SEATTLE AND BELLEVUE, WASH. — KKR, a global investment firm, has closed on two real estate transactions totaling more than $1.2 billion. The firm purchased Summit in downtown Bellevue and F5 Tower in downtown Seattle, both office assets. Located in Bellevue’s central business district, Summit features 915,000 square feet of Class A office space. The complex is 99 percent leased and comprises two existing LEED Platinum office buildings and a third building that is currently under construction, with completion slated for third-quarter 2020. Recently completed, F5 Tower is a 43-story office tower in Seattle’s central business district. The property includes a fully leased, 516,000-square-foot office condominium acquired by KKR alongside a separate 189-room luxury hotel. The building is architecturally significant to the Seattle skyline and home to F5 Networks as its global headquarters. Urban Renaissance Group, a Seattle-based real estate investor, developer and manager of real estate, will operate the properties. The company also assisted with the acquisition. These investments are being funded by accounts co-advised by KKR and KKR’s balance sheet. The names of the sellers were not released.
LAS VEGAS — Marcus & Millichap has brokered the sale of Town & Country I & II, two apartment communities located in Las Vegas. An undisclosed buyer acquired the assets for $26 million. The name of the seller was not released. Michael Shaffner and Michael LaBar of Marcus & Millichap’s Las Vegas office represented the buyer in the deal. Located at 4311 Boulder Highway, Town & Country I features 143 units, while Town & Country II, located at 5390 Boulder Highway, offers 205 units. The Town & Country Manor brand caters to the weekly/monthly tenant profile on the Boulder strip corridor and offers fully furnished one-bedroom suites, full kitchens with microwaves and walk-in closets.
CORPUS CHRISTI, TEXAS — Tradewind Properties has acquired Camden South Bay, a 270-unit apartment community in Corpus Christi. Built in 2007, the property offers one-, two- and three-bedroom layouts ranging in size from 642 to 1,500 square feet. Amenities include a 24-hour fitness center with a children’s play area, gaming lounge with billiards, pool and outdoor kitchen, business center, sand volleyball court and a dog park. Ryan Epstein, Jennifer Ray and Scott Bray of Berkadia represented the seller, Fund South Bay, in the transaction. Cutt Ableson of Berkadia arranged floating-rate acquisition financing through Freddie Mac on behalf of Tradewind.
OCEANSIDE, CALIF. — Denver-based Black Creek Group has completed the disposition of Rocky Point Distribution Center, a new, Class A, multi-tenant industrial facility located in Oceanside, a suburb of San Diego. Jackson, Miss.-based EastGroup Properties acquired the property for an undisclosed price. Bryce Aberg, Jeffrey Cole, Jeff Chiate, Mike Adey and Zach Harman of Cushman & Wakefield’s San Diego and Orange County, Calif., offices represented the buyer in the off-market transaction. Situated on 14.3 acres at 1291 and 13122 Rocky Point Drive, the two-building asset includes a 109,163-square-foot building and a fully leased 117,528-square-foot building. The complex was approximately 52 percent leased overall at the time of sale to an industrial mix that includes Wayfair Logistics. The two-building project is a part of a larger group of five buildings originally known as the Pacific Coast Collection.
SURPRISE, ARIZ. — Strategic Storage Trust IV, a public, non-traded REIT sponsored by an affiliate of SmartStop Self Storage REIT, has acquired a newly constructed self-storage facility in Surprise, a suburb of Phoenix. Terms of the transaction, including acquisition price and a seller’s name, were not released. The purchase of the Class A facility marks Strategic Storage Trust IV’s 22nd wholly owned property acquisition and its first property in the Phoenix area. Situated on 3.13 acres at 13788 W. Greenway Road, the 79,000-square-foot property features 716 self-storage units, climate control, drive-up access, ground-level units, overhead lighting and wide aisles and driveways. The property was constructed this year.
DALLAS — Greystone has negotiated the sale of a 53,861-square-foot office building located at 17440 N. Dallas Parkway on the city’s north side. According to LoopNet Inc., the Class B property was built in 1983. Jeff Burgfechtel and Todd Franks of Greystone represented the seller and advised the buyer in the transaction.
FRISCO, TEXAS — Marcus & Millichap has arranged the sale of Witt Crossing, a 6,907-square-foot retail strip center located in the northern Dallas suburb of Frisco. The asset was fully occupied at the time of sale. Bill Jordan of Marcus & Millichap represented the seller/developer in the transaction. Additional terms of sale were not disclosed.
WASHINGTON, D.C. — The U.S. affiliate of Swedish construction and development company Skanska AB has sold the 99M office building in Washington, D.C., to Chevy Chase, Md.-based Polinger Development Co. for $163 million. The transfer of the property is expected to close in the first quarter of 2020. Located at 99 M St. SE in D.C.’s Navy Yard neighborhood, the 11-story office building spans 234,000 square feet and is LEED Gold-certified. Built in 2018, 99M is 87 percent leased to tenants including PYXERA Global, an international trade and development nonprofit organization, and GiveCampus, a digital fundraising and volunteer management platform for educational institutions. In addition to ground floor retail, the building offers a rooftop terrace, fitness facility and a secured bike room.
NEWARK, N.J. — The Kislak Co. Inc. has brokered the $5.8 million sale of a four-property multifamily portfolio totaling 69 units in Newark.. The portfolio comprises four three-story apartment buildings within close proximity of each other, including 12 units at 48 Millington Ave., 16 units at 51 Summit Ave., 21 units at 535 Hawthorne Ave. and 20 units with a developable lot at 291 Wainwright St. Collectively, the properties were 100 percent occupied at the time of the sale. Robert Squires and Michael Kossak of Kislak represented the undisclosed seller in the transaction. Jeff Squires of Kislak procured the undisclosed buyer.
SANDY SPRINGS, GA. — Atlanta-based Cortland has purchased The Hill, a 287-unit multifamily complex in Sandy Springs, a suburb of Atlanta in the city’s Central Perimeter submarket. Cincinnati-based developer North American Properties Inc. (NAP) sold the property at 1160 Johnson Ferry Road NE to Cortland for an undisclosed amount. The complex, which will be rebranded as Cortland at the Hill, features a fitness center with free group fitness classes, a dog park, pool area, grilling stations and a fire pit. The apartment complex is adjacent to the MARTA Medical Center station and near to both Ga. Highway 400 and Interstate 285, as well as a cluster of hospitals giving the neighborhood the nickname of “Pill Hill.” The property was 81 percent occupied at the time of sale. With this acquisition, Cortland now owns 37 assets and more than 11,900 units in metro Atlanta.