Acquisitions

CBRE Secures $22M in Acquisition Financing for Cold Storage Facility in Phoenix

by Amy Works July 13, 2020

PHOENIX — CBRE Capital Markets Debt & Structured Finance has arranged a $22 million loan for the acquisition of a cold storage facility in Phoenix. Bruce Francis, Robert Ybarra, Shaun Moothart, Dana Summers, Doug Birrell and Jim Korinek of CBRE facilitated the loan on behalf of the borrower, a joint venture between Condor Cold Storage and AEW Capital Management. Located at 7000 W. Buckeye Road, the 285,022-square-foot property features 36-foot clear heights and office, warehouse, baking, production and ammonia freezer facilities. Café Valley Bakery, a producer of bakery products for in-store bakeries, club stores, foodservice and convenience stores, fully occupies the property. The asset was built in 2010.

July 13, 2020

Acquisitions Kentucky Multifamily Southeast

Capstone Arranges $61.4M Sale of Multifamily Portfolio in Metro Louisville, Lexington

by Alex Tostado July 13, 2020

LOUISVILLE, KY. — Capstone Apartment Partners has arranged the $61.4 million sale of a six-property, 1,185-unit multifamily portfolio in Kentucky and southern Indiana. The portfolio’s Kentucky properties comprise Iroquois Gardens, King George Apartments and Victoria Gardens in Louisville and Abigail Gardens in Lexington. The two Indiana properties, King Solomon Apartments in Jeffersonville and King David Apartments in New Albany, are situated across the Ohio River from Louisville. Alex McDermott, Adam Klenk, and Tyler Mayo of Capstone represented the buyer, Nashville-based Clear Blue Co., in the transaction. Nashville-based Elmington Property Management will manage the six properties. Battle Williford and Jon Van Hoozer of Financial Federal Bank originated the $60.2 million acquisition loan on behalf of the buyer. The non-recourse loan features a three-year term with a full interest-only payment period. The seller(s) was not disclosed.

July 13, 2020

Acquisitions Maryland Retail Southeast

Neuman Commercial Group Negotiates $4.3M Sale of Retail Property in Metro Baltimore

by Alex Tostado July 13, 2020

OWINGS MILLS, MD. — Neuman Commercial Group LLC has negotiated the $4.3 million sale of Metro Square, a 71,896-square-foot retail property in Owings Mills. Target shadow anchors the property, which includes the former 58,668-square-foot site of a Shoppers grocery store and one outparcel. The asset is located at 11120 Reisterstown Road, 21 miles northwest of downtown Baltimore. Gil Neuman of Neuman Commercial Group represented the seller, an undisclosed publicly traded REIT, and procured the buyer, an undisclosed private investor.

July 13, 2020

Acquisitions Multifamily New Jersey Northeast

Marcus & Millichap Arranges $7.9M Sale of Residential Property in Paterson, New Jersey

by Taylor Williams July 13, 2020

PATERSON, N.J. — Marcus & Millichap has arranged the $7.9 million sale of 61 Park Avenue, a 36-unit residential property located in the western New York suburb of Paterson. The newly constructed building consists of 24 one-bedroom units, 12 two-bedroom units and two commercial spaces. Richard Gatto, Daniel Aviles, Fahri Ozturk and Casey Egan of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were private investors who requested anonymity.

July 13, 2020

Acquisitions Multifamily New York Northeast

Westbridge Realty Brokers $1.4M Sale of Multifamily Building in The Bronx

by Taylor Williams July 13, 2020

NEW YORK CITY — Westbridge Realty Group has brokered the $1.4 million sale of a multifamily building located at 2412 Webster Ave. in The Bronx. The property spans 9,240 square feet and totals eight units. Steven Westreich of Westbridge Realty represented the seller 2412 Webster Associates Inc., and procured the buyer, YSLW Webster LLC.

July 13, 2020

Acquisitions Multifamily Utah Western

IPA Brokers Sale of 95-Unit Liberty Crossing Apartment Community in Salt Lake City

by Amy Works July 10, 2020

SALT LAKE CITY — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Liberty Crossing, a multifamily property located in Salt Lake City. Elan Multifamily Investments acquired the community from Liberty Crossing Associates for an undisclosed price. Built in 2019, the 102,011-rentable-square-foot property features 95 apartments. Danny Shin and Brock Zylstra of IPA brokered the transaction

July 10, 2020

Acquisitions California Office Western

CBRE Global Investors Acquires Two Office Buildings in San Jose, California

by Amy Works July 10, 2020

SAN JOSE, CALIF. — CBRE Global Investors has purchased 237@First, a two-building office complex in San Jose. Terms of the transaction were not released. Totaling 368,702 square feet, the asset consists of two six-story buildings: 4353 North First St., a 181,042-square-foot property built in 2016, and 4453 North First St., a 187,660-square-foot building built in 2019. The buildings feature 14-foot to 16-foot slab-to-slab heights, expansive window lines, abundant light, lobbies and flexible, 32,800-square-foot, column-free floor plates. Tenant amenities include a fitness center with yoga studio and several outdoor collaboration areas. At the time of sale, the property was nearly 65 percent leased with 131,000 square feet available for lease.

July 10, 2020

Acquisitions California Net Lease Retail Western

CalBay Development Buys 99c Only-Occupied Property in Los Angeles for $3.3M

by Amy Works July 10, 2020

LOS ANGELES — CalBay Development has acquired the fee interest in a retail property located in the Rowland Heights area of Los Angeles. A private family sold the asset for $3.3 million in an off-market transaction. Situated on two acres, the site is improved with a 20,000-square-foot retail store, which 99c Only occupies on a net-leased basis.

July 10, 2020

Acquisitions Arizona Retail Western

Marcus & Millichap Arranges $4M Sale of Retail Property in Goodyear, Arizona

by Amy Works July 10, 2020

GOODYEAR, ARIZ. — Marcus & Millichap has arranged the sale of a retail building located at 15578 W. McDowell Road in Goodyear. A limited liability company sold the property to a limited liability company for $4 million. The property includes a 10-year absolute, triple-net corporate lease with 10 percent rental increases every five years. AAA occupies the 8,540-square-foot building, which is situated on 1.1 acres. Mark Ruble, Chris Lind and Jamie Medress of Marcus & Millichap’s Phoenix office represented the seller, while Matt Hager with Intero Commercial represented the buyer in the deal. Alan Laaulainen, also of Marcus & Millichap Phoenix, assisted in procuring the buyer.

July 10, 2020

Acquisitions Florida Office Southeast

Ten Capital, Somerset Properties Acquire Office Building in Fort Lauderdale for $82.5M

by Alex Tostado July 10, 2020

FORT LAUDERDALE, FLA. — Ten Capital Management and Somerset Properties have acquired Bayview Corporate Tower, a 12-story, 413,833-square-foot office building in Fort Lauderdale. Bridge Investment Group sold the asset for a reported $82.5 million. The asset was 89 percent leased at the time of sale to 21 tenants. Bridge has invested more than $4.8 million in base building improvements at Bayview Corporate Tower over the past three years. Building amenities include a café, conference center, fitness center, lounge, outdoor picnic area and onsite security and management. The property is situated adjacent to a five-story parking garage. Bayview Corporate Tower is located at 6451 N. Federal Highway, seven miles north of downtown Fort Lauderdale. Dominic Montazemi, Mike Davis, Scott O’Donnell, Greg Miller, Mike Ciadella and Miguel Alcivar of Cushman & Wakefield represented the seller in the transaction.

July 10, 2020

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