Acquisitions

Alliant Credit Union Provides $20.8M Acquisition Loan for Multifamily Community in Metro Atlanta

by Alex Tostado June 24, 2020

MARIETTA, GA. — Alliant Credit Union has provided a $20.8 million acquisition loan for Bentley at Marietta, a 222-unit multifamily community in Marietta. The five-year loan features two years of interest-only payments followed by a 30-year amortization schedule. The property was built in 1985 and offers one- and two-bedroom floor plans. Communal amenities include a clubhouse, pool, fitness center, playground, outdoor grilling area, dog park and a private lake with a fishing dock. The asset is located at 880 S. Cobb Drive SE, 19 miles northwest of downtown Atlanta. Matthew Mense and Ari Schwartzbard of Newmark Knight Frank (NKF) originated the loan through Alliant Credit Union on behalf of the buyer, American Landmark Apartments. Jim Jarrell, Cory Caroline Sams, Chandler Brown, Walter Miller, Taylor Brown and Bo Brown of Greystone Brown Real Estate Advisors represented both the seller, Wilkinson Corp., and the buyer, Asset Development & Management Group LLC, in the transaction. The total sales price was $31.2 million.

June 24, 2020

Acquisitions Georgia Retail Southeast

CIM Group Sells Retail Property in Loganville, Georgia for $15.6M

by Alex Tostado June 24, 2020

LOGANVILLE, GA. — CIM Group has sold North Logan Commons, a 175,969-square-foot retail property in Loganville, for $15.6 million. The asset was 83 percent leased at the time of sale to tenants including anchors TJ Maxx, Dick’s Sporting Goods, OfficeMax and PetSmart. Co-tenants include Five Guys Burgers & Fries, Anytime Fitness and Sally Beauty. North Logan Commons is situated at 4022 Atlanta Highway, 37 miles east of downtown Atlanta. Fred Victor of Transwestern represented the Los Angeles-based seller in the transaction. New York City-based Big V Group acquired the property.

June 24, 2020

Acquisitions Healthcare Louisiana Office Southeast

Franklin Street Arranges $12.4M Financing for Medical Facility in Baton Rouge

by Alex Tostado June 24, 2020

BATON ROUGE, LA. — Franklin Street has arranged the $12.4 million acquisition and renovation financing for Physicians Medical Center, a 76,370-square-foot medical office and hospital campus in Baton Rouge. The three-story facility features a hospital on the first floor and 44,984 square feet of leasable medical office space at the time of sale. The buyer, New Era Cos., plans to implement property renovations. Following the project, Oceans Healthcare Outpatient Services will anchor the property. A local ophthalmology office and a division of the Louisiana Departments of Health and Capital Area Human Services will also lease space at the facility. Ben Miller and Casey Siggins of Franklin Street represented the buyer in the financial transaction. The seller and lender were not disclosed.

June 24, 2020

Acquisitions Midwest Minnesota Retail

Marcus & Millichap Brokers $7.9M Sale-Leaseback of Gas Station Portfolio in Minnesota

by Kristin Harlow June 24, 2020

MINNESOTA — Marcus & Millichap has brokered the sale-leaseback of a six-property gas station portfolio in Minnesota for $7.9 million. Drew Isaac and Brian Bailey of Marcus & Millichap represented the seller. The properties, which were recently converted from Murphy USA to BP, all serve as outparcels to Walmart supercenters throughout the state.

June 24, 2020

Acquisitions Midwest Retail Wisconsin

Boulder Group Negotiates $1.6M Sale of Property Net Leased to BMO Harris Bank in Wisconsin

by Kristin Harlow June 24, 2020

SUPERIOR, WIS. — The Boulder Group has arranged the $1.6 million sale of a 4,566-square-foot property net leased to BMO Harris Bank in Superior in northwest Wisconsin. The single-tenant building is located at 1425 Tower Ave. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Midwest-based investor. The buyer, a private investor, completed a 1031 tax-deferred exchange. There are 13 years remaining on BMO’s lease.

June 24, 2020

Acquisitions Loans Multifamily North Carolina Southeast

Berkadia Provides $17.9M Acquisition Loan for Multifamily Community in Fayetteville, North Carolina

by Alex Tostado June 23, 2020

FAYETTEVILLE, N.C. — Berkadia has provided a $17.9 million Fannie Mae acquisition loan for Ardmore Pointe, a 291-unit multifamily community in Fayetteville. The 10-year loan features a fixed 3.01 percent interest rate and a 65 percent loan-to-value ratio. The property offers one-, two- and three-bedroom floor plans averaging 1,051 square feet. Communal amenities include a clubhouse, pool, dog park, fitness center and a car wash area. The asset is situated at 3325 Oak Forest Drive, eight miles west of downtown Fayetteville. Mitch Sinberg and Brad Williamson of Berkadia originated the loan on behalf of the buyer, One Real Estate Investments. The seller and sales price were not disclosed.

June 23, 2020

Acquisitions Multifamily New York Northeast

Avison Young Brokers $22.2M Sale of Adjacent Apartment Buildings in Manhattan

by Alex Patton June 23, 2020

NEW YORK CITY — Avison Young has brokered the $22.2 million sale of two adjacent apartment buildings in the Greenwich Village neighborhood of Manhattan. Located at 103 and 105 MacDougal St., the two seven-story buildings total 72 multifamily units with one- and two-bedroom floor plans. The properties span 39,000 square feet, and one building includes a 5,000-square-foot retail space. James Nelson, Brandon Polakoff, Alexandra Marolda and David Shalom represented the undisclosed seller in the transaction. Davean Holdings was the buyer.

June 23, 2020

Acquisitions California Retail Western

Netflix Acquires Historic Egyptian Theatre in Hollywood

by Amy Works June 23, 2020

HOLLYWOOD, CALIF. — Netflix has acquired the Egyptian Theatre, a historic property that was originally built in 1922 in Hollywood. Netflix and the American Cinematheque, which purchased the theater in 1996, are collaborating to redevelop and continue operations at the theater. The Egyptian Theatre will remain the home of the American Cinematheque, a nonprofit, member-supported cultural organization, with its curation team continuing to autonomously program Friday, Saturday and Sunday events and showings. Netflix will invest in the property’s renovation and will use the revitalized space for special events, screenings and premieres during the week. The movie theater was originally built in during the silent film era and was the site of the first Hollywood movie premiere — Robin Hood, starring Douglas Fairbanks. In 2016, the theater was retrofitted to screen 35mm nitrate films and is now one of only four theaters in the United States capable of showing this rare, ultra-fragile and flammable film stock. Farshad Morè and Scott Sherwood of Gibson Dunn & Crutcher represented American Cinematheque in the transactions. Terms of the acquisition were not released.

June 23, 2020

Acquisitions California Multifamily Western

Levin Johnston Negotiates $24.7M Sale of Marymount Place Apartments in Santa Clara, California

by Amy Works June 23, 2020

SANTA CLARA, CALIF. — Levin Johnston of Marcus & Millichap has arranged the sale Marymount Place Apartments, a multifamily property comprising three adjacent buildings in Santa Clara. Adam Levin and Robert Johnston of Marcus & Millichap’s Levin Johnston team represented the undisclosed buyer and seller in the $24.7 million transaction. The portfolio includes: 1962 Bellomy St. — Built in 1961, the 37-unit property features a mix of studio, one-, two- and three-bedroom layouts. The community sold for $15.9 million. 1978 Bellomy St. — Developed in 1964, the 14-unit apartment building offers a mix of one-, two- and four-bedroom floor plans. The property sold for $6.1 million. 1972 Bellomy St. — Constructed in 1951, the eight-unit property features one-bedroom floor plans and sold for $2.7 million. The portfolio offers shared community amenities including on-site laundry facilities, a swimming pool and covered parking.

June 23, 2020

Acquisitions California Healthcare Office Western

CREST Properties Sells DaVita-Occupied Medical Office Building in Orange County for $8.4M

by Amy Works June 23, 2020

TUSTIN, CALIF. — CREST Properties has completed the disposition a medical office property located at 721 W. First St. in Tustin. of A Southern California-based private investor acquired the asset for $8.4 million. DaVita Healthcare occupies the entire 11,499-square-foot building. Ian Schroeder, Melissa Ley and Allison McDuffie of CBRE of represented the seller in the deal.

June 23, 2020

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