Acquisitions

CBRE Brokers $46.2M Sale of Torrey Pines Apartment Complex in Denver

by Amy Works January 29, 2020

DENVER — CBRE has arranged the sale of Torrey Pines, a multifamily property located at 7575 E. Arkansas Ave. in Denver. Greenwood Village, Colo.-based Vukota Capital sold the asset to Los Angeles-based Marble Partners for $46.2 million. Dan Woodward, David Potarf and Matt Barnett of CBRE represented the seller in the deal. Built in 1980, the 15-building community features 203,640 square feet of rentable space across 235 apartments. Community amenities include 58 covered parking spaces, 353 open parking spaces, a clubhouse, fitness center, swimming pool and fenced dog park.

January 29, 2020

Acquisitions California Office Western

Buchanan Street Partners Buys 99,716 SF Newark Tech Park in Bay Area

by Amy Works January 29, 2020

NEWARK, CALIF. — Buchanan Street Partners has purchased Newark Tech Park, an office and life sciences asset in Newark. New York-based Time Equities sold the property for $26.2 million. Located at 8000 and 8100 Jarvis Ave., the two-building project features 99,716 square feet of space. Built in 2001, the park offers efficient floor plates, 16-foor clear heights and building spaces that can accommodate tech and biotech space. Buchanan financed the acquisition through assuming an in-place CMBS loan on the building at 8000 Jarvis Ave. and secured a new bank loan for the building at 8100 Jarvis Ave. Peter Thompson of JLL assisted with the bank financing. Grant Lammersen, Steve Golubchik, Tyler Myerdirk and Edmund Najera of Newmark Knight Frank represented the seller in the transaction.

January 29, 2020

Acquisitions Arizona Retail Western

TriGate Capital Sells Crossroads at Tolleson Shopping Center in Arizona for $24.5M

by Amy Works January 29, 2020

TOLLESON, ARIZ. — TriGate Capital has completed the sale of Crossroads at Tolleson, a regional shopping center located at 9897 W. McDowell Road in Tolleson. An undisclosed buyer acquired the asset for $24.5 million, or $248 per square foot. At the time of sale, the 98,598-square-foot center was 96 percent leased by a variety of tenants. Current retailers include NAPA Auto Parts, Sherwin-Williams, Cricket Wireless, Sprint, Verizon, OneMain Financial, DXL and Firehouse Subs. Chad Tiedeman and Steven Underwood of Phoenix Commercial Advisors represented the seller in the deal. Zach Pace, Nick DeDona and Drew Butler, also of Phoenix Commercial Advisors, handled leasing for the property.

January 29, 2020

Acquisitions Georgia Mixed-Use Southeast

Midtown West Associates Sells Brickworks Mixed-Use Portfolio in Atlanta for $80M

by John Nelson January 28, 2020

ATLANTA — Midtown West Associates LLC, a real estate development and management firm based in Atlanta, has sold Brickworks, a portfolio of retail and office buildings in Atlanta’s West Midtown district. Charlotte-based Asana Partners purchased the portfolio for an undisclosed price, but Atlanta Business Chronicle reports Brickworks traded for nearly $80 million. Patterson Real Estate Advisory Group marketed the 194,000-square-foot portfolio for sale. Richard Martin, managing director of Midtown West Associates, previously redeveloped his family’s obsolete brick warehouses in the city’s former industrial district into an adaptive reuse campus that is now leased to tenants such as Octane Coffee, Hop City, Food Terminal, Earl’s Bike Shop, Five Seasons Brewing, Snap Fitness, Nouvelle Nail Spa, Lola West Salon, Bocado, and Carvana. Brickworks also features several art galleries and workspaces, home décor and apparel stores and offices, including a regional office for Facebook. Brickworks and Jamestown’s Westside Provisions District are widely considered the catalysts behind Atlanta’s West Midtown’s boom, attracting best in class restaurants, shops and offices, as well as spurring new development. Asana Partners has made several investments in Atlanta’s prime neighborhoods recently, including Krog Street Market, a food hall in Inman Park; the Plaza Theatre and Majestic Diner in Poncey-Highland; …

January 28, 2020

Acquisitions Industrial North Carolina Southeast

JLL Brokers $63.8M Sale of Distribution Center in Charlotte

by John Nelson January 28, 2020

CHARLOTTE, N.C. — JLL has brokered the $63.8 million sale of Premier Distribution Center, a 1.4 million-square-foot distribution center located at 1900 Continental Blvd. in Charlotte’s Southwest industrial submarket. Chris Norvell, Patrick Nally, Pete Pittroff and David Andrews of JLL represented the seller, a partnership between New York Life Insurance Co. and LRC Properties, in the transaction. A partnership between Somerset Properties and Waterfall Asset Management acquired the 95-acre property. Originally constructed as the North American headquarters for Continental Tire, Premier Distribution Center was rebranded and transformed into a modern distribution complex that features 24-foot clear heights, ESFR sprinkler systems, motion-sensor LED lighting, 110 loading positions, abundant parking and onsite trailer storage. The sale includes a 25.9-acre development parcel adjacent to the existing loading area that can accommodate a 333,000-square-foot cross-dock facility.

January 28, 2020

Acquisitions Georgia Multifamily Southeast

Nicol Investment Sells Multifamily Community in Atlanta’s Buckhead District for $46M

by John Nelson January 28, 2020

ATLANTA — Nicol Investment Co. has sold Evergreen Lenox Park, a 206-unit multifamily community in Atlanta’s Buckhead district, for $46 million. The Nashville-based company acquired the property in 2013 and invested $2.5 million to renovate unit interiors, exteriors, clubhouse and communal amenities. The property, which was originally built in 1995, is located at 100 Lenox Park Circle, 10 miles north of downtown Atlanta. The property offers one-, two- and three-bedroom floor plans, as well as a clubhouse, business center, car wash area, pet washing station, fitness center, pool and a tennis court. An undisclosed pension fund based in New York City acquired the asset in an off-market transaction.

January 28, 2020

Acquisitions Florida Healthcare Office Southeast

Cushman & Wakefield Negotiates $24.3M Sale of Medical Office Building in West Palm Beach

by John Nelson January 28, 2020

WEST PALM BEACH, FLA. — Cushman & Wakefield has negotiated the $24.3 million sale of Gardens Medical Pavilion, a 75,424-square-foot medical office building (MOB) in West Palm Beach. Charlottesville, Va.-based Anchor Health Properties acquired the building for $24.3 million, or $322 per square foot, from Gardens Medical Pavilion LLC. The five-story MOB was built in 1991 at 3401 PGA Blvd., which is situated near Palm Beach Gardens Medical Center, Jupiter Medical Center and the North County Surgery Center. Gardens Medical Pavilion was 84 percent leased at the time of sale to tenants including Florida Cancer Specialists, the University of Miami, Gastro Group of the Palm Beaches and Pediatric Partners. Scott O’Donnell, Michael Ciadella, Dominic Montazemi, Greg Miller, Miguel Alcivar, Anthony Librizzi and Michael Feldman of Cushman & Wakefield represented the seller in the transaction.

January 28, 2020

Acquisitions Illinois Midwest Retail

Baum Arranges $4.6M Sale of Multi-Tenant Retail Property in Wheaton, Illinois

by Kristin Harlow January 28, 2020

WHEATON, ILL. — Baum Realty Group LLC has arranged the sale of a net-lease retail property spanning 12,996 square feet in Wheaton for $4.6 million. Tenants include Starbucks, Qdoba, AT&T, Supercuts and UPS. The building is situated near a 116,000-square-foot Jewel-Osco. Patrick Forkin of Baum represented both the undisclosed seller and the buyer, a regional real estate investor.

January 28, 2020

Acquisitions Multifamily Texas

Berkadia Brokers Sale of 288-Unit Vantage at Boerne Apartment Community Near San Antonio

by Taylor Williams January 28, 2020

BOERNE, TEXAS — Berkadia has brokered the sale of Vantage at Boerne, a 288-unit apartment community located on the northwestern outskirts of San Antonio in Boerne. The property features one-, two- and three-bedroom units with individual washers and dryers and digital thermostats. Amenities include a fitness center, pool, business center, clubhouse, a pet park and outdoor grilling stations. Michael Miller, Will Caruth and Cody Courtney of Berkadia represented the seller, Texas-based American Opportunity for Housing. The buyer was not disclosed.

January 28, 2020

Acquisitions Hospitality Texas

JRK Property Holdings Buys Portfolio of Marriott-Branded Hotels in Austin for $65M

by Taylor Williams January 28, 2020

AUSTIN, TEXAS — JRK Property Holdings, a Los Angeles-based investment firm, has purchased a portfolio of five Marriott-branded hotels in Austin for $65 million in an all-cash deal. The 602-room portfolio includes hotels under the Courtyard by Marriott, Residence Inn, SpringHill Suites and Fairfield Inn & Suites brands. JRK plans to invest more than $40,000 per room in capital upgrades to the hotels, which originally opened between 1996 and 2001. JLL represented the seller, Maryland-based hospitality REIT RLJ Lodging Trust, in the transaction.

January 28, 2020

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