Acquisitions

Stan Johnson Co. Negotiates $14.9M Sale of Industrial Property Near Flint, Michigan

by Kristin Harlow August 19, 2019

GRAND BLANC, MICH. — Stan Johnson Co. has negotiated the sale of Waretech Industrial Park in Grand Blanc for $14.9 million. The multi-tenant industrial property is located at 7075 S. Dort Highway in suburban Flint. JASCO International, Joshen Paper & Packaging and WGS Global Services fully occupy the 667,000-square-foot property. Rob Gemerchak and BJ Feller of Stan Johnson represented the seller, Dallas-based developer Covington Group. Triyar Cos. LLC, a Los Angeles-based private equity group, purchased the asset.

August 19, 2019

Acquisitions Indiana Midwest Multifamily

Marcus & Millichap Brokers $5M Sale of Two Multifamily Properties in Indiana

by Kristin Harlow August 19, 2019

MISHAWAKA, IND. — Marcus & Millichap has brokered the sale of Cedar Crest Apartments and Jefferson Estates, two adjacent multifamily properties in Mishawaka near South Bend. The sales price was $5 million. Cedar Crest Apartments is comprised of 56 units while Jefferson Estates includes 112 units. The properties feature swimming pools, clubhouses, covered parking and on-site laundry facilities. Scott Harris and Samuel McCarthy of Marcus & Millichap marketed the property on behalf of the seller and procured the buyer, neither of which were disclosed.

August 19, 2019

Acquisitions Midwest Minnesota Retail

Upland Arranges $1.2M Sale of Property Net Leased to Caribou Coffee Near St. Paul

by Kristin Harlow August 19, 2019

HIGHLAND PARK, MINN. — Upland Real Estate Group Inc. has arranged the sale of a single-tenant property net leased to Caribou Coffee in Highland Park for $1.2 million. The 1,544-square-foot building is located at the intersection of Fairview and Randolph avenues. Caribou Coffee, founded in Edina, Minn., has just over five years remaining on its lease. Upland represented the 1031 exchange buyer, the Rush family. The seller was not disclosed.

August 19, 2019

Acquisitions Florida Multifamily Southeast

Cushman & Wakefield Arranges $59M Sale of Multifamily Community in Tampa

by Alex Tostado August 16, 2019

TAMPA, FLA. — Cushman & Wakefield has arranged the $59 million sale of Mezzo of Tampa Palms, a 340-unit multifamily community in Tampa. The property offers one-, two- and three-bedroom floor plans spread across 20 three-story buildings. The average unit in the community is 1,193 square feet with an average market rent of $1,313. The property was above 95 percent occupied at the time of sale. Communal amenities include a 7,000-square-foot clubhouse, a fitness center with Fitness On Demand, business center, Wi-Fi in community areas, two swimming pools, poolside outdoor kitchen with a fire pit, gated access with virtual guards, dog park, tennis court, playground, barbecue and picnic area, walking/jogging trails and a sun deck. Luis Elorza, Brad Capas, Zachary Sackley, Robert Given and Michael Mulkern of Cushman & Wakefield represented the seller, Boston-based Preston-Giuliano Capital Partners, in the transaction. Boston-based Taurus Investment Holdings acquired the property.

August 16, 2019

Acquisitions Hospitality Maryland Southeast Virginia

JLL Negotiates Sale of 731-Room Hotel Portfolio in Mid-Atlantic, Texas

by Alex Tostado August 16, 2019

CHICAGO — JLL has negotiated the sale of five Courtyard by Marriott hotels totaling 731 rooms. The portfolio includes Courtyard New Carrollton in Landover, Md.; Courtyard Fairfax Fair Oaks in Fairfax, Va.; Courtyard Baltimore Hunt Valley in Hunt Valley, Md.; and Courtyard San Antonio Airport and Courtyard San Antonio Medical Center in San Antonio. JLL represented the seller, Colony Capital Inc., in the transaction. The buyer was a partnership between Flynn Properties Inc. and EMA Lodging Group Inc. The sales price was not disclosed.

August 16, 2019

Acquisitions Arizona Multifamily Western

Wood Partners Trades 273-Unit Multifamily Community in Arizona for $71.7M

by Amy Works August 16, 2019

CHANDLER, ARIZ. — Wood Partners has completed the sale of Alta San Marcos, an apartment complex located in Chandler. JLL Income Property Trust acquired the property for $71.7 million or $262,821 per unit. The buyer plans to rebrand the property as Summit at San Marcos. Located within walking distance of downtown Chandler, the multifamily property features 273 apartments with nine-plus feet ceilings and an average unit size of 940 square feet. Community amenities include a clubhouse and leasing office with a 13-foot theater-style television, plush seating, a demonstration kitchen and fitness center. The community was completed in 2018. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

August 16, 2019

Acquisitions California Industrial Western

Stockbridge Capital Acquires 6.4 MSF Industrial Portfolio from Westcore Properties

by Amy Works August 16, 2019

SAN FRANCISCO — Stockbridge Capital Group has purchased a portfolio of 26 institutional-quality logistics and e-commerce properties spanning nine U.S. markets, with a heavy focus on the West Coast. PGIM Real Estate Finance provided $350 million in financing for the acquisition. The 6.4 million-square-foot portfolio includes a complement of bulk distribution facilities and light industrial properties. The bulk distribution facilities are relatively new and are as large as 1.1 million square feet, while the light industrial properties are smaller and generally geared toward local last-mile distribution tenants. Approximately 60 percent of the portfolio’s net operating income is generated from assets in California markets: Inland Empire, East Bay, San Diego and Central Valley. PGIM Real Estate Finance served as the lender with Jaime Zadra and Elizabeth Velazquez pf PGIM Real Estate Finance arranged the acquisition financing through two seve-year fixed-rate loans. Kristin Renaudin, Nicole Stagnaro and Kristin Paul led the Stockbridge transaction team. Debra Bonebrake of JLL will serve as property manager.

August 16, 2019

Acquisitions Office Washington Western

Menashe Properties Sells Creeksides at Centerpoint Office Campus Near Seattle for $39M

by Amy Works August 16, 2019

KENT, WASH. — Menashe Properties has completed the disposition of Creeksides at Centerpoint, an office campus located in Kent. An undisclosed buyer acquired the asset for $39 million. The three-building campus features 218,650 square feet of office space. At the time of sale, the asset was 97.6 percent leased to a diverse roster of local, regional, national and government tenants, including Blue Nile and the State of Washington. Logan Greer and Kevin Freels of JLL Capital Markets, along with Scott Sulman and Michael George of NAI Puget Sound Properties, represented the seller in the deal.

August 16, 2019

Acquisitions New Jersey Northeast Office

NAI James Hanson Negotiates Sale of 8,000 SF Medical Office Building in New Providence, New Jersey

by Alex Patton August 16, 2019

NEW PROVIDENCE, N.J. — NAI James Hanson has negotiated the sale of an 8,000-square-foot medical office building in New Providence, a western suburb of New York City. The buyer, New Jersey-based optometrist See Clear Associates LLC, plans to renovate and occupy the entire first floor of the building and lease the second floor to medical tenants. Andrew Kirshenbaum of NAI represented See Clear in the transaction. Edison-based Bussel Realty Corp. was the seller.

August 16, 2019

Acquisitions California Multifamily Seniors Housing Western

Mogharebi Group Arranges $34.4M Sale of Age-Restricted Community in San Gabriel Valley

by Amy Works August 16, 2019

HACIENDA HEIGHTS, CALIF. — The Mogharebi Group (TMG) has brokered the sale of Sagewood Gardens, an age-restricted community located on Gale Avenue in Hacienda Heights. A San Gabriel Valley-based private investor acquired the asset from a Los Angeles-based private owner for $34.4 million. Built in 1988, Sagewood Gardens is a one- and two-story apartment community comprising 21 residential buildings totaling 93,930 rentable square feet. Situated on 5.3 acres, the property features 162 apartments in a mix of one- and two-bedroom layouts, as well as a detached single-family residence. The property is restricted to residents age 55 or older. On-site amenities include a fitness facility, resident lounge with media room, covered parking and an activity center. Alex Mogharebi and Otto Ozen of TMG represented the seller and the buyer in the deal.

August 16, 2019

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