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Acquisitions

AcquisitionsIllinoisMidwestMultifamily

Kiser Group Brokers Sale of 128-Unit Apartment Property in Aurora, Illinois

by Kristin Harlow

AURORA, ILL. — Kiser Group has brokered the sale of 2000 Illinois, a 128-unit apartment property in Aurora. The sales price was undisclosed, but the cap rate was 5.64 percent. Constructed in 1973, the property includes parking and an outdoor pool. In 2014, the seller entered into a land use restriction agreement with the Illinois Housing Development Authority that stipulated 25 percent of the units be income-restricted to 60 percent of the area median income for a 10-year period. Matt Halper and Danny Mantis of Kiser represented the undisclosed buyer and seller.

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AcquisitionsIndustrialTexas

Meritex Acquires 84,080 SF Industrial Complex Near DFW Airport in Irving

by Taylor Williams

IRVING, TEXAS — The Meritex Co. has acquired Jetstar 114 Business Center, a three-building industrial complex totaling 84,080 square feet in Irving. Developed in 1999 by Jackson-Shaw, the buildings are situated adjacent to Dallas-Fort Worth (DFW) International Airport and feature 18-foot clear heights and both dock-high and drive-in loading platforms. The property was fully occupied at the time of sale. The seller was not disclosed.

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Tuscany-Village-Center-Greenwood-Village-CO
AcquisitionsColoradoOfficeWestern

PCCP Provides $51M Acquisition Loan for Tuscany Village Center Office Asset in Metro Denver

by Amy Works

GREENWOOD VILLAGE, COLO. — PCCP has provided a $51 million senior loan to America’s Capital Partners for the acquisition of Tuscany Village Center, an office property located at 6312 S. Fiddlers Green Circle in Greenwood Village within Denver’s Fiddler’s Green submarket. The seller, a local real estate investment firm, acquired the asset in 2016 and invested more than $6 million in renovations, including improvements to the atrium and common areas. At the time of sale, the property was 97 percent leased with stable cash flow from a rent roll of high-quality tenants with staggered lease expirations. Built in 1989 on 8.6 acres, the 257,875-square-foot Tuscany Village consists of two six-story towers connected by an open-space atrium lobby. Additionally, the property includes a three-level structured parking garage, an outdoor seating area with public Wi-Fi, a fitness center with locker rooms and showers, and a conference room facility.

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Revival-Biltmore-Phoenix-AZ
AcquisitionsArizonaMultifamilyWestern

CBRE Arranges $31.2M Sale of Revival Biltmore Apartments in Phoenix

by Amy Works

PHOENIX — CBRE has brokered the sale of Revival Biltmore, a multifamily property located in Phoenix. LP.PBV-2911 East Indian School Road LLC acquired the asset from an undisclosed seller for $31.2 million in an all-cash transaction. Located at 2911 E. Indian School Road, Revival Biltmore features studio, one-, two- and three-bedroom units with modern amenities, including upgraded cabinets, flooring and fixtures, as well as stainless steel appliances. Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke of CBRE’s Phoenix office represented the buyer and seller in the transaction.

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The-Gilbert-Seattle-WA
AcquisitionsMultifamilyWashingtonWestern

Village Properties Acquires 54-Unit Multifamily Community in Seattle

by Amy Works

SEATTLE — Village Properties has purchased The Gilbert, a multifamily community located in Seattle’s Upper Queen Anne neighborhood. LaSalle Investment Management sold the asset for an undisclosed price. Constructed in 2005, The Gilbert features 54 recently renovated apartments, 10,577 square feet of retail space and a subterranean parking garage with more than 70 parking stalls. Jaime Oneill Salon, La Pasta, Chaco Canyon Café and Desert Sun Tanning Salon occupy the fully leased retail space. Giovanni Napoli, Philip Assouad, Ryan Dinius and Sidney Warsinske of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

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AcquisitionsMultifamilyWashingtonWestern

Summerfield Commercial Brokers $20.9M Sale of Rylee Ann Apartments in Washington

by Amy Works

EAST WENATCHEE, WASH. — Summerfield Commercial has facilitated the sale of Rylee Ann Apartments, a multifamily asset located at 339 Ninth St. NE in East Wenatchee. Two entities — Richland Spoerl Apartments LLC and Richland Armstrong Apartments LLC — acquired the community from Rylee Ann LLC for $20.9 million, or $199,048 per unit. Originally built in two phases in 2015 and 2016, the garden-style community features 93 two-bedroom units and 12 three-bedroom units, with an average unit size of 1,153 square feet. Apartments offer an open floor plan with stainless steel appliances, granite countertops, private patio or balcony with storage, and in-unit washers/dryers. Common amenities include a clubhouse with resident lounge and ping-pong table, swimming pool, fitness center, outdoor barbecue area, a fenced basketball court and gated dog park. Additionally, the property features an on-site maintenance shop, additional for-rent storage lockers, 106 carports and 132 uncovered parking stalls. Ryan Kidwell and Robert Parmar of Summerfield Commercial brokered the deal.

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AcquisitionsCaliforniaRetailWestern

Gershman Properties Buys San Elijo Hills Town Center in San Marcos for $16M

by Amy Works

SAN MARCOS, CALIF. — Gershman Properties has purchased San Elijo Hills Town Center, a lifestyle center located at 1620, 1628, 1640 and 1646 San Elijo Road in San Marcos. Ambient Communities dba SEH Lifestyle Center LLC sold the asset for $16 million. Built in 2019, the property features 23,076 square feet of retail space. Current tenants include Starbucks Coffee, Cyclebar, Everbowl, Sourdough Bread Co., Tapa Tapa Spanish Restaurant, SETS Kitchen & Bar, Lourdes Mexican Food, Grand Vision Optometry, San Elijo Pediatric Dentistry and Downtown Academics Tutoring. Rob Ippolito, John Jennings and Glenn Rudy of Newmark Knight Frank represented the seller in the transaction.

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AcquisitionsNortheastOfficePennsylvania

CBRE Arranges Sale of 71,685 SF Einstein Medical Building in East Norrington, Pennsylvania

by Alex Patton

EAST NORRINGTON, PA. — CBRE has arranged the sale of the Einstein Medical Building, a 71,685-square-foot medical office in East Norrington, located approximately 20 miles north of Philadelphia. The transaction was part of a 470,000-square-foot portfolio sale that included nine properties in Pennsylvania, Illinois, Minnesota and Virginia. Chris Bodnar, Lee Asher, Ryan Lindsley and Jordan Selbiger of CBRE represented the seller and procured the buyer, both of which requested anonymity, in the transaction. Sabrina Solomiany of CBRE arranged financing for the acquisition from a mix of life insurance companies, banks and debt funds.

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AcquisitionsMultifamilyNortheastRhode Island

Edgewood Group Acquires 42-Unit Multifamily Property in North Providence, Rhode Island

by Alex Patton

NORTH PROVIDENCE, R.I. — Edgewood Group has acquired Smithfield Manor, a 42-unit multifamily property in North Providence, for $3.1 million. The community has since been rebranded as The Belmore and is located in close proximity to Providence College, Rhode Island College, Our Lady of Fatima Hospital and downtown Providence. Edgewood plans to renovate the property, which was built in 1968, with interior and exterior upgrades as well as new signage and landscaping. The seller was undisclosed.

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AcquisitionsNew YorkNortheastOfficeTop Stories

Munich Reinsurance America Agrees to Purchase 39-Story Madison Avenue Office Tower in Manhattan

by Alex Tostado

NEW YORK CITY — Munich Reinsurance America Inc. has agreed to purchase 330 Madison Ave., a 39-story, 852,000-square-foot office tower in Manhattan. The building was originally constructed in 1963 and was renovated in 2012 to include a new glass curtainwall façade, upgraded lobby and updated systems that achieved LEED Gold certification. The asset is located adjacent to Grand Central Station and near the New York Public Library and Bryant Park. The sales price was not disclosed, although multiple news outlets reported the negotiations were in the range of $850 million to $900 million. At the time of the agreement, the building was 95 percent occupied by tenants including Guggenheim Partners, JLL and HSBC. “We are glad to invest in the United States, given the U.S. share of [the buyer’s] insurance portfolio,” says Hans-Joachim Barkmann, managing director of MEAG, which advised the buyer in the transaction. “The overall American real estate market is also currently outperforming continental Europe, especially Midtown Manhattan, which is really unique in the world in terms of status and prospects.” CBRE represented the seller, which was undisclosed, though several outlets report the seller was Abu Dhabi Investment Authority. Based in Princeton, N.J., Munich Reinsurance America is the …

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