Acquisitions

MG Properties Acquires LIV Bel-Red Apartments in Bellevue for $191M

by Amy Works December 10, 2020

BELLEVUE, WASH. — San Diego-based MG Properties Group has purchased LIV Bel-Red Apartment Homes in Bellevue. Kennedy Wilson Fund V, a commingled fund managed by Kennedy Wilson, sold the asset for $191 million. The buyer has rebranded the multifamily property as Vue 22 Apartments. Completed in 2015 and situated in the Bel-Red submarket, Vue 22 features 451 residences. The property is located to the east of Seattle, between downtown Bellevue and downtown Redmond, Wash. David Young, Corey Marx, Chris Ross and Jordan Louie of JLL Capital Markets represented the seller. Charles Halladay, Rick Salinas and Jake Wisness of JLL Capital Markets arranged financing for the buyer. MG Properties Group has purchased seven communities in the past 12 months, totaling more than 2,000 units and $715 million in combined value.

December 10, 2020

Acquisitions California Hospitality NAI Western

Sunstone Hotel Investors Sells Renaissance Los Angeles Airport Hotel for $91.5M

by Amy Works December 10, 2020

LOS ANGELES — Sunstone Hotel Investors has completed the disposition of Renaissance Los Angeles Airport Hotel, located at 9620 Airport Blvd. in Los Angeles. An undisclosed buyer acquired the asset for $91.5 million, or approximately $182,300 per room. Located less than one mile from Los Angeles International Airport, the hotel features 502 guest rooms, a rooftop pool, fitness center, Studio 12 restaurant and 18,000 square feet of newly renovated event space.

December 10, 2020

Acquisitions Colorado Industrial Western

Westcore Buys 11-Building Industrial Campus Near Denver for $48M

by Amy Works December 10, 2020

BROOMFIELD, COLO. — Westcore has purchased an 11-building industrial complex at West Midway Boulevard and Burbanks Street in Broomfield. Commander Leasing LLC sold the asset for $48 million. Westcore plans to implement an extensive renovation and branding plan at the 509,164-square-foot campus. Renovations include a new paint scheme, parking lot upgrades and various other improvements. Tyler Carner, Jeremy Ballenger, Jim Bolt and Jessica Osternick of CBRE represented the seller, while Westcore was self-represented in the deal.

December 10, 2020

Acquisitions Retail Southeast Virginia

Branch Properties Sells Walmart-Anchored Shopping Center in Hampton Roads Region

by Alex Tostado December 9, 2020

HAMPTON, VA. — Branch Properties has sold Mercury Plaza, a 98,066-square-foot shopping center in Hampton. Walmart Neighborhood Market and Marshalls anchor the center, which is situated at the intersection of West Mercury Boulevard and Power Plant Parkway, 21 miles north of downtown Norfolk in Virginia’s Hampton Roads region. Branch acquired the property in 2018 for $25 million and invested $2.6 million to build a new inline building next to Marshalls that is occupied by Rack Rooms Shoes and other shop tenants. The Atlanta-based seller also sold four outparcels in 2019 for $9.7 million. Fain Hicks, Margaret Jones, John Owendoff and Lane Breedlove of Cushman & Wakefield represented the seller in the transaction. The buyer and sales price were not disclosed.

December 9, 2020

Acquisitions Alabama Multifamily Southeast

Lexerd Capital Acquires 152-Unit Multifamily Community in Birmingham

by Alex Tostado December 9, 2020

BIRMINGHAM, ALA. — Lexerd Capital Management LLC has acquired Emerald Pointe, a 152-unit multifamily community in Birmingham, through one of its funds. The property comprises 21 two- and three-story buildings offering one-, two- and three-bedroom floor plans. Communal amenities include a clubhouse, pool, sundeck, picnic area, playground and an onsite childcare facility. The asset is situated at 2149 Emerald Pointe Drive, 11 miles south of downtown Birmingham. The seller and sales price were not disclosed.

December 9, 2020

Acquisitions Iowa Midwest Multifamily

Spruce Properties Acquires Multifamily Portfolio in Suburban Des Moines for $56.7M

by Kristin Harlow December 9, 2020

DES MOINES — Spruce Properties has acquired a six-property multifamily portfolio in suburban Des Moines for $56.7 million. The portfolio includes: Lake Shore, Lake Shore Park, Lake Shore Place and Peachtree Apartments in Ankeny; Saylorville Lakeside in Polk City; and Sunrise Meadows in Waukee. Lake Shore was built in phases between 2015 and 2017 while the other assets date back to the 1970s to early 2000s. David Gaines, Marcus Pitts, Justin Lossner and Michael Minard of JLL Capital Markets represented the seller, BBK Apartments. Trent Niederberger of JLL originated a 10-year acquisition loan through Fannie Mae on behalf of the buyer. The loan features a fixed interest rate of 2.77 percent.

December 9, 2020

Acquisitions Industrial Texas

JLL Negotiates Sale of 798,246 SF Speedway Logistics Crossing in Fort Worth

by Taylor Williams December 9, 2020

FORT WORTH, TEXAS — JLL has negotiated the sale of Speedway Logistics Crossing, a newly built, 798,246-square-foot industrial complex in Fort Worth. The two-building property is situated on 55 acres within two miles of the intersection of Interstate 35 and State Highway 114 and was 82 percent leased at the time of sale. Building features include 36-foot clear heights, 134 dock-high doors, 173 trailer parking spaces and ESFR sprinkler systems. John Huguenard, Dustin Volz, Stephen Bailey, Dom Espinosa and Zach Riebe of JLL represented the seller, Scannell Properties, in the transaction. James Campbell Co., a Hawaii-based investment firm, purchased the property for an undisclosed price.

December 9, 2020

Acquisitions Illinois Midwest Multifamily

Triad Real Estate Brokers $16.8M Sale of Apartment Complex in Peoria, Illinois

by Kristin Harlow December 9, 2020

PEORIA, ILL. — Triad Real Estate Partners has brokered the sale of Dunlap Falls in Peoria for $16.8 million. The 180-unit apartment complex was built in 1997. The property underwent a $4.2 million renovation in 2019 that included a new clubhouse and fitness center along with upgrades made to nearly 150 units. A Massachusetts-based portfolio owner sold the asset to a Chicago-based owner and operator.

December 9, 2020

Acquisitions California Industrial Western

Colliers Negotiates $20.7M Sale of Industrial Warehouse Facility in Bay Area

by Amy Works December 9, 2020

HAYWARD, CALIF. — Colliers International has arranged the sale of a light industrial property located at 3340 Arden Road in Hayward. Roxborough Group sold the asset to Berkley Partners for $20.7 million. At the time of sale, the three-building, 102,122-square-foot facility was 87 percent occupied. Greig Lagomarsino and Nick Ousman of Colliers represented the seller and buyer in the transaction.

December 9, 2020

Acquisitions Industrial Northeast Pennsylvania

Postal Realty Trust Acquires 431,000 SF Industrial Property Near Pittsburgh for $47M

by Taylor Williams December 9, 2020

WARRENDALE, PA. — Postal Realty Trust (NYSE: PSTL), a New York-based REIT, has acquired a 431,000-square-foot industrial building located in the northern Pittsburgh suburb of Warrendale for $47 million. The property was fully leased at the time of sale to three tenants, with a USPS processing and distribution facility occupying roughly 75 percent of the space. The other tenants are Omnicell Inc., a provider of operational solutions for healthcare facilities, and DBC Real Estate Management LLC, a regional multifamily owner-operator. The seller was not disclosed. Postal Realty Trust now owns 714 properties in 47 states totaling 2.6 million square feet of net leasable commercial space.

December 9, 2020

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