Acquisitions

Newmark Knight Frank Arranges $58M Sale of Multifamily Community in Fort Lauderdale

by Alex Tostado February 28, 2020

FORT LAUDERDALE, FLA. — Newmark Knight Frank (NKF) has arranged the $58 million sale of Serramar Apartments, a 302-unit multifamily community in Fort Lauderdale. The property, which was 95 percent occupied at the time of sale, was built in 1986. The property comprises 23 two-story buildings offering one- and two-bedroom floor plans. Communal amenities include a recently renovated clubhouse, business center, basketball court, two swimming pools and a fitness center. The seller, Bar Invest Group, acquired the property in 2016 and invested $44 million in upgrades and renovated 25 percent of the units. Hampton Beebe and Avery Klann of NKF represented the seller in the transaction. Milbrook Properties purchased the asset.

February 28, 2020

Acquisitions Alabama Florida Retail South Carolina Southeast Virginia

SRS Negotiates Sale of 467,358 SF Retail Portfolio in Southeast

by Alex Tostado February 28, 2020

RICHMOND, VA. — SRS’ Investment Property Group (IPG) has negotiated the sale of a four-property, 467,358-square-foot retail portfolio spanning four Southeastern states. Richmond-based Hackney Real Estate Partners acquired the portfolio, which comprises New Smyrna Beach Shopping Center in New Smyrna Beach, Fla.; Marintown Plaza in North Augusta, S.C.; Kings Fairground in Danville, Va.; and a single-tenant building net-leased to The Home Depot in Dothan, Ala. The sales price was not disclosed. The largest shopping center in the portfolio is Marintown Plaza, a 141,903-square-foot property that was fully leased at the time of sale to tenants including Belk, Planet Fitness, Office Depot, Advance America Cash, Jersey Mike’s Subs, OneMain Financial, Jackson Hewitt Tax Service, Sonic, Ruby Tuesday and Taco Bell. Kings Fairground spans 120,153 square feet and includes anchor tenants Ollie’s Bargain Outlet and Tractor Supply Co. New Smyrna Beach Shopping Center is a 101,037-square-foot asset that was 98 percent leased at the time of sale to tenants such as AMC Theatres, Planet Fitness and Dollar General. Kyle Stonis and Pierce Mayson of IPG represented the sellers in the transaction.

February 28, 2020

Acquisitions Multifamily Texas

Bellaire Partners Buys 216-Unit OakRidge Apartment Homes in San Antonio

by Taylor Williams February 28, 2020

SAN ANTONIO — Bellaire Partners, a California-based investment firm, has purchased OakRidge Apartment Homes, a 216-unit community in northeast San Antonio. The property features one- and two-bedroom units averaging 692 square feet and amenities such as a pool, fitness center, business center, resident clubhouse and a playground. Moses Siller and Zar Haro of JLL represented the seller, Regional Investment & Management, in the transaction. Mark Brandenburg of JLL arranged an undisclosed amount of acquisition financing through NexBank on behalf of the buyer. The loan was structured with a five-year term and a fixed interest rate.

February 28, 2020

Acquisitions Industrial Texas

Marcus & Millichap Arranges Sale of 62,500 SF Industrial Asset in Ennis, Texas

by Taylor Williams February 28, 2020

ENNIS, TEXAS — Marcus & Millichap has arranged the sale of a 62,500-square-foot industrial asset occupied by Party Supplies Group in Ennis, a southern suburb of Dallas. The property was built on 2.1 acres in 1962. Adam Abushagur and Cliff Zimmerman of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were private investors that requested anonymity.

February 28, 2020

Acquisitions Industrial Texas

NAI Partners Brokers Sale of 49,100 SF Industrial Property in Houston

by Taylor Williams February 28, 2020

HOUSTON — NAI Partners has brokered the sale of a 49,100-square-foot industrial property located at 10000 W. Airport Blvd. in Houston. According to LoopNet Inc., the single-tenant property was built on 5.8 acres in 1980. Chris Caudill and Griff Bandy of NAI Partners represented the seller, SES Properties LLC, in the transaction. Tiffany Sebastian of RE/max Vintage represented the buyer, Classic Chevrolet of Sugar Land.

February 28, 2020

Acquisitions Colorado Industrial Office Western

NavPoint Real Estate Arranges $11.2M Sale of Flex Building in Broomfield, Colorado

by Amy Works February 28, 2020

BROOMFIELD, COLO. — NavPoint Real Estate Group has negotiated the sale of a multi-tenant office, flex and R&D investment asset in Broomfield. Silverwood Investments sold the property to 295 Interlocken Boulevard LLC for $11.2 million. Built 1965 on 5.5 acres, the single-story building features 65,000 square feet of multi-tenant flex space. At the time of sale, the property was leased to a variety of tenants in the technology, food and transportation industries. The property is located at 295 Interlocken Blvd. Matt Call of NavPoint Real Estate Group represented the seller, while Eric Rutherford of WK Real Estate represented the buyer in the transaction.

February 28, 2020

Rosewood Courte for Northwest Care Senior Living

Acquisitions Multifamily ORIX Seniors Housing Washington Western

Lancaster Pollard Provides $7.2M Refinancing for Rosewood Courte Memory Care in Edmonds, Washington

by Amy Works February 28, 2020

EDMONDS, WASH. — Lancaster Pollard has provided $7.2 million in refinancing for Rosewood Courte Memory Care in Edmonds, approximately 15 miles north of downtown Seattle. The Fannie Mae loan provides long-term, fixed-rate financing. The borrower will use the funds for capital improvements. Although the borrower was not disclosed, the property is listed on Northwest Care Senior Living’s website. Grant Goodman, Casey Moore and Doug Harper led the transaction for Lancaster Pollard.

February 28, 2020

Acquisitions Midwest Office Ohio

Time Equities Acquires 177,624 SF Loft Office Building in Cincinnati

by Kristin Harlow February 28, 2020

CINCINNATI — Time Equities Inc. has acquired 302 West Third in Cincinnati for an undisclosed price. The nine-story, 177,624-square-foot office building was originally built in 1915 and renovated in 2001 and 2016. The loft-style property features a conference center and complimentary morning coffee for all tenants, some of which include Al Neyer, Baxter Hodell Donnelly Preston Inc., Immedion and Grey Advertising. Max Pastor and Brian Soto of TEI led the acquisition on behalf of the organization. Michael Sullivan of Cushman & Wakefield represented the seller, an affiliate of HighBrook Investors.

February 28, 2020

Acquisitions Illinois Industrial Midwest

Colliers Brokers Sale of 465,940 SF Industrial Facility in West Chicago

by Kristin Harlow February 28, 2020

WEST CHICAGO, ILL. — Colliers International has brokered the sale of 1717 W. Harvester Road, a 465,940-square-foot industrial facility in West Chicago. The sales price was undisclosed. Situated on 30.5 acres, the property features a clear height of 25 feet, 145 car parking stalls, 23 loading docks and four drive-in doors. It is fully leased to two tenants. Boston-based Plymouth Industrial REIT purchased the asset. Jeff Devine and Steve Disse of Colliers represented the institutional seller.

February 28, 2020

Acquisitions Illinois Midwest Multifamily

Interra Arranges $6.5M Condo Deconversion Sale in Chicago’s Rogers Park

by Kristin Harlow February 28, 2020

CHICAGO — Interra Realty has arranged the deconversion sale of 1638-44 W. Greenleaf Ave., a 40-unit condominium building in Chicago’s Rogers Park neighborhood, for $6.5 million. Built in 1929, the property rises three stories. Renovated two- and three-bedroom units feature exposed brick, kitchens with granite countertops and stainless-steel appliances as well as in-unit laundry. Craig Martin and Lucas Fryman of Interra represented the buyer, a local investment group that purchased the asset through a 1031 tax-deferred exchange. Martin and Fryman also represented the sellers, a private equity group that owned 36 of the units, three individual investors who each owned a unit and one owner-occupier.

February 28, 2020

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