the buyer, a limited liability company.

June 23, 2021

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