Acquisitions

IPA Brokers Sale of Two Multifamily Assets Near Puget Sound in Washington

by Amy Works November 12, 2019

EVERETT AND EDMONDS, WASH. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of two multifamily properties in metro Seattle. Hacienda Apartments in Everett sold for $5.3 million and North Haven Manor in Edmonds sold for $5.2 million. A private investor sold the assets to Curtis Capital Group. Philip Assouad, Giovanni Napoli, Ryan Dinius and Sidney Warsinske of IPA represented the seller in the deal. Additionally, Ray Allen and Seth Heikkila of IPA secured acquisition financing for both acquisitions. Built in 1979, Hacienda Apartments features three buildings and offers a total of 36 apartments. North Haven Manor was built in 1977 and features 32 apartments.

November 12, 2019

Acquisitions Healthcare Kansas Midwest

Echo Development Group Acquires Class A Medical Office Building in Topeka, Kansas

by Kristin Harlow November 12, 2019

TOPEKA, KAN. — Echo Development Group Inc., in association with Quivet Neck HCRE LLC, has acquired a Class A medical office building anchored by the University of Kansas Health System and Stormont Vail Health. The property spans approximately 27,000 square feet and is located at 601 SW. Corporate View. The fully occupied building is also home to a hearing, balance and physical therapy clinic as well as a pharmacy. An additional 1.5 acres adjacent to the building were included in the acquisition. Echo plans to build 20,000 square feet of complementary Class A medical space. Neither the seller nor the sales price were disclosed.

November 12, 2019

Acquisitions Illinois Midwest Retail

Adelphia Arranges Sale of 8,020 SF Retail Building in Morton Grove, Illinois

by Kristin Harlow November 12, 2019

MORTON GROVE, ILL. — Adelphia Properties has arranged the sale of an 8,020-square-foot retail building in Morton Grove for an undisclosed price. The property is situated on one acre at 9300 Waukegan Road near Skokie. Gail’s Carriage Grove, a restaurant and pancake house, is a tenant at the property. George Spirrison and Simeon Spirrison of Adelphia represented the seller, a private Chicago-based real estate investor. A local private buyer purchased the asset.

November 12, 2019

Acquisitions Indiana Midwest Retail

Baum Brokers $1.4M Sale of Two-Tenant Retail Property in Indiana

by Kristin Harlow November 12, 2019

VALPARAISO, IND. — Baum Realty Group LLC has brokered the sale of a 3,600-square-foot retail property leased to Starbucks and Rosati’s Pizza in Valparaiso for $1.4 million. The asset serves as an outparcel to a shopping center anchored by grocer Strack & Van Til. Starbucks recently extended its lease for an additional 10 years. Patrick Forkin of Baum represented the seller, a private regional investor. The buyer was not disclosed.

November 12, 2019

Acquisitions Connecticut Multifamily Northeast

CBRE Arranges Sale of 168-Unit Apartment Community in Orange, Connecticut

by Alex Patton November 12, 2019

ORANGE, CONN. — CBRE has arranged the $35 million sale of Grand Reserve Orange, a 168-unit apartment community located in Orange, a western suburb of New Haven. Built in 2005, Grand Reserve Orange offers one-, two- and three-bedroom floor plans with amenities including a fitness center, resident clubhouse and pool. Jeffrey Dunne, Gene Pride, Eric Apfel, Simon Butler and Biria St. John of CBRE represented the seller, Fairfield Grand Reserve LLC. The team also procured the buyer, a private New Jersey investment firm.

November 12, 2019

Acquisitions Massachusetts Northeast Office

Condyne Sells 125,609 SF Research Facility in Andover, Massachusetts

by Alex Patton November 12, 2019

ANDOVER, MASS. — Condyne, a Massachusetts-based developer, has sold 160 Dascomb Road, a 125,609-square-foot research facility in Andover, located approximately 20 miles north of Boston, for $26.2 million. The facility was 100 percent leased to Lockheed Martin and data and security company Accu-Tech at the time of sale. Boston Private Bank provided $17.2 million in acquisition financing. Coleman Benedict, Matthew Sherry, Kerry Hawkins, Ben Sayles and Michael Restivo of JLL represented Condyne in the transaction. An affiliate of Northbridge Partners was the buyer.

November 12, 2019

Acquisitions New Jersey Northeast Office

Colliers Brokers Sale of 96,000 SF Office Complex in Mount Laurel, New Jersey

by Alex Patton November 12, 2019

MOUNT LAUREL, N.J. — Colliers International has brokered the $10.6 million sale of the Fellowship Business Center, a 96,000-square-foot office complex in Mount Laurel, an eastern suburb of Philadelphia. The five-building complex is situated within the East Gate Business Park and was 96 percent occupied at the time of sale. Ian Richman and Marc Isdaner of Colliers represented the seller, The Bloom Organization. The buyer was a private investor.

November 12, 2019

Acquisitions Healthcare Midwest Ohio Top Stories

Welltower Expands Medical Office Holdings Through Five Transactions Totaling $1.7B, Including Hammes Acquisition

by John Nelson November 12, 2019

TOLEDO, OHIO — Welltower Inc. (NYSE: WELL), a Toledo-based seniors housing and healthcare REIT, is continuing to expand its medical office holdings. The company announced five transactions totaling approximately $1.7 billion, including a $787 million portfolio acquisition of 29 Class A medical office buildings from Hammes Partners, a medical office investment firm based in Milwaukee. The 1.5 million-square-foot portfolio is concentrated in the New York City and Boston suburbs and includes properties in California, Texas and Maryland. The portfolio was 97 percent occupied at the time of sale and is affiliated with Baylor Scott & White, Providence St. Joseph, Trinity Health, Medstar and other not-for-profit health systems and multi-specialty physician groups. The portfolio has an average age of 10 years, a weighted average lease term of 12 years and 2.2 percent average annual rent increases. The Hammes transaction is scheduled to close in the fourth quarter of 2019. Separately, Welltower announced four separate outpatient medical transactions that are currently under contract for approximately $885 million. Details on these four deals were not disclosed. “These transactions establish Welltower as the largest commercial owner of medical office real estate in the country, with a platform approaching 30 million square feet,” says Thomas …

November 12, 2019

Acquisitions Florida Multifamily Southeast

Olympus Property Acquires High-Rise Apartment Building in Tampa for $131.5M

by Alex Tostado November 11, 2019

TAMPA, FLA. — Olympus Property has acquired Icon Harbour Island, a 21-story, 340-unit multifamily property in Tampa, for $131.5 million. The seller, The Related Group, delivered the community in 2017. Olympus Property will rebrand the asset as Olympus Harbour Island. The property offers studio through three-bedroom floor plans. Communal amenities include a pool, cabanas, daybeds, clubhouse, catering kitchen, 24-hour fitness center, game room, billiards tables, game tables, wine cellar, movie theater, grilling and picnic area and a parking garage. Patrick Dufour, Richard Donnellan and Ryan Crowley of Newmark Knight Frank represented the seller in the transaction. The sales price was not disclosed.

November 11, 2019

Acquisitions Georgia Multifamily Southeast

Cushman & Wakefield Negotiates $54.3M Sale of New Apartment Complex in West Midtown Atlanta

by Alex Tostado November 11, 2019

ATLANTA — Cushman & Wakefield has negotiated the $54.3 million sale of 464 Bishop, a 232-unit apartment complex in Atlanta’s West Midtown district. The RADCO Cos. acquired the property for $233,836 per unit and will rebrand it as Radius West Midtown. The asset was built in 2017 and offers one- and two-bedroom floor plans. Communal amenities include car charging stations, bike storage, a clubhouse, 24-hour fitness center, media room, internet café, business center, pool and a dog park. Situated at 464 Bishop St. NW, the property is less than a mile from Atlantic Station and five miles northwest of downtown Atlanta. Chris Spain, Robert Stickel and Alex Brown of Cushman & Wakefield represented the seller and developer, Newport Development Partners, in the transaction.

November 11, 2019

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