Acquisitions

One Real Estate Investment Buys 312-Bed Student Housing Property in Bryan, Texas

by Taylor Williams June 10, 2020

BRYAN, TEXAS — Miami-based One Real Estate Investment has purchased The Element at University Park, a 312-bed student housing property in Bryan. The community is located about three miles from Texas A&M University and was 97 percent occupied at the time of sale. Built in phases in 2000 and 2008, Element at University Park features one- and two-bedroom units and amenities such as a pool, fitness center, business center, tennis courts and a dog park. Ryan Lang, Brandon Buell, Jack Brett, Brad Shaffer and Brandon Miller of Newmark Knight Frank (NKF) represented the seller, Massachusetts-based Aspen Square Management, and procured One Real Estate as the buyer.

June 10, 2020

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 326-Unit Self-Storage Facility in San Antonio

by Taylor Williams June 10, 2020

SAN ANTONIO — Marcus & Millichap has brokered the sale of Angel’s Attic, a self-storage facility located at 5601 NW Loop 410 in San Antonio that consists of 326 non-climate-controlled units. The property was built in 1973 and spans 38,685 net rentable square feet. Casey Kral and Dave Knobler of Marcus & Millichap represented the seller, a private investor, in the transaction. The duo also procured the buyer, a California-based limited liability company.

June 10, 2020

Acquisitions Connecticut Northeast Office

Dow Realty Brokers Sale of 7,870 SF Office Building in North Haven, Connecticut

by Alex Patton June 9, 2020

NORTH HAVEN, CONN. — Dow Realty Co. has brokered the sale of a 7,870-square-foot office building in North Haven, a northern suburb of New Haven. Located at 202-204 State St., the freestanding property is part of a two-building office condominium complex and sits adjacent to Yale-New Haven’s Health North Haven Medical campus. Jeff Dow of Dow Realty Co. represented the seller, ACES Technology Services, in the transaction. Stephen Press and Tony Poccia of Press | Cuozzo Commercial Services represented the buyer, TRM Investments LLC. The sales price was undisclosed.

June 9, 2020

Acquisitions Multifamily Oregon Western

Virtú Investments Buys 204-Unit Modera Davis Apartments in Portland’s Pearl District

by Amy Works June 9, 2020

PORTLAND, ORE. — Virtú Investments has purchased Modera Davis, a newly built, 12-story residential community located at 215 NW 10th St. in Portland’s Pearl District. A joint venture between Mill Creek Residential Trust LLC and its capital partner sold the property for an undisclosed price. Modera Davis features 204 apartments averaging 658 square feet, 8,307 square feet of ground-floor retail and 136 parking stalls. The units offer private balconies and high-end finishes, including quartz countertops and backsplashes, stainless steel appliances, wine refrigerators, modern slab panel cabinetry, plank flooring, expansive windows and full-size washers and dryers. Community amenities include a top-floor fitness center; rooftop deck with grilling area and fire pit; sauna with rock salt wall; sensory deprivation chamber; golf simulator; demonstration kitchen; and electric vehicle charging stations. Ira Virden, Carrie Kahn and Frank Solorzano of JLL Capital Markets represented the seller in the transaction.

June 9, 2020

Acquisitions Arkansas Multifamily Southeast

Pebb Capital Sells Apartment Complex in Conway, Arkansas for $17.5M

by Alex Tostado June 9, 2020

CONWAY, ARK. — Pebb Capital has sold Glenrock Apartments, a 180-unit apartment complex in Conway, for $17.5 million. Pebb acquired the property in 2016 when it was a 540-bed student housing community. The asset is located at 2730 Dave Ward Drive, one mile from the University of Central Arkansas campus. The Boca Raton, Fla.-based company converted the property, which now offers two-, three- and four-bedroom floor plans. Communal amenities include a 24-hour fitness center, saltwater pool, sand volleyball and basketball courts, business center, game room, coffee bar and tanning beds. The buyer was not disclosed.

June 9, 2020

Acquisitions California Industrial Western

Westcore Expands Bay Area Portfolio with $9.2M Industrial Acquisition

by Amy Works June 9, 2020

SAN JOSE, CALIF. — Westcore has purchased an industrial warehouse, located at 660 N. King Road in San Jose, for $9.2 million. The 40,000-square-foot property features 29-foot clear heights and a secured yard. Westcore plans to renovate the warehouse to include a new roof, seismic retrofitting, parking lot repairs, office reconfiguration and upgrades. The asset is adjacent to an 87,000-square-foot industrial warehouse, located at 1800 Dobbin Drive, that Westcore acquired earlier this year. Jeffrey Ida and Cole Ferrari of Marcus & Millichap represented the buyer and undisclosed seller in the transaction.

June 9, 2020

Acquisitions Colorado Multifamily Western

AQYRE Real Estate Advisors Brokers $3.1M Sale of Apartment Building in Denver

by Amy Works June 9, 2020

DENVER — AQYRE Real Estate Advisors has arranged the sale of an apartment building located at 2441 S. York St. in Denver. An undisclosed buyer acquired the property for $3.1 million, or $350.10 per square foot. Situated between the University of Denver campus and University Avenue, the 8,926-square-foot property features on-site parking and 17 apartments, with 13 units fully renovated. Joe Hornstein, Scott Fetter and David Barocas of AQYRE represented the undisclosed seller, while Matt Lewallen and Kevin Calame, also of AQYRE, represented the buyer in the deal.

June 9, 2020

Acquisitions Midwest Ohio Retail

Boulder Group Arranges $2.6M Sale of Property Net Leased to Walgreens in Metro Cleveland

by Kristin Harlow June 9, 2020

PAINESVILLE, OHIO — The Boulder Group has arranged the $2.6 million sale of a 15,048-square-foot property net leased to Walgreens in Painesville within metro Cleveland. The building is located at 132 Richmond St. Walgreens has nearly eight years remaining on its lease. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Northeast-based private real estate company. A West Coast-based investor purchased the asset.

June 9, 2020

Acquisitions California Leasing Activity Office Top Stories Western

PG&E to Move to Oakland, Sell San Francisco Headquarters

by John Nelson June 9, 2020

SAN FRANCISCO AND OAKLAND, CALIF. — PG&E Corp. (NYSE: PCG), parent company of West Coast utilities company Pacific Gas and Electric Co., has entered into a long-term lease at 300 Lakeside, a 824,469-square-foot office building situated along Lake Merritt in Oakland. Starting in 2022, the publicly traded firm will move away from its longtime downtown San Francisco headquarters at 77 Beale St. and 245 Market St. The company plans to sell the buildings, pending approval of the bankruptcy court. PG&E entered into bankruptcy protection in January 2019 that included a $13.5 billion settlement for approximately 70,000 victims of the Northern California wildfires in 2017 and 2018, according to the San Francisco Business Times. The company’s power lines were reported to have sparked the fires. PG&E plans to request approval from the California Public Utilities Commission to return the net gain realized upon the future sale of its San Francisco headquarters to its customers. The company currently owns and occupies roughly 1 million square feet of office space in San Francisco, according to the San Francisco Business Times. PG&E’s lease in Oakland includes a purchase option from landlord TMG Partners taking effect in 2023, the same year that PG&E plans to …

June 9, 2020

Acquisitions District of Columbia Office Southeast

Grosvenor Americas Acquires Two Office Buildings in D.C.’s Georgetown District Totaling 241,000 SF

by Alex Tostado June 8, 2020

WASHINGTON, D.C. — Grosvenor Americas has acquired two office buildings spanning 241,000 square feet in Washington, D.C.’s historic Georgetown district. The first property is the Georgetown-Green Building, a four-story, 112,000-square-foot building located at 2001 Wisconsin Ave. The British International School of Washington occupies the building, which was constructed in 1967 and renovated in 1987 and again in 2007. The other property in the transaction is the Harris Building, a five-story, 129,000-square-foot building located at 3300 Whitehaven St. Georgetown University occupies the building, which was built in 1975 and renovated in both 1987 and in 2005. The buildings are located less than one mile from each other and three miles northwest of downtown Washington, D.C. Grosvenor plans to implement smart technology designed to lessen utility loads and minimize the properties’ carbon footprint. The seller(s) and sales price were not disclosed.

June 8, 2020

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