Acquisitions

Interra Realty Arranges $5.8M Sale of Luxury Apartment Building in Chicago’s Lincoln Park

by Kristin Harlow November 2, 2020

CHICAGO — Interra Realty has arranged the sale of a 12-unit luxury apartment building in Chicago’s Lincoln Park neighborhood for $5.8 million. The price per unit of $481,250 is the highest in the submarket in four years, according to CoStar. The asset was built in 2017 as condos but has always operated as a rental property. It is located at 1513-17 W. Diversey Parkway. Jeremy Morton and Ted Stratman of Interra represented the seller, a local real estate developer. A California-based private investor purchased the property while completing a 1031 exchange. The building was fully leased at the time of sale.

November 2, 2020

Acquisitions Arizona Multifamily Western

Thayer Manca Residential Acquires Entrada Apartments in Tucson for $65.5M

by Amy Works November 2, 2020

TUCSON, ARIZ. — Thayer Manca Residential (TMR) has purchased Entrada Apartments, a multifamily property located at 4545 N. Via Entrada in Tucson. An undisclosed seller sold the asset for $65.5 million. Built in 1983 and 1985 on 19.8 acres, Entrada Apartments features 424 residential units spread across 28 buildings, a clubhouse and office building. TMR plans to implement a $4.9 million renovation and repositioning program including a full marketing rebrand; a high-end renovation scope for the remaining classic units; the addition of washers and dryers to units without them; a modernization of the 24-hour fitness center; enhancement of the pet park and sports court; the addition of package lockers; and the completion of a variety of capital upgrades.

November 2, 2020

Starlite-Distribution-Center-Lakewood-WA

Acquisitions Industrial Washington Western

Davis Property Divests of Starlite Distribution Center Near Seattle for $39.5M

by Amy Works November 2, 2020

LAKEWOOD, WASH. — Davis Property & Investment (DPI) has completed the disposition of Starlite Distribution Center, an industrial property located at 3451 84th St. in Lakewood. An undisclosed buyer acquired the facility for $39.5 million. DPI acquired, entitled and developed the site into a 246,000-square-foot distribution center with 32-foot clear heights, ample trailer and vehicle parking, and freeway access. Currently, DPI has five industrial and professional buildings at various stages of design and construction with a value of approximately $100.2 million. The company closed more than $15.5 million in transactions over the last year and owns/manages nearly 5 million square feet of commercial real estate assets from Seattle to Portland, Ore.

November 2, 2020

Acquisitions California Office Western

Oak Properties Sells 60,119 SF Cooley Business Park in California’s Inland Empire

by Amy Works November 2, 2020

COLTON, CALIF. — San Diego-based Oak Properties has completed the disposition of Cooley Business Park, a multi-tenant flex office property located at 930 Mount Vernon Ave. and 937 Via Lata in Colton. A private investor acquired the asset for $5.9 million. Situated on 4.3 acres, the 60,119-square-foot property consists of two buildings offering a total of 19 units, ranging from 1,200 square feet to 6,700 square feet. At the time of sale, the property was fully leased to 15 tenants. Lee Spence and Mark Schafer of DAUM Commercial Real Estate Services represented the seller in the transaction.

November 2, 2020

Acquisitions Civic Colorado Office Western

Vintage City Church Buys 31,650 SF Property in Fort Collins, Colorado

by Amy Works November 2, 2020

FORT COLLINS, COLO. — Vintage City Church has acquired 1501 Academy Court in Fort Collins for a total consideration of $4.1 million. The four-unit asset, totaling 31,650 square feet, was purchased in two separate transactions. The 19,177-square-foot Unit 1 was acquired from 1501 Academy LLC, while Units 2, 3 and 4, totaling 12,473 square feet, were purchased from Life Church. Relocating from 1825 Sharp Point in Fort Collins, Vintage City Church will utilize Unit 1 to serve as the church’s main gathering space and offices and Units 2, 3 and 4 as the church’s kids wing. The property is a two-story building with high visibility and monument signage along Prospect Road. Annah Moore of CBRE’s Fort Collins represented the buyer, while Matt Patyk represented 1501 Academy LLC in the transaction.

November 2, 2020

Acquisitions Industrial New Jersey Northeast

Sheldon Gross Arranges $8.7M Sale of Industrial Property in Fairfield, New Jersey

by Taylor Williams October 30, 2020

FAIRFIELD, N.J. — Sheldon Gross Realty has arranged the $8.7 million sale of a 77,983-square-foot industrial property located in the Northern New Jersey city of Fairfield. The property offers proximity to Routes 46 and 80, as well as the Garden State Parkway. The buyer was Ridgewood, N.J.-based Stro Cos., and the seller was undisclosed. Bob Nathin of Sheldon Gross Realty brokered the deal.

October 30, 2020

Acquisitions Florida Georgia Industrial North Carolina Southeast

Nuveen Global Investments Acquires Six-Property Industrial Portfolio in Southeast for $272M

by Alex Tostado October 30, 2020

KANSAS CITY, MO. — Nuveen Global Investments LLC, a TIAA company, has acquired a six-property industrial portfolio in the Southeast for $272 million. McCraney Property Co. and Northwestern Mutual sold the 3.5 million-square-foot portfolio, which was built on a speculative basis. Chris Riley, Frank Fallon, and Trey Embrey of CBRE represented the sellers, Northwestern Mutual and McCraney Property Co., in the transaction. The portfolio features four Florida properties, including Country Line Logistics Center, which totals 1.1 million square feet in Plant City; Park 27, which spans 602,972 square feet in Davenport; 27 Logistics Park, which comprises 207,676 square feet in Davenport; and I-4 Commerce Center, which totals 45,340 square feet in Lake Mary. The remaining two properties are the 611,698-square-foot 985 Lanier Logistics in Buford, Ga.; and the 350,687-square-foot Airport South in Charlotte. All six buildings were fully leased at the time of sale.

October 30, 2020

Acquisitions Retail Southeast Tennessee

Stan Johnson Co. Arranges $18.5M Sale of Retail Property in Metro Memphis Leased to Whole Foods Market

by Alex Tostado October 30, 2020

GERMANTOWN, TENN. — Stan Johnson Co. has arranged the $18.5 million sale of a retail property in Germantown leased to Whole Foods Market. An undisclosed private investor acquired the asset at a 4.6 percent cap rate. The 36,570-square-foot freestanding grocery store is located at 7811 Poplar Ave., 15 miles east of downtown Memphis and near other retailers such as Hobby Lobby, T.J. Maxx, Starbucks and Kroger. The location was delivered in 2015 and is situated on 5.2 acres. Pat Weibel of Stan Johnson Co. represented the seller, a private equity group based in Memphis, in the transaction.

October 30, 2020

Acquisitions Georgia Multifamily Southeast

Auerbach Funds, Dunross Capital Purchase 220-Unit Townhome Community in Southwest Atlanta’s College Park

by Alex Tostado October 30, 2020

COLLEGE PARK, GA. — A partnership between Auerbach Funds and Dunross Capital has purchased The Life at Avery Park, a 220-unit townhome community in College Park. The property offers two- and three-bedroom floor plans. Communal amenities include a pool, grilling area and a playground. The buyers plan to implement an upgrade plan at the community, which will include renovating the unit interiors and communal space. The Life at Avery Park was originally built in 1970 and most recently renovated in 2001. The asset is situated at 2609 Charlestown Drive, 11 miles southwest of downtown Atlanta. The seller and sales price were not disclosed.

October 30, 2020

Acquisitions Multifamily Texas

Three Pillars Capital Acquires Houston Multifamily Portfolio for $100M

by Taylor Williams October 30, 2020

HOUSTON —Three Pillars Capital, a locally based private equity firm that specializes in value-add multifamily investments, has acquired a portfolio of three apartment properties totaling approximately 700 units in Houston. The properties offer proximity to the Texas Medical Center, Rice Village Plaza and NRG Stadium. The names of the properties and seller were not disclosed.

October 30, 2020

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