Acquisitions

Wynmor Management Acquires Tulsa Apartment Community

by Taylor Williams June 1, 2020

TULSA, OKLA. — New York-based private equity firm Wynmor Management has acquired London Square Apartments, a 173-unit multifamily community in Tulsa. The property was built in 1967 and spans approximately 150,000 square feet. Michael Sullivan of Berkadia represented the seller, a partnership between two California-based firms, National Holdings LLC and London Square-MBD LLC, in the transaction. The new ownership will implement a value-add program. Wynmor partnered with MD2 Property Group, a New York City-based property management firm to acquire and manage the property. Arbor Realty Trust provided acquisition financing.

June 1, 2020

Acquisitions Industrial Texas

NAI Partners Arranges Sale of 10,656 SF Industrial Building in Houston

by Taylor Williams June 1, 2020

HOUSTON — NAI Partners has arranged the sale of a 10,656-square-foot industrial building located at 6921 Homestead Road in Houston. Zane Carman and Clay Pritchett of NAI Partners represented the buyer, TNT Equipment Co., an Ohio-based provider of scaffolding and construction rental equipment, in the transaction. Zack Taylor and Lawton Anderson of Moody Rambin represented the undisclosed seller.

June 1, 2020

Acquisitions Florida Multifamily Southeast

NKF Negotiates $53.5M Sale of Multifamily Portfolio in South Florida

by Alex Tostado June 1, 2020

PLANTATION, FLA. — Newmark Knight Frank (NKF) has negotiated the $53.5 million sale of a two-property, 398-unit multifamily portfolio in Plantation. The communities, Hamlet Plantation and The Continental Apartments, are located less than one mile from each other and six miles west of downtown Fort Lauderdale. Each property offers one- and two-bedroom floor plans, and each was recently renovated to include new roofs, paint and impact glass windows. Tal Frydman, Avery Klann, Hampton Beebe, Tyler Minix and Jonathan Senn of NKF represented the seller, Jenco Properties, in the transaction. Canadian investment firm Prism Multifamily Group acquired the assets.

June 1, 2020

Acquisitions Maryland Office Southeast

Merritt Properties Acquires 165,000 SF Office Campus in Metro Baltimore

by Alex Tostado June 1, 2020

ELKRIDGE, MD. — Merritt Properties has acquired The Lyndwood Executive Center, a two-building, 165,000-square-foot office campus in Elkridge. BentallGreenOak’s U.S. Core Fund sold the buildings for an undisclosed amount. The assets were 98 percent leased at the time of sale to 14 tenants. The Lyndwood Executive Center is located at 6085-6095 Marshalee Drive, 14 miles southwest of downtown Baltimore. Jonathan Carpenter and Graham Savage of Cushman & Wakefield represented the seller in the transaction.

June 1, 2020

Acquisitions Loans Office Southeast Virginia

Phillips Realty Capital Arranges $29M Acquisition Loan for Office Building in Northern Virginia

by Alex Tostado June 1, 2020

RESTON, VA. — Phillips Realty Capital has arranged a $29 million acquisition loan for Reston Metro Center One, a 124,076-square-foot office building in Reston. The property is located at 12120 Sunrise Valley Drive, which is within walking distance of the planned Reston Town Center Silver Line Metrorail Station and 22 miles west of downtown Washington, D.C. The asset was built in 2000 and its amenities include a lounge area and a fitness center. The building was vacant at the time of sale. Malcolm Shaw, Steve Shaw, Harmon Handorf and Bill Wrench of Phillips Realty arranged the loan on behalf of the borrower, HighBrook Investors. Rubenstein Mortgage Capital, the debt investment platform of Rubenstein Partners LP, provided the floating-rate loan. The seller was not disclosed.

June 1, 2020

Acquisitions California Multifamily Western

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

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