Acquisitions

HPI Real Estate Purchases 752-Unit Self-Storage Facility in Palm Beach County

by Alex Tostado November 11, 2020

LANTANA, FLA. — HPI Real Estate Services & Investments has purchased a 752-unit, 72,910-square-foot CubeSmart self-storage facility in Lantana. CubeSmart manages the property, which is situated at 420 N. Fourth St., 11 miles south of downtown West Palm Beach. The asset was delivered in 2018 and offers 24-hour video surveillance, climate-controlled units and elevator access. The sales price was not disclosed, though Texas-based HPI says this is the first transaction of its new self-storage acquisition fund, which will acquire more than $125 million of assets over the next 12 months. According to Jon Erickson and Jonathan Vollinger of HPI, the all-cash deal closed in 37 days. Zack Urow and Richard Riddle of SkyView Advisors represented the seller, Florida-based Acorn Mini Storage, in the transaction.

November 11, 2020

Acquisitions Multifamily Texas

Buchanan Street Acquires 351-Unit Waters Edge at Mansfield Apartments in Grand Prairie, Texas

by Taylor Williams November 11, 2020

GRAND PRAIRIE, TEXAS — California-based investment firm Buchanan Street Partners has acquired Waters Edge at Mansfield, a 351-unit apartment community located in the central metroplex city of Grand Prairie. Formerly known as Aura 3Fifty-One, the community was built on 13 acres in 2019 and was 93 percent occupied at the time of sale. Units feature one-, two- and three-bedroom floor plans, and amenities include a pool, business center and a resident clubhouse. Drew Kile and Joey Tumminello of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller, Trinsic Residential, in the transaction. Buchanan Street was self-represented.

November 11, 2020

Acquisitions Illinois Industrial Midwest

EverWest Sells Eight-Building Industrial Portfolio in Elk Grove Village, Illinois

by Kristin Harlow November 11, 2020

ELK GROVE VILLAGE, ILL. — Denver-based EverWest Real Estate Investors has sold an eight-building industrial portfolio in Elk Grove Village. The sales price was $74.3 million, according to Crain’s Chicago Business. The portfolio, situated near Chicago O’Hare International Airport, totals 955,460 square feet and consists of flex, light industrial and bulk distribution space. Mike Caprile of CBRE brokered the sale on behalf of EverWest. A joint venture between Investcorp and Brennan Investment Group purchased the portfolio. EverWest owned the assets since 2017.

November 11, 2020

Acquisitions Healthcare Illinois Midwest

Stan Johnson Co. Arranges $20.6M Sale of Medical Office Building in Itasca, Illinois

by Kristin Harlow November 11, 2020

ITASCA, ILL. — Stan Johnson Co. has arranged the sale of a 50,000-square-foot medical office building in Itasca, a western suburb of Chicago, for $20.6 million. The Class A property is located at 870 N. Arlington Heights Road. It is fully leased to a publicly traded healthcare services company under a 15-year net lease. The single-story building sits on six acres and includes traditional office space in addition to specialty pharmacy spaces, walk-in freezers and clean rooms. Construction of the property finished in August of this year. John Zimmerman and Craig Tomlinson of Stan Johnson represented the seller, a regional developer. A private group focused on single-tenant acquisitions was the buyer.

November 11, 2020

Acquisitions Michigan Midwest Multifamily

Berkadia Brokers Sale of Four-Property Multifamily Portfolio in Kalamazoo, Michigan

by Kristin Harlow November 11, 2020

KALAMAZOO, MICH. — Berkadia has brokered the sale of a four-property, 427-unit multifamily property in Kalamazoo for an undisclosed price. The properties include Embassy Terrace, Greenbriar, Carriage Green and Regency Square. Jason Krug, Corey Krug, Kevin Dillion, Rick Vidrio, Rick Brace and Charley Henneghan of Berkadia’s Great Lakes team represented the Michigan-based seller as well as the buyer, Chicago-based Tricap Residential Group.

November 11, 2020

Acquisitions Company News Industrial New Jersey Northeast

Cold Storage REIT Americold Acquires New Jersey-Based Hall’s Warehouse Corp. for $480M

by Taylor Williams November 11, 2020

SOUTH PLAINFIELD, N.J. — Americold Realty Trust (NYSE: COLD), an Atlanta-based cold storage REIT, has acquired Hall’s Warehouse Corp. of South Plainfield, New Jersey, in a transaction valued at $480 million. The Hall’s Warehouse portfolio consists of eight cold storage facilities totaling 58 million cubic feet and 200,000 pallet positions that are located throughout Northern New Jersey. The portfolio was approximately 95 percent leased at the time of sale. Americold, which also announced the development of an $84 million facility in Arkansas, now owns and operates 185 temperature-controlled warehouses with over 1 billion refrigerated cubic feet of storage throughout five countries.

November 11, 2020

Acquisitions Multifamily Nevada Western

NWI Vida Divests of Bella Vida Apartments in Las Vegas for $15M

by Amy Works November 11, 2020

LAS VEGAS — NWI Vida LLC has completed the disposition of Bella Vida Apartments, a multifamily property in Las Vegas. An undisclosed buyer acquired the community for $15 million, or $208,333 per unit. Located at 1111 S. Cimarron Road, the property features 72 apartments. Devin Lee, Robin Willett, Jerad Roberts and Jason Dittenber of Northcap Commercial represented the seller in the transaction.

November 11, 2020

Acquisitions Colorado Multifamily Western

Nexus Commercial Arranges $5.3M Acquisition of Multifamily Property in Thornton, Colorado

by Amy Works November 11, 2020

THORNTON, COLO. — Nexus Commercial Realty has brokered the sale of an apartment community located at 8770-8780 Galen Court in Thornton. An undisclosed buyer acquired the asset for $5.3 million. The 38-unit property features 12 one-bedroom units and 26 two-bedroom units. The majority of the units have been updated, and select units feature balconies. The property includes two on-site laundry rooms and 54 off-street parking spaces for tenants. The buyer plans to manage the property, upgrade the remaining units and increase rents to market value.

November 11, 2020

Acquisitions Industrial Nevada Self-Storage Western

Local Ownership Group Sells 235-Unit Lockwood Landing Self Storage & Industrial Facility in Nevada

by Amy Works November 11, 2020

SPARKS, NEV. — A local ownership group has completed the disposition of Landing Self Storage & Industrial, a self-storage facility located along Interstate 80 in Sparks. A Northern California-based owner-operator acquired the asset for $5.5 million. Lockwood Landing comprises 49,100 net rentable square feet of self-storage space and 28,865 net rentable square feet of industrial space on 8.7 acres. The property features six steel-frame storage buildings and three steel-frame industrial buildings with asphalt drive aisles, plus a manager’s office and living quarters. At the time of sale, the storage buildings were approximately 84 percent occupied and the industrial buildings were 100 percent occupied. Bobby Loeffler and Tyler Skelly of The Loeffer Self-Storage Group represented the seller in the deal.

November 11, 2020

Acquisitions Florida Multifamily Southeast

Passco Acquires Multifamily Community in Metro Tampa for $76.4M

by Alex Tostado November 10, 2020

LAND O’ LAKES, FLA. — Passco Cos. has acquired Tapestry Cypress Creek, a 341-unit multifamily community in Land O’ Lakes, for $76.4 million. The property, which was delivered in 2019, offers one-, two- and three-bedroom floor plans. Unit interiors feature granite countertops, hurricane-impact windows, screened-in patios and balconies, washers and dryers, walk-in closets and stainless steel appliances. Communal amenities include a saltwater pool, clubhouse, 24-hour fitness center, club room and a dog park. The community is located at 2300 Tapestry Park Drive, 20 miles north of downtown Tampa. Patrick Dufour, Ryan Crowley, Andrew Visnick and Pibu Aulakh of Newmark represented the seller, Arlington Properties, in the transaction. Caleb Marten of KeyBank Real Estate Capital’s Commercial Mortgage Group originated acquisition financing on behalf of Passco.

November 10, 2020

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