Acquisitions

JLL Brokers Sale of 384-Unit Avalon Somerset Apartments in New Jersey

by Taylor Williams January 4, 2021

SOMERSET, N.J. — JLL has brokered the sale of Avalon Somerset, a 384-unit apartment community in the Northern New Jersey community of Somerset. Built in 2013, the property features one-, two- and three-bedroom units with an average size of 1,016 square feet. Amenities include a pool, fitness center, resident lounge and a playground. Jose Cruz, Michael Oliver, Steve Simonelli, Kevin O’Hearn and Nicholas Stefans of JLL represented the seller, AvalonBay Communities Inc., in the transaction. The buyer was a joint venture between Harbor Group International and Azure Partners. Jamie Leachman, Matthew Pizzolato, Amit Kakar and Thomas Didio Jr. of JLL arranged the financing on behalf of the new ownership. The loan was structured with a 10-year term and a floating interest rate.

January 4, 2021

Acquisitions Delaware Hospitality Northeast

Hersha Hospitality Sells 192-Room Sheraton Hotel in New Castle, Delaware

by Taylor Williams January 4, 2021

NEW CASTLE, DEL. — Pennsylvania-based Hersha Hospitality Trust (NYSE: HT) has sold the 192-room Sheraton Wilmington South hotel in New Castle, located south of Philadelphia. The six-story building was constructed in 2011 and renovated in 2020. Amenities include a pool, fitness center, business center and 9,167 square feet of meeting and event space. Jeffrey Davis, Blaise Fletcher, Stephen VanLeer, K.C. Patel, Nikhil Chuchra and Desmund Delaney of JLL represented Hersha Hospitality Trust in the sale of the property to New Castle County. Hersha Hospitality’s stock price closed at $7.49 per share on Monday, Jan. 4, down from $13.74 per share a year ago.

January 4, 2021

Acquisitions California Office Retail Western

Blox Ventures, Angelo Gordon Divest of First Republic Center in Palo Alto for $103.9M

by Amy Works January 4, 2021

PALO ALTO, CALIF. — Silicon Valley, Calif.-based Blox Ventures and New York-based Angelo Gordon & Co. have completed the disposition of First Republic Center, a retail and office property located at 2100 El Camino Real in Palo Alto’s College Terrace neighborhood. According to Santa Clara County records, an affiliate of KKR and Drawbridge Real Estate acquired the building for $103.9 million. First Republic’s regional office occupies 76 percent of the 58,000-square-foot building. Other tenants include a 11,000-square-foot Real Produce International Market, a music group and other local businesses.

January 4, 2021

Acquisitions Arizona Multifamily Western

TM Equities Buys Multifamily Community Near Phoenix from Watermark Residential for $84.3M

by Amy Works January 4, 2021

GILBERT, ARIZ. — Salt Lake City-based TM Equities has purchased Watermark at Gilbert Place, an apartment property located at 4454 E. Ray Road in Gilbert. Watermark Residential sold the asset for $84.3 million. Watermark at Gateway Place features 25 two-story, wood-frame buildings with direct-access garages. The 250-unit property is a Big House design property, a concept created by Humphreys and Partners Architects, which features the privacy, space and convenience of a single-family home without mortgage and maintenance. Each one-, two- and three-bedroom apartment includes a private front door, gourmet bar-kitchen, granite countertops, walk-in closets, garden tub, in-unit washer and dryer, and private balcony or patio. Community amenities include a resort-style swimming pool, clubhouses, fire pits, gas grilling stations, dog park and a 24-hour fitness center. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, brokered the sale.

January 4, 2021

Acquisitions Multifamily Oregon Western

BPM Real Estate Group Sells Sunset Summit Apartments in Portland to Prime Residential for $80.7M

by Amy Works January 4, 2021

PORTLAND, ORE. — BPM Real Estate Group has completed the disposition of Sunset Summit, a multifamily community located in the West Hills neighborhood of Portland. Prime Residential acquired the property for $80.7 million, or $309,387 per unit. Situated on 31 acres, the 261-unit Sunset Summit was built in 1989 and renovated in 2014. Anthony Palladino, Giovanni Napoli, Philip Assouad, Ryan Dinius and Sidney Warsinske of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller in the transaction.

January 4, 2021

Acquisitions California Multifamily Western

Advanced Real Estate Acquires Two-Property Multifamily Portfolio in Southern California for $72M

by Amy Works January 4, 2021

WESTMINSTER AND ANAHEIM, CALIF. — Advanced Real Estate has purchased a two-property apartment portfolio located in Westminster and Anaheim. The 245-unit transaction was valued at $72 million. The properties are The Edward, a 128-unit community in Westminster formerly known as Hollybrook, and The Lincoln on Grand, a 117-unit property in Anaheim formerly known as Rancho Vista. Built in the early 1970s, both properties offer garden-style apartments, swimming pools and fitness centers. The buyer plans to renovate both assets, including new roofs, windows, siding, landscape, hardscape, new cabinets, counter, fixtures and paint. Sean Deasy and Ryan Fitzpatrick of JLL’s Irvine office represented the undisclosed seller in the deal. Commercial Bank of California provided an acquisition loan for the buyer.

January 4, 2021

Acquisitions Healthcare New Mexico Office Western

Montecito Medical Real Estate Purchases Lovelace Clinic Building in Albuquerque

by Amy Works January 4, 2021

ALBUQUERQUE — Nashville, Tenn.-based Montecito Medical Real Estate has acquired Lovelace Clinic Medical Office Building, a medical office and urgent care center in Albuquerque. Terms of the transaction were not released. Southwest Medical Associates, a subsidiary of Lovelace Health System, occupies the two-story, 69,539-square-foot facility. The primary care medical office portion of the building, which represents 43,200 square feet, opened in October 2017. In October 2020, a 26,339-square-foot expansion, including an urgent care center and specialty center, was added to the facility. The medical office facility offers 100 exam rooms with space to accommodate up to 40 providers. The urgent care portion provides walk-in treatment seven days a week. Scott Throckmorton of ARGUS Investment Realty, Peter Bauman and Tivon Moffitt of Institutional Property Advisors, and Andrew Milne of JLL brokered the transaction.

January 4, 2021

Acquisitions Indiana Industrial Midwest

Sansone Sells 424,849 SF Industrial Facility in Indianapolis

by Kristin Harlow January 4, 2021

INDIANAPOLIS — Sansone Group and its joint venture partner Centersquare Investment Management have sold a 424,849-square-foot industrial facility in Indianapolis for an undisclosed price. Conrad Jacobs and Matt Kiger of Newmark assisted in the lease-up of the previously vacant property. Located at 7520 Georgetown Road, the property is now fully leased to Blue Marble Productions and DXL. The buyer was not disclosed.

January 4, 2021

Acquisitions Illinois Industrial Midwest

Colliers Brokers Sale of 99,076 SF Industrial Building in Franklin Park, Illinois

by Kristin Harlow January 4, 2021

FRANKLIN PARK, ILL. — Colliers International has brokered the sale of a recently built, 99,076-square-foot industrial building in Franklin Park for an undisclosed price. Located at 9300 King Ave., the property was built on a speculative basis and has not yet been leased. Jeff Devine, Steve Disse and Tom Rodeno of Colliers represented the sellers, Clarius Partners and Wanxiang America Real Estate Group. The buyer, Brookfield Property Group, has retained Colliers to serve as leasing agent for the building.

January 4, 2021

Acquisitions North Carolina Office Southeast

Drawbridge Realty Acquires Office Building in Durham for $89.7M

by Alex Tostado January 4, 2021

DURHAM, N.C. — Drawbridge Realty has acquired an 11-story, 260,000-square-foot office building located at 4820 Emperor Blvd. in Durham for $89.7 million. The building, originally constructed in 2009, serves as the headquarters for IQVIA Holdings Inc., a provider of healthcare clinical research. The asset is situated on seven acres in the southeastern portion of Research Triangle Park, 10 miles southeast of downtown Durham. Russell Ingrum and Ben Kilgore of CBRE represented the buyer in the transaction. Franklin Street Properties Corp. was the seller.

January 4, 2021

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