Acquisitions

Confluence-Three-Springs-Apts-Durango-CO

Trailbreak Partners Acquires Confluence at Three Springs Apartments in Durango, Colorado for $35.2M

by Amy Works September 18, 2020

DURANGO, COLO. — Trailbreak Partners, a Denver-based private equity firm, has purchased Confluence at Three Springs Apartments, located at 150 Confluence Ave. in Durango. GF Properties Group sold the asset for $35.2 million. Built in 2016 and 2018, Confluence at Three Springs features 171 units in a mix of one- and two-bedroom apartments and three commercial tenants, including a Mexican restaurant, a yoga studio and a bridal boutique. Community amenities include direct hiking trail access, playground, outdoor cooking areas, seating and a resident lounge. Josh Simon and Rob Bova of JLL Capital Markets worked on behalf of the buyer to secure a 10-year, fixed-rate loan through Freddie Mac.

September 18, 2020

Acquisitions Arizona Loans Multifamily Western

Berkadia Arranges $33M Sale of Villas de Azul Multifamily Property in Phoenix

by Amy Works September 18, 2020

PHOENIX — Berkadia has arranged the sale of Villas de Azul, a garden-style multifamily in Phoenix. North Carolina-based Sterling Real Estate Partners sold the property to Vancouver, Canada-based Western Wealth Capital for $33 million. Located at 2627 N. 45th Ave. on 17 acres, Villas de Azul features 301 apartments in a mix of one- and two-bedroom apartments and three-bedroom townhouse units. Community amenities include a swimming pool, basketball court, soccer field, playground and laundry facilities. Ric Holway, Mark Forrester and Dan Cheyne of Berkadia’s Phoenix office represented the seller in the deal. Clay Akiwenzie of Berkadia’s San Francisco office secured $26.4 million in financing for the acquisition of the property. The 10-year Freddie Mac loan features an 80 percent loan-to-purchase ratio, a five-year interest-only period and a 30-year amortization.

September 18, 2020

Acquisitions California Office Western

Carlsen Investments Divests of 63,206 SF Office Building in Gold River, California

by Amy Works September 18, 2020

GOLD RIVER, CALIF. — Carlsen Investments has completed the disposition of Gold Pointe Corporate Center Building E, an office property located at 11919 Foundation Place in Gold River. Davies Torrance Trust acquired the property for $14.3 million. eHealth Inc. occupies the 63,206-square-foot property, which Panattoni Development Co. built in 2003. Building E is part of the larger Gold Pointe Corporate Center, which totals five buildings and 455,000 square feet. Campus amenities include a fitness center, bike lockers, showers and an on-site café. Randy Getz of CBRE’s Sacramento office represented the seller, while Steve Tyrrell of Kidder Mathews represented the buyer in the deal.

September 18, 2020

Acquisitions Industrial Southeast Tennessee

Cushman & Wakefield Arranges Sale of 397,981 SF Industrial Park in Nashville

by Alex Tostado September 17, 2020

NASHVILLE, TENN. — Cushman & Wakefield has arranged the sale of phases I and II of Airport Logistics Park, a 397,981-square-foot industrial park in Nashville. The first two phases of development span 52.7 acres and include six buildings that were leased to 14 tenants at the time of sale. The property is located at 1922 Old Murfreesboro Pike, four miles southeast of Nashville International Airport. Stewart Calhoun, Casey Masters, David McGahren and Ronnie Wenzler of Cushman & Wakefield represented the seller, Holladay Properties, in the transaction. Starwood Real Estate Income Trust acquired the asset for an undisclosed price. Holladay is still developing Phase III of the park, which will include five buildings totaling 328,500 square feet. The first building of Phase III is expected to be delivered in the first quarter of 2021. When Phase III is complete, the park will comprise 95 acres.

September 17, 2020

Acquisitions New Jersey Northeast Office

Onyx Equities Acquires Office Portfolio in New Jersey from Mack-Cali for $160M

by Taylor Williams September 17, 2020

NEWARK, N.J. — A partnership led by New Jersey-based investment firm Onyx Equities has acquired a 10-building, 1.5 million-square-foot office portfolio in Morris County, New Jersey, from Mack-Cali Corp. The portfolio consists of nine buildings in Parsippany and one in Madison. Onyx Equities, which acquired the portfolio in partnership with Taconic Capital Advisors LP, Axonic Capital LLC and Machine Investment Group, will implement a capital improvement plan. JLL brokered the deal.

September 17, 2020

Acquisitions Industrial New Jersey Northeast

Marcus & Millichap Brokers Sale of 45,000 SF Industrial Flex Property in Toms River, New Jersey

by Taylor Williams September 17, 2020

TOMS RIVER, N.J. — Marcus & Millichap has brokered the sale of a 45,000-square-foot industrial flex property located at 60 Northampton Road in the coastal New Jersey city of Toms River. Charles Loccisano and Michael Lombardi of Marcus & Millichap co-brokered the sale along with Rosetto Realty Group on behalf of both the buyer and the seller. Both parties were limited liability companies that requested anonymity.

September 17, 2020

Acquisitions Industrial Oklahoma Texas

Monmouth Acquires New Industrial Property Leased to Amazon in Oklahoma City for $15.2M

by Taylor Williams September 17, 2020

OKLAHOMA CITY — New Jersey-based Monmouth Real Estate Investment Corp. has acquired a 120,780-square-foot industrial building at 6101 SW 44th St. in Oklahoma City for $15.2 million. The property is situated on 22 acres and is net-leased to Amazon.com Services LLC for 10 years. According to LoopNet Inc., the property was built in 2019 and features 30- to 32-foot clear heights and a 5 percent office finish. The seller was not disclosed.

September 17, 2020

Moreno-Corporate-Center-Moreno-Valley-CA

Acquisitions California Industrial Western

Avison Young Negotiates Acquisition of Moreno Corporate Center in Inland Empire

by Amy Works September 17, 2020

MORENO VALLEY, CALIF. — Avison Young has arranged the purchase of Moreno Corporate Center, an industrial park located in Moreno Valley. A Southern California-based private investor acquired the property from a Bay Area-based investment company for an undisclosed price. Built in 1989 on nine acres, the five-building, 139,150-square-foot Moreno Corporate Center features 17-foot clear heights and a 2.85 parking ratio. The buildings are located at 14300, 14320 and 14340 Elsworth St. and 22620 and 22640 Goldencrest Drive. At the time of sale, the property was 95 percent occupied by more than 45 tenants. Alan Pekarcik and Chris Smith of Avison Young represented the buyer, while CBRE represented the seller in the transaction.

September 17, 2020

Acquisitions Multifamily Washington Western

Local Developer Divests of Westminster Towers Multifamily Complex Near Seattle for $28M

by Amy Works September 17, 2020

TACOMA, WASH. — A local developer has completed the disposition of Westminster Towers, an apartment community in Tacoma. A private investor in a 1031 exchange acquired the asset for $28 million, or $201,439 per unit. Built in 1997, the property features 139 units in a mix of studio, one-, two- and three-bedroom layouts with floor plans that measure up to 1,137 square feet. Community amenities include a clubhouse, fitness center, swimming pool, gazebo, garage and covered space parking. Timothy Ufkes and Evan McLeod of Marcus & Millichap represented the seller and procured the buyer in the transaction

September 17, 2020

Acquisitions California Retail Western

MAG Capital Partners Sells Southern California Retail Property to Japanese REIT

by Amy Works September 17, 2020

LOMPOC, CALIF. — Fort Worth, Texas-based MAG Capital Partners has completed the disposition of a single-story retail property located at 1600 N. H St. in Lompoc. Jinushi USA Inc., a real estate investment trust listed on the Tokyo Stock Exchange as Nippon Commercial Development Co., acquired the 62,500-square-foot end-cap property for an undisclosed price. The separately parceled property is situated on 5.3 acres within Mission Plaza, a shopping center with 26 tenants including Starbucks Coffee, Chase, Albertsons, Big 5, Ross Dress for Less and GNC. Judd Dunning of DWG Capital Group represented the seller, while Jeff Wiggins of Coldwell Banker Commercial NRT represented the buyer in the transaction. MAG Capital Partners, led by Principals Dax Mitchell and Andrew Gi, purchased 1600 North H Street in December 2019. The property was then short-term leased to Walmart prior to the sale to Jinushi USA.

September 17, 2020

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