Acquisitions

Evergreen-Aviation-Space-Museum-McMinnville-OR

McMinnville Properties Acquires 285-Acre Entertainment Campus in Oregon’s Willamette Valley for $9.5M

by Amy Works April 21, 2020

MCMINNVILLE, ORE. — McMinnville Properties, which Bill Stoller of Stoller Wine Group owns, has purchased a 285-acre campus in McMinnville. The site houses Evergreen Aviation & Space Museum, Wings & Waves Waterpark, The Lodge event and wedding venue, 220 acres of established vineyards and farmland, and a development site designed to accommodate a 99,000-square-foot hotel. The campus is located at 500 NE Captain Michael King Smith Way, 23 miles southwest of Portland and 30 minutes north of Salem. Salt Lake City-based Falls Event Center sold the asset for $9.5 million. Adam Taylor and Buzz Ellis of JLL Capital Markets represented the seller in the deal. The five-parcel property was been a tourist attraction since the aviation portion of the museum, which was not included in the sale, opened in 1991. Currently, the campus features original aviation museum plus the 120,000-square-foot Evergreen Aviation & Space Museum, which was added in 2008; Wings & Waves Waterpark, an all-season, family-friendly park that opened in 2011; and The Lodge, a former chapel with a 150-person capacity and event space. The asset also includes established agricultural land featuring a mix of vines and feed grass that is harvested by a third party. Additionally, the campus …

April 21, 2020

Acquisitions California Multifamily Western

Marcus & Millichap Brokers Sales of Two Multifamily Assets in Fresno Totaling $38.5M

by Amy Works April 21, 2020

FRESNO, CALIF. — Marcus & Millichap has brokered the sales of two apartment communities located in Fresno. The properties — Boulder Springs and Meadowbrook Apartments – sold for a combined cost of $38.5 million. Built in 1985 on 11.6 acres, Boulder Springs features 176 units, a fitness center, swimming pool, spa and basketball and tennis courts. The property, which is located at 3515 W. San Jose Ave., traded at $25 million, or $142,045 per unit. Located at 4912 N. Seventh St., Meadowbrook Apartments was built in 1971 on a 309,960-square-foot lot. The 39-building asset features 39 two-bedroom/one-bath units and 65 two-bedroom/two-bath units. The price was $13.5 million. Jon Mimms of Marcus & Millichap represented the undisclosed sellers and procured the undisclosed buyers in both transactions.

April 21, 2020

Acquisitions California Industrial Western

Stos Partners Buys Industrial, Cold Storage Asset in Southern California for $18.9M

by Amy Works April 21, 2020

SAN MARCOS, CALIF. — Stos Partners has acquired an industrial and cold storage facility located at 505 S. Pacific St. in San Marcos. Markstein Beverage Co., a beer distributor, sold the asset for $18.9 million in an off-market transaction. Stos Partners plans to implement a series of renovations and capital improvements to the 113,500-square-foot property, which is currently vacant, and repurpose it as a last-mile distribution center. Situated on 10 acres, the facility features 20-foot to 27-foot clear heights, 7.19 acres of truck storage, UPS docks, a cold storage component and an on-site management building. Bob Willingham and Ronald King of Kidder Mathews represented the buyer and seller in the deal.

April 21, 2020

Acquisitions Colorado Multifamily Western

Schuman Cos. Sells Bears Village Apartments in Colorado for $12.9M

by Amy Works April 21, 2020

GREELEY, COLO. — Schuman Cos. has completed the sale of Bears Village Apartments, a multifamily property located at 509 18th St. in Greeley. California-based Black Point Capital acquired the asset for $12.9 million, which equates to $131,633 per unit and $193.58 per square foot. Over the past three years, the seller repositioned the 98-unit property from a student housing community to a market-rate apartment complex, including the addition of new systems and a fitness center. Previous to Schuman Cos.’ ownership, the University of Northern Colorado owned the asset. At the time of sale, the property was 97 percent occupied, of which 27 percent were students. Phil Dankner of Unique Properties / TNC Worldwide and Greystone-Unique Apartment Group, handled the transaction. Walter Scruggs of Black Point Capital worked with John Stewart of Grandbridge Real Estate Capital to secure acquisition financing.

April 21, 2020

Acquisitions Multifamily New York Northeast

Marcus & Millichap Brokers Sale of 48-Unit Multifamily Property in Queens for $16.7M

by Alex Patton April 20, 2020

NEW YORK CITY — Marcus & Millichap has brokered the $16.7 million sale of a 48-unit multifamily property in Queens. Located at 31-65 29th St., the 39,549-square-foot building features studio, one-, two- and three-bedroom floor plans, and offers convenient access to LaGuardia Airport. Matt Fotis, Lazarus Apostolidis, Zachary Golub and Paul Youssef represented the seller, a private investor. The buyer was also an undisclosed private investor.

April 20, 2020

Acquisitions Multifamily South Carolina Southeast

Capstone Apartment Partners Brokers $37.6M Sale of Multifamily Community in Irmo, South Carolina

by Alex Tostado April 20, 2020

IRMO, S.C. — Capstone Apartment Partners has arranged the $37.6 million sale of Ardmore Ballentine, a 315-unit multifamily community in Irmo. The property offers one-, two and three-bedroom floor plans that were 94 percent occupied at the time of sale. Communal amenities at the gated community include a pool, clubhouse, fitness center, picnic/grilling area, pet park, car care center and laundry facilities. Ardmore Ballentine was built in 2012 and is situated at 114 Ballentine Crossing Lane, 17 miles northwest of downtown Columbia. Austin Green, Caleb Troop and Alex McDermott of Capstone represented the seller, Greensboro, N.C.-based Ardmore Residential, in the transaction. Triangle Real Estate of Gastonia Inc. acquired the community.

April 20, 2020

Acquisitions Florida Industrial Lee & Associates Southeast

Lee & Associates Arranges $2.3M Sale of Industrial Building in Metro Miami

by Alex Tostado April 20, 2020

OPA-LOCKA, FLA. — Lee & Associates has arranged the $2.3 million sale of a 32,897-square-foot industrial and office building in Opa-Locka. The property is situated at 4600 NW 128th St., two miles from the 850,000-square-foot Amazon Mega Distribution Center and nine miles north of Miami International Airport. The building comprises 22,620 square feet of warehouse space and 10,277 square feet of office space and the option to build out an additional 3,462 square feet of office space. The facility offers front and rear loading, six dock height doors, one drive-in door, a truck court, 21-foot clear ceiling heights and two freight elevators. The buyer, Blue Ring Plastics LLC, plans to expand its avionics operations at the site. Avionics is the electronic systems used on aircraft, artificial satellites and spacecraft. Matthew Rotolante and Conner Milford of Lee & Associates represented the seller, Brain Power Investments LLC, and the buyer in the transaction.

April 20, 2020

Acquisitions California Multifamily Western

Colliers Negotiates $34.7M Sale of Sage Apartments in Escondido, California

by Amy Works April 20, 2020

ESCONDIDO, CALIF. — Colliers International has arranged the sale of Sage Apartments, a multifamily community located at 1920 and 1960 E. Grand Ave. in Escondido. Clear Sky Escondido LP sold the asset to Subsidiaria de Santa Jacinto LLC for $34.7 million, or $253,285 per unit. Peter Scepanovia and Corey McHenry of Colliers International San Diego Region’s Multifamily Advisory Group represented the seller in the transaction. Totaling 86,748 square feet, Sage Apartments features 137 units in a mix of one- and two-bedroom layouts. Over the past three years, the seller made various interior and exterior upgrades to the 1970-era property. The new owner plans to continue the upgrades and renovations.

April 20, 2020

Acquisitions California Lee & Associates Office Western

BLT Enterprises Acquires Two Creative Office Properties in Hollywood for $20M

by Amy Works April 20, 2020

HOLLYWOOD, CALIF. — Santa Monica, Calif.-based BLT Enterprises has purchased two office properties in Hollywood for a total consideration of $20 million. The properties are a creative office asset at 5735 Melrose Ave. and an 18,000-square-foot production and entertainment office compound at 6151 Santa Monica Blvd. BLT plans to transform the Santa Monica Boulevard property into a modern creative industrial compound catering to production catering to production companies, digital advertising agencies and other companies at the convergence of tech and media. The Melrose property already underwent a renovation to fit the needs of the marketplace. Brad McCoy and David Wilson of Lee & Associates represented BLT in both transactions. Adam Hall of TOLD Partners represented the undisclosed seller of the Santa Monica property, while Paul Brehme and Brad McCoy of Lee & Associates represented the seller of the Melrose property.

April 20, 2020

Los-Acros-Mobile-Home-Park-Sierra-Park-AZ

Acquisitions Arizona Multifamily Western

Marcus & Millichap Brokers $3.2M Sale of Manufactured Housing Park in Arizona

by Amy Works April 20, 2020

SIERRA VISTA, ARIZ. — Marcus & Millichap has arranged the sale of the Los Arcos Mobile Home Park, located at 650 E. Busby Drive in Sierra Vista. An individual/personal trust acquired the community from a private investor for $3.2 million. Situated on 37.2 acres, Los Arcos Mobile Home Park features 232 total lots. At the time of sale, the property was 60 percent occupied. Michael Escobedo and Glenn Esterson of Marcus & Millichap represented the seller and procured the buyer in the deal.

April 20, 2020

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