Acquisitions

Cushman & Wakefield Arranges $43M Sale of Apartment Complex in Southwest Florida

by Alex Tostado August 21, 2019

NORTH PORT, FLA. — Cushman & Wakefield has arranged the $43 million sale of Lakes at North Port, a 312-unit apartment complex near Sarasota in southwest Florida. The property comprises 14 three-story buildings, offering one- to three-bedroom floor plans averaging 923 square feet. Communal amenities include a swimming pool, sundeck, clubhouse, computer center, pet park, playground, fitness center and 10 parking spaces reserved for RVs and boats. Nick Meoli and Mike Donaldson of Cushman & Wakefield represented the seller, Symcor Capital Properties, in the transaction. Cohen-Esrey Apartment Investors LLC acquired the property.

August 21, 2019

Acquisitions New York Northeast Office

Savanna Purchases Manhattan Office Building for $180M

by Alex Patton August 21, 2019

NEW YORK CITY — Savanna, a New York City-based development and investment firm, has purchased 360 Lexington Avenue, a 268,383-square-foot office building in Manhattan, for $180 million. Barclays provided a $126 million loan for the acquisition. Savanna will rebrand the 12-story building and implement a $20 million renovation project that will deliver a new full lobby and entrance, bathrooms, corridors and infrastructure upgrades. Grant Frankel, Philip McKnight and Rob Turner of Eastdil Secured arranged financing through Barclays on behalf of Savanna. Cole Schotz P.C. served as Savanna’s legal counsel in the acquisition of the property.

August 21, 2019

Acquisitions New Jersey Northeast Office

GII Acquires 270,000 SF Office Building in Madison, New Jersey

by Alex Patton August 21, 2019

MADISON, N.J. — Gulf Islamic Investments LLC (GII), a United Arab Emirates-based firm, has purchased a 270,000-square-foot office building in Madison, a western suburb of New York City. The building was completed in 2012 and is the corporate headquarters of residential real estate firm Reology. F.D. Stonewater, a Washington D.C.-based firm, represented GII in the transaction, and The Hampshire Companies was the seller. The price was undisclosed.

August 21, 2019

Acquisitions Multifamily Texas

Passco Acquires 384-Unit Apartment Community in Metro Houston

by Taylor Williams August 21, 2019

BAYTOWN, TEXAS — California-based apartment investment firm Passco Cos. has acquired Boterra Bay Apartments, a 384-unit multifamily community located in the eastern Houston suburb of Baytown. The Class A property will be rebranded Sapphire Bay Apartments. Floor plans consist of one-, two- and three-bedroom units that feature granite countertops, stainless steel appliances and walk-in closets. Amenities include a pool with a tanning deck, a fitness center with yoga and spin studios, outdoor kitchen with grilling stations, dog park, business center and a resident clubhouse. Thomas Alleman and Brandon Miller of Newmark Knight Frank represented the seller, a joint venture between Houston-based The Boterra Group and Dallas-based Edison Capital Holdings, in the transaction. Chris Black and Caleb Marten of KeyBank Real Estate Capital secured acquisition financing on behalf of Passco.

August 21, 2019

Acquisitions Office Texas

CIM Group Purchases 390,000 SF Office Building in Austin

by Taylor Williams August 21, 2019

AUSTIN, TEXAS — Investment firm CIM Group has purchased Chase Tower, a 21-story, 390,000-square-foot office building located at 221 W. Sixth St. in downtown Austin. Built in 1974, the property spans a full city block and is surrounded by an abundance of restaurant, retail, entertainment and hotel options. Chase Tower is also located near hiking and biking trails fronting Lady Bird Lake. The seller was not disclosed.

August 21, 2019

Acquisitions Industrial Texas

Marcus & Millichap Arranges Sale of 24,464 SF Industrial Property in Plano

by Taylor Williams August 21, 2019

PLANO, TEXAS — Marcus & Millichap has arranged the sale of a 24,464-square-foot industrial property located at 1304 Summit Ave. in Plano. The asset was built on 2.3 acres in 1981. Adam Abushagur of Marcus & Millichap marketed the property on behalf of the seller and procured the buyer, both of which were private investors.

August 21, 2019

Acquisitions Industrial Midwest Self-Storage Wisconsin

Strategic Storage Growth Trust Acquires 770-Unit Self-Storage Facility in Milwaukee

by Kristin Harlow August 21, 2019

MILWAUKEE — Strategic Storage Growth Trust II Inc. (SSGT II) has acquired a newly constructed, 770-unit self-storage facility in Milwaukee for an undisclosed price. Located at 3420 W. Capitol Drive, the facility is situated on 3.9 acres and comprised of approximately 83,000 rentable square feet. The property features drive-up units, climate-controlled units, a covered loading area and gate access. SSGT II is a private real estate investment trust sponsored by an indirect subsidiary of SmartStop Self Storage REIT Inc.

August 21, 2019

Acquisitions Industrial Midwest Minnesota

NKF Brokers $2.4M Sale of Industrial Building in Suburban Minneapolis

by Kristin Harlow August 21, 2019

COON RAPIDS, MINN. — Newmark Knight Frank (NKF) has brokered the sale of a 63,436-square-foot industrial building in Coon Rapids, a northern suburb of Minneapolis, for $2.4 million. The property is located on 24 acres at 9534 Foley Blvd. Java Enterprises LLC sold the building to Phoenicia Properties Corp. Dan Friedner and Jay Chmieleski of NKF represented both parties in the transaction.

August 21, 2019

Acquisitions California Industrial Western

Terreno Realty Acquires Five-Building Industrial Asset in Los Angeles for $18.1M

by Amy Works August 21, 2019

LOS ANGELES — Terreno Realty Corp. has purchased an industrial asset located in downtown Los Angeles from an undisclosed seller for $18.1 million. The property consists of five industrial buildings located at 130-134 and 140-148 S. Anderson St., 1319 Mono St. and 135-151 S. Utah St. Totaling 53,000 square feet, the asset features 11 grade-level loading positions and parking for 83 cars. At the time of sale, the asset was 90 percent leased to seven tenants, all of which expire within the next three years. Terreno Realty acquires, owns and operates industrial real estate in six major coastal U.S. markets: Los Angeles, Northern New Jersey/New York City, San Francisco Bay area, Seattle, Miami and Washington, D.C.

August 21, 2019

Acquisitions Retail Washington Western

Hanley Investment Arranges $3.7M Sale of New Retail Building in Metro Seattle

by Amy Works August 21, 2019

FEDERAL WAY, WASH. — Hanley Investment Group Real Estate Advisors has negotiated the sale of a newly constructed retail building located at 164 SW Campus Drive in Federal Way. A Kirkland, Wash.-based buyer acquired the property from an affiliate of Henderson, Nev.-based Covenant Real Estate Group for $3.7 million. Situated on 1.2 acres, the 4,980-square-foot freestanding building is located at the signalized entrance to the WinCo Foods-anchored shopping center. The two-tenant building is occupied by a 2,104-square-foot Starbucks Coffee and a 2,876-square-foot Pacific Dental Services-supported dental office. Jeff Lefko and Bill Asher of Hanley Investment Group represented the seller, while Scott Clements of Seattle-based Orion Commercial Partners represented the buyer in the deal.

August 21, 2019

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