Acquisitions

Redwood Capital Sells 320-Unit Apartment Property in Burnsville, Minnesota

by Kristin Harlow October 16, 2019

BURNSVILLE, MINN. — Redwood Capital Group LLC has sold Southwind Village, a 320-unit apartment property in Burnsville. An Indianapolis-based investment firm purchased the asset. CBRE brokered the sale. Southwind Village consists of five two-story, townhome-style buildings. Amenities include a fitness center, two swimming pools, an outdoor kitchen, package delivery system and community room. Redwood has updated a portion of the units with new plumbing fixtures, countertops, appliances and lighting. The buyer and sales price were not disclosed.

October 16, 2019

Acquisitions Retail Texas

JLL Brokers Sale of 40,612 SF Vintage Plaza Retail Center in Metro Austin

by Taylor Williams October 16, 2019

ROUND ROCK, TEXAS — JLL has brokered the sale of Vintage Plaza, a 40,612-square-foot retail center. The property is located within the 330-acre La Frontera master-planned development in Round Rock, a northern suburb of Austin. Built in 2003, the asset was approximately 93 percent leased at the time of sale to tenants such as Men’s Wearhouse, Bamboo Nails & Spa and Burn Boot Camp. Cathy Nabours, Walter Saad, Kyle Shaffer and Josh Villarreal of JLL represented the seller, Ironwood Real Estate, in the transaction. SITE Centers Corp. purchased the asset for an undisclosed price.

October 16, 2019

Acquisitions Multifamily Texas

Greystone Arranges Sale of 247-Unit Apartment Community in Dallas for $13.4M

by Taylor Williams October 16, 2019

DALLAS — Greystone’s Investment Sales Group has arranged the sale of Villas del Lago, a 247-unit apartment community located in the Bachman Lake submarket of Dallas. The sales price was $13.4 million. Built in 1974 and renovated in 2013, the property features one- and two-bedroom units, as well as an outdoor grilling and picnic area. Todd Franks of Greystone represented the seller in the transaction. Other terms of the sale were not disclosed.

October 16, 2019

Acquisitions Development North Carolina Retail Southeast

Konover South Acquires Land Near Charlotte Premium Outlets, Plans 32,000 SF Retail Center

by Alex Tostado October 15, 2019

CHARLOTTE, N.C. — Konover South LLC has acquired a six-acre parcel for $4.8 million with plans to develop a 32,000-square-foot retail center. Located near Charlotte Premium Outlets, Freeman Retail Crossing will include a national steak restaurant, banking, mobile services and healthcare tenants. Konover South plans to break ground in early 2020 and expects to deliver Freeman Retail Crossing in the second quarter of 2021. The land is located on Steele Creek Road near I-485 in southwestern Charlotte.

October 15, 2019

Acquisitions Florida Retail Southeast

Marcus & Millichap Arranges $14.3M Sale of Retail Property in Southwest Florida

by Alex Tostado October 15, 2019

CAPE CORAL, FLA. — Marcus & Millichap has arranged the $14.3 million sale of Towers I and Towers II, a 72,453-square-foot retail property in Cape Coral. The asset, located at 2612-2708 Santa Barbara Blvd., was 89 percent leased at the time of sale to tenants including Five Guys Burgers & Fries, Firehouse Subs, Sylvan Learning of Cape Coral, Anytime Fitness, Sumaq Peruvian Cuisine Bar & Grill and Tony’s Jewelry. Jim Shiebler, James Garner and James Medefind of Marcus & Millichap represented both the buyer, a private investor, and the seller, a personal trust, in the transaction.

October 15, 2019

Acquisitions California Multifamily Student Housing Western

The Dinerstein Cos., Harrison Street Acquire Six Student Housing Communities Near UC Berkeley

by Amy Works October 15, 2019

BERKELEY, CALIF. — A joint venture between The Dinerstein Cos. and Harrison Street has acquired six student housing communities located near the University of California, Berkeley. Equity Residential sold the properties for an undisclosed price. Acquisitions include The Berkeleyan, Renaissance Villas, ARTech, Touriel, Fine Arts and Gaia. The properties have been rebranded The Sterling Berkeley Collection, and renamed Sterling Addison, Sterling Allston, Sterling Haste, Sterling Jefferson, Sterling Oxford and Sterling University Ave.

October 15, 2019

Acquisitions California Office Western

AEW Sells 111,391 SF Office Building in Southern California for $59M

by Amy Works October 15, 2019

ALISO VIEJO, CALIF. — AEW has completed the sale of One Enterprise, a Class A office building located in Aliso Viejo. BDC, a private 1031 exchange buyer, acquired the asset for $59 million. Situated on 7.3 acres, the four-story property features 111,391 square feet of office space. Built in 1999, the asset recently underwent a renovation. Microsemi Corp. and Ambry Genetics occupied the property at the time of sale. The property features a first-floor lobby, large corporate boardroom, executive kitchen, cafeteria and gym with locker rooms and showers, as well as landscaping and panoramic views of the Saddleback Valley. Paul Jones, Kevin Shannon, Brunson Howard, Blake Bokosky and Brandon White of Newmark Knight Frank (NKF) represented the seller, while Nick Kucha, also of NKF, represented the buyer in the deal

October 15, 2019

Acquisitions Arizona Retail Western

SRS Negotiates Sale of 119,525 SF Glendale Galleria in Arizona

by Amy Works October 15, 2019

GLENDALE, ARIZ. — SRS Real Estate Partners’ Investment Properties Group has arranged the sale of Glendale Galleria, a neighborhood shopping center located at 5880 W. Peoria Ave. in Glendale. Brixmor Property Group sold the asset to a Florida-based private investor for an undisclosed price in a 1031 exchange. Built in 1989/1990 and renovated in 2018, the 119,525-square-foot property is situated on 12.7 acres. At the time of sale, the shopping center was 87 percent occupied by major tenants including LA Fitness, Sears Outlet, Synergy Gymnastics and TitleMax Title Loans. Additionally, the asset has four outparcels, which were not part of the sale. Outparcel tenants include Applebee’s, Arby’s, a car wash and Manuel’s Mexican Restaurant. Chris Tramontano and John Redfield of SRS represented the seller in the deal.

October 15, 2019

Acquisitions Multifamily New Mexico Western

Thayer Manca Residential Buys, Renovates Two Apartment Communities in Albuquerque for $60M

by Amy Works October 15, 2019

ALBUQUERQUE — Seattle-based Thayer Manca Residential has entered the New Mexico market with the purchase of two multifamily properties in Albuquerque: Ventana Canyon and Presidio. The acquisitions, combined with renovation costs, resulted in a total investment of $60 million. Formerly Ventana Canyon, the 264-unit Circ Apartments is in its final phase of a more than $4.1 million renovation project. Upgrades included a reimagined clubhouse, expanded pool deck and outdoor amenities, upgraded 24-hour fitness facility, new landscaping, interior unit renovations, exterior paint and property rebranding. The asset was originally acquired in November 2018. Ottavo Apartments, previously Presidio, is a 200-unit property undergoing a $4 million renovation plan, which is nearing completion. Upgrades include a contemporary clubhouse, upgraded 24-hour fitness center, fully updated community kitchen and game area, new pool deck, the addition of package lockers, property rebranding, exterior paint refresh and interior unit enhancements. The property was originally acquired in August 2018.

October 15, 2019

Acquisitions Alaska Hospitality Western

Columbia Sussex Buys 348-Room Hotel Portfolio in Anchorage

by Amy Works October 15, 2019

ANCHORAGE — Columbia Sussex has purchased three hotel properties, totaling 348 rooms, in Anchorage. Blackstone Group sold the assets for an undisclosed sum. The hotels are the 125-room Hilton Garden Inn at 4555 Union Square Drive; the 101-room Hampton Inn at 4301 Credit Union Drive; and the 122-room Homewood Suites at 101 W. 48th Ave. The properties were built in 2001, 1997 and 2003, respectively. Each property features an indoor pool, fitness center with hot tub, 24-hour business center, meeting space and recently renovated guestrooms. The hotels will continue to operate under their current names with current staff and employees. With 1,341 rooms in its inventory, Columbia Sussex claims to now be the largest full-service, year-round hotel operator in Alaska. The company also owns Marriott Anchorage Downtown and Hilton Anchorage, which it has operated for more than a decade.

October 15, 2019

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