Acquisitions

Kiser Group Arranges $3.5M Sale of Multifamily Portfolio in Chicago

by Kristin Harlow May 8, 2020

CHICAGO — Kiser Group has arranged the sale of a three-building multifamily portfolio in Chicago’s Portage Park neighborhood for $3.5 million. The portfolio spans 36 units and includes the following properties: 3905-11 N. Linder Ave.; 3514-18 N. Long Ave.; and 3816-24 N. Long Ave. Monthly rents for the properties average $950 for one-bedroom units and $1,200 for two-bedroom units. Rick Ofman of Kiser brokered the transaction. Drexel Properties purchased the portfolio from a longtime Chicago landlord.

May 8, 2020

Acquisitions Multifamily Texas

JLL Provides Loan for Refinancing of 264-Unit Apartment Community in North Dallas

by Taylor Williams May 8, 2020

DALLAS — JLL has provided a Freddie Mac loan for the refinancing of Advenir on Addison, a 264-unit apartment community in North Dallas. The property features one- and two-bedroom units averaging 923 square feet that are equipped with stainless steel appliances, granite countertops, walk-in closets and attached garages. Eric Tupler, Josh Simon and Andy Scott of JLL originated the seven-year, fixed-rate loan on behalf of the borrower, Florida-based multifamily investment firm Advenir.

May 8, 2020

Acquisitions Colorado Multifamily Western

Valhalla Holdings Sells Stone Mountain Apartment Homes in Colorado for $83M

by Amy Works May 8, 2020

NORTHGLENN, COLO. — Boulder, Colo.-based Valhalla Holdings has completed the disposition of Stone Mountain Apartment Homes, a 15-building multifamily community located at 11625 Community Center Drive in Northglenn. West Palm Beach, Fla.-based Priderock Capital Partners acquired the asset for $83 million. Built in 2001, the 282,948-square-foot property features 320 units in a mix of one- and two-bedroom layouts. Community amenities include a clubhouse; year-round heated pool and spa with a poolside kitchen; 24/7 fitness center; pet wash stations; bicycle repair station; community garden with free individual plots; electric vehicle charging stations; lit private garages with workshop space available; and a nine-hole putting garden. Dan Woodward, David Potarf and Matt Barnett of CBRE Capital Markets in Denver represented the seller in the transaction.

May 8, 2020

Acquisitions Multifamily North Carolina Southeast

Newmark Knight Frank Arranges $49M Sale of Multifamily Community in Greensboro, North Carolina

by Alex Tostado May 7, 2020

GREENSBORO, N.C. — Newmark Knight Frank (NKF) has arranged the $49 million sale of Brassfield Park, a 336-unit multifamily community in Greensboro. The community comprises 326,828 square feet and was built in 1997. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a fitness center, pool with gazebo area, outdoor grill and kitchen area, 24-hour package receiving lockers, pet care stations, dog park, tennis court and a playground. Brassfield Park is situated at 1921 New Garden Road, seven miles northwest of downtown Greensboro. Sean Wood, John Heimburger, Dean Smith, Alex Okulski, John Munroe and Jason Kon of NKF represented the seller, Raleigh, N.C.-based Chaucer Creek Capital, in the transaction. Josh Davis and Chris Caison of NKF originated a $39.1 million Freddie Mac acquisition loan on behalf of the buyer, Viola, N.Y.-based White Eagle Property Group.

May 7, 2020

Acquisitions Florida Retail Southeast

SRS Brokers $5.6M Sale of New Tampa Bay Retail Property Leased to 7-Eleven

by Alex Tostado May 7, 2020

PINELLAS PARK, FLA. — SRS Real Estate Partners has brokered the $5.6 million sale of a new, 3,109-square-foot convenience store in Pinellas Park. The property was delivered in late 2019 and has 15 years remaining on a corporate-guaranteed triple-net lease with 7-Eleven. The property sold for $1,798 per square foot to an undisclosed investor based in New York City completing a 1031 tax exchange. An undisclosed developer sold the property. The asset is situated at 9401 49th St. N., 20 miles west of downtown Tampa. Frank Rogers and Michael Carter of SRS represented the seller in the transaction.

May 7, 2020

Acquisitions California Retail Western

CBRE Negotiates $27.7M Acquisition of Vons-Occupied Retail Asset in San Diego

by Amy Works May 7, 2020

SAN DIEGO — CBRE has arranged the purchase of a retail property located at 4145 30th St. in the North Park neighborhood of San Diego. A Los Angeles-based private investor acquired the building from a Texas-based investment firm for $27.7 million. Vons, a Fullerton, Calif.-based supermarket chain, occupies the 40,000-square-foot building on a lease that runs through June 2039. Gary Stache, Anthony DeLorenzo, Doug Mack and Bryan Johnson of CBRE represented the buyer, which was completing a 1031 exchange. The seller was self-represented in the off-market transaction.

May 7, 2020

Acquisitions California Industrial Western

Rexford Industrial Buys Clothing Production Facility in Metro Los Angeles for $21M

by Amy Works May 7, 2020

COMMERCE, CALIF. — Los Angeles-based Rexford Industrial has acquired an industrial facility located in Commerce, approximately eight miles southeast of Los Angeles. A private seller sold the property for $21 million. Situated on five acres located at 6687 Flotilla St., the divisible, 120,000-square-foot property features office space, 20-foot to 24-foot clear heights, extensive dock-high loading and a large secured yard. Color Image Apparel, a Los Angeles-based clothing manufacturing company, currently occupies the facility. Jeff Stephens, Jack Mergenthaler and Evan Crawford of CBRE represented the seller, while the buyer was self-represented in the deal.

May 7, 2020

Acquisitions California Mixed-Use Multifamily Office Retail Western

Federal Realty Investment Sells Historic Pottery Barn Building in Old Pasadena for $16.1M

by Amy Works May 7, 2020

PASADENA, CALIF. — Federal Realty Investment Trust has completed the disposition of the historic Pottery Barn Building, a mixed-use property located at the intersection of East Colorado Boulevard and North Fair Oaks Avenue in Pasadena. A private investor acquired the property for $16.1 million. Pottery Barn occupies three levels of the five-story, 30,955-square-foot building, which was built in 1905 and renovated in 1997. The property also offers two floors of residential space and one floor of office space leased to other tenants. Pottery Barn has occupied the building for the more than 20 years, and last year executed a lease extension at the property. Carlos Lopez and Lee Csenar of Hanley Investment Group represented the seller, while Rob Ippolito, Glenn Rudy and Pete Bethea of Newmark Knight Frank Capital Markets represented the buyer in the transaction.

May 7, 2020

Acquisitions Multifamily Texas

JLL Negotiates Sale of 252-Unit Apartment Community in Longview, Texas

by Taylor Williams May 7, 2020

LONGVIEW, TEXAS — JLL has negotiated the sale of Summer Lake, a 252-unit apartment community in Longview, about 100 miles east of Dallas. The property features one- and two-bedroom units averaging 852 square feet and amenities such as two pools, an outdoor grilling area, sports court, fishing lake and a dog park. Greg Toro and Steven Hahn Jr. of JLL represented the seller, Little Rock, Ark.-based BSR REIT, in the transaction. Mark Brandenburg and Chad Russell of JLL arranged acquisition financing on behalf of the buyer, Dallas-based Saxony Capital Management.

May 7, 2020

Acquisitions Illinois Industrial Midwest

Provender Partners Acquires Two Food Processing Facilities in Metro Chicago

by Kristin Harlow May 7, 2020

CHICAGO — Provender Partners has acquired two food processing facilities in metro Chicago. In the first transaction, Provender purchased a 141,000-square-foot facility located at 5420 St. Charles Road in Berkeley. Preferred Meals Inc., a provider of fresh and frozen prepared snacks and meals to schools, fully leases the property. Jonathan Wolfe and Jordan Shtulman of STREAM Capital Partners LLC brokered the $18 million sale-leaseback. In the second transaction, Provender acquired an 80,000-square-foot meat processing facility located at 525 W. Crossroads Parkway in Bolingbrook. It is currently available for lease. Provender maintains a portfolio of more than 5 million square feet of refrigerated real estate assets throughout the United States.

May 7, 2020

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