Acquisitions

Pebb Capital, TriArch Sell 175-Bed Student Housing Community in Manhattan for $104 Million

by Alex Patton February 11, 2020

NEW YORK CITY — A joint venture between Pebb Capital and TriArch Real Estate Group has sold The Alabama, a 175-bed student housing community in the Greenwich Village neighborhood of Manhattan, for $104 million. The buyer in the transaction was undisclosed. Situated at 15 E. 11th St., the property serves students attending Cardozo Law School, The New School and New York University. The community offers fully furnished units with shared amenities including an attended lobby, fitness center, 24-hour business center, study and conference rooms, a 24-hour coffee bar, resident lounge and Hub by Amazon package lockers. Pebb Capital and TriArch acquired The Alabama in October 2016 for $58 million.

February 11, 2020

Acquisitions Florida Multifamily Seniors Housing Southeast

Cushman & Wakefield Negotiates $76.6M Sale of 10-Property Seniors Housing Portfolio in Metro Miami

by Alex Tostado February 10, 2020

MIAMI — Cushman & Wakefield has arranged the $76.6 million sale of a 10-property, value-add seniors housing portfolio in Miami-Dade County. The portfolio includes a mix of assisted living and skilled nursing facilities, which together comprise 1,289 beds and 370,862 square feet. Robert Kaplan and Mark Rutherford of Cushman & Wakefield represented the seller, A.D.M.E. Investment Partners, in each transaction. The individual buyers were not disclosed. Bruce Gibson of Senior Capital Advisors was the co-broker on all transactions, except those for Oceanside Extended Care Center, which were co-brokered by Cushman & Wakefield’s Calum Weaver. The properties in the portfolio include: Fair Havens Center, a 101,814-square-foot skilled nursing and assisted living facility with 557 units and 329 beds. The property sold for $26.4 million, or approximately $80,394 per bed. Harmony Health Care, an 83,526-square-foot skilled nursing facility with 96 units and 203 beds. The property sold for $19.6 million, or approximately $96,307 per bed. Oceanside Extended Care, a 52,133-square-foot skilled nursing facility with 196 one-bed units. The real estate sold for $17.6 million, or approximately $89,923 per bed, and the license sold in a separate transaction for $5.9 million. Nursing Center at Mercy, a 43,357-square-foot skilled nursing facility with 64 units …

February 10, 2020

Acquisitions Multifamily Southeast Tennessee

Capstone Negotiates $47.4M Sale of Multifamily Community Near Nashville

by Alex Tostado February 10, 2020

ANTIOCH, TENN. — Capstone Apartments Partners has negotiated the $47.4 million sale of Reserve at Oakleigh, a 264-unit multifamily community in Antioch. The property was built in 2017 and offers one-, two- and three-bedroom floor plans. Communal amenities include a pool, fitness center, picnic and grilling area, business center, nature trail, pet park and a car care center. Reserve at Oakleigh is located at 3562 Pin Hook Road, 18 miles southeast of downtown Nashville. Bryse Toothaker, Adam Klenk and Tyler Mayo of Capstone represented the seller, Herman & Kittie Properties, in the transaction. The Capstone team also procured the buyer, Cedar Grove Capital.

February 10, 2020

Acquisitions Michigan Midwest Multifamily

Greystone Bel Arranges Sale of 84-Unit Apartment Complex in Durand, Michigan

by Kristin Harlow February 10, 2020

DURAND, MICH. — Greystone Bel Real Estate Advisors has arranged the sale of Country Village Apartments in Durand, about 40 miles northeast of Lansing. Originally constructed in 1985, the 84-unit apartment complex spans eight buildings. It is located at 8940 Monroe Road. Austin Hull of Greystone Bel brokered the transaction for an undisclosed price. The seller’s family had owned the property since its opening.

February 10, 2020

Acquisitions Illinois Industrial Midwest

Cawley Chicago Brokers Sale of 42,235 SF Warehouse in Burr Ridge, Illinois

by Kristin Harlow February 10, 2020

BURR RIDGE, ILL. — Cawley Chicago has brokered the sale of a 42,235-square-foot warehouse in Burr Ridge, a southwestern suburb of Chicago. The sales price was undisclosed. Located at 60 Shore Drive, the facility features approximately 5,000 square feet of office space and a ceiling height of 18 feet. Joshua Hearne of Cawley Chicago represented the seller, Barnett Capital. He also procured the undisclosed buyer.

February 10, 2020

Acquisitions Illinois Industrial Midwest

Venture One Acquires 36,080 SF Industrial Building in Bensenville, Illinois

by Kristin Harlow February 10, 2020

BENSENVILLE, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial V LP, has acquired a 36,080-square-foot industrial building located at 236 William St. in Bensenville. The purchase price was undisclosed. At the time of sale, the multi-tenant building was fully leased, but a 14,068-square-foot portion will become available in September. Constructed in 1965, the property features five docks, four drive-in doors, parking for 40 cars and a clear height of 16 feet. Venture One plans to make improvements to the 14,068-square-foot space. Phil Reiff of JLL represented the seller and will be retained by Venture One as the leasing agent.

February 10, 2020

Acquisitions Office Texas

Encore Enterprises Sells 196,215 SF Two Forest Plaza Office Building in North Dallas

by Taylor Williams February 10, 2020

DALLAS — Locally based investment firm Encore Enterprises has sold Two Forest Plaza, a 196,215-square-foot office building located at 12201 Merit Drive in North Dallas. The 11-story, Class A building was built in 1981 and renovated in 2014. Amenities include a six-story parking garage, conference room, fitness center and a café. Tenants include New York Life Insurance Co. and French bakery La Madeleine, which operates its headquarters from the building. Creighton Stark and Chris Boyd of Colliers International represented Encore Enterprises in the transaction. The buyer was a partnership between OrbVest U.S. Inc. and Richmond Honan Lifehope.

February 10, 2020

Acquisitions Multifamily Texas

IPA Negotiates Sale of 326-Unit Boulevard at Sonterra Apartments in San Antonio

by Taylor Williams February 10, 2020

SAN ANTONIO — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of The Boulevard at Sonterra, a 326-unit apartment community located within the Stone Oak master-planned community in San Antonio. Built on 16.8 acres in 2000, the property features one-, two- and three-bedroom units averaging 973 square feet and amenities such as a pool, fitness center, theater room, dog park, picnic area, business center and a resident clubhouse. Will Balthrope, Drew Kile, Drew Garza and Jordan Featherston of IPA represented the seller, Short Real Estate, and procured the buyer, a parternship between PCCP and Kairoi Residential.

February 10, 2020

Acquisitions Industrial Lee & Associates Texas

Lee & Associates Brokers Sale of 101,492 SF Industrial Building in Dallas

by Taylor Williams February 10, 2020

DALLAS — Lee & Associates has brokered the sale of a 101,492-square-foot industrial building located at 10355 Sanden Drive in Dallas. According to LoopNet Inc., the single-tenant property was built in 1994 and features 24-foot clear heights and 16 dock-high loading doors. Taylor Stell and Brett Lewis of Lee & Associates represented the buyer, Rotary Corp., in the transaction. The seller was not disclosed.

February 10, 2020

Acquisitions Northeast Office Pennsylvania

CBRE Brokers $61.2M Sale of Axalta Global Innovation Center Office Building in Philadelphia

by Alex Patton February 10, 2020

PHILADELPHIA — CBRE has brokered the $61.2 million sale of the 175,000-square-foot Axalta Global Innovation Center office building at the Philadelphia Navy Yard. Situated at 1050 Constitution Ave., the single-tenant property was completed in 2017 and serves as a research and development facility for Axalta Coating Systems, a manufacturer of vehicle coatings. Robert Fahey, Jerry Kranzel, Erin Hannan and Jack Corcoran of CBRE represented the seller, Liberty Property Trust, in the transaction. Nick Harris and Steven Doherty of CBRE secured acquisition financing and represented the buyer, Apex Capital Investments. Apex is a U.S.-based subsidiary of Kuwait-based Dimah Capital.

February 10, 2020

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