Acquisitions

Wilshire Capital Partners Acquires 177,520 SF Office Building in Phoenix’s Camelback Corridor for $54.5M

by Amy Works November 19, 2019

PHOENIX — Ryan Cos., as developer, builder, owner and property manager, has completed the disposition of 3900 Camelback Center. The Class A office building is located at 3900 Camelback Road in Phoenix’s Camelback Corridor. Wilshire Capital Partners acquired the asset for $54.5 million, or $306.44 per square foot. Certified LEED Gold, the 177,520-square-foot building features xeriscape (dry) landscaping, storm water management, water-efficient fixtures and parking for fuel-efficient vehicles. Additionally, local/recycled materials and natural wood and stone finishes were used throughout the space. The property features terraced balconies and views of Squaw Peak and the Camelback Mountains. Current tenants include Ryan Cos.’s Southwest office and the corporate headquarters of Shamrock Foods. Kevin Shannon, CJ Osbrink, Paul Jones, Ken White, Brunson Howard and Rick Stumm of Newmark Knight Frank represented the seller. David Milestone and Brett Green, also of Newmark Knight Frank, facilitated financial structuring and placement of debt for the buyer in the transaction.

November 19, 2019

Acquisitions Multifamily Texas

Marcus & Millichap Brokers Sale of 100-Unit Vernazza Apartment Community in Dallas

by Taylor Williams November 19, 2019

DALLAS — Marcus & Millichap has brokered the sale of Vernazza, a 100-unit apartment community in Dallas. Al Silva and Ford Braly of Marcus & Millichap represented the seller, a locally based private investor, in the transaction. The Dallas-based buyer plans to upgrade the property’s unit interiors and exteriors.

November 19, 2019

Acquisitions Arizona Retail Western

Vestar Sells Grocery-Anchored Shopping Center for $18.2M in Gilbert, Arizona

by Amy Works November 19, 2019

GILBERT, ARIZ. — Phoenix-based Vestar has completed the sale of Lakeview Village at Morrison Ranch, a shopping center located at the corner of Higley and Elliot roads in Gilbert. Colorado-based JFRCO acquired the asset for $18.2 million. Developed in 2014, the 93,741-square-foot retail center is anchored by a 52,443-square-foot Bashas. At the time of sale, the property was 98.6 percent leased to a variety of tenants, including Dance Republic, Panda Express, UPS Store and Edward Jones. Ryan Schubert and Michael Hackett of Cushman & Wakefield represented the seller, while John Redfield of SRS Real Estate Partners represented the buyer in the deal.

November 19, 2019

Acquisitions Delaware Multifamily Northeast

Evergreen Acquires 116-Unit River Commons Apartments in Wilmington, Delaware

by Alex Patton November 19, 2019

WILMINGTON, DEL. — Evergreen Apartment Group Inc. has acquired River Commons Apartments, a 116-unit multifamily property in Wilmington, located approximately 25 miles southwest of Philadelphia. River Commons, which was redeveloped in 2004, offers two- and three-bedroom apartments with a community clubhouse. Andrew Townsend of Marcus & Millichap represented Evergreen in the transaction, the seller in which was not disclosed. Key Bank Real Estate Capital provided a Fannie Mae acquisition loan, and AMA Financial was the mortgage broker.

November 19, 2019

Acquisitions Midwest Multifamily Wisconsin

JLL Brokers $47.5M Sale of Apartment Property in Suburban Madison, Wisconsin

by Kristin Harlow November 19, 2019

FITCHBURG, WIS. — JLL has brokered the $47.5 million sale of The Vue at Pinnacle Park in Fitchburg, a suburb of Madison. The 285-unit, Class A apartment property is located at 1300 Post Road. Built in 2014, the 9.8-acre property comprises five three-story buildings. Units average 976 square feet. Amenities include a pool, grilling area, fitness center, clubroom and pet washing stations. The property was 97 percent leased at the time of sale. Wick Kirby, Marty O’Connell, Kevin Girard and Amanda Friant of JLL represented the seller, Milwaukee-based Fiduciary Real Estate Development Inc. JLL also procured the buyer, Weidner Apartment Homes.

November 19, 2019

Acquisitions Illinois Midwest Multifamily Student Housing

OC Ventures Acquires 482-Bed Student Housing Community Near University of Illinois at Chicago

by Kristin Harlow November 19, 2019

CHICAGO — OC Ventures has acquired Automatic Lofts, a 482-bed student housing community located adjacent to the University of Illinois at Chicago campus. The property — originally built as a telephone factory in 1901 — offers one-, three- and four-bedroom, loft-style units. Shared amenities include a fitness center, study lounges on each floor, a café, recreation room and laundry services. The new ownership plans to implement capital improvements such as building out a larger fitness center, renovating lobby and study areas and updating apartment furniture. Varsity Campus will manage the community. The seller and terms of the transaction were undisclosed.

November 19, 2019

Acquisitions Indiana Midwest Multifamily Seniors Housing

Strawberry Fields REIT Purchases 72-Bed Skilled Nursing Facility in Indiana for $3.1M

by Kristin Harlow November 19, 2019

MUNCIE, IND. — Strawberry Fields REIT LLC has purchased The Waters of Muncie, a 72-bed skilled nursing facility in Muncie, for $3.1 million. The property is located at 2400 Chateau Drive. Services at the property include comprehensive medical, memory care and rehabilitative therapy. The facility serves both short- and long-term residents. With this acquisition, Strawberry Fields owns more than 70 nursing homes across the country.

November 19, 2019

Acquisitions Multifamily North Carolina Southeast

Northland Investment Buys Inspire SouthPark Multifamily Complex in Charlotte for $145M

by Alex Tostado November 18, 2019

CHARLOTTE, N.C. — Northland Investment Corp. has acquired Inspire SouthPark, a 369-unit multifamily complex in Charlotte, for $145 million from seller and developer Morgan Bond Co. Six miles south of downtown Charlotte, Inspire SouthPark is now the fourth of Northland Investment’s North Carolina apartment properties. Inspire SouthPark offers studio to three-bedroom apartments, a pool, fitness and wellness centers, courtyard, social hall, dog care facility and underground parking. The complex is close to retail, 6 million square feet of office space and more than 60 food and beverage outlets.

November 18, 2019

Acquisitions Maryland Multifamily Southeast

Hines REIT Acquires Apartment Community Near University of Maryland for $98M

by Alex Tostado November 18, 2019

COLLEGE PARK, MD. — Hines, an international real estate developer based in Houston, has acquired The Alloy by Alta, a new seven-story, 275‐unit multifamily asset located at 4700 Berwyn House Road near the University of Maryland in College Park. Hines purchased the asset via Hines Global Income Trust, the company’s nontraded REIT. The purchase price was not disclosed, but multiple media outlets reports Hines purchased the property for $98 million. The predominantly student-occupied apartment was 97.5 percent occupied at the time of sale. The property offers one-, two- and three-bedroom apartments units averaging 838 square feet.

November 18, 2019

Acquisitions Retail Texas

The Boulder Group Arranges $9.2M Sale of Retail Asset in Houston Net Leased to 24 Hour Fitness

by Taylor Williams November 18, 2019

HOUSTON — The Boulder Group, an investment brokerage firm specializing in net-leased assets, has arranged the $9.2 million sale of a single-tenant retail property leased to 24 Hour Fitness in Houston. The 50,000-square-foot building is positioned as an outparcel to Willowbrook Mall, which is anchored by Dick’s Sporting Goods, Dillard’s, JC Penney, Macy’s, Nordstrom Rack, Sears and Apple. Randy Blankstein and Jimmy Goodman of Boulder Group represented the seller, a Texas-based private partnership, in the transaction. The buyer was a 1031 exchange investor.

November 18, 2019

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