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Acquisitions

AcquisitionsMidwestMinnesotaMultifamily

Peak Capital Partners Acquires 231-Unit Luxury Apartment Complex in Eagan, Minnesota

by Kristin Harlow

EAGAN, MINN. — Peak Capital Partners has acquired Royal Oaks Apartments in Eagan for an undisclosed price. The 231-unit luxury apartment complex is located at 3515 Federal Drive. Royal Oaks is less than one mile from Eagan’s retail hub and also features convenient access to I-494 and the Metro Orange line. Built in 1987, the property underwent substantial unit renovations and amenity upgrades during the time the previous owner, Timberland Partners, held the asset. Ted Ambramson, Keith Collins and Abe Appert of CBRE Minneapolis Multifamily represented Timberland in the sale.

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AcquisitionsIndustrialMidwestOhio

Reichle Klein Group Arranges $1.8M Sale of Industrial Facility in Toledo, Ohio

by Kristin Harlow

TOLEDO, OHIO — Reichle Klein Group has arranged the sale of a 65,200-square-foot industrial facility in Toledo for $1.8 million. The property sits on 2.7 acres at 0 Water St. Jerry Malek of Reichle Klein represented the seller, Norfolk Southern Railway Co. Downtown Toledo Development Corp. purchased the asset.

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AcquisitionsNew JerseyNortheastOffice

Mack-Cali Sells Office Building in Woodbridge, New Jersey, for $61M

by Taylor Williams

JERSEY CITY, N.J. — New Jersey-based REIT Mack-Cali Corp. has sold a 203,335-square-foot office building located at 581 Main St. in the Northern New Jersey city of Woodbridge for $61 million. The property recently underwent a capital improvement program that featured a renovated lobby and a new café and conference center. A subsidiary of Plymouth Rock Group Cos. purchased the asset and will use the building as its New Jersey headquarters. Cushman & Wakefield brokered the deal. The transaction comes as part of Mack-Cali’s stated effort to divest its suburban office assets and follows the company’s $12.7 million sale of 7 Campus Drive in Morristown two weeks ago.

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Alira-Apts-Sacramento-CA
AcquisitionsCaliforniaMultifamilyWestern

Oakmont Properties Acquires Alira Luxury Apartments in Sacramento from AG Spanos Cos. for $92.3M

by Amy Works

SACRAMENTO, CALIF. — San Rafael, Calif.-based Oakmont Properties has purchased Alira Luxury Apartments, a multifamily property in the Natomas submarket of Sacramento. Stockton-based AG Spanos Cos. sold the asset for $92.3 million in an off-market transaction. Marc Ross of CBRE’s Sacramento office brokered the sale. Andrew Behrens of CBRE Capital Markets’ Debt & Structured Finance group in San Francisco arranged financing on behalf of the buyer. Located at 4100 Innovator Drive, the 293-unit property features a rooftop deck, heated swimming pool and spa, barbecue areas, fitness center, yoga studio with on-demand fitness, hammock garden, gaming room and movie theater. The community offers a unit mix of studio, one-, two- and three-bedroom layouts.

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Days-Inn-Tempe-AZ
AcquisitionsArizonaHospitalityWestern

Tempe Hotel Group Sells 139-Room Arizona Days Inn to Elliot West Hospitality for $8M

by Amy Works

TEMPE, ARIZ. — Tempe Hotel Group has completed the disposition of a Days Inn-branded hotel, situated on a 2.4-acre site in Tempe’s General Industrial District. Elliot West Hospitality acquired the asset for more than $8 million. Due to the terms of the transaction, the property’s ownership may not officially transfer for a couple of years. The hotel, which was constructed in 1987, is slated to undergo renovations and rebranding over the next couple years. The 139-room hotel features a resort-style pool, full-service elevator, laundry facilities, vending and ice machines, a business center, large atrium/continental breakfast room and meeting room. Zack Mishkin of ORION Investment Real Estate represented the buyer and seller in the transaction.

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16255-Washington-St-Thorton-CO
AcquisitionsColoradoNet LeaseRetailWestern

Pinnacle Real Estate Advisors Negotiates $5.1M Sale of Single-Tenant, Net-Leased Property in Colorado

by Amy Works

THORNTON, COLO. — Pinnacle Real Estate Advisors has arranged the sale of a single-tenant, net-leased asset located at 16255 Washington St. in Thornton. WashCo LLC sold the retail property for $5.1 million, or $669.41 per square foot. The name of the buyer was not released. Cory Sandberg of Pinnacle Real Estate Advisors represented the seller in the deal .

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2121-High-St-Selma-CA
AcquisitionsCaliforniaRetailWestern

Flocke & Avoyer Brokers $2.3M Sale of Citibank-Occupied Building in Selma, California

by Amy Works

SELMA, CALIF. — Flocke & Avoyer Commercial Real Estate has arranged the sale of a retail property located in Selma. Astrolabe Enterprises acquired the asset from Selma High Street LLC for $2.3 million. Citibank occupies the property, which is located at 2121 High St. Brian Quinn of Flocke & Avoyer and David Malloy of Colliers International represented the seller, while Peter Svidler, Dario Svidler and Lee Mintz of Compass represented the buyer in the deal.

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AcquisitionsFloridaIndustrialSoutheast

JLL Arranges $71.5M Sale of Industrial Facility Near Orlando

by Alex Tostado

APOPKA, FLA. — JLL has arranged the $71.5 million sale of a 289,839-square-foot industrial facility in Apopka. The property is situated within the 180-acre Mid-Florida Logistics Park, 20 miles northwest of downtown Orlando. The seller, BlueScope Properties Group, delivered the asset in July on a build-to-suit basis for an undisclosed beverage company. The asset features 36-foot clear heights, ESFR sprinklers, LED lighting, cold storage capacity with space for 6,200 pallets, five cold dock doors and 10 dry dock doors. John Huguenard, Sean Devaney, Julia Silva, Luis Castillo, Brian Walsh and Keith Largay of JLL represented the seller in the transaction. Realty Income Corp. acquired the property.

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AcquisitionsGeorgiaMultifamilySoutheast

RADCO Sells Apartment Complex Near Atlanta for $71.3M

by Alex Tostado

NORCROSS, GA. — The RADCO Cos. has sold Ashford Indian Trail, a 467-unit apartment complex in Norcross, for $71.3 million. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a pool, sundeck, barbecue areas, sand volleyball court, fitness center and a dog park. TruAmerica Multifamily Investments acquired the asset, which is located at 1100 Indian Trail Lilburn Road NW, 22 miles northeast of downtown Atlanta. Shea Campbell, Colleen Hendrix and Ashish Cholia of CBRE represented the seller in the transaction.

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AcquisitionsGeorgiaMultifamilySoutheast

Olive Tree Disposes Multifamily Community in Metro Atlanta for $21.2M

by Alex Tostado

COLLEGE PARK, GA. — Olive Tree Property Holdings LLC has sold The Life at Lakeview, a 326-unit multifamily community in College Park, for $21.2 million. The property offers studio, one- and two-bedroom floor plans. According to Apartments.com, rents at the gated complex range from $733 per month to $965. Olive Tree acquired the asset in 2018 for $12.7 million and implemented upgrades to the security systems around the complex. The buyer was not disclosed.

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