Acquisitions

Westport Capital, Cannae Partners Sell Modernized R&D Facility in Silicon Valley for $41.1M

by Amy Works April 30, 2020

MILPITAS, CALIF. — A joint venture between affiliates of Westport Capital Partners and Cannae Partners has completed the disposition of a research and development (R&D) property located at 1565 Barber Lane in Milpitas. New York City-based Empire Square Group acquired the asset for $41.1 million. Situated on 5.5 acres within Oak Creek Business Park, the property features 102,668 square feet of modernized R&D space. Originally developed in 1980, the facility underwent significant improvements in 1996, 2009 and 2019. At the time of sale, the two-story property was fully leased. Eric Fox, Steve Hermann, Adam Lasoff, Seth Siegel and Ryan Venezia of Cushman & Wakefield’s Northern California Capital Markets group represented both parties in the transaction.

April 30, 2020

Acquisitions California Multifamily Western

Universe Holdings Buys Three-Building Multifamily Portfolio in Granada Hills for $25M

by Amy Works April 30, 2020

GRANADA HILLS, CALIF. — Los Angeles-based Universe Holdings has acquired a three-building multifamily portfolio in Granada Hills. An undisclosed seller sold the asset for $25 million. Janet Neman of Kidder Mathews represented the buyer in the off-market transaction. The portfolio includes Boardwalk & Park Place Apartments, a 56-unit building at 16860-16900 Chatsworth St.; Devonshire Apartments, a 38-unit complex at 16700 Devonshire St.; and Granada Pine Apartments, a 28-unit property located at 16930 Blackhawk St. Universe Holdings plans to implement a renovation strategy and will invest nearly $2.7 million in property upgrades. The three buildings were constructed in the 1960s.

April 30, 2020

Acquisitions Arizona Multifamily Western

KB Investment Acquires 200-Unit Superstition Canyon Apartment Asset in Mesa, Arizona

by Amy Works April 30, 2020

MESA, ARIZ. — Orange County, Calif.-based KB Investment Development has purchased Superstition Canyon, a Class A multifamily community located in East Mesa. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE’s Phoenix office brokered the sale. The name of the seller and acquisition price were not released. Located at 1247 S. 96th St., the low-density, garden-style property features 200 apartments. Phoenix-based Maverick Residential Co. will manage the asset. The acquisition includes a vacant 1.7-acre parcel that will provide additional development potential. The transaction is KB Investment’s fifth large multifamily community acquisition in metro Phoenix — totaling 1,432 units — since the company entered the market in 2015.

April 30, 2020

Acquisitions California Office Western

MIG Real Estate Divests of Viewridge Business Park in San Diego for $15.3M

by Amy Works April 30, 2020

SAN DIEGO — California-based MIG Real Estate has completed the sale of Viewridge Business Park, an office complex located in San Diego’s Kearny Mesa submarket. Dollinger Properties acquired the office park for $15.3 million. Situated on 3.7 acres, the three-building, 72,803-square-foot asset is located at 4711, 4715 and 4719 Viewridge Ave. Bob Prendergast, Lynn LaChapelle and Sach Kirpalani of JLL Capital Markets represented the seller in the deal.

April 30, 2020

Acquisitions Multifamily Washington Western

Marcus & Millichap Arranges $3.7M Sale of Madrona Apartments in Everett, Washington

by Amy Works April 30, 2020

EVERETT, WASH. — An undisclosed buyer has acquired The Madrona Apartments, a multifamily building located in Everett, for $3.7 million, or $126,724 per unit. The name of the seller was not released. The Tudor-style property features 29 units. Ryan Dinius, Sidney Warsinske, Philip Assouad and Giovanni Napoli of Marcus & Millichap represented the seller and procured the buyer in the deal.

April 30, 2020

Acquisitions Industrial Midwest Missouri

Newmark Grubb Zimmer Arranges Sale of Nine-Building Industrial Portfolio in Kansas City

by Kristin Harlow April 30, 2020

KANSAS CITY, MO. — Newmark Grubb Zimmer (NGZ) has arranged the sale of Midtown Park and Rivergate Business Center, two light industrial parks containing a total of nine buildings in Kansas City, for an undisclosed price. The properties total 560,000 square feet. There are four buildings within Midtown Park and five buildings within Rivergate. The portfolio is home to 29 tenants that occupy space ranging in size from 3,600 to 80,000 square feet. Mark Long, John Hassler, Scott Bluhm and Trenton Wahl of NGZ represented the seller, Brennan Investment Group. Sealy & Co. purchased the portfolio.

April 30, 2020

Acquisitions Indiana Midwest Multifamily

Lightstone Group Purchases 280-Unit Apartment Community in Metro Indianapolis

by Kristin Harlow April 30, 2020

NOBLESVILLE, IND. — Lightstone Group has purchased Autumn Breeze Apartments in Noblesville for an undisclosed price. Built in 2009, the 280-unit apartment community is located at 14901 Beauty Berry Lane. Amenities include a pool, business center, dog park, sun patio and grilling pavilion. Steve LaMotte Jr. of CBRE represented the seller, Passco Cos. Dan Sacks of Greystone originated a $29.9 million Freddie Mac loan for the acquisition.

April 30, 2020

Acquisitions California Retail Top Stories Western

CIM Group Agrees to Acquire Baldwin Hills Crenshaw Plaza Mall in Los Angeles for Over $100M, Plans Office Expansion

by Alex Tostado April 30, 2020

LOS ANGELES — CIM Group has agreed to purchase Baldwin Hills Crenshaw Plaza, an 869,000-square-foot mall in the Crenshaw/Baldwin Hills submarket of Los Angeles. The Los Angeles Times reports the sales price at over $100 million. The seller is Chicago-based Capri Urban Investors, which took control of the property in 2019 from Capri Capital Advisors, the Times also reports. The mall is situated on 40 acres at 3650 W. Martin Luther King Blvd., eight miles west of downtown Los Angeles. The Walmart and Sears stores shuttered prior to the COVID-19 outbreak, leaving over one-third of the property vacant. Cinemark Theater is also a tenant. The Macy’s and IHOP locations at the mall were not part of the sale. A timeline for the sale closing was not disclosed. The asset is adjacent to the Crenshaw-LAX metro light-rail station, an eight-mile line that will connect the neighborhood to Los Angeles International Airport. The station is slated to open by the end of the year. CIM Group reportedly plans to add office space to the property, closing the door on rumors that residential units might go up at the mall. “We have the opportunity to bring a fresh perspective to the future of …

April 30, 2020

Acquisitions Multifamily North Carolina Southeast

Magma Equities Acquires Multifamily Community in Durham for $50M

by Alex Tostado April 29, 2020

DURHAM, N.C. — Magma Equities has acquired Independence Park Apartments, a 312-unit multifamily community in Durham, for $50 million. The property offers one-, two- and three-bedroom floor plans spanning 13 three-story buildings. The community was built in 2009 and sits on 23 acres at 215 William Penn Plaza, four miles north of downtown Durham. Communal amenities include a pool, fitness center, business center, clubhouse, 24-seat multimedia theater, tennis court, sand volleyball court, basketball court, playground and a dog park. Independence Park was 96 percent occupied at the time of sale. Due to COVID-19, Magma will suspend renovation plans and immediately begin outreach to offer any assistance it can to keep tenants housed. Dennis Harris of The Kirkland Co. represented the undisclosed seller in the transaction. Greystone provided a Freddie Mac acquisition loan to the buyer.

April 29, 2020

Acquisitions New Jersey Northeast Office

Mack-Cali Sells 206,500 SF Office Building in Fort Lee, New Jersey

by Alex Patton April 29, 2020

FORT LEE, N.J. — Mack-Cali Realty Corp. has sold One Bridge Plaza, a 206,500-square-foot, Class A office building located in the northern New York City suburb of Fort Lee. The 10-story building was 69 percent leased at the time of the sale. The property offers direct access to the George Washington Bridge and the New Jersey Turnpike. Kevin Welsh, Brian Schulz and Jason Emran of Newmark Knight Frank represented Mack-Cali in the transaction. The team also procured the buyer, a private investor. The sales price was undisclosed.

April 29, 2020

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