Acquisitions

Meridian Capital Arranges $51.3M Acquisition Loan for Apartment Complex in South Florida

by Alex Tostado July 10, 2020

CORAL SPRINGS, FLA. — Meridian Capital Group has arranged a $51.3 million acquisition loan for The Harbor, a 310-unit apartment complex in Coral Springs. An undisclosed regional balance sheet lender provided the seven-year loan, which features a fixed 3.4 percent interest rate, one five-year extension option and three years of interest-only payments followed by a 30-year amortization schedule. The Harbor, formerly known as Innovo Living on Atlantic, comprises 33 two-story buildings. The asset is located at 790 Harbor Inn Drive, equidistant to Fort Lauderdale and Boca Raton. Communal amenities include a new 5,700-square-foot club house including a climbing wall, fitness center, business center, lap pool, and a yoga and Pilates studio. Noam Kaminetzky and Jason Grimm of Meridian Capital arranged the financing on behalf of the borrower, CaraCo Group. According to Kaminetzky, the sale was originally slated to close in late March or early April but was delayed due to the COVID-19 pandemic. Meridian Capital worked with all parties to negotiate a new closing date, which coincided with Broward County allowing shops and restaurants to reopen. Copperline Partners was the seller.

July 10, 2020

Acquisitions District of Columbia Multifamily Southeast

Greysteel Negotiates Two Sales of Apartment Communities in D.C. Totaling $21M

by Alex Tostado July 10, 2020

WASHINGTON, D.C. — Greysteel has negotiated the sale of The Waring and The Regent, two apartment communities in Washington, D.C. Urban Investment Partners acquired both assets for a total of $21 million. In the first deal, 1433 T Street Associates LLC sold The Waring, a 38-unit property located at 1433 T St., for $12.5 million. In the second deal, Mozart LLC sold The Regent, a 37-unit property located at 2517 Mozart Place NW, for $8.5 million. The Waring was built in 1909 and is situated less than one mile from downtown Washington, D.C. The property offers studio, one- and two-bedroom floor plans averaging 573 square feet. The seller recently upgraded unit interiors, including fully renovating the kitchens and bathrooms. The Regent, which is situated less than one mile from The Waring, offers studio through two-bedroom floor plans averaging 732 square feet. Ari Firoozabadi, W. Kyle Tangney and Herbert Schwat of Greysteel represented the seller in each deal and procured the buyer.

July 10, 2020

Acquisitions Northeast Office Pennsylvania

Marcus & Millichap Brokers Sale of 50,427 SF Gwynedd Office Park Near Philadelphia

by Taylor Williams July 10, 2020

LOWER GWYNEDD, PA. — Marcus & Millichap has brokered the sale of Gwynedd Office Park, a 50,427-square-foot property located in the Philadelphia suburb of Lower Gwynedd. The sales price was $6.8 million. Gwynedd Office Park, which was 98 percent leased at the time of sale, was built on 6.3 acres in 1980 and renovated in 2019. Craig Dunkle of Marcus & Millichap represented the buyer, and Craig Fernsler of KW Commercial Real Estate and Joshua Levin of Levin Commercial Real Estate represented the seller. Both parties were limited liability companies that requested anonymity.

July 10, 2020

Acquisitions Industrial Northeast Pennsylvania

Roddy Inc. Negotiates Sale of 21,600 SF Warehouse in Huntingdon Valley, Pennsylvania

by Taylor Williams July 10, 2020

HUNTINGDON VALLEY, PA. — Locally based brokerage firm Roddy Inc. has negotiated the sale of a 21,600-square-foot warehouse located at 1670 Republic Road in Huntingdon Valley, about 20 miles north of Philadelphia. The property is situated on 1.4 acres and features 18-foot clear heights, two tailgate loading doors and 2,600 square feet of office space. Sean Dunkin of Roddy Inc. represented the sellers, a duo of private investors, in the transaction. The buyer was Republic Holdings LLC, an affiliate of Precision Mechanical Contracting, a Pennsylvania-based provider of refrigeration services.

July 10, 2020

Acquisitions Multifamily Texas

Marcus & Millichap Negotiates Sale of 108-Unit Red Oak Apartments in Fort Worth

by Taylor Williams July 10, 2020

FORT WORTH, TEXAS — Marcus & Millichap has negotiated the sale of Red Oak, a 108-unit apartment community in Fort Worth. The property was built in 1969, renovated in 1993 and offers studio, one-, two-, three- and four-bedroom units. Nick Fluellen, Bard Hoover and Wesley Racht of Marcus & Millichap represented the seller, a private investors, in the transaction. George Miller, also with Marcus & Millichap, secured the buyer, a limited liability company that acquired the asset via a 1031 exchange.

July 10, 2020

Acquisitions Healthcare Texas

Capital Crossing Sells 79,396 SF Hospital in Brownsville, Texas

by Taylor Williams July 10, 2020

BROWNSVILLE, TEXAS — Boston-based Capital Crossing has sold Brownsville Doctors Hospital, a 79,396-square-foot vacant healthcare property located in the South Texas city of Brownsville. The property was originally built as a one-story, 56-bed hospital in 2001 and expanded in 2008 to include two additional floors and a freestanding building for wound care. Scott Herbold of CBRE represented Capital Crossing, in the transaction. The buyer was a local investor who plans to reposition the asset and provide healthcare services to the community.

July 10, 2020

Acquisitions Retail Texas

Colliers Brokers Sale of 14,050 SF Colony Place Shopping Center in Metro Houston

by Taylor Williams July 10, 2020

SUGAR LAND, TEXAS — Colliers International has brokered the sale of Colony Place, a 14,050-square-foot strip retail center located in the southwestern Houston suburb of Sugar Land. Tenants include FedEx Office and laundry service provider 1.75 Cleaners. Ace Schlameus and Jenny Seckinger of Colliers represented the seller, Hass Holdings Inc., in the transaction. Anita Amin of Preston Cunningham Ventures LLC represented the buyer, DML Colony Place LP.

July 10, 2020

Acquisitions Florida Multifamily Southeast

CBRE Arranges Sale of Two Tampa Bay Apartment Complexes Totaling 598 Units

by Alex Tostado July 9, 2020

ST. PETERSBURG AND TAMPA, FLA. — CBRE has arranged the sale of a two-property apartment portfolio located in St. Petersburg and Tampa. The first property is Viera Bayside, a 208-unit property located at 500 110th Ave. N. in St. Petersburg. Communal amenities include a 24-hour business center, clubhouse, fitness center and a pool. Unit interiors feature granite countertops, as well as modernized lighting and plumbing fixtures. The second property is Veranda at Westchase, a 308-unit community located at 12401 W. Hillsborough Ave. in Tampa. Community amenities include a fitness center, spa, pool, tennis court, car wash area, business center and a clubhouse. Francesco Carriera and Michael Regan of CBRE represented the undisclosed seller and the buyer, Bridge Investment Group, in the transaction. The sales price was not disclosed.

July 9, 2020

Acquisitions California Retail Western

RBL Real Estate Sells Del Norte Marketplace in Bay Area for $22.5M

by Amy Works July 9, 2020

EL CERRITO, CALIF. — RBL Real Estate has completed the disposition of Del Norte Marketplace, a pharmacy-anchored shopping center located in El Cerrito. Miami-based Jewell Capital acquired the asset, including its existing debt, for $22.5 million. Located at 11511-11565 San Pablo Ave., the 64,270-square-foot retail center recently underwent a multi-year repositioning. Current tenants include Walgreens, Ross Dress for Less, dd’s Discounts and IHOP. Eric Kathrein, Tim Kuruzar, Bryan Ley and Jake Dempsey of JLL Capital Markets represented the seller in the deal.

July 9, 2020

Acquisitions California Office Western

Colliers Brokers Sale of Eight-Building Office Portfolio Near Sacramento for $23M

by Amy Works July 9, 2020

SACRAMENTO AND GOLD RIVER, CALIF. — Colliers International’s Institutional Capital Markets team has arranged the sale of an eight-building office portfolio near Sacramento. Cook Endeavors acquired the asset from WHAL Properties for $23 million, or $139 per square foot. Totaling 170,000 square feet, the portfolio includes 11341 and 11335 Gold Express Drive, 11249 Gold Country Blvd. and 11211 Gold Country Blvd. in Gold River, as well as 800 Howe Ave., 3604, 3626 and 3620 Fair Oaks Blvd. in Sacramento. Brad Idleman, Andrew Gibson, Bob Gilley, Kevin Moul and Andy Zighelboim of Colliers represented the seller, while Thomas Walcott of Colliers Sacramento represented the buyer in the off-market transaction.

July 9, 2020

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