Acquisitions

NorthCreek-Office-Complex-Colorado-Springs-CO

Alturas Real Estate Fund Acquires NorthCreek Office Complex in Colorado Springs for $46.6M

by Amy Works February 5, 2021

COLORADO SPRINGS, COLO. — Alturas Real Estate Fund has purchased NorthCreek Office Complex, located at 5725, 5755 and 5775 Mark Dabling Blvd. in Colorado Springs. NorthCreek Complex LLC sold the asset for $46.6 million. James Brady, Patrick Devereaux and Campbell Davis of CBRE Capital Markets represented the seller in the deal, which closed on Jan. 29, 2021. Built between 1984 and 1989, NorthCreek offers a total of 325,208 rentable square feet spread across three buildings situated on 16.6 acres. Building amenities include atrium spaces with seating, a full-service café, abundant parking with covered spaces, a fitness center with locker rooms and showers, and a 58-person conference/training center. The sellers invested more than $3.6 million in capital improvements to the property, including major roof, lobby and common area renovations, parking lot and garage repairs, and HVAC upgrades. At the time of sale, the property was 98 percent leased to a mix of tenants, including CSAA Insurance, First Source Group and Pima Medical Institute.

February 5, 2021

Acquisitions Colorado Multifamily Western

Evergreen Development Sells 324-Unit Outlook Gateway Multifamily Community in Denver to Cortland

by Amy Works February 5, 2021

DENVER — Evergreen Development has completed the disposition of Outlook Gateway, a newly built apartment property in Denver. Cortland acquired the asset for an undisclosed price. Situated on 16.6 acres at 5650 Argonne St., the 13-building Outlook Gateway features 324 apartments in a mix of one- and two-bedroom layouts, averaging 901 square feet. Each unit offer quartz countertops, wood-style flooring, glass showers, walk-in closets, in-unit washers/dryers and private balconies or patios. Community amenities include a clubhouse, pool, hot tub, fitness center, business center, coffee bar, bike and ski repair facility, bocce ball court, dog park, open green spaces and a package room with lockers. Evergreen Devco developed Outlook Gateway, while Nexus Builders, an Evergreen-affiliate company, served as general contractor. Denver-based Kephart Architects designed the project. Dan Woodward, David Potarf, Matt Barnett and Jake Young of CBRE Capital Markets in Denver represented the seller in the deal.

February 5, 2021

Acquisitions Multifamily Utah Western

IPA Negotiates Sale of 138-Unit ViA Apartment Building in South Salt Lake, Utah

by Amy Works February 5, 2021

SOUTH SALT LAKE, UTAH — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of ViA, a multifamily property located in South Salt Lake, approximately 10 minutes south of Salt Lake City. Graycliff Capital acquired the property from an affiliate of Mountain Capital Partners, an affiliate of Dekel Capital and Castlewood Development for an undisclosed price. Built in 2016, the five-story property features 138 apartments with an average unit size of 700 square feet. Community amenities include community-wide WiFi, door-to-door trash pickup, heated swimming pool, hot tub and car-charging station. The property is located adjacent to the Meadowbrook station of the Utah Transit Authority’s TRAX light rail system and near Southgate Shopping Center, University of Utah, Salt Lake Community College and Westminster College. Brock Zylstra, Danny Shin, Steven Gebing and Cliff David of IPA represented the sellers in the transaction. Gary Mangum of Marcus & Millichap served as broker of record in Utah.

February 5, 2021

Acquisitions Northeast Office Pennsylvania

Commonwealth Charter Academy Buys 140,000 SF Office Building Near Pittsburgh

by Taylor Williams February 5, 2021

HOMESTEAD, PA. — Commonwealth Charter Academy, an online education platform, has purchased Waterfront Technology Center, a 140,000-square-foot office building in Homestead, an eastern suburb of Pittsburgh. The building, which was 94 percent leased at the time of sale, was originally a Macy’s department store. The sellers, Chicago-based M&J Wilkow and BIG Shopping Centers, purchased the property from Macy’s in 2018 and converted it to an office use. Commonwealth Charter is currently a tenant in the building.

February 5, 2021

Acquisitions Connecticut Multifamily Northeast

CBRE Negotiates Sale of 198-Unit Multifamily Portfolio in Norwalk, Connecticut

by Taylor Williams February 5, 2021

NORWALK, CONN. — CBRE has negotiated the sale of a 198-unit multifamily portfolio in the coastal Connecticut city of Norwalk. The portfolio consists of the 129-unit Berkeley at Waypointe Apartments and the 69-unit Quincy Lofts. Jeffrey Dunne, Gene Pride, Jeremy Neuer, Steve Bardsley, David Gavin and Eric Apfel of CBRE represented the owner, Alex. Brown Realty, while also procuring the buyer, Invictus Real Estate Partners.

February 5, 2021

Acquisitions Georgia Loans Restaurant Retail Southeast

Media Reports: Lenders Foreclose on Town Center at Cobb Mall in Metro Atlanta

by John Nelson February 4, 2021

KENNESAW, GA. — Town Center at Cobb Mall, a nearly 1.3 million-square-foot enclosed regional mall in the northern Atlanta suburb of Kennesaw, was foreclosed on by its lenders, according to the Marietta Daily Journal. Indianapolis-based Simon Property Group (NYSE: SPG) was the previous owner, manager and developer of the mall. Deutsche Bank Trust Corp. was the lead lender and trustee of the $200 million loan, which the global bank made with other investors in 2012. Deutsche Bank Trust auctioned the mall on Tuesday, Feb. 2 and set the opening bid at $130.4 million, but no bids were made at the auction. Deutsche Bank Trust and its co-lenders now own and manage the mall. No additional plans were reported. Town Center at Cobb Mall is located in Cobb County at 400 Ernest W. Barrett Parkway NW, approximately 33 miles north of Hartsfield-Jackson Atlanta International Airport. The mall opened in February 1986 and features more than 170 stores and restaurants, including anchors Macy’s, Belk, H&M and JC Penney. The property features a food court and a children’s play area as well. Simon’s stock price closed on Wednesday, Feb. 3 at $93.38 per share, down from $137.29 a year ago.

February 4, 2021

Acquisitions Development Florida Industrial Mixed-Use Multifamily Southeast

Butters Construction, Greystar Buy Metro Miami Site for $53.5M, Planning Industrial and Multifamily Project

by John Nelson February 4, 2021

HIALEAH GARDENS, FLA. — Butters Construction & Development has partnered with Greystar for the future development of Miami Midway Park, a 45.1-acre site at NW 97th Ave. and NW 170th St. in Hialeah Gardens. The joint venture partnership will develop a 500,000-square-foot, Class-A distribution industrial park and 360 garden-style multifamily apartments. The Butters-Greystar joint venture purchased the site from Miami-based Terra Group and New Valley for $53.5 million. Terra and New Valley broke ground on an adjacent multifamily project dubbed Natura Gardens, which will span 460 units on 27 acres and open in 2022. CBRE Capital Markets helped match Greystar with Butters Construction for Miami Midway Park. CBRE identified Greystar and its partner, Whitman Peterson, as the development and equity partner for the industrial component of the project, while a Greystar affiliate is closing on the multifamily portion of the project. Christian Lee, Chris Riley and Jose Lobon of CBRE led the transaction. The firm’s Devin White, David Albert and Royce Rose assisted.

February 4, 2021

Acquisitions Illinois Industrial Midwest

Colliers Brokers Sale of 736,780 SF Warehouse in Joliet, Illinois

by Kristin Harlow February 4, 2021

JOLIET, ILL. — Colliers International has brokered the sale of the Laraway Distribution Center in Joliet for an undisclosed price. The 736,780-square-foot warehouse sits on over 34 acres at 1151 E. Laraway Road within the I-80 submarket. Built in 2008, the facility was fully leased to three tenants at the time of sale. Jeff Devine and Steve Disse of Colliers represented the seller, Clarion Partners LLC. Exeter Property Group purchased the asset.

February 4, 2021

Acquisitions Illinois Midwest Multifamily

Interra Realty Arranges $5.2M Sale of Multifamily Building in Evanston, Illinois

by Kristin Harlow February 4, 2021

EVANSTON, ILL. — Interra Realty has arranged the sale of 908 Main St. in Evanston for $5.2 million. The 27-unit multifamily building was originally constructed in 1913 and renovated in the 2000s. It features 15 one-bedroom units and 12 two-bedroom units. The building was fully occupied at the time of sale. Brad Feldman of Interra represented the seller, Robinson Rental, an Evanston-based company that has owned the property since the 1980s. Feldman also represented the international buyer.

February 4, 2021

Acquisitions Industrial Self-Storage Texas

Bellomy Arranges Sale of 707-Unit Kyle Premier Storage in Metro Austin

by Taylor Williams February 4, 2021

KYLE, TEXAS — Bellomy & Co. has arranged the sale of Kyle Premier Storage, a 707-unit self-storage facility located about 20 miles south of Austin. The Class A property spans 81,781 net rentable square feet. Bill Bellomy and Michael Johnson of Bellomy & Co. represented the seller, a locally based private investor, in the transaction. The duo also procured the Delaware-based buyer, AGAP Kyle LLC.

February 4, 2021

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