Acquisitions

Cushman & Wakefield Negotiates $67M Sale of New Multifamily Community in Central Florida

by Alex Tostado March 10, 2020

KISSIMMEE, FLA. — Cushman & Wakefield has negotiated the $67 million sale of Integra Sunrise Parc Apartments, a 300-unit multifamily community in Kissimmee. The property was delivered in 2019 and is situated at 4701 Luminous Drive, six miles east of Disney World and 23 miles south of downtown Orlando. The property comprises eight four-story buildings, a clubhouse and 10 garage buildings. The community, which was 83 percent occupied at the time of sale, offers one-, two- and three-bedroom floor plans averaging 972 square feet. Communal amenities include a zero-entry saltwater pool, outdoor yoga studio, dog park, grilling area, bocce ball court, hammocks, courtyard, Zen garden, 24-hour CrossFit gym, fitness studio, dog spa, coffee bar, business center, package receiving services, and a virtual golf and multi-sport simulator. Jay Ballard, Ken Delvillar, Michael Mulkern and Robert Given of Cushman & Wakefield represented the seller and developer, a partnership between Panther Residential Management, Integra Land Co. and CrossHarbor Capital Partners, in the transaction. Bluerock Value Exchange acquired the asset for $223,333 per unit.

March 10, 2020

Acquisitions Georgia Industrial Loans Southeast

Truist Provides $84.3M Acquisition Loan for 16-Property Industrial Portfolio

by Alex Tostado March 10, 2020

ATLANTA — Truist Financial Corp., through subsidiary SunTrust Commercial Real Estate, has provided an $84.3 million loan to Atlanta-based MDH Partners for the acquisition of seven warehouses, three truck terminals and six trailer yards spread across the Atlanta, Memphis, Louisville, Dallas and Kansas City markets. The warehouses and truck terminal assets total 1.9 million square feet. The six trailer yards contain 1,855 trailer spaces on 46.1 acres in Kansas City. Mark Hancock of Truist originated the loan on behalf of the borrower. The seller(s) was not disclosed.

March 10, 2020

Acquisitions Arkansas Multifamily Southeast

Beitel Group, Scharf Group Purchase 256-Unit Apartment Community in Little Rock

by Alex Tostado March 10, 2020

LITTLE ROCK, ARK. — Beitel Group and The Scharf Group have purchased Forest Place Apartments, a 256-unit community in Little Rock. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a fitness center, pool, sundeck and a picnic area. The property was originally delivered in 1974 and renovated in 1983. The asset is situated at 1400 N. Pierce St., five miles west of downtown Little Rock. Jeff Seidenfeld of Eastern Union Funding originated the loan on behalf of the borrower. Further details of the transaction were not disclosed.

March 10, 2020

Acquisitions Industrial Midwest Self-Storage Wisconsin

Marcus & Millichap Brokers Sale of Two-Property Self-Storage Portfolio in Wisconsin

by Kristin Harlow March 10, 2020

PEWAUKEE AND WAUKESHA, WIS. — Marcus & Millichap has brokered the sale of a two-property, 548-unit All Safe Mini Stor-It portfolio in Wisconsin for an undisclosed price. The self-storage facilities are located in Pewaukee and Waukesha. The properties, which are a mix of climate-controlled and non-climate-controlled units, span 76,484 square feet. Brian Kelly, Brett Hatcher and Gabriel Coe of Marcus & Millichap marketed the portfolio on behalf of the seller, a limited liability company. The team also secured the buyer, a limited liability company.

March 10, 2020

Cornerstone-Corporate-Center-Carlsbad-CA

Acquisitions California Office Western

Cushman & Wakefield Brokers $34.2M Sale of Cornerstone Corporate Center in Carlsbad

by Amy Works March 10, 2020

CARLSBAD, CALIF. — Cushman & Wakefield has arranged the sale of Cornerstone Corporate Center, a Class A office park in Carlsbad. Long Beach-based Harbor Associates acquired the property from Salt Lake City-based Wasatch Group for $34.2 million. Totaling 177,917 square feet, the four-building asset is located at 1900, 1902 and 1903 Wright Place and 1917 Palomar Oaks Way. Situated on 14 acres and developed between 1998 and 2001, the campus comprises a two-story building and three three-story buildings. The property also features landscaping and ample parking. Rick Reeder and Brad Tecca of Cushman & Wakefield’s San Diego Capital Markets team represented the seller. Matty Sundberg and Justin Halenza, also of Cushman & Wakefield, provided leasing advisory services for the property.

March 10, 2020

Acquisitions California Multifamily Seniors Housing Western

Bridge Housing Buys 130-Unit Affordable Seniors Housing Community in California

by Amy Works March 10, 2020

WATSONVILLE, CALIF. — Bridge Housing has purchased Paloma Del Mar Apartments located in Freedom, a community that is partially within the incorporated city of Watsonville. Terms of the transaction, including acquisition price and the name of the seller, were not released. Originally built in 1993, Paloma Del Mar features 104 one-bedroom units and 26 two-bedroom apartments for seniors, as well as a property management office, community office, laundry rooms and landscaped outdoors spaces. Rents at the property are affordable to seniors whose income is below 60 percent of area median income. The original income restrictions were slated to expire in 2024, at which point the property could have been converted to market-rate housing. Through this acquisition, Bridge is preserving the affordable rents, and all current residents have been able to keep their homes.

March 10, 2020

Acquisitions Office Texas

SVN | Angelic Completes Sale of 156,024 SF Office Building in Austin’s Mueller District

by Taylor Williams March 10, 2020

AUSTIN, TEXAS — SVN | Angelic has completed the sale of a 156,024-square-foot office building located at 1345 Philomena St. in Austin’s Mueller district. The building serves as the headquarters of the buyer, Ascension Seton, a Central Texas-based branch of the faith-based healthcare organization Ascension Health. The seller, an investment fund backed by Black Creek Group, was self-represented in the transaction. Gabriel Silverstein of SVN | Angelic handled the transaction with Ben Mingle of the Centurion Foundation on behalf of Ascension Seton, which purchased the property for an undisclosed price. Silverstein also worked with Duncan Swanston of Baltimore-based lender CGA Capital to secure $83.8 million in acquisition financing for the transaction. The acquisition allows Ascension Seton to gain long-term control of its headquarters office building and to restructure its existing lease and occupancy costs. A team of attorneys from Hall Render, Ballard Spahr, and Polsinelli, worked to restructure said lease. Ascension Health is the second-largest hospital operator in the United States with more than 2,600 facilities in 20 states and Washington, D.C.

March 10, 2020

Acquisitions California Multifamily Western

MG Properties Acquires 270-Unit Landing at College Square Multifamily Property in Sacramento

by Amy Works March 10, 2020

SACRAMENTO — San Diego-based MG Properties Group has purchased Landing at College Square, an apartment community in Sacramento. The acquisition price was not released. Built in 2016, Landing at College Square features 270 apartments. Marc Ross of CBRE represented the undisclosed seller in the deal. MG Properties Group assumed the existing Freddie Mac loan, which Brian Eisendrath and Cameron Chalfant of CBRE coordinated.

March 10, 2020

Acquisitions Northeast Pennsylvania Retail

Colliers Brokers Sale of 211,000 SF Former Macy’s Store in Bensalem, Pennsylvania

by Alex Patton March 10, 2020

BENSALEM, PA. — Colliers International has brokered the sale of a 211,000-square-foot retail property formerly occupied by Macy’s in Bensalem, a northeastern suburb of Philadelphia. The property is located within the Neshaminy Mall, a 1.2 million-square-foot shopping and dining destination that opened in 1968. The buyer, Sant Properties, plans to reposition the vacant box for multiple tenant spaces. The sales price was undisclosed.

March 10, 2020

Acquisitions Development Mixed-Use Northeast Pennsylvania Top Stories

SomeraRoad Buys Out Partners for SouthSide Works in Pittsburgh, Plans $167M Development and Renovation

by John Nelson March 10, 2020

PITTSBURGH — SomeraRoad Inc., a value-add investment and development firm based in New York City, has taken full ownership of SouthSide Works in Pittsburgh’s South Side neighborhood. The adaptive reuse project was formerly the site of J&L Steel Works and now houses approximately 280,000 square feet of retail space, 180,000 square feet of office space and 85 apartments. The project opened in 2004. SomeraRoad plans to undertake more than $37 million in capital improvements and invest $130 million in new development at the project, including 230 apartments and 200,000 square feet of office space fronting the Monongahela River. Another key feature of the new development plan is the conversion of the SouthSide Works Cinema to a 77,000-square-foot creative office space dubbed Box Office. SomeraRoad plans for the new office space to house about 500 office workers. The Kansas City office of HOK Architecture will design Box Office, which SomeraRoad will begin work on this summer. “The cinema’s grand entry, high ceilings and efficient useable floorplate, coupled with steel and glass improvements and the adaptive reuse appeal, creates a unique office conversion opportunity Pittsburgh hasn’t seen before,” says Jon Reeser, SomeraRoad’s vice president of acquisitions and head of its Pittsburgh office. …

March 10, 2020

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