Acquisitions

Blue Magma Purchases Multifamily Communities in Memphis, Hattiesburg for $32.6M

by Alex Tostado August 6, 2019

HATTIESBURG, MISS. AND MEMPHIS, TENN. — Blue Magma Residential LLC has purchased Country Oaks Apartments in Memphis and Prosper Hattiesburg Apartments in Hattiesburg for a total of $32.6 million. Country Oaks is located at 6536 S. Country Oaks Circle in southeast Memphis. The property will be rebranded as The Park at Hollyford. Country Oaks was 98 percent occupied at the time of sale and the new ownership is planning to invest $2.6 million to renovate the interiors and exterior of the property. Multifamily Capital Markets represented the buyer in the transaction. Prosper Hattiesburg is located at 200 Foxgate Ave., near the University of Southern Mississippi. The buyer will invest $3.4 million to upgrade the interiors and exteriors of the property and rebrand it as The Park at Mayfield. Andrew Brown of Cushman & Wakefield represented the buyer in the transaction. Regions Bank provided acquisition financing on behalf of Blue Magma for both transactions.

August 6, 2019

Acquisitions Healthcare Southeast Virginia

Montecito Medical Buys Medical Office Building in Lynchburg, Virginia in Sale-Leaseback Deal

by Alex Tostado August 6, 2019

LYNCHBURG, VA. — Montecito Medical has bought an 88,000-square-foot medical office building (MOB) in Lynchburg from OrthoVirginia in a sale-leaseback. Constructed in 2008, the facility was a build-to-suit for OrthoVirginia, which fully occupies the MOB. The building is located at 2405 Atherholt Road, less than a mile from Lynchburg General Hospital. OrthoVirginia provides services including general orthopedics, physical therapy, sports medicine and care for joint replacement patients. The sales price was not disclosed.

August 6, 2019

Acquisitions Georgia Multifamily Southeast

Joint Venture Acquires 232-Unit Apartment Complex in Metro Atlanta

by Alex Tostado August 6, 2019

MCDONOUGH, GA. — A joint venture between Providence Real Estate LLC and a global insurance and investment company that has been in operation for more than 100 years has acquired Sundance Creek Apartments, a 232-unit complex in McDonough. The sales price was not disclosed. Sundance Creek is situated at 575 McDonough Parkway, about 30 miles south of downtown Atlanta. The property comprises 26 two-story townhome buildings, 24 detached garages and 32 storage units. Communal amenities include a swimming pool, cabana, clubhouse, picnic area, fitness center and a business center. The seller was not disclosed.

August 6, 2019

Acquisitions Multifamily New York Northeast

Eagle Rock Purchases 232-Unit Workforce Housing Property in Bay Shore, New York

by Alex Patton August 6, 2019

BAY SHORE, N.Y. — Eagle Rock Apartments has purchased Fairfield Courtyard at Bay Shore, a 232-unit workforce housing property in Bay Shore, a city located on Long Island. The sale included an arrangement in which Eagle Rock swapped its 80-unit Long Island property, The Preserve, with the seller for ownership of Fairfield Courtyard. Jeffrey Dunne, Gene Pride and Eric Apfel of CBRE represented the seller, an affiliate of Fairfield Properties, in the transaction, and also procured Eagle Rock as the buyer.

August 6, 2019

Acquisitions California Development Industrial Office Western

Seefried Properties, Crow Holdings Acquire 24-Acre Site for Industrial Development in Riverside

by Amy Works August 6, 2019

RIVERSIDE, CALIF. — Seefried Properties, in partnership with Crow Holdings, has purchased a 24-acre site within Meridian Business Park, a 1,290-acre master-planned commerce and distribution center in Riverside. The buyers plan to develop three fully entitled speculative buildings totaling 375,000 square feet on the site. The buildings will feature 32-foot clear heights, 60 trailer spaces, 65 dock doors and 387 auto stalls. Construction is slated to begin in November with completion scheduled for second-quarter 2020. Phil Lombardo, Chuck Belden and Andrew Starnes of Cushman & Wakefield, along with Joe McKay and Chris Morrell of Lee & Associates, handled the transaction for Seefried Properties and Crow Holdings.

August 6, 2019

Acquisitions Nevada Retail Western

Colliers Arranges $3M Acquisition of Multi-Tenant Retail Property in North Las Vegas

by Amy Works August 6, 2019

NORTH LAS VEGAS — Colliers International has arranged the purchase of The Craig Shops, a multi-lessee retail building located at 3052 W. Craig Road in North Las Vegas. Meyer S.F. Partners LP acquired the 8,000-square-foot property from an undisclosed seller for $3 million. David Grant of Colliers represented the buyer in the deal.

August 6, 2019

Acquisitions Colorado Multifamily Western

Nexus Commercial Brokers $1.3M Sale of Multifamily Property in Denver

by Amy Works August 6, 2019

DENVER — Nexus Commercial Realty has arranged the sale of a multifamily property located at 2945 N. Irving St. in Denver. Irving Properties LLC sold the 4,794-square-foot asset to Irving 29 LLC for $1.3 million. Brandon Kaufman of Nexus represented the buyer, while Gunnar Wilson and Jason Koch of Nexus represented the seller in the transaction.

August 6, 2019

Acquisitions New Jersey Northeast

CBRE Arranges $53M Sale of Retail Property in Lodi, New Jersey

by Alex Patton August 6, 2019

LODI, N.J. — CBRE has arranged the $53 million sale of a retail property in Lodi, just west of New York City. The property contains a 132,000-square-foot space that is triple-net leased to Home Depot store through January 2029. Jeffrey Dunne, David Gavin, Jeremy Neuer and Travis Langer of CBRE represented the owner in the transaction. The undisclosed buyer acquired the property via 1031 exchange.

August 6, 2019

Acquisitions Illinois Midwest Multifamily

Cushman & Wakefield Negotiates Sale of Class A Multifamily Property in Chicago

by Kristin Harlow August 6, 2019

CHICAGO — Cushman & Wakefield has negotiated the sale of LUXE on Chicago, a 59-unit apartment building in Chicago’s West Town/Wicker Park neighborhood. The sales price was not disclosed, but it equates to approximately $525,000 per unit, according to the brokerage firm. Developed by Fifield Cos. in 2016, the Class A property also includes 13,979 square feet of first-floor retail space. The asset, which includes studios, one-, two- and three-bedroom units, was 92 percent occupied at the time of sale. Jason Stevens and Todd Stofflet of Cushman & Wakefield represented the seller, Fifield Cos. A private, international investor purchased the property.

August 6, 2019

Acquisitions Industrial Kansas Midwest

Jones Development Acquires 311,100 SF Manufacturing Facility in Kansas

by Kristin Harlow August 6, 2019

NEW CENTURY, KAN. — Sumner Investment LLC, a local partnership arranged by Jones Development, has acquired a 311,100-square-foot distribution and manufacturing facility in New Century within Johnson County. The purchase price was not disclosed. The building is situated on 17.7 acres in the New Century AirCenter near I-35. The facility features clear heights ranging from 22 to 26 feet, 12,000 square feet of office space, 36 dock doors, six drive-in doors and 95 trailer parking stalls. The property will undergo a capital improvement plan.

August 6, 2019

Newer Posts

Older Posts