Acquisitions

Aztec Group Arranges $15.4M Sale of Lincoln Square Office Complex in Metro Miami

by Julia Sanders April 6, 2021

MIAMI GARDENS, FLA. — Aztec Group Inc., a real estate investment and merchant banking firm, has arranged the $15.4 million sale of Lincoln Square, a 116,560-square-foot suburban office complex located at 18405 NW 2nd Ave. in Miami Gardens. Peter Mekras and Brell Tarich of Aztec Group led the transaction. Miami-based TM Real Estate Group ran a marketing process to sell the property at the end of 2020. Aztec assisted the seller with selecting the buyer, Preminger Investments, which assumed the existing $11.5 million CMBS loan secured by the property with a fixed interest rate of 4.86 percent and approximately eight more years of amortizing term. Lincoln Square was built in 1980 and features two five-story office buildings situated on 5.8 acres. TM Real Estate Group sold Lincoln Square and the adjacent Washington Square for a combined $21.5 million after acquiring the two-property portfolio in May 2015 for a combined $12.6 million.

April 6, 2021

Acquisitions Arizona Retail Western

Macerich Sells Paradise Valley Mall in Phoenix for $100M, Plans Redevelopment

by Amy Works April 6, 2021

PHOENIX — Macerich (NYSE: MAC) has completed the disposition of Paradise Valley Mall in Phoenix. A newly formed joint venture with an affiliate of RED Development acquired the property for $100 million. The buyer plans to redevelop the property as a 92-acre mixed-use project. The 1970s-era Paradise Valley Mall has been rezoned to allow for a mix of offerings, including high-end grocery, restaurants, multifamily residences, offices, retail space and other elements. The redevelopment will feature approximately 3.25 million square feet of non-residential uses and 3.25 million square feet of residential uses, totaling nearly 2,500 units, for a total of 6.5 million square feet of occupied building area. While the majority of the center will be closed in the next few months ahead of the renovation, Costco, JC Penney, The Phoenix Public Library – Mesquite Branch and the mass transit station will remain open. The transaction, which closed on March 29, generated approximately $95 million in net proceeds for Macerich, and the company will retain 5 percent joint venture interest in the redevelopment project.

April 6, 2021

Acquisitions Arizona Industrial Western

Lincoln Property Co. Divests of Five-Building Industrial Portfolio in Phoenix for $68M

by Amy Works April 6, 2021

PHOENIX — Lincoln Property Co. has completed the disposition of an industrial portfolio located at 4441 W. Polk St., 120 E. Watkins St., 4720 W. Van Buren St. and 5240 and 5302 W. Buckeye St. in Phoenix. KKR acquired the fully leased, multi-tenant portfolio for $68 million. Totaling 540,039 square feet, the buildings were constructed between 1980 and 1990 and offer 24- to 28-foot clear heights, dock-high and grade-level doors and generous parking ratios. The buildings were designed as multi-tenant industrial warehouses for small to mid-size users. Darla Longa of CBRE’s National Partners team represented the seller in the deal.

April 6, 2021

Acquisitions Colorado Multifamily Western

Berkadia Arranges $14.6M Sale of Iron Works Village Multifamily Property in Englewood, Colorado

by Amy Works April 6, 2021

ENGLEWOOD, COLO. — Berkadia has arranged the sale of Iron Works Village, an apartment community in Englewood. An affiliate of Denver-based Treeline Multifamily Partners acquired the property from Denver-based Blvdway Communities for $14.6 million. Located at 519 W. Amherst Ave., the garden-style property was built in 2020. Nick Steele and Tyler King of Berkadia’s Denver office represented the seller in the deal. Additionally, Brian Huff and Kevin McCormack of Berkadia’s Denver office secured $9.2 million in acquisition financing through Fannie Mae for the buyer. The 10-year, fixed-rate loan features six years of interest-only payments followed by a 30-year amortization schedule.

April 6, 2021

Acquisitions Multifamily Student Housing Texas

Centurion Property Group Acquires 737-Bed Student Housing Community in Lubbock

by Taylor Williams April 6, 2021

LUBBOCK, TEXAS — Miami-based private equity firm Centurion Property Group has acquired The Ranch at Lubbock, a 737-bed student housing community serving Texas Tech University. The property features 243 units in one-, two- three- and four-bedroom floor plans. Amenities include two pools, a volleyball court, basketball court, fitness center, study lounge and pet park. The new ownership plans to renovate the property and rebrand it as The ONE at Lubbock. Ryan Lang, Jack Brett and Ben Harkrider of Newmark brokered the deal, the seller and sales price in which were not disclosed.

April 6, 2021

Acquisitions Industrial Self-Storage Texas

Montfort Capital Buys 494-Unit Self-Storage Property in Cedar Park, Texas

by Taylor Williams April 6, 2021

CEDAR PARK, TEXAS — Dallas-based self-storage investment firm Montfort Capital Partners has purchased A3 Storage Centers, a 494-unit facility in Cedar Park, a northern suburb of Austin. The property was built on 5.6 acres in 1994 and spans 48,235 net rentable square feet. Jon Danklefs of Marcus & Millichap represented Montfort Capital, which plans to rebuild the leasing office and add a new climate-controlled building later this year, in the transaction. The seller was not disclosed.

April 6, 2021

Acquisitions Industrial Self-Storage Texas

Bellomy Arranges Sale of 338-Unit Self-Storage Facility Near Fort Worth

by Taylor Williams April 6, 2021

BURLESON, TEXAS — Self-storage brokerage firm Bellomy & Co. has arranged the sale of I-35 Storage in Burleson, a southern suburb of Fort Worth. The property spans 55,531 net rentable square feet. Bill Bellomy and Michael Johnson of Bellomy & Co. represented the seller, a locally based limited liability company, in the transaction. Aaron Palmer of Modern Mountain Real Estate represented the buyer, Raleigh, N.C.-based 10 Federal.

April 6, 2021

Acquisitions Multifamily Texas

TMG Negotiates Sale of 136-Unit Porterwood Apartments in Metro Houston

by Taylor Williams April 6, 2021

PORTER, TEXAS — The Multifamily Group (TMG), a Dallas-based brokerage firm, has negotiated the sale of Porterwood Apartments in Porter, located north of Houston. According to Apartments.com, the property was built in 1984, totals 136 units in one- and two-bedroom floor plans and offers amenities such as a pool, playground, picnic areas and onsite laundry facilities. Bryce Smith of TMG represented the buyer and seller, both of which requested anonymity, in the deal.

April 6, 2021

Acquisitions Midwest Minnesota Office

Monarch Alternative Capital, Crestlight Capital Purchase Three-Building Office Portfolio in Minneapolis

by Kristin Harlow April 6, 2021

MINNEAPOLIS — Monarch Alternative Capital LP and Crestlight Capital have acquired a portfolio of three office buildings in the North Loop submarket of Minneapolis for an undisclosed price. The properties are located at 241 N. 5th Ave., 411 Washington Ave. and 500 N. 3rd St. Swervo Development Corp. was the seller and developer for all three buildings. The new owners plan to invest in branding and amenities for the properties. Monarch is an investment firm with approximately $9 billion of assets under management, and Crestlight is a Detroit-based private equity real estate investment firm with roughly $500 million in assets under management.

April 6, 2021

Acquisitions Development Illinois Industrial Midwest

Bridge Development Acquires Site in Downers Grove for Phase III of Industrial Project

by Kristin Harlow April 6, 2021

DOWNERS GROVE, ILL. — Bridge Development Partners LLC has acquired a 9.2-acre site at 5300 Belmont Road in Downers Grove, a southwest suburb of Chicago. Bridge will develop Phase III of Bridge Point Downers Grove at the site. Construction is scheduled to begin this summer following the demolition of an existing building. Plans call for a 126,445-square-foot industrial building with a clear height of 32 feet, 13 exterior dock doors, two drive-in doors, a 130-foot truck court and parking for 137 cars. Completion is slated for the fourth quarter. Sean Henrick and David Friedland of Cushman & Wakefield represented Bridge in the transaction. CBRE represented the undisclosed seller.

April 6, 2021

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