Acquisitions

Colliers Negotiates $34.7M Sale of Sage Apartments in Escondido, California

by Amy Works April 20, 2020

ESCONDIDO, CALIF. — Colliers International has arranged the sale of Sage Apartments, a multifamily community located at 1920 and 1960 E. Grand Ave. in Escondido. Clear Sky Escondido LP sold the asset to Subsidiaria de Santa Jacinto LLC for $34.7 million, or $253,285 per unit. Peter Scepanovia and Corey McHenry of Colliers International San Diego Region’s Multifamily Advisory Group represented the seller in the transaction. Totaling 86,748 square feet, Sage Apartments features 137 units in a mix of one- and two-bedroom layouts. Over the past three years, the seller made various interior and exterior upgrades to the 1970-era property. The new owner plans to continue the upgrades and renovations.

April 20, 2020

Acquisitions California Lee & Associates Office Western

BLT Enterprises Acquires Two Creative Office Properties in Hollywood for $20M

by Amy Works April 20, 2020

HOLLYWOOD, CALIF. — Santa Monica, Calif.-based BLT Enterprises has purchased two office properties in Hollywood for a total consideration of $20 million. The properties are a creative office asset at 5735 Melrose Ave. and an 18,000-square-foot production and entertainment office compound at 6151 Santa Monica Blvd. BLT plans to transform the Santa Monica Boulevard property into a modern creative industrial compound catering to production catering to production companies, digital advertising agencies and other companies at the convergence of tech and media. The Melrose property already underwent a renovation to fit the needs of the marketplace. Brad McCoy and David Wilson of Lee & Associates represented BLT in both transactions. Adam Hall of TOLD Partners represented the undisclosed seller of the Santa Monica property, while Paul Brehme and Brad McCoy of Lee & Associates represented the seller of the Melrose property.

April 20, 2020

Los-Acros-Mobile-Home-Park-Sierra-Park-AZ

Acquisitions Arizona Multifamily Western

Marcus & Millichap Brokers $3.2M Sale of Manufactured Housing Park in Arizona

by Amy Works April 20, 2020

SIERRA VISTA, ARIZ. — Marcus & Millichap has arranged the sale of the Los Arcos Mobile Home Park, located at 650 E. Busby Drive in Sierra Vista. An individual/personal trust acquired the community from a private investor for $3.2 million. Situated on 37.2 acres, Los Arcos Mobile Home Park features 232 total lots. At the time of sale, the property was 60 percent occupied. Michael Escobedo and Glenn Esterson of Marcus & Millichap represented the seller and procured the buyer in the deal.

April 20, 2020

298-Kingsbury-Grade-160-Pineridge-Dr-Stateline-NV

Acquisitions Industrial Mixed-Use Nevada Office Retail Western

Dickson Commercial Arranges $2.7M Sale of Mixed-Use, Multi-Tenant Asset in Nevada

by Amy Works April 20, 2020

STATELINE, NEV. — Dickson Commercial has negotiated the sale of a two-building property located at 298 Kingsbury Grade and 160 Pineridge Drive in Stateline. Kingsbury General Improvement District acquired the assets from JM Ranches for $2.7 million. The two multi-tenant properties offer a total of 15,788 square feet of office, industrial and retail space. Travis Hansen of Dickson Commercial Group represented the seller in the transaction.

April 20, 2020

Acquisitions Multifamily Texas

CBRE Global Investors Acquires 281-Unit Elan Med Center Apartments in Houston

by Taylor Williams April 20, 2020

HOUSTON — A fund sponsored by Los Angeles-based CBRE Global Investors has acquired Elan Med Center, a 281-unit apartment community located within the Texas Medical Center in Houston. Built in 2014, the property offers one- and two-bedroom units and amenities such as a pool, clubhouse, game room, fitness center, pet park, multiple study lounges and an outdoor terrace area with a kitchen and grills. The seller was not disclosed.

April 20, 2020

Acquisitions Illinois Midwest Multifamily

Marcus & Millichap Arranges Sale of 60-Unit Apartment Property in Suburban Chicago

by Kristin Harlow April 20, 2020

CALUMET CITY, ILL. — Marcus & Millichap has arranged the sale of a 60-unit apartment property in Calumet City, a southern suburb of Chicago. The sales price was undisclosed. Located at 495-525 Madison Ave., the property consists of five 12-unit buildings on a 1.3-acre lot. Andrean Angelov, Ryan Engle and Anthony Hardy of Marcus & Millichap marketed the property on behalf of the seller, a private investor. Angelov and Engle secured and represented the buyer, a limited liability company.

April 20, 2020

Acquisitions Alabama Office Southeast

Transwestern Negotiates $83M Sale of Office Portfolio in Huntsville

by Alex Tostado April 17, 2020

HUNTSVILLE, ALA. — Transwestern has negotiated the $83 million sale of a 1 million-square-foot, six-property office portfolio in Huntsville. Five of the buildings are situated within Cummings Research Park and the sixth is Regions Center, an 11-story, 154,297-square-foot office tower in downtown Huntsville. The five buildings in Cummings Research Park include Northrop Grumman’s regional headquarters, a 110,275-square-foot building; Intuitive Center I and II, which together comprise 133,967 square feet; Research Place, three one-story buildings comprising 274,657 square feet; and Research Office Park Center, which spans four one-story buildings totaling 121,839 square feet. The portfolio was 97 percent leased at the time of sale to tenants including Northrop Grumman Space & Mission Systems, Regions Bank, Toyota Motor North America Inc. and BAE Systems. Cummings Research Park is home to more than 300 companies and is situated six miles west of downtown Huntsville. John Bell and Kevin Markwordt of Transwestern represented the undisclosed seller in the transaction. The buyer was also not disclosed.

April 17, 2020

Acquisitions Office Southeast Virginia

Meridian Group Acquires Two Office Buildings in Northern Virginia for $58.3M

by Alex Tostado April 17, 2020

VIENNA, VA. — The Meridian Group has acquired 1951 Kidwell Drive and 193 Gallows Road in Vienna for a combined $58.3 million. The eight-story building at 1951 Kidwell spans 172,957 square feet and was 75 percent leased at the time of sale. The building located at 1953 Gallows is also eight stories and comprises 256,714 square feet. It was 55 percent leased at the time of sale. Meridian plans to upgrade the common areas and amenities of both assets in an effort to improve occupancy. The two buildings are situated within a half mile of each other and 13 miles west of downtown Washington, D.C. Eastdil Secured represented the buyer in the transaction. The seller(s) was not disclosed.

April 17, 2020

Acquisitions Florida Retail Southeast

SRS Brokers $3.2M Sale of Shoppes at Veranda Park in Orlando

by Alex Tostado April 17, 2020

ORLANDO, FLA. — SRS Investment Properties Group has brokered the $3.2 million sale of Shoppes at Veranda Park, the ground-floor retail portion of a four-story condominium building in Orlando. Shoppes at Veranda Park houses eight retail tenants spanning 17,603 square feet. At the time of sale, the property was fully leased to tenants including Rhythm Dance Academy, Goodwill, Axianta Financial Partners, Filutowski Eye Institute, Gemini Hookah Lounge, Easy Work Space, Alora Health Spa and Caterings Best. The property is located at 2295 S. Hiawassee Road, nine miles west of downtown Orlando and within MetroWest. The master-planned, 1,805-acre MetroWest development features 10,000 residential units spread over a wide range of single-family homes, apartments, townhomes and condominium developments. Kevin Yaryan, Kyle Stonis and Pierce Mayson of SRS represented the seller, Unicorp National Developments Inc., in the transaction. John Krzyminski and Max Krzyminski of JLL represented the undisclosed buyer.

April 17, 2020

Parkway-Woods-Business-Park-Wilsonville-OR

Acquisitions Industrial Loans Office Oregon Western

NKF Closes $36.1M Loan for Parkway Woods Business Park Acquisition in Oregon

by Amy Works April 17, 2020

WILSONVILLE, ORE. — Newmark Knight Frank (NKF), on behalf of ScanlanKemperBard (SKB), has secured $36.1 million in financing for the acquisition of Parkway Woods Business Park in Wilsonville. SKB acquired the property, which offers 390,233 rentable square feet of office, production and manufacturing space on an 88.3-acre, park-like setting. Ramsey Daya, Chris Moritz and Stephen Scarpulla of NKF’s Debt & Structured Finance team in San Francisco executed the financing through Bridge Investment Group for the borrower. At the time of sale, the asset was 79.5 percent leased by a variety of tenants, including Xerox, 3D Systems, Dealer Spike and Tualatin Valley Water District. Parkway Woods features efficient, single-story floor plans with modern building systems, abundant green space, extensive freeway visibility, amenities, above-market parking ratio, on-site public transportation, excess land and nearby food options.

April 17, 2020

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