Acquisitions

Drawbridge Realty Buys 390,600 SF Pacific Center Office Campus in Orange County for $97.5M

by Amy Works August 12, 2019

SANTA ANA, CALIF. — San Francisco-based Drawbridge Realty has purchased Pacific Center, a two-building corporate office campus in Santa Ana, for $97.5 million. The seller was a joint venture between Los Angeles-based PCCP and Costa Mesa, Calif.-based Brookhollow. Located at 1600-1610 E. Saint Andrew Place, Pacific Center features 390,600 square feet of office space and was renovated in 2017. With Drawbridge’s previous acquisition of 1700 E. Saint Andrew Place, the company now owns more than 37 acres of contiguous land and improvements along East Saint Andrew Place. Kevin Shannon, Paul Jones, Brunson Howard, Blake Bokosky and Brandon White of Newmark Knight Frank represented the seller in the transaction.

August 12, 2019

Acquisitions California Multifamily Seniors Housing Western

1031 Crowdfunding Acquires 100-Bed Assisted Living, Memory Care Facility in Southern California for $20.1M

by Amy Works August 12, 2019

RANCHO CUCAMONGA, Calif. — 1031 CF Properties, an affiliate of 1031 Crowdfunding, has purchased an assisted living and memory care facility located in Rancho Cucamonga for $20.1 million. Meridian Senior Living operates the 100-bed property. Additional terms of the transaction were not released.

August 12, 2019

Acquisitions California Mixed-Use Office Retail Western

Newmark Knight Frank Arranges $18M Sale of Mixed-Use Building in Hermosa Beach, California

by Amy Works August 12, 2019

HERMOSA BEACH, CALIF. — Newmark Knight Frank (NKF) has negotiated the sale of The Bijou Building, a three-story mixed-use building located in downtown Hermosa Beach. Federal Realty Investment Trust sold the property to 1221 Hermosa Ave LLC for $18 million. Located at 1221 Hermosa Ave., The Bijou Building was originally developed in 1923 as the Metropolitan Theater and later converted to office and retail space. At the time of sale, the 23,172-square-foot building was 94 percent occupied by a variety of tenants, including Chase Bank, Beach City Capital, Steel Partners and Bar Method. Kevin Shannon, Ken White, Rob Hannan, Laura Stumm, Sean Fulp, Ryan Plummer and Brad Feld of NKF’s Capital Markets and Private Capital Investment Sales teams represented the seller, while David Ghermezian, Amir Araghi and Jonathan Dadourian, also of NKF, represented the buyer in the deal. Additionally, David Milestone and Brett Green of NKF’s Debt and Structured Finance group secured acquisition financing for the buyer.

August 12, 2019

Acquisitions Arizona Multifamily Western

Marcus & Milichap Negotiates $10.6M Sale of Verde Vista Apartment Complex in Phoenix

by Amy Works August 12, 2019

PHOENIX — Marcus & Millichap has arranged the sale of Verde Vista, a multifamily property located at 3030 N. 35th Ave. in Phoenix. An out-of-state 1031 exchange investor purchased the asset from an out-of-state limited liability company for $10.6 million, or $58,564 per unit. Built in 1978 and renovated in 2012, Verde Vista features 181 apartments in a mix of studio, one- and two-bedroom layouts, two swimming pools, a children’s playground and covered parking. Rich Butler and Reza Ghaffari of Marcus & Millichap represented the seller in the deal.

August 12, 2019

Acquisitions Multifamily Texas

IPA Negotiates Sale of 658-Unit Apartment Portfolio in East Texas

by Taylor Williams August 12, 2019

LONGVIEW AND LUFKIN, TEXAS — Institutional Property Advisors, a division of Marcus & Millichap, has negotiated the sale of a 658-unit multifamily portfolio in East Texas. The properties include Pine Knoll, a 310-unit community in Longview that was built in 1983; Deer Cross, a 168-unit asset in Lufkin that was constructed in 1986; and Deer Wood, a 180-unit property that was developed in 1979. Will Balthrope, Drew Kile, Jennifer Campbell and Tommy Lovell III of IPA represented the seller and procured the buyers. Saxony Capital Management purchased Pine Knoll, and Haley Residential acquired Deer Cross and Deer Wood. Richard Robson of Marcus & Millichap and William Griffin of IPA brokered the deal for Pine Knoll.

August 12, 2019

Acquisitions Illinois Midwest Retail

Marcus & Millichap Arranges Sale, Financing of Retail Center in Illinois

by Kristin Harlow August 12, 2019

GURNEE, ILL. — Marcus & Millichap has arranged the $10.8 million sale of a 15,577-square-foot retail center in Gurnee. Located at 6440 Grand Ave., about 40 miles north of downtown Chicago, the center was fully leased at the time of sale. Tenants include Panera Bread, Mission BBQ and Comcast. The property serves as an out parcel to Gurnee Mills Mall. Austin Weisenbeck and Sean Sharko Marcus & Millichap represented the undisclosed seller in the transaction. Robert Bhat of Marcus & Millichap arranged $6.9 million in acquisition financing for the undisclosed buyer. The nonrecourse loan offers a 65 percent loan-to-value ratio with a fixed rate of 4.64 percent and 10 years of interest-only payments.

August 12, 2019

Acquisitions Multifamily Southeast Tennessee

Marcus & Millichap Arranges $60M Sale of Apartment Community Near Nashville

by Alex Tostado August 9, 2019

SPRING HILL, TENN. — Marcus & Millichap has arranged the $60 million sale of The Grand Reserve Spring Hill, a 290-unit apartment community in Spring Hill. The property is located at 3085 Commonwealth Drive, about 35 miles south of downtown Nashville. The Grand Reserve offers one-, two- and three-bedroom floor plans. Communal amenities include a billiards room, car care center, sauna, pet park, saltwater swimming pool and a fitness center. David Stollenwerk of Marcus & Millichap represented the undisclosed seller in the transaction and also procured the undisclosed buyer.

August 9, 2019

Acquisitions Florida Multifamily Southeast

Preferred Apartment Communities Acquires 259-Unit Multifamily Property in Florida’s Space Coast

by Alex Tostado August 9, 2019

MELBOURNE, FLA. — Preferred Apartment Communities Inc. (PAC) has acquired Artistry at Viera, a newly constructed, 259-unit multifamily property in Melbourne. Davis Development delivered the asset in 2018 within Viera, a 22,000-acre, master-planned community being developed by Viera Cos. Artistry at Viera offers one- through three-bedroom floor plans and communal amenities such as a swimming pool, clubhouse, game room, fitness center, media center, movie theater and a business center. The sales price was not disclosed.

August 9, 2019

Acquisitions Florida Office Southeast

Cushman & Wakefield Negotiates $17M Sale of Office Campus in Broward County

by Alex Tostado August 9, 2019

DAVIE, FLA. — Cushman & Wakefield has negotiated the $17 million sale of Flamingo Commons, an office campus spanning 81,959 square feet in Davie. Flamingo Commons was 95 percent leased at the time of sale to tenants including Flamingo Commons Dental, Mazzola’s West Italian Restaurant, Shades of Red Salon and The Gordon Group Luxury Cruise Planners. The two two-story buildings and one six-story building were completed between 2002 and 2006. Greg Miller, Miguel Alcivar, Scott O’Donnell, Dominic Montazemi and Mike Ciadella of Cushman & Wakefield, along with Steven Beauchamp from Mangrove Advisory, represented the seller, Flamingo Commons LLC. Miami-based Prive Flamingo LLC Land Banking acquired the property.

August 9, 2019

Acquisitions Multifamily Texas

IPA Negotiates Sale of 247-Unit Apartment Community Near Fort Worth

by Taylor Williams August 9, 2019

RICHLAND HILLS, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Creek on Calloway, a 247-unit multifamily community located in the Fort Worth suburb of Richland Hills. Built in 1979 on 14.5 acres, the property features one-, two- and three-bedroom units and amenities such as two pools, a fitness center, outdoor grilling stations and a children’s play area. Will Balthrope, Nick Fluellen, Drew Kile, Bard Hoover, Joey Tumminello and Giuseppe Thum of IPA represented the seller, a private investment and development firm, and procured the buyer, Anna Simpson and Raj Gupta of A&R Multifamily.

August 9, 2019

Newer Posts

Older Posts