Acquisitions

Sanders Trust Sells Medical Office Portfolio for $240M

by John Nelson November 3, 2020

BIRMINGHAM, ALA. — The Sanders Trust has sold a portfolio of 11 medical office buildings and inpatient rehabilitation facilities for $240 million. The assets total 474,100 square feet and are located across eight states: Texas, Indiana, Ohio, Pennsylvania, Maryland, Georgia, Mississippi and Iowa. The names of the individual properties were not disclosed. Harrison Street was Sanders Trust’s joint venture partner for nine of the 11 properties. The assets were purchased in the past three and a half years and were fully leased at the time of sale. Lincoln Advisors, an affiliate of Dallas-based Lincoln Property Co., purchased the portfolio on behalf of a public pension fund client. Chris Bodnar and Lee Asher of CBRE’s Healthcare and Life Sciences Capital Markets team represented Sanders Trust and Harrison Street in the portfolio transaction.

November 3, 2020

Acquisitions Georgia Multifamily Southeast

Venterra Realty Acquires Maddox Apartments in Duluth, Georgia for $75M

by John Nelson November 3, 2020

DULUTH, GA. — Venterra Realty has purchased The Maddox Apartments, a Class A, 372-unit multifamily community located in Duluth. The $75 million acquisition is Venterra Realty’s first since the onset of the COVID-19 pandemic and marks the 60th property in the Houston-based company’s portfolio. The seller was not disclosed. Built in 2007, the property is located at 4370 Satellite Road in metro Atlanta’s Gwinnett County. The Maddox features one-, two- and three-bedroom floor plans ranging from 946 to 1,422 square feet. Rents start at $1,275 per month. Nearly half of the units have been updated with interior finishes including stainless steel appliances, granite countertops and wood-plank flooring. Communal amenities include a saltwater swimming pool, 24-hour fitness center, playground and dog park. Venterra Realty plans to update the remaining units.

November 3, 2020

Acquisitions Development Georgia Mixed-Use Southeast

Armada Hoffler Buys Out S.J. Collins to Fully Control $80M Southern Post Project in Roswell, Georgia

by John Nelson November 3, 2020

ROSWELL, GA. — Armada Hoffler Properties Inc. has purchased the interest from co-developer S.J. Collins Enterprises to fully control the development of Southern Post, a planned $80 million mixed-use development in downtown Roswell. Armada Hoffler plans to break ground on the project in spring 2021. Southern Post will offer 40,000 square feet of retail space; 90,000 square feet of loft-style, open-concept office space; 128 upscale apartments; and 10 townhomes with garages. Committed tenants include PONKO Chicken and Da Vinci’s Donuts. In addition to the Southern Post transaction, Armada Hoffler has recently completed the off-market acquisition of The Residences at Annapolis Junction in Annapolis, Md. The 416-unit apartment community was 97 percent occupied at the time of sale. The Virginia Beach-based investment and development financed the acquisition using a 10-year agency loan totaling $84 million. The LEED Gold-certified property was built in 2018 by Armada Hoffler’s general contracting subsidiary, Armada Hoffler Construction Co.

November 3, 2020

Acquisitions Illinois Industrial Midwest

Marcus & Millichap Brokers $4M Sale of Property Net Leased to FedEx in Suburban Chicago

by Kristin Harlow November 3, 2020

ELK GROVE VILLAGE, ILL. — Marcus & Millichap has brokered the sale of a FedEx Ship Center in Elk Grove Village for $4 million. FedEx occupies the 36,395-square-foot building on a net-lease basis. The property is located at 1200 Devon Ave. near the Chicago O’Hare International Airport. Dominic Sulo of Marcus & Millichap marketed the asset on behalf of the seller, a limited liability company. Buyer information was not disclosed.

November 3, 2020

Acquisitions Multifamily Texas

American Landmark Acquires 300-Unit View at Fort Worth Apartments

by Taylor Williams November 3, 2020

FORT WORTH, TEXAS — Tampa-based multifamily investment firm American Landmark has acquired The View at Fort Worth, a 300-unit apartment community located just north of the city’s downtown area. Built in 2018, the property features studio, one- and two-bedroom units ranging in size from 594 to 1,169 square feet that are furnished with stainless steel appliances, tile backsplashes, quartz countertops, in-unit washers and dryers and private patios/balconies. Amenities include a pool with a sundeck, clubhouse with a lounge, coffee bar, business center, fitness center and two outdoor courtyards. The new ownership will add luxury lighting fixtures and electronic smart locks, as well as upgrade the landscaping and several amenity spaces. American Landmark, which now owns 18 apartment communities in the metroplex, has rebranded the property as The Shelby at Northside.

November 3, 2020

Acquisitions Multifamily Student Housing Texas

Ocean West Acquires 18-Story Student Housing Building Near UT Austin

by Taylor Williams November 3, 2020

AUSTIN, TEXAS — An investment group led by Ocean West Capital Partners has acquired Moontower, an 18-story student housing building serving the University of Texas at Austin. Lincoln Ventures recently completed the property, which offers 567 beds and opened before the fall 2020 semester at near 100 percent occupancy. Amenities include a rooftop pool and lounge, a fitness center with yoga and spin studios, coffee bar, study lounge and private study rooms. Ryan Lang and Jack Brett of Newmark represented Lincoln Ventures in the sale.

November 3, 2020

Acquisitions Industrial Texas

CanTex Capital Buys 162,685 SF Industrial Building in Metro Dallas

by Taylor Williams November 3, 2020

GARLAND, TEXAS — An affiliate of Dallas-based investment firm CanTex Capital has purchased a 162,685-square-foot industrial building located at the corner of West Kingsley Road and Oakland Avenue in Garland, a northeastern suburb of Dallas. James Mantzuranis and Adam Jones of Stream Realty Partners represented the buyer in the transaction. Hal Penchan and Matt Troutt with Altschuler & Co. represented the seller, CCMP SPE 2 LLC.

November 3, 2020

Acquisitions Industrial Northeast Rhode Island

Phoenix Investors Acquires 660,000 SF Industrial Property in Central Falls, Rhode Island

by Taylor Williams November 3, 2020

CENTRAL FALLS, R.I. — An affiliate of Milwaukee-based Phoenix Investors has acquired a 660,000-square-foot industrial property in Central Falls. The 12-acre property was originally built as a textile mill in 1900 and most recently served as a manufacturing plant for the seller, LEDVANCE, a provider of lighting fixtures. The new ownership will implement a capital improvement program that will include demolition of portions of the plant and expects to begin leasing space in late 2021.

November 3, 2020

Acquisitions California Office Western

Lane Partners Acquires Fujitsu Office Campus in Sunnyvale from WJFS for $104M

by Amy Works November 3, 2020

SUNNYVALE, CALIF. — Lane Partners has purchased The Fujitsu Campus, an office and R&D complex in Sunnyvale. WJFS sold the six-building asset for $104 million. Situated on 26.3 acres, the six one- and two-story buildings are located at 1230, 1240, 1250, 1260, 1270 and 1280 E. Arques Ave. Fujitsu has occupied the 313,740-square-foot campus as its headquarters since the asset was completed in 1974. The campus offers a rare repositioning opportunity for the buyer as Fujitsu phases out of the campus and relocates to its owned facility at 350 Cobalt Way in Sunnyvale. Will Connors, Daniel Renz, Michael Manas, Bart Lammersen, Kyle Caldwell and Toss Vallentine of JLL represented the seller. Jordan Angel of JLL’s debt team secured acquisition financing for the buyer.

November 3, 2020

Acquisitions California Healthcare Office Restaurant Retail Western

ValueRock Realty Buys Mel’s Drive-In Restaurant Building in Santa Monica for $6.2M

by Amy Works November 3, 2020

SANTA MONICA, CALIF. — ValueRock Realty has purchased Mel’s Drive-In, an iconic restaurant building in Santa Monica, for $6.2 million. The name of the seller was not released. Situated on a 22,344-square-foot land parcel on Lincoln Boulevard, the 4,717-square-foot building offers on-site parking and is considered a historic landmark within the Santa Monica community. Restaurant and dental office tenants have occupied the property since 1959.

November 3, 2020

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