Acquisitions

Donaldson Group, Declaration Partners Acquire Multifamily Community in Suburban Maryland for $53M

by Alex Tostado September 26, 2019

SILVER SPRING, MD. — The Donaldson Group and Declaration Partners have acquired Vista at White Oaks Apartments, a 272-unit garden-style multifamily community in Silver Spring, for $53 million. The property offers one- and two-bedroom floor plans. Communal amenities include a picnic area, swimming pool, playground and a tennis court. Vista at White Oak sits on 11 acres at 11430 Lockwood Drive, 11 miles north of downtown Washington, D.C. The buyers are planning a renovation program that includes unit upgrades, common area enhancements, exterior improvements and mechanical system modernization. Maxi Leachman of CBRE originated an acquisition loan through Freddie Mac on behalf of the partnership. The seller was not disclosed.

September 26, 2019

Acquisitions Georgia Retail Southeast

Colliers Arranges Sale of Two Metro Atlanta Shopping Centers Totaling 147,444 SF

by Alex Tostado September 26, 2019

MONROE AND VILLA RICA, GA. — Colliers International has arranged the sale of two shopping centers near Atlanta: Monroe Plaza and Villa Rica Crossing. Monroe Plaza spans 89,860 square feet and is located at 748-796 W. Spring St. in Monroe, about 45 miles east of downtown Atlanta. The center was fully leased at the time of sale to tenants including Quality Foods, Cato, Family Dollar and Roses Express. A private buyer acquired the property from Malon D. Mimms Co. for an undisclosed price. Food Depot anchors Villa Rica Crossing, which was 98 percent leased at the time of sale. The 57,584-square-foot center is situated at 664 W. Bankhead Highway in Villa Rica, 34 miles west of downtown Atlanta. A private buyer purchased the property from Ziff Properties for an undisclosed price. Tony D’Ambrosio and Joe Montgomery of Colliers represented the sellers in both transactions.

September 26, 2019

Acquisitions Florida Retail Southeast

Stock Development Sells Retail Center in Naples for $26.5M

by Alex Tostado September 26, 2019

NAPLES, FLA. — Stock Development has sold Stock Plaza, a 65,297-square-foot retail center in Naples, for $26.5 million. Stock Development delivered the five-building center in 2017 and 2018. The property was 98 percent leased at the time of sale to tenants including NCH Healthcare, Sherwin Williams, Five Guys, AT&T and Tropical Smoothie Café. All the tenants recently signed long-term triple net leases. Stock Plaza is located on 8.8 acres at 7735 Collier Blvd., nine miles east of downtown Naples. Britt Raymond, Kyle Fant, Matthew Mousavi and Patrick Luther of SRS National Net Lease represented the seller in the transaction. The buyer was an undisclosed private family office based in New York City.

September 26, 2019

Acquisitions Industrial Oklahoma Texas

DealPoint Merrill Acquires 47,521 SF Industrial Property in Tulsa

by Taylor Williams September 26, 2019

TULSA, OKLA. — DealPoint Merrill, a commercial owner-operator with offices in California and Nevada, has acquired the former Tulsa World Warehouse, a 47,521-square-foot industrial property situated on two acres in the city’s business and arts district. DealPoint Merrill plans to develop a $10 million self-storage facility on the site that is scheduled to open in May 2020. The seller was not disclosed.

September 26, 2019

Acquisitions Multifamily Texas

Marcus & Millichap Arranges Sale of 72-Unit Apartment Complex Near Houston

by Taylor Williams September 26, 2019

LAKE JACKSON, TEXAS — Marcus & Millichap has arranged the sale of Pearl at Oyster Creek, a 72-unit apartment complex in Lake Jackson, located south of Houston. Jeffrey Fript and Chris Mazzini of Marcus & Millichap represented the seller and buyer, both of which were limited liability companies that requested anonymity, in the transaction. The buyer plans to upgrade the property’s exterior and unit interiors.

September 26, 2019

Acquisitions Multifamily Washington Western

Bell Partners Enters Metro Seattle Market with $96M Purchase of 3040 Apartments

by Amy Works September 26, 2019

REDMOND, WASH. — Bell Partners, on behalf of its Fund VI investors, has entered the metro Seattle market with the acquisition of 3040 Apartments, a multifamily property in Redmond. An undisclosed seller sold the asset for $96 million. The buyer plans to rename the property Bell Overlake. Developed this year, the asset feature 243 apartments. Units features quartz countertops, plank flooring, large closets and in-unit washers/dryers. Select units have lofts, patios or balconies and views of the surrounding mountains. Community amenities include a rooftop deck, fitness center with separate yoga studio, pet spa, courtyard with barbecue area and fire pits, and garage parking with electric charging stations. The community is located within walking distance of Microsoft’s global headquarters campus and convenient access to the Seattle Transit Link light rail expansion.

September 26, 2019

Acquisitions California Multifamily Western

Decron Properties Acquires 250-Unit Alura Apartments in Los Angeles for $79M

by Amy Works September 26, 2019

LOS ANGELES — Decron Properties has purchased Alura, a multifamily property located in the Los Angeles neighborhood of Woodland Hills, for $79 million. Situated in the Warner Center district, Alura features 250 apartments in a mix of studio, one-, two- and three-bedroom layouts. Los Angeles-based Decron plans to implement a capital improvements plan to modernize the property, which was built in 1977. Renovations will include upgrades to interior units and exterior common areas. Gregory Harris, Kevin Green and Joseph Grabiec of Institutional Property Advisors, a division of Marcus & Millichap, represented the undisclosed seller in the deal.

September 26, 2019

Acquisitions California Office Western

Drawbridge Realty Sells 160,000 SF Office Campus in San Jose for $55.5M

by Amy Works September 26, 2019

SAN JOSE, CALIF. — San Francisco-based Drawbridge Realty has completed the disposition of an office campus, located at 5300-5350 Hellyer Ave. in San Jose. An affiliate of the Empire Square Group acquired asset for $55.5 million. Cobham Advanced Electronic Solutions occupies utilizes the 160,000-square-foot campus as its corporate headquarters. Scott Prosser, Joe Moriarty and Jack DePuy of CBRE represented Drawbridge in the transaction.

September 26, 2019

Acquisitions Colorado Office Western

Griffin Capital Disposes of 191,368 SF Office Building in Denver Tech Center for $48.8M

by Amy Works September 26, 2019

DENVER — Griffin Capital Essential Asset REIT has completed the sale of a Class A office building located at 7601 Technology Way in Denver. An undisclosed real estate investment trust acquired the property for $48.8 million. The seven-story, 191,368-square-foot property was 95 percent occupied at the time of sale. Jackson National Life Insurance Co. renewed a long-term lease and Zoom Video Communications executed a long-term lease for approximately 58,000 square feet of space at the asset. Mike Winn and Tim Richey of CBRE Capital Markets represented the seller in the deal.

September 26, 2019

Acquisitions Illinois Midwest Multifamily

Marcus & Millichap Brokers $5.8M Sale of Apartment Building in Blue Island, Illinois

by Kristin Harlow September 26, 2019

BLUE ISLAND, ILL. — Marcus & Millichap has brokered the $5.8 million sale of Islander Apartments in Blue Island, about 16 miles south of Chicago. The 84-unit apartment building is located at 1900 Broadway St. Randolph Taylor of Marcus & Millichap’s Oak Brook office marketed the property on behalf of the seller, an individual trust. Kellan Moll, Mitchell Loofburrow and Scott Morasch of Marcus & Millichap’s Seattle office represented the buyer, also an individual trust.

September 26, 2019

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