Acquisitions

MBK Rental Living Sells Mitchell Place Apartment Community in Murrieta, California

by Amy Works October 21, 2020

MURRIETA, CALIF. — MBK Rental Living has completed the sale of Mitchell Place, a multifamily property located at 35995 Mitchell Road in Murrieta. MG Properties acquired the asset for an undisclosed price. Opened in June 2019, the gated community features 230 flats and townhomes in a mix of nine floor plans. The one-, two- and three-bedroom residences range from 787 square feet to 1,294 square feet. John Chu and Ed Rosen of Berkadia represented MBK Rental Living. Charles Christensen of Berkadia arranged Fannie Mae acquisition financing for the buyer.

October 21, 2020

Acquisitions California Industrial Office Western

Overton Moore Properties Acquires Concourse Tech Park in San Jose for $13.5M

by Amy Works October 21, 2020

SAN JOSE, CALIF. — Overton Moore Properties has purchased Concourse Tech Park, an office, research and development building in San Jose. A private family sold the asset for $13.5 million. Located at 1953-1965 Concourse Drive, the 110,148-square-foot property features two loading docks, eight at-grade roll-up doors, substantial power, ample parking and significant clear heights. At the time of sale, the building was 10 percent leased. Steven Golubchik, Seth McKinnon, Darren Hollak and Jack Phipps of Newmark represented the buyer and the seller in the transaction.

October 21, 2020

Acquisitions Georgia Multifamily Southeast

Carroll Purchases Three Multifamily Communities in Metro Atlanta for $220M

by Alex Tostado October 20, 2020

SANDY SPRINGS AND MARIETTA, GA. — Carroll Organization has purchased three multifamily communities in metro Atlanta for $220 million. Carroll will rebrand two of the properties, Cascade at Morgan Falls and Fountains at Morgan Falls in Sandy Springs, under the singular name Arium Morgan Falls. The adjacent communities total 1,180 units. Carroll plans to invest $30 million in property upgrades to overhaul exteriors, amenities and unit interiors. The third property is in Marietta, the 418-unit Columns at Bentley Manor, which Carroll will rebrand to Arium on Bentley. Carroll plans to remodel and update the community’s amenities and units. The seller(s) of the three communities was not disclosed.

October 20, 2020

Acquisitions Florida Industrial Self-Storage Southeast

Cushman & Wakefield Arranges $14M Sale of Self-Storage Facility in Palm City, Florida

by Alex Tostado October 20, 2020

PALM CITY, FLA. — Cushman & Wakefield has arranged the $14 million sale of Safe & Sound Palm City, an 868-unit self-storage facility in Palm City. The property comprises 78,521 square feet of rentable space on 3.1 acres. The facility includes 216 non-climate-controlled units and 652 climate-controlled units, as well as video surveillance, electronic gates and access to a freight elevator. The asset is situated at 3501 SW Martin Downs Blvd., 11 miles south of downtown Port St. Lucie. Mike Mele and Luke Elliott of Cushman & Wakefield represented the seller, Safe & Sound, in the transaction. A joint venture between two private limited liability companies acquired the property and rebranded it under the CubeSmart brand.

October 20, 2020

Acquisitions Healthcare Office Southeast Virginia

Montecito Medical Acquires 31,000 SF Medical Office Building in Virginia Beach

by Alex Tostado October 20, 2020

VIRGINIA BEACH, VA. — Montecito Medical Real Estate has acquired Virginia Beach Orthopedic Medical Office, a 31,000-square-foot building in Virginia Beach. At the time of sale, the asset was fully leased to anchor tenant Jordan-Young Institute and Patient First. Jordan-Young Institute, which specializes in orthopedic surgeries, joint replacements and rehabilitations, occupies 85 percent of the building. Patient First operates urgent care and walk-in clinics around Virginia Beach. The property is situated at 5716 Cleveland St., 12 miles west of downtown Virginia Beach and seven miles east of downtown Norfolk. Further details of the transaction were not disclosed.

October 20, 2020

Acquisitions Arizona Multifamily Western

IPA Negotiates $117.5M Sale of Onnix Multifamily Property in Tempe, Arizona

by Amy Works October 20, 2020

TEMPE, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of sale of Onnix, an apartment community located in Tempe. Bridge Investment Group sold the asset to Western Wealth Capital for $117.5 million, or $178,300 per unit. Constructed in 1984 on 30 acres, Onnix features 659 apartments at the intersection of Broadway Road and McClintock Drive. The property offers a mix of studio, one- and two-bedroom layouts and one four-bedroom/four-bath unit. Community amenities include four swimming pools with cabanas, hammocks and barbecue grills, as well as a clubhouse with sauna and yoga studio. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the transaction.

October 20, 2020

Acquisitions Arizona Office Western

Dornin Investment Group Sells Two Flex Office Buildings in Arizona for $24M

by Amy Works October 20, 2020

TEMPE, ARIZ. — Dornin Investment Group (DIG) has completed the sale of two multi-tenant flex office buildings located at 1711 W. Greentree Drive and 8945 S. Harl Ave. in Tempe. A Texas-based private investment company purchased the two-building portfolio for $24 million, or $170 per square foot. Totaling 141,336 square feet, the buildings are located within Agave Business and Corporate Center. At the time of sale, the asset was stabilized at a combined occupancy of more than 97 percent. Eric Wichterman and Mike Coover of Cushman & Wakefield represented the seller in the transaction.

October 20, 2020

Acquisitions Industrial Nevada Western

Colliers Arranges $6.1M Acquisition of Industrial Property in North Las Vegas

by Amy Works October 20, 2020

NORTH LAS VEGAS, NEV. — Colliers International | Las Vegas has arranged the purchase of an industrial and retail facility located at 1011 E. Alexander Road in North Las Vegas. Michael F. Colvin acquired the 45,659-square-foot asset from an undisclosed seller for $6.1 million. Dean Willmore, Lauren Willmore, Mike Willmore and Stacy Shapiro of Colliers represented the buyer in the deal.

October 20, 2020

Acquisitions Colorado Multifamily Western

Nexus Commercial Brokers $2.4M Sale of Apartment Building in Denver

by Amy Works October 20, 2020

DENVER — Nexus Commercial Realty has directed the sale of 1302 Milwaukee, a multifamily property in Denver. The property traded hands for $2.4 million. The names of the buyer and seller were not released. Brandon Kaufman and Nik MacCarter of Nexus represented the seller, while Gunnar Wilson of Nexus represented the buyer in the transaction. Located at the corner of 13th Avenue and Milwaukee Street, the property consists of 10 one-bedroom units and two studio apartments. The seller implemented a capital improvement program including the addition of a new boiler, windows and plumbing. The buyer plans to renovate the units and bring the rents up to market value.

October 20, 2020

Acquisitions Illinois Industrial Midwest

Venture One Acquires 30,356 SF Industrial Building in Suburban Chicago

by Kristin Harlow October 20, 2020

VERNON HILLS, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial V LP, has acquired a 30,356-square-foot industrial building in Vernon Hills, a northern suburb of Chicago. The purchase price was undisclosed. The transaction was structured as a sale-leaseback with H&H Graphics. Located at 450 Corporate Drive and constructed in 1991, the building features two docks, one drive-in door and parking for 40 cars. Brian Bocci of Entre Commercial Realty represented Venture One. VK Industrial V is a partnership between Venture One and Kovitz Investment Group.

October 20, 2020

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