Acquisitions

CBRE Arranges $154M Sale of Industrial Portfolio in Metro Boston

by Alex Tostado January 14, 2021

WILMINGTON, MASS. — CBRE has arranged the $154 million sale of an eight-building, 687,000-square-foot industrial portfolio in Wilmington. The properties were 96 percent leased at the time of sale to 27 tenants including Crate & Barrel, Energy Sciences, 3Step Sports and Altro USA Inc. A joint venture between Boston-based Oliver Street Capital and Bain Capital Real Estate acquired the portfolio, which spans 49 acres. The buildings are located at 21, 42, 65 and 80 Industrial Way; 42 and 80 Rear Industrial Way; 1 Progress Way; and 844 Woburn St., four miles north of the Interstate 95-93 interchange and 17 miles north of Boston Logan International Airport. Scott Dragos, Doug Jacoby, Chris Skeffington, Tony Hayes, Tim Mulhall, Roy Sandeman and Daniel Hines of CBRE represented the seller, I. Fred Dicenso Trust LLC, in the transaction. “Boston is a target market on all investors’ radar right now, and it’s not very often a true infill industrial cluster becomes available,” says Dragos. “What this portfolio uniquely offered was its scale, location, proximity to I-93 and market opportunities.” — Alex Tostado

January 14, 2021

Acquisitions Retail Southeast Tennessee

Ziff Real Estate Partners Acquires 41,439 SF Retail Property Near Nashville

by Alex Tostado January 13, 2021

HERMITAGE, TENN. — Ziff Real Estate Partners has acquired Jackson’s Courtyard, a 41,439-square-foot retail center in Hermitage, for an undisclosed price. The property is located at 3441 Lebanon Pike, 13 miles east of downtown Nashville. At the time of sale, the property was leased to tenants including Co. Capelli Salon & Spa, Subway, Hermitage Dance Academy and Mirage Nails Salon. The seller was not disclosed.

January 13, 2021

Acquisitions Midwest Multifamily Wisconsin

Berkadia Brokers $13.1M Sale of Apartment Asset in Madison, Wisconsin

by Kristin Harlow January 13, 2021

MADISON, WIS. — Berkadia has brokered the sale of Lake Point Terrace in Madison for $13.1 million. Located at 1674 Lake Point Drive, the 125-unit apartment property features studio, one- and two-bedroom floor plans. Ralph DePasquale of Berkadia represented the seller, Chicago-based Ansonia Properties LLC, as well as the buyer, Milwaukee-based Metropolitan Associates. The value-add opportunity will enable the new buyer to continue to upgrade units, according to DePasquale.

January 13, 2021

Acquisitions Multifamily Texas

Newmark Negotiates Sale of 223-Unit Monroe Apartments in Austin

by Taylor Williams January 13, 2021

AUSTIN, TEXAS — Newmark has negotiated the sale of The Monroe, a 223-unit apartment community that is under construction in a Qualified Opportunity Zone in Austin’s East Riverside corridor. According to Apartments.com, the newly built property features one- and two-bedroom units and amenities such as a pool, outdoor grilling areas and a business center. Patton Jones of Newmark represented the seller, Dallas-based Stillwater Capital, in the transaction. New York-based JEM Holdings purchased the property for an undisclosed price.

January 13, 2021

Acquisitions Arizona Multifamily Western

MG Properties Acquires Andante Apartments in Phoenix for $145.2M

by Amy Works January 13, 2021

PHOENIX — San Diego-based MG Properties Group has purchased Andante Apartments, a Class B multifamily property in Phoenix, for $145.2 million. The name of the seller was not released. Rocco Mandala of CBRE arranged a 10-year, fixed-rate, $99.4 million Fannie Mae loan for the buyer. Built in phases between 1999 and 2002, Andante Apartments features 576 units in a low-density setting. Common amenities include three swimming pools with picnic areas, a resident clubhouse and fitness center. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE represented the seller in the deal.

January 13, 2021

Acquisitions Office Texas

Colliers Brokers Sale of 190,830 SF Office Building in North Dallas

by Taylor Williams January 13, 2021

DALLAS — Colliers International has brokered the sale of 7920 Belt Line Road, a 190,830-square-foot office building in North Dallas. The property was built in 1983 and recently received $2.3 million in capital improvements. Creighton Stark and Chris Boyd of Colliers International represented the seller, a partnership between Pillar Commercial and Blue Vista Capital Management, in the transaction. New Orleans-based Uhalt Investments purchased the property for an undisclosed amount. The sale included an adjacent medical pad site for potential future development.

January 13, 2021

Acquisitions Nevada Retail Western

Phillips Edison Divests of 191,345 SF Sunrise Marketplace in Las Vegas

by Amy Works January 13, 2021

LAS VEGAS — Cincinnati-based Phillips Edison & Co. has completed the sale of Sunrise Marketplace, a wholly owned neighborhood shopping center in Las Vegas. A Los Angeles-based private investment firm purchased the property for an undisclosed amount to complete a 1031 exchange. Situated on 15.1 acres at the southeast corner of NE Nellis Boulevard and Steward Avenue, Sunrise Marketplace features 191,345 square feet of retail space. At the time of sale, the property was 99 percent leased to Smith’s Food & Drug Store, Chase, Dotty’s, Applebee’s Neighborhood Grill & Bar, Wingstop, Verizon, Southwest Medical and Southern Nevada Health District. The shopping center was built in 1988 and renovated in 2006. Preston Fetrow of CBRE, along with the firm’s National Retail Partners-West team, represented the seller, while the buyer was represented by a cooperating broker.

January 13, 2021

Acquisitions Arizona Multifamily Western

Dominium Sells 184-Unit HUE97 Apartments in Mesa to Colrich Group

by Amy Works January 13, 2021

MESA, ARIZ. — Dominium Group has completed the disposition of HUE97 Apartments located at 9736 E. Balsam Ave. in Mesa. Colrich Group acquired the asset for an undisclosed price. HUE97 Apartments features 184 units and recently underwent a $5 million repositioning and renovation program. NorthMarq’s Trevor Koskovich, Bill Hahn, Jesse Hudson and Ryan Boyle represented the buyer and seller in the transaction. Additionally, Steve Hollister and Aaron Beck of NorthMarq arranged $32.1 million in Freddie Mac financing for the buyer. The 15-year loan features seven years of interest-only payments at 3 percent.

January 13, 2021

Acquisitions Colorado Office Western

Cushman & Wakefield Negotiates $11M Sale of Multi-Tenant Office Building in Colorado Springs

by Amy Works January 13, 2021

COLORADO SPRINGS, COLO. — Cushman & Wakefield has arranged the sale of an office property located at 1670 Newport Road in Colorado Springs. Cleveland-based Boyd Watterson Asset Management acquired the asset from Denver-based Flywheel Capital for $11 million. Located at 1670 Newport Road, the 67,640-square-foot, multi-tenant property recently underwent interior renovations, as well as significant improvements to select tenant spaces. Aaron Johnson, Jon Hendrickson and Mitch Veremeychik of Cushman & Wakefield’s Denver Capital Markets team represented the seller in the transaction.

January 13, 2021

Acquisitions Industrial New Hampshire Northeast Self-Storage

Skyview Advisors Brokers Sale of 2,453-Unit Self-Storage Portfolio in New Hampshire

by Taylor Williams January 13, 2021

NEW HAMPSHIRE — Tampa-based Skyview Advisors has brokered the sale of the 603 Self-Storage Portfolio, a collection of 12 properties totaling 2,453 units in New Hampshire. The portfolio spans 325,914 net rentable square feet. Richard Riddle and Ryan Clark of Skyview Advisors represented the undisclosed, New Hampshire-based seller in the transaction. An out-of-state institutional investor purchased the portfolio for an undisclosed price.

January 13, 2021

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