Acquisitions

Crusader Insurance Sells 46,889 SF Office Building in Calabasas, California

by Amy Works March 4, 2021

CALABASAS, CALIF. — Crusader Insurance Co. has completed the sale of a two-story office building located at 26050 Mureau Road in Calabasas. An undisclosed buyer acquired the asset for $12.7 million, or $271 per square foot. Built in 1997, the 46,899-square-foot building features a training center, boardrooms, fitness center, server rooms, employee lounge, outdoor patio, elevator and 157 parking spaces. Jay Rubin and Eugene Kim of Lee & Associates represented the seller, while Craig Miller and Todd Cobin of Stone Miller represented the seller in the deal.

March 4, 2021

Acquisitions Retail Texas

Disney Investment Group Arranges Sale of 124,289 SF Towne North Shopping Center in Irving

by Taylor Williams March 3, 2021

IRVING, TEXAS — Locally based retail brokerage firm Disney Investment Group has arranged the sale of Towne North, a 124,289-square-foot shopping center in Irving. Ethnic grocer El Rancho Supermercado anchors the property, which was 97 percent leased at the time of sale. David Disney and Adam Crockett of Disney Investment Group represented the seller, an affiliate of Dallas-based Nayeb Group, which sold the property to an out-of-state private equity firm. Disney Investment Group also arranged the sale of Towne North to Nayeb Group from HSM Equities for $17 million in summer 2019.

March 3, 2021

Acquisitions Multifamily Texas

Marcus & Millichap Brokers Sale of 200-Site RV Park in Galveston, Texas

by Taylor Williams March 3, 2021

GALVESTON, TEXAS — Marcus & Millichap has brokered the sale of Galveston Island RV Resort, a 200-site property that is situated on a 28.3-acre tract in the coastal Texas city. Jesse Pine and Bob Kaplan of Marcus & Millichap represented the seller, a private investor, in the transaction. Pine also procured the buyer, Kampgrounds of America Inc. (KOA). Tim Speck of Marcus & Millichap assisted with the closing of the deal.

March 3, 2021

Acquisitions Multifamily Texas

Estes Acquires 100-Unit Verandas of Beaumont Apartments in East Texas

by Taylor Williams March 3, 2021

BEAUMONT, TEXAS — The Estes Cos., a metro Houston-based investment firm, has acquired Verandas at Beaumont Apartments, a 100-unit multifamily community in East Texas. The property features one-, two-, three- and four-bedroom units and amenities such as a playground, dog park and outdoor grilling area. Estes plans to implement a value-add program. The seller was not disclosed.

March 3, 2021

Southeast-Phoenix-Distribution-Center-Chandler-AZ

Acquisitions Arizona Industrial Western

JLL Income Property Trust Buys Southeast Phoenix Distribution Center for $91M

by Amy Works March 3, 2021

CHANDLER, ARIZ. — JLL Income Property Trust has purchased Southeast Phoenix Distribution Center, a Class A distribution center located in Chandler, for $91 million. Constructed in 2019, the four-building campus features 474,000 square feet of space that can accommodate a wide range of tenants, ranging from 20,000 square feet to 135,000 square feet. The buildings offer 32-foot clear heights, ESFR sprinkler systems, grade- and dock-high doors and full concrete truck courts with fencing. The asset is situated at the confluence of Interstate 10 and Loop 202, 15 minutes from Sky Harbor International Airport and 20 minutes from downtown Phoenix.

March 3, 2021

Acquisitions Colorado Net Lease Restaurant Retail Western

Marcus & Millichap Brokers Sale of Torchy’s Tacos-Occupied Building in Denver for $3.2M

by Amy Works March 3, 2021

DENVER — Marcus & Millichap has brokered the acquisition the of a restaurant property located at 6325 E. Hampden Ave. in Denver. A private investor purchased the asset from another private investor for $3.2 million. Torchy’s Tacos occupies the 5,045-square-foot property, which features a drive-thru and outdoor seating, on a net-lease basis. Brian Bailey and Drew Isaac of Marcus & Millichap secured and represented the buyer, while Robin Nicholson of David, Hicks & Lampert represented the seller in the deal.

March 3, 2021

Acquisitions Industrial New Jersey Northeast

Elion Partners Buys Industrial Property in Elizabeth, New Jersey, for $29.7M

by Taylor Williams March 3, 2021

ELIZABETH, N.J. — Miami-based investment firm Elion Partners has purchased a 207,000-square-foot industrial property in the Northern New Jersey city of Elizabeth that is located approximately two miles from Newark Liberty International Airport. The sales price $29.7 million. According to LoopNet Inc. the property was built on 8.6 acres in 1948 and renovated in 2019. The seller was not disclosed.

March 3, 2021

Acquisitions Massachusetts Multifamily Northeast Seniors Housing

Cushman & Wakefield Brokers Sale of Seniors Housing Campus in Norton, Massachusetts

by Taylor Williams March 3, 2021

NORTON, MASS. — Cushman & Wakefield has brokered the sale of a seniors housing campus in Norton, located near Rhode Island in the southern part of the state. The campus houses Residences at Norton, a 72-unit assisted living facility, and Wingate at Norton, a 106-bed skilled nursing home. Richard Swartz, Jay Wagner, Dan Baker and Jack Griffin of Cushman & Wakefield represented the institutional seller in the transaction. The buyer was a joint venture between investment firm Harrison Street and regional operator LCB Senior Living. The new ownership plans to upgrade the existing assisted living building and convert the existing skilled nursing portion to memory care and increased common area space.

March 3, 2021

Acquisitions Multifamily North Carolina Southeast Virginia

Harbor Group International Acquires Southeast Multifamily Portfolio for $309M

by Julia Sanders March 3, 2021

NORFOLK, VA. — Harbor Group International LLC (HGI) has acquired a portfolio of eight multifamily communities in the Southeast region of the United States for $309 million. Seven properties are in North Carolina markets, including Charlotte, Raleigh, Winston-Salem, Greensboro and Durham. One property is located in Hampton, Va. The seller(s) and individual property names were not disclosed. The portfolio totals more than 2,300 units and each of the properties are proximate to major employers and office markets as well as entertainment centers. HGI plans to invest approximately $13 million for capital improvements across the portfolio, following initial enhancements to the properties’ exteriors and common rooms by the seller. HGI will focus on interior unit renovations and installing appliances such as washer and dryers. Dean Smith and John Heimburger of Newmark represented HGI in the transaction. Henry Stimler, Bill Weber and Matt Mense of Newmark arranged an undisclosed amount of acquisition financing. HGI is a privately-owned international real estate investment and management firm based in Norfolk.

March 3, 2021

Acquisitions Multifamily NAI New Jersey Northeast

NAI DiLeo-Bram Arranges Sale of 98-Unit Apartment Complex in Alpha, New Jersey

by Taylor Williams March 3, 2021

ALPHA, N.J. — NAI DiLeo-Bram has arranged the sale of Evergreen Village, a 98-unit apartment complex in Alpha, located in the central-western part of the state. The property offers one-, two- and three-bedroom units across seven two-story buildings. Jerry Zaro and Jeffrey Meltzer of law firm Sills Cummis & Gross PC represented the undisclosed seller. David Simon of NAI DiLeo-Bram brokered the deal. The buyer was also undisclosed.

March 3, 2021

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