Acquisitions

Berkadia Arranges $108.7M Acquisition Loan for 800-Unit Apartment Community in Los Angeles County

by Amy Works September 20, 2019

LANCASTER, CALIF. — Berkadia has secured $108.7 million in acquisition financing for Afton Property’s purchase of Sunset Ridge Apartments, an 800-unit, mixed-income, garden-style multifamily community in Lancaster. Berkadia originated the 15-year, fixed-rate loan, which was purchased by Freddie Mac. The financing features eight years of interest-only payments through Freddie Mac’s Targeted Affordable Housing program. Mitch Sinberg, Matthew Robbins and Abigail Beauchamp of Berkadia’s Boca Raton, Fla., office secured the financing for the Los Angeles-based borrower. Built in four separate 200-unit phases between 1986 and 1988, Sunset Ridge features 800 units in a mix of one-, two- and three-bedroom layouts with fully equipped kitchens, pantries, dishwashers and ceiling fans. Community amenities include a laundry facility, on-site maintenance, a fitness center and swimming pool.

September 20, 2019

Acquisitions California Industrial Western

Rexford Industrial Acquires Eight-Building Industrial Park in Southern California for $66.2M

by Amy Works September 20, 2019

TORRANCE, CALIF. — Rexford Industrial Realty has purchased an eight-building industrial portfolio in Torrance for $66.2 million, or $247 per square foot. The acquisition was funded using cash on hand. The name of the seller was not released. Comprised of four single-tenant buildings and four two-tenant buildings, the asset offers a total of 267,503 square feet of industrial space on 14.2 acres. At the time of sale, the complex was 91 percent leased. Rexford plans to complete capital improvements at the property, including fire sprinkler upgrades, modernization of offices and other functional enhancements.

September 20, 2019

Pacific-Pointe-Active-Senior-Living-Chula-Vista-CA

Acquisitions California Multifamily Seniors Housing Western

The Mogharebi Group Negotiates Sale of 111-Unit Seniors Housing Community in Southern California for $12M

by Amy Works September 20, 2019

CHULA VISTA, CALIF. — The Mogharebi Group (TMG) has arranged the sale of Pacific Pointe Active Senior Living, a 111-unit active adult community in Chula Vista. A San Gabriel Valley-based private investor sold the community to a Los Angeles-based buyer for $12 million. Pacific Pointe is in downtown Chula Vista, located between San Diego and the border of Mexico. The property is within a mile of Scripps Mercy Hospital Chula Vista, Interstate 5 and over 1 million square feet of retail. “Due to the location and quality of this property, the potential buyer pool was significant in size,” says Otto Ozen, executive vice president of TMG. “To maximize the value of this community, we aggressively marketed it to our list of high-net-worth private clients who are currently looking for [1031] exchange up-legs.” Alex Mogharebi and Ozen of TMG represented both the seller and buyer.

September 20, 2019

Acquisitions California Office Western

CBRE Brokers Sale of 85,500 SF Office Building in San Francisco’s Jackson Square District

by Amy Works September 20, 2019

SAN FRANCISCO — CBRE has arranged the sale of an office building located at 747 Front St. in San Francisco’s Jackson Square district. Polidev sold the asset to Bridgeton Holdings for an undisclosed price. Built in 1909, the four-story, 85,500-square-foot property has undergone substantial creative improvements in recent years, including open floor plans and expansive windows that showcase the 12- to 15-foot clear heights. The property also features a private roof deck with 360-degree views of the San Francisco Bay. At the time of sale, the property was 100 percent leased to a diverse tenant base, including Minted and Funding Circle. Kyle Kovac, Mike Taquino, Russell Ingrum, Mandy Lee and Giancarlo Sangiacomo of CBRE’s San Francisco office represented the seller. Mike Walker, Brad Zampa and Megan Woodring of CBRE’s San Francisco office arranged $54.9 million acquisition loan for the buyer. The five-year, non-recourse loan features full-term interest-only payments and a floating rate.

September 20, 2019

Acquisitions Office Texas

Equus Capital Buys 299,898 SF Office Complex in Plano

by Taylor Williams September 20, 2019

PLANO, TEXAS — Pennsylvania-based investment firm Equus Capital Partners Ltd. has purchased Legacy Place, a two-building office complex totaling 299,898 square feet in the northeastern Dallas suburb of Plano. Both six-story buildings were built in the late 1990s and are situated on a 15.3-acre site along Tennyson Parkway. Equus Capital will undertake a multimillion-dollar repositioning program that will deliver an enhanced outdoor patio and collaboration area, upgraded lobby, expanded fitness center and a new tenant lounge. The buildings were 88 percent leased at the time of sale. The seller was not disclosed.

September 20, 2019

Acquisitions Retail Texas

CBRE Negotiates Sale of 174,181 SF Grocery-Anchored Retail Center in Houston

by Taylor Williams September 20, 2019

HOUSTON — CBRE has negotiated the sale of Northbrook Shopping Center, a 174,181-square-foot retail property located along U.S. Highway 290 in Houston. El Rancho Supermarket anchors the center, which was approximately 97 percent occupied at the time of sale. Mark Witcher, Chris Cozby, Jim Batjer and Blaine Dozier of CBRE represented the seller, Weingarten Realty, in the transaction. Wu Family Trust purchased the asset for an undisclosed price.

September 20, 2019

Acquisitions Kansas Midwest Retail

WS Development, Laham Development Acquire Bradley Fair Shopping Center in Wichita, Kansas

by Kristin Harlow September 20, 2019

WICHITA, KAN. — WS Development has formed a joint venture with Laham Development to acquire Bradley Fair in Wichita. The purchase price was not disclosed. Built in 1990, the 280,000-square-foot shopping center is home to more than 50 stores and restaurants, including Barnes & Noble, Sephora, Pottery Barn, Gap and soon-to-open Trader Joe’s. The property also features a lake, walking paths, gardens and community events. The seller was not disclosed.

September 20, 2019

Acquisitions Midwest Office Wisconsin

Stan Johnson Co. Brokers $7.8M Sale of Office Building Occupied by National Park Service in Wisconsin

by Kristin Harlow September 20, 2019

BAYFIELD, WIS. — Stan Johnson Co. has brokered the $7.8 million sale of a 26,640-square-foot office building in Bayfield in upstate Wisconsin along Lake Superior. The National Park Service occupies the single-tenant building, which is located at 37705 Roys Point Blvd. The property serves as a marina, boat maintenance facility and field office for the 21 islands and 43,000 acres of public lands that make up the Apostle Islands National Park. Scott Briggs of Stan Johnson represented the seller, Wisconsin-based Roy’s Pointe LP. Delaware-based Bayfield WI I SGF LLC purchased the property.

September 20, 2019

Acquisitions Georgia Multifamily Southeast

Blue Magma Acquires Multifamily Community Near Atlanta Airport for $32.5M

by Alex Tostado September 19, 2019

EAST POINT, GA. — Blue Magma Residential LLC has acquired Parkside at Camp Creek, a 486-unit multifamily community in East Point, for $32.5 million. The property is located at 4031 7 Oaks Lane SW, four miles west of Hartsfield-Jackson Atlanta International Airport and 14 miles southwest of downtown Atlanta. Parkside at Camp Creek offers two- and three-bedroom floor plans and was 95 percent occupied at the time of sale. Communal amenities include a swimming pool, clubhouse, business center, fitness center, game room, media center and basketball and racquetball courts. The buyer will rebrand the community as The Park at Galaway. Tyler Averitt and Christopher Lyon of Cushman & Wakefield represented the buyer in the transaction. Greystone provided acquisition financing. The seller was not disclosed.

September 19, 2019

Acquisitions Florida Multifamily Southeast

PIA Residential Purchases Apartment Complex in Pensacola for $26.3M

by Alex Tostado September 19, 2019

PENSACOLA, FLA. — PIA Residential has purchased Crystal Lake, a 224-unit value-add apartment complex in Pensacola, for $26.3 million. The property was 98 percent occupied at the time of sale. The buyer plans to upgrade unit interiors and improve the property. Communal amenities include a beach volleyball court, barbecue area, playground, car washing station, private lake stocked with bass and a dog park. Arbor Realty Trust provided the buyer with a Fannie Mae acquisition loan. Jimmy Adams and Josh Jacobs of Cushman & Wakefield represented the seller, ExchangeRight, in the transaction.

September 19, 2019

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