Acquisitions

Monument Capital Management Acquires Apartment Property Near Minneapolis for $19.7M

by Kristin Harlow November 24, 2020

SHAKOPEE, MINN. — Monument Capital Management has acquired White Pines Apartments in Shakopee, about 25 miles south of Minneapolis, for $19.7 million. The 123-unit apartment property, built in 1999, is located at 1321-1364 Eagle Creek Blvd. It features one-, two- and three-bedroom units. Amenities include a fitness center, laundry facility, patio areas and Amazon Hub lockers. Ted Bickel of Colliers International represented the seller, Abacus Capital Group. Monument plans to implement a capital improvement program.

November 24, 2020

Acquisitions Illinois Midwest Multifamily

Kiser Group Brokers $1.9M Condo Deconversion Sale in Chicago’s Albany Park

by Kristin Harlow November 24, 2020

CHICAGO — Kiser Group has brokered the $1.9 million condo deconversion sale of a 13-unit property in Chicago’s Albany Park neighborhood. Located at 5027-29 N. Harding Ave., the three-story building was originally constructed as apartments in 1931. It was converted into condos in 2006. Andy Friedman and Jake Parker of Kiser represented the condo association in the sale. The undisclosed buyer will convert the units back into apartments as well as make improvements. “This deal continues the trend of buildings that were converted to condos in the early 2000s now deconverting back to apartments,” says Friedman. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a property if 75 percent or more are in agreement. The city of Chicago recently increased the required owner approval to 85 percent. Sellers then have the option to either move out of their units or lease them back from the new owner. The deal “fits the mold of a property that would benefit from deconversion, with a high percentage of rental units and poor individual unit resale values,” says Parker.

November 24, 2020

Acquisitions Development Life Sciences North Carolina Office Southeast

JLL Secures $52.8M Loan for Life Sciences Property at Research Triangle Park in Raleigh-Durham

by Alex Tostado November 23, 2020

MORRISVILLE, N.C. — JLL has arranged a $52.8 million loan for the acquisition and conversion of Perimeter’s Edge, a four-building, 341,547-square-foot property in Morrisville. The buyer and borrower, Longfellow Real Estate Partners, will convert the asset into a life sciences lab. MetLife Investment Management provided the five-year, floating-rate loan. Perimeter’s Edge is situated within Research Triangle Park at 2450 and 2600 Perimeter Park Drive, 507 Airport Blvd. and 515 McCrimmon Parkway. A timeline for construction was not disclosed. Greg LaBine, Roger Edwards and Martha Nay of JLL arranged the loan on behalf of the borrower. Brigitte Burkett of MetLife originated the loan.

November 23, 2020

Acquisitions North Carolina Retail Southeast

Cushman & Wakefield Negotiates $13.9M Sale of Publix-Anchored Shopping Center Near Charlotte

by Alex Tostado November 23, 2020

SHERRILLS FORD, N.C. — Cushman & Wakefield has negotiated the $13.9 million sale of The Villages Shoppes at Sherrills Ford, a 60,298-square-foot, Publix-anchored shopping center in Sherrills Ford. The developer, Tampa, Fla.-based Wagner Property Group, sold the asset, which is located at the intersection of Slanting Bridge Road and Village Center North, 31 miles north of downtown Charlotte. Other tenants at the center include Hardee’s, Pizza Hut, Great Clips and Blue Sky Nails. Fain Hicks, Margaret Jones and Lane Breedlove of Cushman & Wakefield brokered the transaction. The buyer was Greensboro, N.C.-based Koury Corp.

November 23, 2020

Acquisitions Loans Multifamily Southeast Tennessee

Eyzenberg & Co. Arranges $7.5M Loan for Acquisition, Renovation of Apartment Community in Memphis

by Alex Tostado November 23, 2020

MEMPHIS, TENN. — Eyzenberg & Co. has arranged a $7.5 million loan for Cottonwood Apartments in Memphis. A majority of the property’s 384 units were damaged during an October 2019 tornado. The community comprises 47 two-story buildings that offer one- and two-bedroom residences. Communal amenities include a pool, tennis court, playground and laundry facilities. The asset is situated at 4653 Cotton Drive, 12 miles southeast of downtown Memphis. David Eyzenberg and Ekaterina Brody of Eyzenberg & Co. originated the loan on behalf of the borrower, BRR Group LLC. The lender and seller were not disclosed.

November 23, 2020

Acquisitions Iowa Midwest Office

Friedman Brokers Sale of 162,000 SF Office Property in Waterloo, Iowa

by Kristin Harlow November 23, 2020

WATERLOO, IOWA — Friedman Real Estate has brokered the sale of a 162,000-square-foot office property in Waterloo within central Iowa for $1.2 million. Built in 1980, the asset is located at 3451 Hammond Ave. Amenities include a fitness center, kitchen, café and outdoor spaces. Steven Silverman and Ryan Wilner of Friedman brokered the transaction. Star Waterloo LLC sold the property to Stratacache Inc.

November 23, 2020

Acquisitions Multifamily Texas

IPA Negotiates Sale of 304-Unit Grand on Beach Apartments Near Fort Worth

by Taylor Williams November 23, 2020

HALTOM CITY, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Grand on Beach, a 304-unit apartment community in the Fort Worth suburb of Haltom City. Built on 15 acres in 2019, the property features units with an average size of 818 square feet and private balconies/patios. Amenities include a pool, fitness center, business center, outdoor dining lounge, and a dog park. Drew Kile, Will Balthrope, Joey Tumminello and Grant Raymond of IPA represented the seller, CLX Ventures, and procured the buyer, Bellrock Real Estate Partners.

November 23, 2020

Acquisitions Industrial Texas

MAG Capital Partners Acquires 256,258 SF Industrial Portfolio in Texas, Michigan, Virginia

by Taylor Williams November 23, 2020

FORT WORTH, TEXAS — Fort Worth-based investment firm MAG Capital Partners LLC has acquired a portfolio of three industrial assets totaling 256,258 square feet in a sale-leaseback deal. The properties are located in Texas, Michigan and Virginia. The occupant of the facilities is South Carolina-based manufacturer Huntington Solutions. The seller, New York City-based private equity firm Mill Point Capital, purchased a predecessor of Huntington Solutions in 2016. J.C. Asensio, Andrew Sandquist, Briggs Goldberg and Tyrell McGee of Newmark represented the seller in the transaction.

November 23, 2020

Acquisitions Retail Texas

Stan Johnson Arranges Sale of Two Retail Strip Centers Totaling 26,560 SF in Rio Grande Valley

by Taylor Williams November 23, 2020

DONNA AND MISSION, TEXAS — Stan Johnson Co. has arranged the sale of two retail strip centers totaling 26,560 square feet in the Rio Grande Valley. Ruby Plaza is a 15,000-square-foot property in Donna, and Palmhurst Plaza is an 11,560-square-foot property in Mission. Evan Altemus of Stan Johnson represented the buyers, private investors, in both transactions.

November 23, 2020

Acquisitions Arizona Multifamily Western

PCCP, F&B Capital Acquire 340-Unit District at Chandler Multifamily Complex in Arizona

by Amy Works November 23, 2020

CHANDLER, ARIZ. — A joint venture between PCCP and Austin, Texas-based F&B Capital has purchased District at Chandler, an apartment community located at 2222 W. Frye Road in Chandler. Terms of the transaction were not released. The elevator-served multifamily property features 340 apartments in a mix of one- and two-bedroom units, a resort-style pool, clubhouse with a co-working area, an outdoor pavilion with a barbecue grill, fitness center with spin studio, dog park, bike storage, game room and various concierge services.

November 23, 2020

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