Acquisitions

CBRE Arranges $22M Sale of 112,966 SF Industrial Flex Building in Denver

by Amy Works August 5, 2019

DENVER — CBRE has arranged the sale of a LEED Gold-certified industrial flex building located at 6144 N. Panasonic Way in northeast Denver’s Airport corridor. Omaha-based NewStreet Properties acquired the property from Denver-based Westfield Co. for $22 million. Westfield Co. originally constructed the 112,966-square-foot facility as a build-to-suit for Panasonic Enterprise Solutions (PESCO), a technology and solar subsidiary of Panasonic, in 2016. The smart property features warehouse, assembly, research and design space, as well as a two-story office space with Class A finishes. Situated on six acres, the property is adjacent to the 61st and Peña Light Rail Station. Tyler Carner, Jeremy Ballenger and Jim Bolt of CBRE represented the seller in the deal.

August 5, 2019

Acquisitions California Multifamily Western

TMG Brokers $16.3M Sale of 96-Unit Apartment Community in Visalia, California

by Amy Works August 5, 2019

VISALIA, CALIF. — The Mogharebi Group (TMG) has arranged the sale of Cameron Crossing, an apartment community located in Visalia. A Visalia-based private family acquired the asset for $16.3 million, or $170,000 per unit. Situated on a 4.8-acre site, Cameron Crossing features 96 units in a mix of one-, two- and three-bedroom floor plans, with an average size of 957 square feet. Additionally, the property features a swimming pool, clubhouse, laundry facilities and reserved parking. Alex Mogharebi, Otto Ozen, Robin Kane, Mark Bonas and Brendan Kane of TMG represented the seller, a Washington-based private investment group, in the transaction.

August 5, 2019

Acquisitions Arizona Office Western

Helix Properties Buys 181,584 SF Office Park in Phoenix for $10.7M

by Amy Works August 5, 2019

PHOENIX — Next Gen Black Canyon, an entity controlled by Helix Properties, has acquired Black Canyon Commerce Park, a three-building office park in Phoenix’s I-17 Corridor. Irvine, Calif.-based Granite Black Canyon Holdings sold the multi-tenant asset for $10.7 million. Barry Gabel, Chris Marchildon and Will Mast of CBRE’s Phoenix office represented the seller in the deal. CBRE Property Management will continue to manage the property, with Ashley Brooks of CBRE serving as the leasing agent. Built in phases between 1999 and 2001, Black Canyon Commerce Park is situated on 16.1 acres at 2101, 2133 and 2225 W. Peoria Ave. The 181,584-square-foot property, which was 65 percent leased at the time of sale, features two single-story buildings and one two-story building.

August 5, 2019

Acquisitions Arizona Industrial Office Western

Wentworth Property Co. Sells 34,132 SF Flex Building Near Phoenix for $9.9M

by Amy Works August 5, 2019

GILBERT, ARIZ. — Wentworth Property Co. has completed the sale of a build-to-suit office/flex building located at 2228 W. Guadalupe Road in Gilbert. A private trust acquired the property for $9.9 million. Built this year by Wentworth Property Co., the property features 34,132 square feet of office and flex space. New York-based Moog Inc., a designer and manufacturer of high performance motion control products, solutions and services, occupies the building, which features a custom build-out for the company with specific amenities to support Moog’s work in the aircraft, industrial, medical and space and defense markets. Brian Ackerman and Steve Sayre of JLL represented the seller, while Ian Hackett of Hackett Real Estate Solutions represented the buyer in the deal. Deutsch Architecture Group served as architect for the build-out.

August 5, 2019

Acquisitions Arizona Multifamily Western

Marcus & Millichap Negotiates $5M Sale of Ocotillo Estates Apartment Complex in Phoenix

by Amy Works August 5, 2019

PHOENIX — Marcus & Millichap has brokered the sale of Ocotillo Estates, a 47-unit apartment property located in Phoenix. A limited liability company acquired the property from a private investor for $5 million. Located at 6702 N. 17th Ave., Ocotillo Estates features two studios, 17 one-bedroom/one-bathroom units and 28 two-bedroom/two-bathroom units. Developed in 1979, the property has undergone light renovations with community amenities including ample covered parking, 24-hour controlled access security gate and an on-site management office. Additionally, the property features individual metering for electricity. Paul Bay of Marcus & Millichap’s Phoenix office represented the seller and procured the buyer in the deal.

August 5, 2019

Acquisitions Georgia Multifamily Southeast Top Stories

RSE Capital, Carter Multifamily Acquire Georgia Apartment Portfolio for $202.5M

by Taylor Williams August 5, 2019

GEORGIA — A joint venture between Washington, D.C.-based RSE Capital Partners and Tampa-based Carter Multifamily has acquired a portfolio of 11 apartment communities located across five cities in Georgia for $202.5 million. The seller was Savannah-based Kole Management. The new ownership will undertake a capital improvement program that will upgrade the properties’ unit interiors and amenity space. In announcing the value-add deal, the joint venture cited the strong job growth that is occurring throughout Georgia and the limited supply of quality workforce housing as the key driving forces behind the acquisition. The portfolio totals 1,966 units in the Class B and C spaces. Specifically, three of the properties totaling 438 units are in Savannah; three communities featuring 382 units are in Garden City; three assets comprising 716 units are in Macon; one property totaling 240 units is in Canton; and one community featuring 200 units is in Augusta. The Savannah properties were all built between 1969 and 1978 and feature amenities such as pools and playgrounds. Each of the Garden City communities was built in the late 1980s and offers amenities such as pools, playgrounds, sport courts and fitness centers. Garden City is located along the eastern coast near Savannah. …

August 5, 2019

Acquisitions Life Sciences North Carolina Office Southeast

JLL Negotiates $405M Sale of Life Sciences Portfolio in Durham

by Alex Tostado August 2, 2019

DURHAM, N.C. — JLL has arranged the $405 million sale of Keystone Technology Park and Imperial Center, which total 1.3 million square feet of office space across 18 buildings adjacent to Research Triangle Park in Durham. The portfolio was 94 percent leased at the time of sale. The buildings feature a STEM ecosystem with buildouts and amenities including fitness centers, outdoor amenity space and lounges. Scot Humphrey, Ryan Clutter, Chris Norvell, Coleman Benedict and Zack Drozda of JLL represented the seller, Bain Capital Real Estate, in the transaction. The team also procured the buyer, an affiliate of Longfellow Strategic Value Fund LLC. Longfellow is developing the nearby Durham Innovation District, which upon completion will include 1.3 million square feet of office space, 60,000 square feet of retail space, 250,000 square feet of residential space and 115,000 square feet of lab space.

August 2, 2019

Acquisitions Georgia Multifamily Southeast

Passco Purchases Apartment Community in Augusta for $58M

by Alex Tostado August 2, 2019

AUGUSTA, GA. — Passco Cos. has purchased Grand Oaks at Crane Creek, a 300-unit apartment community in Augusta, for $58 million. The seller, Southeastern Development Associates, delivered the property in 2016 at 680 Crane Creek Drive, about five miles west of downtown Augusta. Communal amenities include a pet wash station, dog park, 24-hour fitness center, spin room, yoga studio, saltwater swimming pool, outdoor kitchen, shuffleboard, cybercafe and outdoor fireplaces. Passco plans to implement a series of eco-friendly upgrades to the property, including new LED lighting, low-flow toilets and showerheads and Nest thermostats. The company will also add washers and dryers to each unit.

August 2, 2019

Acquisitions Industrial Office Southeast Virginia

Minkoff Development Buys Office, Industrial Portfolio in Northern Virginia

by Alex Tostado August 2, 2019

CHANTILLY, VA. — Minkoff Development has acquired a five-building flex/industrial portfolio within Avion Business Park in Chantilly. The portfolio includes office buildings at 14500 Avion Parkway and 14520 Avion Parkway; and flex/industrial buildings at 14700 Avion Parkway, 3635 Concorde Parkway and 3650 Concorde Parkway. Minkoff will add a shared conference facility and tenant lounge at 14500 Avion Parkway overlooking a pond. These new amenities, along with an existing fitness facility, are open to all tenants within the portfolio. Minkoff will also be introducing modern spec suites to the office buildings. Avion Business Park is located adjacent to Dulles International Airport and 25 miles west of downtown Washington, D.C. Andy Klaff, Jeff Tarae and Dominic Orcino of Newmark Knight Frank (NKF) will handle the leasing of the office buildings. Larry FitzGerald and Cole Spalding, also with NKF, are overseeing the leasing of the flex buildings. The seller and sales price were not disclosed.

August 2, 2019

Acquisitions Multifamily Texas

Waterton Acquires 950-Unit Multifamily Portfolio in Austin

by Taylor Williams August 2, 2019

AUSTIN, TEXAS — Chicago-based investment and management firm Waterton has acquired a three-property, 950-unit multifamily portfolio in Austin. The garden-style properties include the 390-unit Madison at Stone Creek, the 300-unit Madison at Wells Branch and the 260-unit Madison at Scofield Farms. All properties were built in the 1990s and offer amenities such as pools, fitness centers, dog parks and clubhouses. Waterton will implement a value-add program focused on unit interiors, utility systems and amenity spaces. The seller(s) was not disclosed.

August 2, 2019

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