Acquisitions

EverWest Real Estate Buys Warehouse Near Port Houston for $8.7M

by Taylor Williams January 6, 2021

LA PORTE, TEXAS — Denver-based EverWest Real Estate Investors has purchased a 109,000-square-foot warehouse in La Porte, a city located near Port Houston. The sales price was $8.7 million. The building is divisible to 40,000 square feet and features 28-foot clear heights and 130-foot truck court depths. Colliers International is marketing the property for lease. The seller was Phelan-Bennett Development. Mark Bigarel and Justin Bennett handled the transaction internally on behalf of the buyer and seller, respectively.

January 6, 2021

Acquisitions California Office Western

KBS Sells 96,502 SF Office Building in San Jose to Thor Equities for $50.5M

by Amy Works January 6, 2021

SAN JOSE, CALIF. — KBS Real Estate Investment Trust II has completed the sale of an office property located within District 237, an eight-building, 415,492-square-foot office/R&D complex in San Jose. Thor Equities acquired the asset for $50.5 million. Located at 350 Holger Way, the three-story, 96,502-square-foot building was fully renovated in 2019 and is currently 100 percent leased through 2027. The building offers extensive glass lines and efficient floor plates, as well as an outdoor amenity area and upgraded exteriors, landscaping and parking lot. Joe Moriarty, Scott Prosser, Jack DePuy, Russell Ingrum, Brad Zampa and Mike Walker of CBRE Northern California Capital Markets team brokered the transaction. Bruce Fischer, Howard Chu and Amanda Kennedy of Greenberg Traurig LPP’s Orange County office represented KBS as legal counsel in the disposition.

January 6, 2021

Acquisitions California Multifamily Western

ACI Apartments Negotiates $13.8M Acquisition of Apartment Complex in San Diego

by Amy Works January 6, 2021

SAN DIEGO — ACI Apartments has arranged the sale of a 38,576-square-foot multifamily complex located in San Diego’s North Park neighborhood. KA Enterprises acquired the community from Arcadia Six LLC for $13.8 million. Situated on a 24,393-square-foot lot at 4602 Kansas St., the property features 47 apartments in a mix of 18 one-bedroom/one-bath, three two-bedroom/one-bath and 26 two-bedroom/two-bath units. Additionally, the community features gated access, a swimming pool, off-street parking and carports. Anton Burman of ACI Apartments represented the buyer, while David Andrews of ACRE represented the seller in the deal. Eugene Marini provided acquisition and asset management. Annemarie Lococo of Chicago Title served as the escrow officer for the transaction.

January 6, 2021

Acquisitions New York Northeast Restaurant Retail

Urban Edge Properties Acquires 1.2 MSF Sunrise Mall on Long Island for $29.7M

by Taylor Williams January 6, 2021

MASSAPEQUA, N.Y. — Urban Edge Properties (NYSE: UE) has acquired Sunrise Mall, a 1.2 million-square-foot regional shopping and dining destination in the Long Island city of Massapequa. Urban Edge acquired the mall from Unibail-Rodamco-Westfield for $29.7 million. At the time of sale, the 77-acre property was 65 percent occupied, with Macy’s, Sears and Dick’s Sporting Goods serving as the anchor tenants. A JLL team of Jose Cruz, Kevin O’Hearn, Andrew Scandalios, John Pelusi, Steve Simonelli, Michael Oliver and Ryan Robertson represented the seller in the transaction. The new ownership is planning a redevelopment plan, details of which were not disclosed.

January 6, 2021

Teleflex-Knitting-Mills-Wyomissing-Pennsylvania

Acquisitions Healthcare Life Sciences Northeast Office Pennsylvania

Equus Sells 262,615 Life Sciences Portfolio in Wyomissing, Pennsylvania

by Taylor Williams January 6, 2021

WYOMISSING, PA. — Philadelphia-based Equus Capital Partners has sold a three-building, 262,615-square-foot life sciences portfolio in Wyomissing, located just outside Reading in Berks County. An affiliate of Miami-based Kawa Capital Management purchased the portfolio for an undisclosed price. The buildings are located within the 53-acre Knitting Mills campus and house office and lab space that is leased to tenants such as UGI Energy Services, Teleflex and Tower Health. The site was originally built in the early 20th century as a manufacturing hub for The Berkshire Knitting Mills. Equus bought the site in 2016 with plans to redevelop it into a life sciences campus.

January 6, 2021

Acquisitions Connecticut Multifamily Northeast

CBRE Negotiates Sale of 130-Unit Avalon Stratford Apartments in Connecticut

by Taylor Williams January 6, 2021

STRATFORD, CONN. — CBRE has negotiated the sale of Avalon Stratford, a 130-unit apartment community in Stratford, located in the southern part of the state. The property was built in 2014 and offers amenities such as a pool, fitness center, outdoor grilling areas and a playground. Jeffrey Dunne, Gene Pride, Jeremy Neuer, Steve Bardsley, David Gavin, Travis Langer and Stuart MacKenzie of CBRE represented the owner, AvalonBay Communities, in the transaction. The team also procured Pennsylvania-based Merion Realty Partners as the buyer.

January 6, 2021

Acquisitions Healthcare Northeast Rhode Island

Newmark Brokers $18.7M Sale of Medical Office Building in East Greenwich, Rhode Island

by Taylor Williams January 6, 2021

EAST GREENWICH, R.I. — Newmark has brokered the $18.7 million sale of Lifespan Ambulatory Care Center, a 48,307-square-foot medical office building located at 1454 S. County Trail in East Greenwich. Robert Griffin, Frank Nelson, Michael Greeley and Dominick Romano of Newmark, along with Matthew Fair of Hayes & Sherry, represented the seller, Albany Road Real Estate Partners, in the transaction. The team also procured the buyer, a partnership between Anchor Health Properties and The Carlyle Group. The building also houses cancer care and cardiology practices.

January 6, 2021

Acquisitions Multifamily Texas Walker & Dunlop

Walker & Dunlop Brokers Sale of 411-Unit Apartment Community in San Antonio

by Taylor Williams January 5, 2021

SAN ANTONIO — Walker & Dunlop has brokered the sale of Collection at Overlook, a 411-unit multifamily community in San Antonio. The garden-style property was built on 16 acres in 1984 and consists of 31 two- and three-story buildings. Amenities include a pool, resident clubhouse, business center and a fitness center. Forest Bass and Matt Pohl of Walker & Dunlop represented the buyer and seller, both of which requested anonymity, in the transaction. Tom Toland and Matt Newton of Walker & Dunlop secured acquisition financing for the deal through Freddie Mac’s Multifamily Green Advantage program. The loan was structured with a 10-year term and five years of interest-only payments. The new ownership will implement a value-add program to upgrade units and meet Freddie Mac’s energy saving requirements.

January 5, 2021

Acquisitions Multifamily Texas

IPA Negotiates Sale of 337-Unit Trinity at Left Bank Apartments in Fort Worth

by Taylor Williams January 5, 2021

FORT WORTH, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Trinity at Left Bank, a 337-unit apartment community in Fort Worth. Built in 2019, the property features one- and two-bedroom units with an average size of 835 square feet. Amenities include a pool, clubroom, business center, rooftop terrace, package locker system and a dog park. Drew Kile, Will Balthrope, Joey Tumminello and Grant Raymond of IPA represented the seller, Austin-based Endeavor Real Estate Group, in the transaction. The team also procured the buyer, Virginia-based Weinstein Properties.

January 5, 2021

Acquisitions Multifamily Texas

Darwin German Acquires 270-Unit Multifamily Property in White Settlement, Texas

by Taylor Williams January 5, 2021

WHITE SETTLEMENT, TEXAS — Dallas-based Darwin German Real Estate Investments has acquired Oak View Apartments, a 270-unit multifamily property in White Settlement, a western suburb of Fort Worth. The community was built on 2.3 acres in 2018 and was 93 percent occupied at the time of sale. Oak View features one- and two-bedroom units and amenities such as a pool and a fitness center. Darwin German purchased the asset from the locally based developer for an undisclosed price.

January 5, 2021

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