Acquisitions

Carter-Scottdale-AZ

SCOTTSDALE, ARIZ. — Redwood Capital Group has purchased Carter, a Class A apartment property located in Scottsdale. The acquisition price and name of the seller were not released. Completed in 2018, Carter consists of a five-story building with three elevators featuring 365 apartments. Units include “condominium-quality finishes” including nine-, 10- and 11-foot ceiling heights, granite or quartz countertops, kitchen islands, stainless steel appliances, single-basin undermount sinks, custom wood cabinetry, oversized windows, wood-like flooring, extra-large balconies or patios and full-size washers/dryers. On-site amenities include a resort-style pool area with a dining terrace, cabanas and an oversized hot tub; an outdoor fireplace area with overhead lighting and dining areas; resident clubhouse featuring two-story ceiling heights, kitchen area, billiard rooms and coffee bar; and state-of-the-art fitness center with separate spin and yoga studios. Additionally, the property features a Luxer One concierge package locker system; six-story painted parking garage with reserved parking and bike storage; business lounge with private conference rooms and outdoor seating; a pet park and grooming area; and an electronic access system to apartment units.

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Camelback-Esplanade-III-Phoenix-AZ

PHOENIX — Transwestern, in a joint venture with an institutional partner, has acquired Camelback Esplanade III, a Class A office tower in Phoenix. The price was not disclosed. Developed by Opus in 1997, the 10-story Camelback Esplanade III features 218,387 square feet of office space. At the time of sale, the property was 50 percent leased to a mix of nationally recognized tenants. The LEED Gold-certified and Energy Star-rated office tower is located within The Esplanade, a mixed-use development. Jim Fijan and Jack Fijan of Transwestern represented the buyer and sourced the institutional partner. Additionally, Jim Achen and Bill Zurek of Transwestern will provide office leasing services and oversee property management.

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1074-E-Main-St-Cottage-Grove-OR

COTTAGE GROVE, ORE. — Hone Investments has completed the disposition of a retail asset located at 1074 E. Main St. in Cottage Grove in Central Oregon. West Plaza LLC bought the property for $5.7 million. Walgreens occupies the 14,820-square-foot retail property with 15 years remaining on its existing long-term lease. Jon Busse and David Kotansky of Colliers International San Diego Region represented the seller, while Jeff Miller of First Commercial Real Estate Services represented the buyer in the deal.

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CORPUS CHRISTI, TEXAS — EDGE Realty Capital Markets has negotiated the sale of Padre Commons, a 19,851-square-foot retail center in Corpus Christi. Shadow-anchored by Lowe’s, the property houses tenants such as T-Mobile, Cicis Pizza, Leslie’s Pool Supplies, HoneyBaked Ham and Sportsclips. Micha van Marcke and Chace Henke of EDGE represented the seller in the transaction. Additional terms of sale were not disclosed.

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FENTON, MO. — Stan Johnson Co. has brokered the sale of Cassens Business Center in Fenton for $14 million. The multi-tenant industrial facility spans 132,279 square feet and is located at 2391 Cassens Drive. At the time of sale, the property was fully leased to two national tenants as well as a regional company. Zach Harris and Brad Pepin of Stan Johnson represented the seller, Green Street St. Louis, a Missouri-based developer. RCRL LLC, a New Jersey-based individual investor, purchased the building.

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CLEMSON, S.C. — The Preiss Co. and a privately held fund advised by Crow Holdings Capital have acquired Aspen Heights Clemson, a 598-bed student housing complex near Clemson University. The buyers have rebranded the property as The Collective at Clemson and are underway on major renovations, including upgrading the clubhouse, study center, flooring, bringing in new furniture and painting the exterior. Other amenities include a swimming pool, hot tub, outdoor fireplaces, volleyball court, basketball court, fitness center and a game room. The property offers two- through five-bedroom floor plans and is located at 673 Old Greenville Highway, two miles north of Clemson University. The seller and sales price were not disclosed.

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ROCKVILLE, MD. AND WINTER PARK, FLA. — Black Creek Group has acquired two multifamily communities, one in Rockville and one in Winter Park. The Rockville property is The Daley at Shady Grove Metro, a 333-unit community that was 95 percent occupied at the time of sale. The Daley is situated at 8010 Gramercy Blvd., 25 miles north of downtown Washington, D.C. Communal amenities include a community lounge, fitness center, swimming pool, outdoor courtyard and grilling stations. The second property, Broadstone Winter Park, is a 268-unit asset that was 85 percent occupied at the time of sale. Broadstone offers studio through three-bedroom floor plans and communal amenities such as a fitness center, swimming pool, two-story resident clubhouse, business center and private storage units. The seller(s) and sales price(s) were not disclosed.

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LITTLE ROCK, ARK. — Flagship Healthcare Properties has acquired Little Rock Diagnostic Clinic, a 96,692-square-foot medical office building (MOB). The sales price was not disclosed, although several local media outlets report the MOB traded for $34.8 million. The MOB was fully leased at the time of sale to Catholic Health Initiatives St. Vincent Medical Group. Little Rock Diagnostic Clinic is situated on Baptist Medical Center’s campus in the West Little Rock district. It offers an ambulatory surgery center; a comprehensive diagnostic imaging suite containing two MRIs, CT, ultrasound, X-ray and bone densitometry machines; a COLA Laboratory of Excellence-accredited lab; and an infusion therapy center. Flagship Healthcare Properties acquired the MOB from the physician partners of Little Rock Diagnostic Clinic on behalf of its private REIT, Flagship Healthcare Trust Inc. Brock Martin of Orion Capital Partners represented the buyer in the transaction. Todd Rice of Colliers International represented the seller. Capital Bank, a member of the First Horizon family of companies, provided acquisition financing for the transaction.

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CHERRY HILL, N.J. — Marcus & Millichap has brokered the $4 million sale of South Jersey Medical Center, a 33,426-square-foot medical office building located in Cherry Hill, located just outside Philadelphia in New Jersey. The property features 14 suites and 425 feet of frontage along State Route 70, which has a daily traffic count in excess of 53,000 cars. David Beyel, Lawrence Gariano and Michael Hinchman of Marcus & Millichap’s Philadelphia represented the undisclosed seller and procured the buyer, a Pennsylvania-based partnership that will upgrade the property’s common areas.

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BRIDGEPORT, CONN. — Northeast Private Client Group (NPCG) has negotiated the $3.6 million sale of a pair of multifamily assets in Bridgeport, located on Connecticut’s southern coast. The properties total 44 units. Brad Balletto, Rich Edwards and Jeff Wright of NPCG represented the seller, a local owner-operator, and procured the buyer, a Connecticut-based investor. The deal closed at a capitalization rate of roughly 7 percent.

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