Acquisitions

Nexus Commercial Realty Brokers $8.7M Sale of Townhouse Apartments in Colorado Springs

by Amy Works October 28, 2020

COLORADO SPRINGS, COLO. — Nexus Commercial Realty has arranged the sale of The Townhouse Apartments, an 88,100-square-foot property located at 3125 E. Fountain Blvd and 1215 Shasta Drive in Colorado Springs. The community traded hands for $8.7 million. The names of the buyer and seller were not released. Built in 1965, the townhome-style property features 54 units in a mix of two- and three-bedroom layouts. Each unit includes a private yard, while some include second-floor balconies. The buyer plans to renovate the property and complete the unfinished basements to potentially add an additional unit to each townhome. Patrick Knowlton of Nexus represented the buyer and seller in the deal.

October 28, 2020

Acquisitions Arizona Industrial Western

Taylor Street Advisors Sells North Central Apartments in Uptown Phoenix for $1.2M

by Amy Works October 28, 2020

PHOENIX — Taylor Street Advisors has arranged the sale of a multifamily property located in Uptown Phoenix. A Phoenix-based investment group acquired the asset from a private capital investor for $1.2 million, or $150,000 per unit. Located at 7265 N. 12th St., North Central Apartments features eight units in a mix of one- and two-bedroom layouts, averaging 841 square feet. Amenities include a private pool and picnic area. Brian Tranetzki, Anton Laakso and Thomas Beniamen of Taylor Street negotiated the transaction on behalf of the seller in the deal.

October 28, 2020

Acquisitions Industrial Southeast Tennessee

Plymouth Industrial, Madison to Acquire Industrial Portfolio in Metro Memphis for $86M as Part of New Joint Venture

by Alex Tostado October 27, 2020

MEMPHIS, TENN. — A new joint venture between Plymouth Industrial REIT Inc. and Madison International Realty has agreed to purchase a 28-property, 2.3 million-square-foot industrial portfolio in metro Memphis for $86 million. The buyers expect the sale to close by the end of the year. The acquisition will be funded through equity from the developers and debt financed at approximately 60 to 65 percent loan-to-value. Further details of the sale were not disclosed. This is the first acquisition for the $150 million Plymouth and Madison joint venture. Under the agreement, Plymouth will own a 20 percent interest and Madison will own an 80 percent interest. Plymouth will be responsible for day-to-day oversight of the joint venture, its subsidiaries and properties and will be entitled to an annual asset management fee equal to 1 percent of the total equity contributed to the joint venture by the partners. Additionally, Plymouth has options to purchase properties out of the joint venture over time.

October 27, 2020

Acquisitions Maryland Office Southeast

NKF Arranges Sale of Six-Building Office Portfolio in Columbia, Maryland

by Alex Tostado October 27, 2020

COLUMBIA, MD. — Newmark Knight Frank (NKF) has arranged the sale of a six-building, 253,079-square-foot office portfolio in Columbia. At the time of the sale, the properties were leased to more than 20 tenants, including Liberty Mutual Insurance, AXA, Howard Chamber of Commerce and State Farm. The portfolio is located at 6200-6250 Old Dobbin Lane, 16 miles southwest of downtown Baltimore. Richmond, Va.-based real estate investment bank John B. Levy & Co. and an affiliate of Fernau LeBlanc Investment Partners acquired the portfolio for an undisclosed price. Cris Abramson, Nicholas Signor and Ben McCarty of NKF represented the undisclosed seller in the transaction.

October 27, 2020

Acquisitions Alabama Multifamily Southeast

Wicker Park Capital Sells 336-Unit Apartment Complex Near Huntsville

by Alex Tostado October 27, 2020

MADISON, ALA. — Wicker Park Capital Management has sold Elements of Madison, a 336-unit apartment complex in Madison. The property offers one-, two- and three-bedroom floor plans averaging 999 square feet. Communal amenities include two pools, a business center, playground, fitness center and a clubhouse. Elements of Madison was built in two phases between 1986 and 1999. The asset was 95 percent occupied at the time of sale. The community is located at 101 Royal Drive, 12 miles west of downtown Huntsville. Justin Uffinger and Bo Flurry of Newmark Knight Frank (NKF) represented the Savannah, Ga.-based seller in the transaction. Mishawaka, Ind.-based The Sterling Group acquired the complex for an undisclosed price.

October 27, 2020

Acquisitions Georgia Multifamily Southeast

Joint Venture Acquires 260-Unit Multifamily Community in Southwest Atlanta

by Alex Tostado October 27, 2020

ATLANTA — A joint venture between Crown Bay Group LLC, Acorn Property Group LLC and Iron Street Capital LLC has acquired FortyThree 75 Apartments, a 260-unit multifamily community in southwest Atlanta. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a pool, fitness center, clubhouse, dog park, playground and a MARTA bus stop. The buyers plan to renovate unit interiors as they become available. The asset is situated at 4375 Cascade Road, 12 miles west of downtown Atlanta. The seller and sales price were not disclosed.

October 27, 2020

Acquisitions Illinois Midwest Ohio

Investcorp Acquires 32 Industrial Properties in Illinois, Ohio

by Kristin Harlow October 27, 2020

ILLINOIS AND OHIO — Investcorp has acquired 32 industrial properties totaling approximately 3.5 million square feet across four U.S. markets. The value of the acquired properties was more than $280 million. The assets are 96 percent leased and consist of a variety of Class A and B warehouse, distribution and flex industrial buildings. Tenants work in the healthcare, logistics, e-commerce, telecommunications and food service industries. Most of the properties are located in Chicago and Cleveland but others are situated in Columbus and Cincinnati. The acquisition grows Investcorp’s U.S. industrial portfolio to roughly $2 billion with 22 million square feet across 260 buildings.

October 27, 2020

Acquisitions Indiana Midwest Office

Marcus & Millichap Brokers $1.1M Sale of Office Building in Fort Wayne, Indiana

by Kristin Harlow October 27, 2020

FORT WAYNE, IND. —Marcus & Millichap has brokered the sale of a 7,631-square-foot office building in Fort Wayne for $1.1 million. The property is located at 1020 E. Dupont Road. It was fully occupied by two tenants at the time of sale. In 2018, the property underwent improvements such as new LED lighting, HVAC units, carpet and a roof replacement. Jordan Klink and Nick Weaver of Marcus & Millichap’s The Klink Group marketed the asset on behalf of the seller, a Fort Wayne-based limited liability corporation. Agents from Marcus & Millichap’s San Diego office represented the undisclosed buyer.

October 27, 2020

Acquisitions Massachusetts Northeast Office

JLL Negotiates $72M Sale of 228,912 SF Office Building in Boston

by Taylor Williams October 27, 2020

BOSTON — JLL has negotiated the $72 million sale of a 228,912-square-foot creative office building located at 20 Guest St. in Boston. Designed by architecture firm ADD Inc. and completed in 2000, the property is located near the Boston Landing mixed-use development and was fully leased to seven tenants at the time of sale. Coleman Benedict, Kerry Hawkins and Ben Sayles of JLL represented the seller, NB Development Group, in the transaction. The buyer was a partnership between Griffith Properties LLC and Artemis Real Estate Partners.

October 27, 2020

Acquisitions Retail Texas

Marcus & Millichap Brokers Sale of 13,290 SF Shopping Center in Mesquite, Texas

by Taylor Williams October 27, 2020

MESQUITE, TEXAS — Marcus & Millichap has brokered the sale of Belt Line Crossing, a 13,290-square-foot shopping center located in the eastern Dallas suburb of Mesquite. Philip Levy of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction. The property was 84 percent leased at the time of sale to tenants such as Subway and metroPCS.

October 27, 2020

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