Acquisitions

Focus Real Estate Divests of Copperwood Center Industrial Park in San Diego for $20M

by Amy Works December 17, 2019

SAN DIEGO — Newport Beach, Calif.-based Focus Real Estate has completed the disposition of Copperwood Center, an industrial park located in San Diego’s Oceanside neighborhood. Newport Beach-based CB Copperwood LLC acquired the asset for $20 million. Located at 3365, 3375 and 3385 Mission Ave. and 101, 102, 105, 106 and 110 Copperwood Way, the eight-building complex features 140,945 square feet of industrial space. Originally built in 1984, the property was 97 percent leased to 64 tenants at the of sale across suites ranging from 886 square feet to 7,397 square feet. Additionally, Copperwood Center features visible signage for each unit and more than 350 parking spaces. Matt Pourcho, Anthony DeLorenzo, Gary Stache and Doug Mack of CBRE represented the seller, while Paul Lafrenz, Josh McFadyen and Joe Crotty of Colliers International San Diego Region represented the buyer in the transaction.

December 17, 2019

Acquisitions Multifamily Texas

Rastegar Property Acquires 48-Unit Apartment Community in Austin’s Hyde Park Area

by Taylor Williams December 17, 2019

AUSTIN, TEXAS — Rastegar Property Co. has acquired Plaza 38, a 48-unit multifamily property located at 206 W. 38th St. in Austin’s Hyde Park neighborhood of Austin. The property features one- and two-bedroom units with hardwood floors, full kitchens and brick accent walls. Amenities include a pool and patio area. The seller was not disclosed. Newmark Knight Frank represented Rastegar in the transaction.

December 17, 2019

Acquisitions Kansas Midwest Retail

MAG Capital Partners Acquires 43,000 SF Kansas Retail Building in Sale-Leaseback

by Kristin Harlow December 17, 2019

OVERLAND PARK, KAN. — MAG Capital Partners LLC has acquired a 43,000-square-foot retail building located at 12100 Blue Valley Parkway in Overland Park for an undisclosed price. The seller, Lukas Wine & Spirits Superstore, will lease back the property. Brendan McPherson of Polsinelli PC and Mary Garnett of Barnes & Thornburg LLP represented MAG Capital Partners, which is led by principals Dax T.S. Mitchell and Andrew Gi. Victor Saponari of Quantum Capital arranged acquisition financing through Deutsche Bank. Michael Kaider of CBRE represented the seller.

December 17, 2019

Acquisitions Hospitality Midwest Ohio

MCR Purchases 240-Room Hilton Garden Inn in Downtown Cleveland

by Kristin Harlow December 17, 2019

CLEVELAND — MCR has purchased the 240-room Hilton Garden Inn hotel in downtown Cleveland for an undisclosed price. Located at 1100 Carnegie Ave., the property is a short drive from the home where the 1983 movie A Christmas Story was filmed. Starring Peter Billingsley, a young boy named Ralphie attempts to get a Red Ryder BB gun from Santa. The Hilton Garden Inn features Harvey’s Sports Lounge and The Garden Grille, as well as a convenience store, fitness center, indoor pool, business center and 11,000 square feet of meeting space. New York City-based Hotel 1100 Carnegie LP sold the hotel for $28.2 million, according to Crain’s Cleveland Business.

December 17, 2019

Acquisitions Illinois Industrial Midwest

SVN Commercial Brokers $3.5M Sale of Flex Industrial Building in Chicago

by Kristin Harlow December 17, 2019

CHICAGO — SVN Chicago Commercial has brokered the sale of an approximately 48,000-square-foot flex industrial building in Chicago’s Humboldt Park neighborhood for $3.5 million. The property is located at 1757 N. Kimball Ave., along the 606 Trail. Wayne Caplan of SVN represented the seller. Buyer and seller information was not disclosed.

December 17, 2019

Acquisitions Florida Multifamily Southeast Student Housing

Vesper Holdings Acquires 722-Bed Student Housing Community Near University of South Florida

by Alex Tostado December 16, 2019

TAMPA, FLA. — Vesper Holdings has acquired 4050 Lofts, a 722-bed student housing community located at 4050 Rocky Circle, less than a mile from the University of South Florida in Tampa. Built in 2009, the property offers three- and four-bedroom, fully furnished units with bed-to-bath parity. Shared amenities include two swimming pools, a tanning dome, fitness center, aqua lounge, coffee bar, clubhouse, outdoor kitchen and a pool table. The new ownership plans to invest $1.4 million in capital improvements, which will include a renovation of unit interiors and shared amenity spaces, as well as extensive enhancements to the property’s exterior and technology upgrades throughout. The seller and terms of the transaction were not disclosed.

December 16, 2019

Acquisitions Georgia Retail Southeast

CW Capital Sells Publix-Anchored Shopping Center in Metro Atlanta for $14.8M

by Alex Tostado December 16, 2019

LAWRENCEVILLE, GA. — CW Capital has sold Village Shoppes of Sugarloaf, a 149,805-square-foot retail center in Lawrenceville, for $14.8 million. Publix anchors the property, which is located at 3330-3410 Sugarloaf Parkway, 30 miles northeast of downtown Atlanta. Village Shoppes was 63 percent leased at the time of sale. Scott Israel, Adam Sklaver and Phil Kates of CBRE represented the Bethesda, Md.-based seller in the transaction. Atlanta-based Branch Properties acquired the asset at a 5.5 percent cap rate.

December 16, 2019

Acquisitions Office Texas

Hartman Income REIT Acquires Three Office Buildings Totaling 222,043 SF in Houston’s Energy Corridor

by Taylor Williams December 16, 2019

HOUSTON — Subsidiaries of Hartman Income REIT have acquired three office buildings totaling 222,043 square feet in Houston’s Energy Corridor area. Timberway II is a 130,828-square-foot building that was 64.2 percent occupied at the time of sale; One Park Ten Place is a 34,089-square-foot asset that was 34.6 percent occupied at the time of sale; and Two Park Ten Place is a 57,125-square-foot property that was 89.1 percent occupied at the time of sale. All three properties were built between 1979 and 1983 and have subsequently been renovated. The seller(s) was not disclosed.

December 16, 2019

Acquisitions Industrial Texas

Marcus & Millichap Arranges Sale of 213,630 SF Industrial Asset in Metro Dallas Leased to Ashley Furniture

by Taylor Williams December 16, 2019

GRAND PRAIRIE, TEXAS — Marcus & Millichap has arranged the sale of a 213,630-square-foot industrial building leased to Ashley Furniture in Grand Prairie, located in the center of the Dallas-Fort Worth (DFW) metroplex. The property was built on 11.5 acres in 1979 and renovated in 1995. Adam Abushagur of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors, in the transaction.

December 16, 2019

Acquisitions California Development Multifamily Western

BLT Enterprises Sells Apartment Development Site in Los Angeles for $13.7M

by Amy Works December 16, 2019

LOS ANGELES — Santa Monica-based BLT Enterprises has completed the sale of a former gas station and parking lot in Los Angeles. Wiseman Residential acquired the fully entitled property for $13.7 million. BLT, in partnership with KFA architects, Dale Goldsmith as land-use counsel and other consultants, obtained entitlements through the City of Los Angeles’ Transit Oriented Communities ordinance for a six-story, 119-unit apartment building at the site. Located at 11261 Santa Monica Blvd., the property will feature 17 affordable housing units, a variety of floor plans, a gym, outdoor patios and barbecues, as well as open space and community gathering areas. Anthony Muhlstein and Brian Bowis of Newmark Knight Frank represented BLT Enterprises, while Wiseman Residential was self-represented in the deal.

December 16, 2019

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