Acquisitions

Joint Venture Acquires Affordable Housing Community in Atlanta for $25M, Plans $16.5M Renovation

by Alex Tostado April 24, 2020

ATLANTA — A joint venture between Jonathan Rose Cos., Columbia Residential and SUMMECH Community Development Corp. has acquired City Views at Rosa Burney Park near downtown Atlanta. The Section 8 and low-income housing tax credit (LIHTC) community comprises 181 units reserved for residents earning 40, 60 or 80 percent of the area median income (AMI). City Views, which offers two- to five-bedroom floor plans, is situated at 259 Richardson St. SW, a mile from downtown Atlanta. The new ownership is planning a $16.5 million upgrade, which will include new roofs, windows, elevators and façade. There will also be brick repairs and repainting, as well as improved Americans with Disabilities (ADA) accessibility, HVAC and plumbing. Apartment interiors will also be completely renovated, including new LVT flooring, kitchens, bathrooms, Energy Star appliances, low-flow plumbing fixtures and LED light fixtures. Additionally, several thousand square feet of community space that was previously closed off and used for storage will be reactivated, including a fitness center, craft room, package room, upgraded laundry facilities, community room with warming kitchen and free Wi-Fi, a computer learning center and updated management and resident services offices. Residents will be temporarily relocated off-site on a rolling basis, in durations of fewer …

April 24, 2020

Acquisitions Florida Georgia Retail Southeast

SRS Arranges $13M Sale of Nine Retail Properties in Florida, Georgia Leased to Hydraulic Supply Co.

by Alex Tostado April 24, 2020

DALLAS — SRS Real Estate Partners has arranged the $13 million sale of nine retail properties leased to Hydraulic Supply Co. The locations are in Fort Lauderdale, Pompano Beach, Riviera Beach, Fort Myers, Orlando, Tampa, Florida City and Belle Glade, Fla.; as well as Forest Park, Ga. Each location has nine years remaining on the lease. The assets range from 7,000 to 12,000 square feet and double as last-mile distribution and storage properties for the retailer. Motion Industries Inc., a subsidiary of Genuine Parts Co., owns Hydraulic Supply Co. Hydraulic Supply carries a selection of more than 20,000 hydraulic, pneumatic and industrial products. Patrick Nutt, Kyle Fant and Britt Raymond of Dallas-based SRS represented the seller, Florida-based SunCap Investment Fund, in the transaction. There were eight undisclosed, individual buyers for the assets.

April 24, 2020

Acquisitions Midwest Office Ohio Top Stories

Zamir Equities Acquires 538,437 SF Columbia Plaza Office Building in Downtown Cincinnati

by Alex Patton April 24, 2020

CINCINNATI — Zamir Equities LLC, a private equity investment firm based in New York City, has acquired Columbia Plaza, a 538,437-square-foot office building in downtown Cincinnati. The 29-story tower is located at 250 E. 5th St. near the entertainment districts of Newport and Covington, as well as The Banks, the home stadium of the Cincinnati Bengals and Reds. The building was constructed in 1984. Columbia Plaza’s amenities include a fitness center with classes, a 3,000-square-foot tenant lounge, conference facilities, outdoor plaza, cafe, dry cleaning, car washing and detailing, art gallery and transportation services. The property also features a 494-space underground parking garage. The location in Cincinnati’s central business district offers convenient access to Interstates 71 and 75. The seller, New York City-based HighBrook Investors, acquired the property in 2015 and invested approximately $10 million in capital improvements during its ownership. Renovations included expansion of the lobby to 10,000 square feet, upgrading the building’s outdoor space and parking garage and renovations to the bathrooms and other common areas. At the time of sale, the property was approximately 76 percent leased. Western & Southern Financial Group anchor the tower with a 540,000-square-foot office lease across the top seven floors. The company moved into …

April 24, 2020

Acquisitions New Jersey Northeast Retail

Caesars Entertainment, VICI Properties Agrees to Sell Bally’s Atlantic City Hotel & Casino for $25M

by Alex Patton April 24, 2020

ATLANTIC CITY, N.J. — Caesars Entertainment Corp. and VICI Properties Inc. have agreed to sell Bally’s Atlantic City Hotel & Casino for approximately $25 million in cash. The buyer, Twin River Holdings Inc., will pay $19 million to VICI and $6 million to Caesars. The property includes approximately 225,750 square feet of gaming space and 1,214 hotel rooms. Restaurants on site include Italian eatery Buca di Beppo and Guy Fieri’s Chophouse. Following the sale, Caesars will continue to operate Caesars Atlantic City, which will include the Wild Wild West casino area, The Book sports wagering facility and Harrah’s Resort Atlantic City. VICI Properties will continue to own the land and real estate associated with Caesars Atlantic City, including the Wild Wild West casino area. Both parties were represented internally.

April 24, 2020

Acquisitions Multifamily Northeast Pennsylvania

Larken Associates Acquires 224-Unit Apartment Community in York, Pennsylvania

by Alex Patton April 24, 2020

YORK, PA. — Larken Associates, a New Jersey-based developer, has acquired The View at Mackenzi, a 224-unit apartment community in York, located approximately 25 miles south of Harrisburg. Located at 2035 Patriot St., the property features two-bedroom units and amenities such as a fitness center, walking trails and a dog park. Rents range from $1,042 per month to $1,195. The seller and sales price were undisclosed.

April 24, 2020

Acquisitions California Multifamily Western

Matthews Real Estate Brokers $20.2M Sale of Multifamily Portfolio in San Fernando Valley

by Amy Works April 24, 2020

SAN FERNANDO VALLEY, CALIF. — Matthews Real Estate Investment Services has directed the sale of a nine-property multifamily portfolio in San Fernando Valley. The portfolio traded for $20.2 million in an off-market transaction. The names of the seller and buyer were not released. Totaling 124 units, the portfolio consists of nine apartment buildings spread across the San Fernando Valley, a 250-square-mile urbanized region of Los Angeles County comprising 34 neighborhoods and nearly 1.7 million people. Daniel Withers and John Boyett of Matthews Multifamily division arranged the sale.

April 24, 2020

Acquisitions Montana Multifamily Seniors Housing Western

Blueprint Directs Sale of 338-Bed Skilled Nursing Portfolio in Montana

by Amy Works April 24, 2020

MONTANA — Blueprint Healthcare Real Estate Advisors has arranged the sale of two skilled nursing facilities totaling 338 beds in Montana. The seller is a national operator that was looking to leave the state to focus on other markets. The undisclosed buyer assumed the seller’s HUD debt against the properties. The price and locations of the facilities were not disclosed.

April 24, 2020

Acquisitions California Retail Western

JLL Negotiates Sales of Two Vacant Retail Properties in Los Angeles County Totaling $4.8M

by Amy Works April 24, 2020

NORWALK AND CITY OF INDUSTRY, CALIF. — JLL Capital Markets has arranged the sales of two vacant retail assets located in Los Angeles County for a combined consideration of $4.8 million. Happy Sky Inc. acquired the 8,100-square-foot building, located at 11732 Rosecrans Ave. in Norwalk. Completed in 1950, the freestanding building is situated on 0.5 acres of land. The adjacent 29-stall parking lot was included in the deal. The buyer plans to convert the property, which was formerly occupied by Mega Shoe Factory, into a coin-operated laundromat. Bliss Car Wash purchased the 1.1-acre, two-parcel asset at 120 S. Hacienda Blvd. in City of Industry. Formerly a bank branch building with a drive-thru, the one-story, 5,500-square-foot building features 66 parking spaces on a rectangular lot. The buyer plans to demolish the existing building and construct an express car wash facility on the property. Adam Friedlander of JLL Retail Capital Markets represented the sellers, private investors, in each transaction.

April 24, 2020

Acquisitions Industrial Midwest Missouri Self-Storage

StorageMart Acquires 310-Unit Self-Storage Facility in Downtown Kansas City

by Kristin Harlow April 24, 2020

KANSAS CITY, MO. — StorageMart has acquired a Go Storage facility located on 8th Street in downtown Kansas City. The purchase price was undisclosed. The self-storage facility features 310 climate-controlled units. The property recently underwent a renovation and received a new elevator. StorageMart plans to make further improvements, including adding perimeter fencing, gates with keypad access, renovating the office and installing motion sensor lighting in the loading bay.

April 24, 2020

Acquisitions Illinois Midwest Restaurant Retail

Marcus & Millichap Brokers $4.3M Sale of Panera Bread-Occupied Property in Joliet, Illinois

by Kristin Harlow April 24, 2020

JOLIET, ILL. — Marcus & Millichap has brokered the sale of a 5,077-square-foot retail property net leased to Panera Bread in Joliet for $4.3 million. The building is located at 2400 W. Jefferson St. Austin Weisenbeck and Sean Sharko of Marcus & Millichap marketed the property on behalf of the seller, a developer. Karly Iacono of Marcus & Millichap’s New Jersey office represented the buyer, a limited liability company completing a 1031 tax-deferred exchange.

April 24, 2020

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