Acquisitions

CBRE Negotiates Sale of 250-Unit Apartment Community in Dallas

by Taylor Williams June 28, 2019

DALLAS — CBRE has negotiated the sale of Greens of Hickory Trail, a 250-unit multifamily community located about 10 miles south of downtown Dallas. The property was built in 2000 and was 97 percent occupied at the time of sale. Chris Deuillet, Chandler Sims, Jeff Kunitz and Mike Canori of CBRE represented the seller in the transaction. According to brokers, the property’s rental restrictions will phase out over the next two years, creating an opportunity for the undisclosed buyer to upgrade the property and unlock additional value.

June 28, 2019

Acquisitions Multifamily North Carolina Southeast

HFF Arranges $46.5M Sale of Apartment Complex in Raleigh-Durham

by Alex Tostado June 28, 2019

MORRISVILLE, N.C. — HFF has arranged the $46.5 million sale of Bainbridge Lake Crabtree, a 200-unit apartment community in Morrisville. Bainbridge Lake Crabtree is located at 2599 Evans Road, about 15 miles from both Raleigh and Durham. The asset was delivered in 2018 and offers units averaging 1,015 square feet. Communal amenities include a swimming pool, sun deck, interior courtyard with fire pits, grilling station, pet spa, bark park, clubroom and a fitness center with yoga studio. Justin Good, Jeff Glenn, Allan Lynch and Caylor Mark of HFF represented the seller, The Banbridge Cos. LLC and Amzak Capital Management, in the transaction. The team also procured the buyer, RK Properties.

June 28, 2019

Acquisitions Mixed-Use Office Retail Southeast Virginia

Divaris Real Estate Acquires Six Properties Totaling 232,057 SF in Hampton Roads

by Alex Tostado June 28, 2019

VIRGINIA BEACH, VA. — Divaris Real Estate Inc. has acquired six properties totaling 232,057 square feet in Hampton Roads. The acquisitions include shopping centers Las Gaviotas Shopping Center, a 90,505-square-foot, Food Lion-anchored property in Chesapeake; and Cypress Run, a 25,000-square-foot, Kroger shadow-anchored property in Smithfield. The two office buildings are the 76,024-square-foot Northampton Executive Center and the 10,000-square-foot 2125 McComas Way, both in Virginia Beach. The medical office building and two-building mixed-use properties are also in Virginia Beach. The seller(s) and sales prices were not disclosed.

June 28, 2019

Acquisitions California Multifamily Seniors Housing Western

Faris Lee Investments Brokers Acquisition of Seniors Housing Community in Bay Area for $39M

by Amy Works June 28, 2019

HAYWARD, CALIF. — Faris Lee Investments has arranged the purchase of Casa Sandoval, a 187,926-square-foot seniors housing community in Hayward, located along San Francisco Bay. Kayne Anderson Real Estate, a Florida-based private equity firm, acquired the property for $39 million in an off-market sale. The purchase was made through a recently closed $1.85 billion private equity fund focused on seniors housing, medical office and student housing. Gene Ventura with Faris Lee Investments represented the buyer in the transaction. The name of the seller was not released. Constructed in 1990, the Casa Sandoval community offers a total of 235 licensed beds for independent living, assisted living and memory care, with expansion opportunities available.

June 28, 2019

Acquisitions Arizona Multifamily Western

Praedium Group Acquires 306-Unit Town Commons Multifamily Community Near Phoenix

by Amy Works June 28, 2019

GILBERT, ARIZ. — The Praedium Group has purchased Town Commons, a multifamily complex located in Gilbert, for an undisclosed price. The name of the seller was not released. Comprising 24 residential buildings, Town Commons features two two-story townhouse buildings, 10 two-story carriage homes and 12 three-story, garden-style buildings. Constructed in 2018, the property features 306 units in a mix of one-, two-, three- and four-bedroom layouts, ranging in size from 776 square feet to 2,197 square feet. Community amenities include a resort-style swimming pool, outdoor lounge, bonfire pits, barbecue grills, dog park, children’s splash pad, clubhouse with a cyber café, private work space with a 55-inch presentation television and fitness center.

June 28, 2019

Acquisitions California Industrial Self-Storage Western

Loeffler Self-Storage Group Arranges $6.9M Sale of Self-Storage Asset in California

by Amy Works June 28, 2019

REDDING, CALIF. — The Loeffler Self-Storage Group has facilitated the sale of Best Value Storage, a self-storage facility located along Lake Boulevard in Redding. California-based CP Partners sold the property to a local owner-operator for $6.9 million. Situated on 5.3 acres, Best Value Storage features 64,797 net rentable square feet and 521 self-storage units. The property consists of 15 single-story buildings, a manager’s office and two living quarters. At the time of sale, the property was 100 percent leased. Bobby Loeffler and Tyler Skelly of Loeffler Self-Storage Group represented the seller in the deal.

June 28, 2019

Acquisitions California Retail Western

Flocke & Avoyer Negotiates $4.8M Sale of Three Retail Parcels in Ramona, California

by Amy Works June 28, 2019

RAMONA, CALIF. — Flocke & Avoyer Commercial Real Estate has arranged the sale of three retail parcels, totaling 22,527 square feet, at Stonegate Plaza Shopping Center in Ramona. Trevor Associates acquired the assets from Lesser-Moore South Coast for $4.8 million. Goodwill, The UPS Store, T-Mobile, Sally’s Beauty Supply and Itan occupy the parcels, located at 1668, 1672 and 1676 Main St. Stater Bros and Rite Aid serve as shadow anchors. Bryan Cunningham of Flocke & Avoyer represented the seller, while Steve Hollenbeck represented the buyer in the deal.

June 28, 2019

Acquisitions Illinois Industrial Midwest

NKF Brokers Two Industrial Investment Sales in Chicagoland Area

by Kristin Harlow June 28, 2019

ARLINGTON HEIGHTS AND WAUCONDA, ILL. — Newmark Knight Frank (NKF) has brokered the sale of two industrial properties totaling approximately 75,000 square feet in the Chicagoland area. In Arlington Heights, a private investor purchased an 18,557-square-foot facility located at 561-575 S. Arthur Ave., approximately 25 miles northwest of Chicago, for an undisclosed price. The property is fully leased to multiple tenants, including Bosch Tools. In Wauconda, One Liberty Properties purchased a 56,579-square-foot distribution facility located at 1275 Karl Court, about 45 miles northwest of Chicago. Echo Inc., a developer and manufacturer of handheld outdoor power equipment, fully occupies the property on a net lease basis. Adam Marshall and Boris Shraybman of NKF represented the private sellers in both transactions.

June 28, 2019

Acquisitions Kansas Midwest Multifamily

NorthMarq Arranges Sale of Three Multifamily Properties in Topeka, Kansas

by Kristin Harlow June 28, 2019

TOPEKA, KAN. — NorthMarq has arranged the sale of three multifamily properties totaling 216 units in Topeka for an undisclosed price. The properties include the 117-unit Shawnee Lake, the 65-unit Wanamaker View, and the 34-unit Brentwood Apartments. Jeff Lamott of NorthMarq arranged the sale on behalf of both parties. Orozco Capital Trust sold the assets to Vertex Investments. Built in the 1990s, the Class B properties are nearly fully occupied.

June 28, 2019

Acquisitions California Office Western

American Assets Trust Buys La Jolla Commons Office Complex in San Diego for $525M

by Amy Works June 27, 2019

SAN DIEGO — American Assets Trust has closed on the acquisition of La Jolla Commons, an office complex located in San Diego’s University Town Center submarket, for $525 million. The asset consists of two office towers, an entitled development parcel and two parking structures. Totaling 724,000 square feet, the LEED Platinum-certified office towers were built in 2008 and 2014. The 421,000-square-foot building is fully leased to LPL Financial. The second building, consisting of 303,000 square feet, is 72 percent leased to a variety of tenants, including U.S. Bank National Association, Paul Hastings LLP and Finch, Thornton & Baird LLP. The purchase price of $525 million, less a seller credit of approximately $11.5 million, was paid with a combination of cash on hand and funds drawn against the company’s existing credit facility. Loryn Arkow and Ankush Israni of Los Angeles-based Stroock & Stroock & Lavan represented the undisclosed seller, while James Mann and Jeffrey Gonzalez of Latham & Watkins represented the buyer in the transaction.

June 27, 2019

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