Acquisitions

Voit Real Estate Brokers $14.5M Sale-Leaseback of Office Property in San Diego

by Amy Works April 28, 2020

SAN DIEGO — Voit Real Estate Services Private Client Group has arranged the sale of a two-building office asset located in San Diego’s City Center neighborhood. San Diego State University Research Foundation sold the property to Casey Brown Cos. for $14.5 million. The off-market transaction was structured as a sale-leaseback, through which the seller signed a five-year lease with one five-year extension option. Kipp Gstettenbauer and Ryan King of Voit represented the sellers. Voit Real Estate Services also represented the buyer in the deal. The property includes two of the largest office buildings on El Cajon Boulevard and a four-story, 149-stall parking structure.

April 28, 2020

Acquisitions California Industrial Lee & Associates Western

Westcore Enters Temecula Market with 65,625 SF Industrial Warehouse Acquisition

by Amy Works April 28, 2020

TEMECULA, CALIF. — Westcore, an industrial real estate acquisition, development and asset management firm, has entered the Temecula market with the purchase of an industrial warehouse located at 27731 Diaz Road. An undisclosed private investor sold the property for $10.8 million. Situated on 10.6 acres, the currently vacant property features 65,625 square feet of space. The facility offers 14 dock-high doors, 30-foot clear heights, cross-dock configuration and a large decomposed granite secured yard. Brad Yates and Stefan Pastor of Colliers International represented Westcore, while Barret Woods of Lee & Associates represented the seller in the transaction.

April 28, 2020

Acquisitions Colorado Multifamily Western

AQYRE Real Estate Advisors Negotiates $2.6M Sale of Multifamily Building in Denver

by Amy Works April 28, 2020

DENVER — AQYRE Real Estate Advisors has arranged the sale of an apartment building located at 1325 Madison St. in Denver. An undisclosed buyer acquired the property for $2.6 million, or $216,250 per unit. The 12-unit property features 11 one-bedroom/one-bath and one studio apartment. Matt Lewallen and Kevin Calame of AQYRE represented the buyer and undisclosed seller in the transaction.

April 28, 2020

Acquisitions Healthcare Illinois Midwest Wisconsin

HSA PrimeCare Sells Four-Building Medical Office Portfolio in Illinois, Wisconsin

by Kristin Harlow April 27, 2020

ILLINOIS AND WISCONSIN — HSA PrimeCare, the national healthcare real estate division of HSA Commercial Real Estate, has sold a four-building medical office portfolio to Irvine, Calif.-based IRA Capital. The buildings, spanning a total of 107,828 square feet, are located in Illinois and Wisconsin. HSA PrimeCare will continue to manage the assets on behalf of IRA. Mike Wilson and Erik Foster of Avison Young represented HSA PrimeCare in the transaction. The properties include: Advocate Good Samaritan South in Downers Grove, Ill.; Hawthorn Surgery Center in Vernon Hills, Ill.; Advocate Aurora Health Beverly Clinic in Chicago; and Advocate Aurora Health Muskego Clinic in Muskego, Wis. IRA Capital is a private equity firm that invests capital for its own account and on behalf of its co-investment partners, which include pension funds, institutions, family offices and individuals. IRA primarily invests in commercial real estate assets throughout the United States, with an overweight concentration within the medical/healthcare sector.

April 27, 2020

Acquisitions Michigan Midwest Retail

Mid-America Arranges Sale of Roseville Towne Center in Suburban Detroit

by Kristin Harlow April 27, 2020

ROSEVILLE, MICH. — Mid-America Real Estate Corp. has arranged the sale of Roseville Towne Center in Roseville, about 15 miles north of Detroit. The sales price was undisclosed. The 89,883-square-foot shopping center is home to Marshalls, CVS Pharmacy, Five Below and Dollar Tree. Ben Wineman, Carly Gallagher Kelly and Daniel Stern of Mid-America represented the seller, Cincinnati-based Viking Partners. Ferris Hamama of Keystone Commercial Real Estate represented the buyer, a private investor completing a 1031 exchange.

April 27, 2020

Acquisitions Civic Michigan Midwest

Eastern Michigan University Unveils Plan to Relocate College of Business to Central Campus

by Kristin Harlow April 27, 2020

YPSILANTI, MICH. — Eastern Michigan University has unveiled plans to relocate the College of Business to its central campus. The move includes the selling of the Gary Owens Building, present home of the College of Business. The Board of Regents approved the sale of the 122,000-square-foot building to River Caddis Development for $2.7 million. Boone Hall will serve as the new location for the College of Business. The building will undergo a renovation beginning in April 2021, but the building’s size will remain at 45,210 square feet. The relocation will reduce utility, maintenance and transportation costs that the university currently incurs by housing the College of Business away from central campus.

April 27, 2020

Acquisitions Kentucky Multifamily Southeast

Cushman & Wakefield Negotiates $28.2M Sale of Multifamily Community Near Cincinnati

by Alex Tostado April 27, 2020

FLORENCE, KY. — Cushman & Wakefield has negotiated the $28.2 million sale of Paddock Club, a 200-unit multifamily community in Florence. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a pool, indoor basketball court, fitness center and a dog park. The community was originally built in 1995 and was renovated in 2019. Paddock Club is situated at 8000 Preakness Drive, 13 miles southwest of downtown Cincinnati. Mike Kemether, Craig Collins and Don Murphy of Cushman & Wakefield represented the seller, Spyglass Capital Partners LLC, in the transaction. PLK Communities acquired the property.

April 27, 2020

Acquisitions Loans Multifamily ORIX South Carolina Southeast

Hunt Real Estate Provides $24.5M Acquisition Loan for Apartment Complex in Lexington, South Carolina

by Alex Tostado April 27, 2020

LEXINGTON, S.C. — Hunt Real Estate Capital has provided a $24.5 million Freddie Mac acquisition loan for Lullwater at Saluda Pointe, a 280-unit apartment complex in Lexington. Built in 2007, the property spans 23 acres and comprises 11 three-story buildings and a one-story leasing office/clubhouse. The borrower, Lullwater DE Holdings LLC, acquired the property from Fickling & Co. through a 1031 exchange. Lullwater at Saluda Pointe offers one- through three-bedroom floor plans, as well as a pool, fitness center, spa, playground, conference room and a business room. The new owner plans to implement a $1.6 million renovation to include new kitchen counters and backsplashes, stainless steel appliances, light fixtures, faux wood floors and screened porches. The borrower is also planning to install washers and dryers in 60 percent of units, replace exterior windows, paint, renovate the clubhouse, add a dog park and improve landscaping. John Sloot and Colin Cross of Hunt Real Estate Capital originated the loan on behalf of the buyer.

April 27, 2020

Acquisitions Loans Retail Southeast West Virginia

Uber Capital Arranges $11M Acquisition Loan for Shopping Center in Logan, West Virginia

by Alex Tostado April 27, 2020

LOGAN, W.VA. — Uber Capital Group has arranged an $11 million acquisition loan for Fountain Place Shopping Center, a 226,096-square-foot retail property in Logan. The five-year loan features a fixed 4.5 percent interest rate and a 20-year amortization schedule. Fountain Place was built in 1997 at 1103 George Kostas Drive, four miles west of downtown Logan. At the time of sale, the property was leased to tenants including anchors Lowe’s Home Improvement and Walmart Supercenter, as well as Rue 21, Burkes Outlet, Shoe Show Mega Store, Dollar Tree, Southern West Virginia Health System, Appalachian Regional Healthcare and McCoy Dental. A regional lender based in Virginia provided the loan to the undisclosed borrower, a private investor based in New York.

April 27, 2020

Acquisitions Multifamily Texas

Sun Holdings Group Acquires 330-Unit Apartment Community in San Antonio

by Taylor Williams April 27, 2020

SAN ANTONIO — Houston-based Sun Holdings Group has acquired Tradehouse at Bulverde Marketplace, a 330-unit apartment community located within the 104-acre Bulverde Marketplace mixed-use development in north central San Antonio. Built in 2018, the property features one- and two-bedroom units with dark wood cabinetry, stainless steel appliances and quartz countertops. Amenities include a pool with outdoor kitchens, a fitness center, billiards room and a social lounge. David Roth of Matthews Real Estate Investment Services represented the seller, The NRP Group, an Ohio-based development and investment firm, in the transaction. Cutt Abelson of Berkadia arranged an undisclosed amount of Freddie Mac acquisition financing for the transaction.

April 27, 2020

Newer Posts

Older Posts