Acquisitions

TruAmerica, RSE Capital Purchase 454-Unit Apartment Portfolio in Tampa for $63.8M

by Alex Tostado July 2, 2019

TAMPA, FLA. — A joint venture between TruAmerica Multifamily and RSE Capital Partners has purchased a two-property, 454-unit apartment portfolio in Tampa for $63.8 million. The portfolio includes Twin Lakes and Runaway Bay, which were both built in the 1980s. Each community offers one- and two-bedroom floor plans situated in two-story residential buildings. The new owners plan to upgrade the interiors with higher end finishes. Plans also call for select exterior and common area upgrades that include new signage and paint, landscaping, a new outdoor kitchen and refreshing of the clubhouse, fitness center and pool areas. Patrick Dufour and Ryan Crowley of Newmark Knight Frank (NKF) represented the undisclosed seller in the transaction. Mitch Clarfield and Ryan Greer of NKF arranged a 10-year Freddie Mac acquisition loan on behalf of the buyers.

July 2, 2019

Acquisitions Loans Mississippi Multifamily Southeast

NKF Arranges Sale, Provides $25M Acquisition Loan for Multifamily Community in Metro Memphis

by Alex Tostado July 2, 2019

SOUTHAVEN, MISS. — Newmark Knight Frank (NKF) has arranged the sale of The Clare, a 352-unit multifamily community in Southaven. NKF also provided the buyer, ValCap Group, with a $25 million Freddie Mac acquisition loan. The Clare was constructed in 1997 and offers one-, two- and three-bedroom floor plans ranging from 723 to 1,120 square feet. Communal amenities include two swimming pools, a tennis court, volleyball court and a fitness center. The Clare, formerly known as Legacy at Church Lake, is situated at 5186 Church Lake Drive, 18 miles south of downtown Memphis. The seller was not disclosed. Blake Pera of NKF represented the buyer in the transaction. Adam Randall, John Meany and John Westby-Gibson of NKF placed the debt financing.

July 2, 2019

Acquisitions Florida Industrial Southeast

RealOp Investments Acquires Industrial Building in Tampa for $16.5M

by Alex Tostado July 2, 2019

TAMPA, FLA. — RealOp Investments has acquired a 360,000-square-foot industrial building in Tampa for $16.5 million. The building is situated at 5210 S. 16th Ave., five miles from Port Tampa Bay and 14 miles from Tampa International Airport. The property is a front-loaded building that includes 27-foot clear heights, 237 parking spaces, 50 trailer drops and 34 loading dock doors. The building also has an active rail spur and nine rail doors. RealOp plans to renovate the property, including upgrading dock doors, installing LED lighting and new HVAC systems, enhancing the exterior and updating office suites. The seller was owner-occupant Southern Glazer’s Wine & Spirits.

July 2, 2019

Acquisitions New Jersey Northeast Office

Cushman & Wakefield Arranges $36M Sale of New Jersey Office Asset

by Taylor Williams July 2, 2019

WOODCLIFF LAKE, N.J. — Cushman & Wakefield has arranged the $36 million sale of a 118,000-square-foot office property in Woodcliff Lake, located in the northern part of the Garden State. Brooklyn-based Sheila Properties purchased the asset, which was fully leased at the time of sale to a subsidiary of Japanese pharmaceutical firm Eisai Inc., from Hartz Mountain Industries. David Bernhaut, Andrew Merin, Gary Gabriel, Brian Whitmer and Kyle Schmidt of Cushman & Wakefield represented both parties in the transaction.

July 2, 2019

Acquisitions Multifamily Texas

Berkadia Arranges Sale of 276-Unit Multifamily Asset in Houston

by Taylor Williams July 2, 2019

HOUSTON — Berkadia has arranged the sale of Vargos on the Lake, a 276-unit multifamily asset in Houston. Built in 2015, the property offers one-, two- and three-bedroom units that feature stainless steel appliances, quartz countertops and individual washers and dryers. Communal amenities include a coffee bar, fitness studio, conference room and a dog park. Ryan Epstein and Jennifer Ray of Berkadia represented the seller and developer, Hunington Properties Inc., in the transaction. Cutt Ableson of Berkadia secured acquisition financing through an undisclosed lender on behalf of the buyer, Boston-based Berkshire Residential Investments.

July 2, 2019

Acquisitions Industrial Office Texas

Bradford Brokers Sale of 14,250 SF Flex Property in Arlington

by Taylor Williams July 2, 2019

ARLINGTON, TEXAS — Bradford Commercial Real Estate Services has brokered the sale of a 14,250-square-foot office/warehouse property located at 1901 Southeast Parkway in Arlington. The flex property currently has 1,300 square feet available for lease. Shane Benner and Nick Talley of Bradford Commercial represented the seller, which developed the asset in 1985, in the transaction. Nathan Vasseur of Vasseur Commercial Real Estate Services represented the buyer. Both parties were private investors

July 2, 2019

Acquisitions California Retail Western

Stan Johnson Co. Brokers $24.5M Sale-Leaseback of California C-Store Portfolio

by Jeff Shaw July 2, 2019

LOS ANGELES — Stan Johnson Co. has completed the $24.5 million sale-leaseback of six Mobil-branded convenience and gasoline retail sites in Los Angeles. Matt Lipson, Chris Lomuto and Milo Spector of Stan Johnson’s Portland, Oregon and Walnut Creek, California offices represented the seller/operator in the transaction. Known as 1234 M Division Street, the seller/operator is a boutique carwash and convenience store operator based in southern California. A New York-based institutional investor purchased the portfolio at a 7.25 percent capitalization rate.

July 2, 2019

Acquisitions Idaho Multifamily Seniors Housing Western

CareTrust REIT Buys Skilled Nursing Facility in Nampa, Idaho

by Jeff Shaw July 2, 2019

NAMPA, IDAHO — CareTrust REIT has acquired Cascadia of Nampa, a newly constructed, 99-bed transitional rehabilitation facility in Nampa. The facility was added to CareTrust’s existing master lease with Idaho-based Cascadia Healthcare LLC, bringing the total facility count under the Cascadia master lease to 12 facilities with 1,013 licensed beds. CareTrust participated in the facility’s development, making a preferred equity investment with Cascadia’s development affiliate in 2016 to construct the asset. In conjunction with the investment, CareTrust obtained an option to purchase the facility at a formula-based price upon stabilization of the operations. Cascadia completed construction and opened the facility in November of 2017. CareTrust’s investment for Cascadia of Nampa was approximately $12.8 million, inclusive of transaction costs and after receiving credit for CareTrust’s original equity investment and preferred returns thereon. Initial annual cash rent will be approximately $1.5 million. The master lease carries annual CPI-based escalators and has approximately twelve years remaining on the initial term, plus three five-year renewal options. The acquisition was funded using cash on hand.

July 2, 2019

Acquisitions California Industrial Western

Prologis Acquires 264,847 SF Industrial Park in Orange County

by Jeff Shaw July 2, 2019

WESTMINSTER, CALIF. — JLL represented Prologis in the acquisition of a 10-building, 264,847-square-foot industrial park on Fenwick Lane in Westminster. JLL’s Louis Tomaselli, Steve Wagner and Zach Niles represented Prologis in the transaction. Curt Stalder of Lee & Associates represented the seller, CMSS Ventures LP.

July 2, 2019

Acquisitions Illinois Midwest Multifamily

Essex Brokers $5.3M Sale of 41-Unit Multifamily Building in Chicago’s Logan Square

by Kristin Harlow July 2, 2019

CHICAGO — Essex Realty Group has brokered the sale of a 41-unit multifamily building in Chicago’s Logan Square neighborhood for $5.3 million. The property is located at 1627 N. Humboldt Blvd., near the 606 Bloomingdale Trail. The 33 studios and eight one-bedroom units are fully renovated. Doug Imber, Kate Varde and Clay Maxfield represented the seller, a venture of 1627 N. Humboldt HHI LLC. The seller purchased the property for $2.8 million in 2015. Jim Darrow, Jordan Gottlieb and Jordan Multack represented the buyer, 1627 Humboldt LLC.

July 2, 2019

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