Acquisitions

IPA Brokers Sale of 150-Unit Apartment Portfolio in Walnut Creek, California

by Amy Works June 1, 2020

WALNUT CREEK, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of three boutique, value-add multifamily properties in Walnut Creek. Totaling 150 units, the portfolio sold to two individual buyers for a total combined price of $55.6 million, or $371,000 per unit. Raintree Partners acquired The Pines, a 120-unit asset, and the 20-unit City View, while a private investor purchased the 10-unit 1465 Mt. Pisgah Road property. Stanford Jones, Philip Saglimbeni, Salvatore Saglimbeni and Alex Tartaglia of IPA, along with Carlos Azucena of Marcus & Millichap, represented the undisclosed seller in the transactions.

June 1, 2020

Acquisitions California Healthcare Office Western

IRA Capital Acquires 64,000 SF Medical Office Building in Los Angeles County

by Amy Works June 1, 2020

COVINA, CALIF. — Southern California-based IRA Capital has purchased a medical office building located in Covina for an undisclosed price. The name of the seller was not released. Magan Medical occupies the 64,000-square-foot property, which houses more than 50 physician providers across 20 specialties, including oncology, neurology, dermatology, radiology and cardiology. OptumCare, a wholly owned subsidiary of UnitedHealthcare, recently acquired the tenant. As part of the integration into the OptumCare/UnitedHealth network, the building underwent extensive renovation and capital improvements.

June 1, 2020

Acquisitions California Industrial Western

DAUM Arranges $14.3M Sale of Two Warehouses in Metro Los Angeles

by Amy Works June 1, 2020

RANCHO DOMINGUEZ, CALIF. — DAUM Commercial Real Estate Services has directed the sale of two industrial facilities, totaling more than 85,000 square feet, located in the South Bay market of Rancho Dominguez, an unincorporated community in Los Angeles County. First Industrial Realty Trust purchased the assets from a cosmetic products manufacturer for $14.3 million. The buyer plans to redevelop the two industrial warehouses into a 27,962-square-foot building with 15 docks on 3.9 acres of land. The redeveloped property, which will offer robust distribution capabilities, is slated for completion in third-quarter 2021. The warehouses are located at 19400 and 19302 S. Laurel Park Road. Natalie Lara, Jordan Lara and Andrew Lara of DAUM represented the seller and procured the buyer in the transaction.

June 1, 2020

Acquisitions Arizona Office Western

Visionary Holdings Buys Office Space in Tucson for $2.8M

by Amy Works June 1, 2020

TUCSON, ARIZ. — Visionary Holdings has acquired an office space located at 7470 N. Oracle Road, Suite 100, within Oracle-Ina Professional Plaza in Tucson, for $2.8 million. The condominium features 14,000 square feet of Class A medical and professional office space. Richard Kleiner and Thomas Nieman of Cushman & Wakefield | PICOR represented the seller, 7470 N Oracle Rd LLC, while Andrew Sternberg of NAI Horizon, Tucson, represented the buyer in the deal.

June 1, 2020

Acquisitions Midwest Minnesota Multifamily

Colliers Completes Acquisition of Mortgage Banker Dougherty

by Kristin Harlow June 1, 2020

MINNEAPOLIS — Colliers International has completed its previously announced acquisition of a controlling interest in Dougherty Mortgage, Dougherty Funding, Dougherty & Co. and Dougherty Insurance Agency. Financial terms of the transaction were not disclosed. Dougherty’s senior leadership team will continue to drive operations and will remain significant shareholders. Headquartered in Minneapolis with more than 250 professionals operating from nine offices, Dougherty provides mortgage banking, loan servicing, mortgage brokerage and investment banking services across 21 states. Dougherty originates $2.5 billion of real estate loans annually and services $7 billion in real estate loans. It generated revenue in excess of $100 million in 2019. Dougherty’s mortgage banking operations have rebranded as Colliers Mortgage and will continue to provide specialty real estate debt financing for multifamily, healthcare and seniors housing through U.S. government-sponsored enterprises. This includes origination, underwriting, asset management and loan servicing for Fannie Mae, FHA, HUD and the U.S. Department of Agriculture. All brokerage, investment banking, capital markets and public finance services will be carried on through newly branded Colliers Securities. “Finalizing this new partnership establishes Colliers as a top player in agency and commercial debt finance as well as public finance advisory, which together with our rapidly growing investment sales …

June 1, 2020

Acquisitions Industrial Northeast Pennsylvania Self-Storage

Ideal Property Group Acquires Self-Storage Portfolio in Pennsylvania for $5.2M

by Alex Patton May 29, 2020

NEW YORK CITY — Ideal Property Group, a New York City-based investment firm, has acquired three-property portfolio of Stop & Store self-storage properties in Pennsylvania for $5.2 million. Located in in Dillsburg, York and Dover, the properties total 94,976 net rentable square feet and were 75.6 percent leased at the time of sale. The total number of units was not disclosed. Mike Mele, Robert Bloch and Noah Obuchowski of Cushman & Wakefield represented the seller, an individual private owner, in the transaction.

May 29, 2020

Acquisitions Georgia Loans Multifamily Southeast Walker & Dunlop

Walker & Dunlop Closes $44.3M Acquisition Financing for Multifamily Community in Gainesville, Georgia

by Alex Tostado May 29, 2020

GAINESVILLE, GA. — Walker & Dunlop provided a $44.3 million Freddie Mac acquisition loan for Century New Holland, a 348-unit multifamily community in Gainesville. The property, which was built in 2018, offers one-, two- and three-bedroom floor plans. Communal amenities include a dog park, car care detailing area, bocce ball court, picnic areas and grilling areas. The asset is located at 1465 Jesse Jewell Pasrkway NE, two miles north of downtown Gainesville and 57 miles northeast of downtown Atlanta. Centennial Holding Co. acquired the property from the undisclosed seller. Brian Moulder, Chris Goldsmith and Sean Williams of Walker & Dunlop represented the buyer in the sale transaction. Taylor Williams of Walker & Dunlop originated the fixed-rate loan, which features five years of interest-only payments.

May 29, 2020

Acquisitions Loans Multifamily South Carolina Southeast

Hunt Real Estate Provides $21.5M Acquisition Loan for Apartment Complex in North Charleston

by Alex Tostado May 29, 2020

NORTH CHARLESTON, S.C. — Hunt Real Estate Capital has provided a $21.5 million Freddie Mac acquisition loan for Greenwood at Ashley River, a 280-unit, garden-style apartment complex in North Charleston. The community comprises 35 residential buildings and a clubhouse. The 262,896-square-foot property offers two- and three-bedroom floor plans. Communal amenities include a full-size soccer field, pool, playground, basketball court, business center and a dog park. The property is situated at 6520 Dorchester Road, 12 miles north of downtown Charleston. The 10-year acquisition loan features five years of interest-only payments followed by a 30-year amortization schedule. John Beam and Keith Morris of Hunt Real Estate originated the loan on behalf of the borrower, Brick Lane, which acquired the complex from Atlanta-based The RADCO Cos.

May 29, 2020

Acquisitions Industrial Texas

CIM Group Acquires 1.1 MSF Junction 20/35 Logistics Center in Fort Worth

by Taylor Williams May 29, 2020

FORT WORTH, TEXAS — Los Angeles-based CIM Group has acquired Junction 20/35, a 1.1 million-square-foot logistics center located at 7550 Oak Grove Road in south Fort Worth The property was built in 1989 and has been renovated several times over the years, most recently in 2018 to include freezer and cold storage space. The sale also included an adjacent 14.4-acre parcel. The seller was not disclosed.

May 29, 2020

Acquisitions Multifamily Texas

180 Multifamily Buys 267-Unit Apartment Community in Metro Dallas

by Taylor Williams May 29, 2020

DALLAS — Locally based investment firm 180 Multifamily Properties has purchased an undisclosed, 267-unit apartment community located in the central region of the Dallas-Fort Worth metroplex. The property was built in 1983 on 9.3 acres and spans 206,000 net rentable square feet. An undisclosed, California-based firm sold the property. The new ownership will implement a value-add program and rebrand the community.

May 29, 2020

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