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Acquisitions

Central-Seven-Commerce-Center-Las-Vegas-NV
AcquisitionsIndustrialNevadaWestern

MCA Realty Buys 357,608 SF Equus Business Center in Las Vegas for $42M

by Amy Works

LAS VEGAS — Orange County, Calif.-based MCA Realty has acquired Equus Business Center, a multi-tenant industrial property located at 3400 Desert Inn Road, 3110-3230 Polaris Ave. and 3401 Sirius Ave. in Las Vegas. A private investor sold the asset for $42 million in an off-market transaction. MCA Realty plans to rebrand the 357,608-square-foot property as Central Seven Commerce Center. At the time of sale, the property was 89 percent occupied by more than 170 tenants. The buyer plans to implement interior and exterior renovations to the property, including new paint, landscaping and improved signage. Dan Doherty of Colliers International, along with Gabe Telles and Ali Roesener of Gatski Commercial, represented the buyer. Frank Gatski of Gatski Commercial represented the seller in the transaction.

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Copperleaf-Place-Fort-Collins-CO
AcquisitionsColoradoMultifamilyWestern

CBRE Brokers $21.8M Sale of Copperleaf Place Apartment Complex in Fort Collins, Colorado

by Amy Works

FORT COLLINS, COLO. — CBRE has arranged the sale of Copperleaf Place, a multifamily community in Fort Collins. Brinkman sold the asset to California-based Warm Springs Holdings for $21.8 million. Located at 3425 S. Shields St., Copperleaf Place features 94 apartments across three rental buildings on 2.8 acres. At the time of sale, the property was 96.8 percent occupied. Built in 2018, the community features a clubhouse, 24-hour fitness center and dog park. Dan Woodward, David Potarf, Matthew Barnett and Jake Young of CBRE Capital Markets represented the seller in the transaction.

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AcquisitionsArizonaMultifamilyWestern

Berkadia Negotiates $13.5M Sale of Two-Property Multifamily Portfolio in Metro Phoenix

by Amy Works

PHOENIX AND SCOTTSDALE, ARIZ. — Berkadia has brokered the sale of a two-property multifamily portfolio located in Phoenix and Scottsdale. Colorado-based Birch LLC sold the portfolio to Phoenix-based ZH Multifamily for $13.5 million. The properties are Oak Tree, a 76-unit community located at 3620 E. McDowell Road in Phoenix built in 1984, and Scottsdale 5th Avenue, a 59-unit complex located at 6405 E. Indian School Road in Scottsdale built in 1968. Scottsdale 5th Avenue sold for $6.6 million, or $111,864 per unit, and Oak Tree sold for $6.9 million, or $90,789 per unit. Ric Holway, Mark Forrester and Dan Cheyne of Berkadia’s Phoenix office represented the seller in the deal.

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AcquisitionsIndustrialSelf-StorageTexas

JLL Negotiates Sale of 709-Unit Self-Storage Facility in Houston

by Taylor Williams

HOUSTON — JLL has negotiated the sale of Safe Keeping Self Storage, a 709-unit facility located at 6610 Highway 6 N. in Houston. Approximately 62 percent of the units feature climate-controlled space. Steve Mellon and Brian Somoza of JLL represented the seller, Safe Keeping, in the transaction. The buyer was Merit Hill Capital, a Brooklyn-based self-storage investment and development firm, which acquired the asset for an undisclosed price.

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Manitoba-Apartments-Fort-Worth
AcquisitionsMultifamilyTexas

Marcus & Millichap Brokers Sale of 265-Unit Apartment Complex in Fort Worth

by Taylor Williams

FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Manitoba, a 265-unit multifamily complex in Fort Worth. Built in 1971, the property offers amenities such as two pools, a playground, afterschool center and onsite laundry facilities. Al Silva of Marcus & Millichap represented the seller, a Dallas-based nonprofit that owned the asset for 18 years, in the transaction. Silva and Ford Braly, also with Marcus & Milichap, secured the buyer, a Dallas-based investment firm that will renovate the property’s exteriors, unit interiors and amenity spaces.

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AcquisitionsMidwestMultifamilyOhio

Reichle Klein Group Brokers $29.4M Apartment Portfolio Sale in Ohio

by Kristin Harlow

TOLEDO AND OREGON, OHIO — Reichle Klein Group has brokered the $29.4 million sale of an 888-unit apartment portfolio in Toledo and Oregon. The properties include Tamarack Creek, Piccadilly West and Alexor in Toledo; and Piccadilly East, located at 2750 Pickle Road in Oregon. Tony Plath and Harlan Reichle of Reichle Klein represented the local seller, R.J. Lloyd Co. Ltd. Columbus-based Urban Land Co. Ltd. purchased the portfolio.

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AcquisitionsIndianaMidwestRetail

Marcus & Millichap Arranges $4.7M Sale of Retail Strip Center in Hammond, Indiana

by Kristin Harlow

HAMMOND, IND. — Marcus & Millichap has arranged the sale of a 9,327-square-foot retail strip center in Hammond for $4.7 million. Located at 7905 Indianapolis Blvd., the property is anchored by AT&T. All tenants operate under 10-year leases. Austin Weisenbeck and Sean Sharko of Marcus & Millichap marketed the property on behalf of the undisclosed seller. An Illinois-based buyer completing a 1031 tax-deferred exchange purchased the asset.

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AcquisitionsMultifamilySeniors HousingTexas

Blueprint Negotiates Sale of 33-Unit Memory Care Community in Dallas

by Taylor Williams

DALLAS — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 33-unit memory care community in the Turtle Creek neighborhood of Dallas. A publicly traded REIT sold the property, the name of which was not disclosed, to local owner-operator Iris Senior Living. Blueprint’s Ben Firestone and Joshua Salzman handled the transaction.

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AcquisitionsMidwestNebraska

CIT to Acquire Mutual of Omaha Bank for $1B

by Kristin Harlow

OMAHA, NEB. — CIT Group Inc. has agreed to acquire Mutual of Omaha’s savings bank subsidiary, Mutual of Omaha Bank, for $1 billion. CIT’s banking subsidiary, CIT Bank NA, will be used for the acquisition. The purchase price will be comprised primarily of cash and up to $150 million of CIT common stock. The transaction will diversify and enhance CIT’s funding profile with stable, lower-cost deposits from Mutual of Omaha Bank’s homeowner’s association banking business, according to New York City-based CIT. It is also expected to extend CIT’s commercial banking capabilities and enhance profitability. The transaction is expected to close in the first quarter of 2020. The agreement excludes Mutual’s mortgage subsidiary, Synergy One Lending. Founded in 1909, Mutual of Omaha offers a variety of insurance and financial products for individuals, businesses and groups throughout the United States. CIT Group Inc. (NYSE: CIT) is a financial holding company with approximately $50 billion in assets as of June 30.

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AcquisitionsIllinoisMidwestOffice

Fairbridge Properties Buys Class A Office Building in Suburban Chicago for $42.8M

by Kristin Harlow

OAK BROOK, ILL. — Fairbridge Properties has acquired Oak Brook Gateway in suburban Chicago for $42.8 million. The eight-story, 233,166-square-foot office building is located at 1111 W. 22nd St. The Class A property is 93 percent occupied. Tenants include Lewis University, U.S. Census Bureau, Oxford Bank and Aerotek. Designed by Holabird & Root and developed by New York Life Insurance Co. in 1984, Oak Brook Gateway includes a conference center, fitness center, full-service café, outdoor patio and covered parking. Brent Jacob of Colliers International handles leasing for the property.

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