LAS VEGAS — Northcap Commercial has arranged the sale of Summer Place Apartments, a multifamily property located in Las Vegas. Summer Place Apartments LLC sold the asset to an undisclosed buyer for $6.7 million, or $60,268 per unit. Built in 1979, the 112-unit property is located at 27 N. 28th St. Devin Lee, Jason Dittenber, Jerad Roberts and Robin Willett of Northcap Commercial handled the transaction.
ATLANTA — An affiliate of Lone Star Funds has acquired 55 Allen Plaza, a Class A office building totaling 342,854 square feet in Atlanta’s Innovation Corridor. The purchase price was not disclosed. Completed in 2007 and anchored by professional services firm Ernst & Young, the 14-story property includes a recently constructed tenant lounge and conference center, as well as an innovation lab. It is situated at 55 Ivan Allen Jr Blvd., less than a mile from the World of Coca-Cola, the Georgia Aquarium and Centennial Olympic Park. Richard Reid, Ryan Clutter, Ralph Smalley and Huston Green of JLL represented the seller, a state pension fund advised by Lincoln Property Co. Ed Coco and Matt Casey of JLL arranged a five-year, floating-rate acquisition loan on behalf of the buyer through NXT Capital. In 2011, the property traded hands for $57 million, according to the Atlanta Business Chronicle. Lone Star is a private equity firm advising funds that invest globally in real estate, equity, credit and other financial assets. Since 1995, the firm has organized 20 private equity funds with aggregate capital commitments totaling approximately $85 billion. — Kristin Hiller and Alex Tostado
ATLANTA — An Atlanta-based partnership between Coro Realty and Pope & Land has acquired three shopping centers spanning 118,500 square feet north of Atlanta. The first property is the 23,500-square-foot Brookside Station in Alpharetta. The asset is situated along Old Milton Parkway, 35 miles north of downtown Atlanta. Also included in the sale was Mansell Oaks, which spans 43,000 square feet. Mansell Oaks is situated in Roswell, 25 miles north of downtown Atlanta. The final property is Town Center Oaks in Kennesaw. The property comprises 52,000 square feet and is situated 23 miles northwest of downtown Atlanta. Dunwoody, Ga.-based Muntzing-Sattele Co. sold the properties for an undisclosed price.
DECATUR, GA. — Dunross Capital has purchased Spring Valley Apartments and Park at Candler, two adjacent multifamily communities in Decatur. The New York City-based buyer plans to implement $7 million worth of interior and exterior renovations at both properties. Park at Candler comprises 236 units and offers one- through four-bedroom floor plans. Communal amenities include a fitness center, pool, playground and a tennis court. The property was built in 1971 and is situated at 2571 Candler Road, eight miles east of downtown Atlanta. The other property, Spring Valley Apartments, is a 250-unit complex located directly across the street from Park Candler. Spring Valley offers one-two- and three-bedroom floor plans. Communal amenities include a pool, laundry facilities, green spaces and a clubroom. Additional details of the transaction were not disclosed.
RICHMOND, VA. — Cushman & Wakefield | Thalhimer has negotiated the sale of 5.3 acres in Richmond for a seniors housing development. Temple Beth El sold the land to Chicago-based development firm CA Ventures for $3.8 million. The development will feature independent living, assisted living and memory care units. The property is situated at 601 N. Parham Road, 10 miles west of downtown Richmond. David Smith of Cushman & Wakefield | Thalhimer represented the buyer, which will also operate the property, in the transaction. Temple Beth El was formed in November 1931 and is located in downtown Richmond.
NASHVILLE, TENN. — Capstone Land Sales has arranged the $3.5 million sale of a 33-acre plot in Nashville’s Cane Ridge neighborhood. The buyer, Tampa-based 2nd Wave Development, plans to construct a 300-unit multifamily community on the site. The developer plans to break ground this summer. Further details of the community were not released. Adam Klenk, Austin Heithcock, Tyler Mayo and Jonathan Hawks of Capstone represented the buyer in the transaction. An undisclosed local family sold the land.
HOUSTON — JLL has brokered the sale of The Gardens at Spring Shadows, a 384-unit independent living community that is situated on 11.4 acres at 10100 Kempwood Drive in Houston. Units average 740 square feet and feature open floor plans with upgraded features like plank flooring, new cabinetry, granite-look countertops, kitchen pantries, walk-in closets and in-unit washers and dryers. Amenities include two pools, a salon, library, putting green, a dog park and various social areas. Chris Young, Joey Rippel and Bailey Crowell of JLL represented the seller in the transaction. Mark Brandenburg and Chad Russell of JLL arranged a three-year, floating-rate acquisition loan for the buyer through Ready Capital. Both parties involved in the transaction requested anonymity.
NEW YORK CITY — Amazon has acquired the Lord & Taylor office building in Midtown Manhattan for $1.15 billion, according to the New York Post. The e-commerce giant will use the 660,000-square-foot building at 424-434 Fifth Ave as its New York City headquarters, which will house several thousand employees. A partnership of investors including WeWork-owner Rhone Capital and Saks Fifth Avenue-owner Hudson’s Bay Co. sold the building. The Post reports that as part of the agreement, Amazon will pay $750 million in construction loans that WeWork borrowed to renovate the building. The acquisition follows Amazon’s scrapped plan to open a 4 million-square-foot HQ2 headquarters in Queens, which would have housed 25,000 employees.
PARSIPPANY, N.J. — JLL has brokered the sale of Morris Corporate Center 1 & 2, two Class A office buildings totaling 550,000 square feet in Parsippany, located approximately 30 miles west of New York City. The properties are located at 300 Interpace Parkway and 1 Upper Pond Road within the 31-acre Morris Corporate Center and feature four atrium lobbies, two cafés, two conference rooms and a 5,000-square-foot fitness center with locker rooms and a yoga studio. At the time of sale, the properties were 67 leased to tenants including Zurich Insurance, York Risk Services and market research company Ipsos. Jose Cruz, Kevin O’Hearn and Mark Mahasky led a JLL team that represented the seller, an affiliate of Brookwood Financial Partners LLC. The team also procured the buyer, P3 Properties. The sales price was undisclosed.
NEW YORK CITY — Full-service real estate firm Savills has acquired New York City-based project management firm Macro Consultants. The acquisition expands Savills’ existing advisory and management services platforms, which previously consisted of 50 professionals across the United States and Canada. At the time the deal closed, Macro Consultants, which was led by former managing principal Michael Glatt, employed more than 85 professionals across several major cities in the U.S., including New York City and Philadelphia. Along with those professionals, Glatt has joined Savills as vice chairman and North American head of project management. Additional terms of the deal were not disclosed.
