Acquisitions

Continental Realty Purchases Apartment Complex Near Hilton Head for $69.3M

by Alex Tostado October 29, 2019

BLUFFTON, S.C. — Continental Realty Corp. (CRC) has purchased The Bluestone, a 360-unit apartment complex in Bluffton, for $69.3 million. The property offers one-, two- and three-bedroom floor plans. Communal amenities include two swimming pools, sundecks, outdoor kitchens, fitness center, grilling areas, clubhouse, coffee bar, yoga studio and a fireplace lounge area. The Bluestone was constructed in phases between 2004 and 2007 and is located six miles from Hilton Head Island. CRC purchased the asset from a joint venture between Charleston, S.C.-based Blaze Partners and The Carlyle Group, a global investment firm based in Washington, D.C.

October 29, 2019

Acquisitions Industrial Leasing Activity Southeast Virginia

Cushman & Wakefield Arranges $60.3M Sale-Leaseback for National Industrial Portfolio

by Alex Tostado October 29, 2019

RICHMOND, VA. — Cushman & Wakefield has arranged the $60.3 million sale-leaseback of a seven-property national industrial portfolio on behalf of owner and seller The C.F. Sauer Co. The seven properties total 791,000 square feet. There are four buildings in Mauldin, S.C.; one in Orange, Fla.; one in San Luis Obispo, Calif.; and one in New Century, Kan. Ben Cooper, Larry Wilks, Keith Bell and Ben Pugh of Cushman & Wakefield represented Richmond-based C.F. Sauer, which is now controlled by the private equity partnership Falfurrias Capital Partners and operates as Sauer Brands. A public REIT acquired six of the properties while a separate public REIT purchased the remaining building. Sauer Brands manufactures a broad line of flavor-enhancing condiments, spices, seasonings and extracts, including well-known brands Duke’s Mayonnaise, The Spice Hunter, Sauer’s, Gold Medal and BAMA.

October 29, 2019

Acquisitions Georgia Multifamily Southeast

Urban Realty, Case Pomeroy Sell Two Adjacent Apartment Complexes in East Atlanta for $48.2M

by Alex Tostado October 29, 2019

ATLANTA — A joint venture between Urban Realty Partners and Case Pomeroy Properties has sold two neighboring apartment complexes totaling 217 units in Atlanta’s Grant Park neighborhood for $48.2 million. The George and The Leonard are located at 275 Memorial Drive SE and 301 Memorial Drive, respectively, less than a mile east of downtown Atlanta. The communities offer one- and two-bedroom floor plans. Communal amenities include 11,581 square feet of retail space, a clubhouse, business center, pet play area, pet washing area, fitness center and a swimming pool. Mike Kemether, Robert Stickel and Alex Brown of Cushman & Wakefield represented the seller in the transaction. Grubb Properties acquired the buildings.

October 29, 2019

Acquisitions Multifamily South Carolina Southeast

American Landmark Acquires 329-Unit Multifamily Property Near Charleston

by Alex Tostado October 29, 2019

SUMMERVILLE, S.C. — American Landmark Apartments has acquired Alta Brighton Park, a 329-unit multifamily property in Summerville. American Landmark will invest $800,000 and rename the property Elevate at Brighton Park. The property offers one- through three-bedroom floor plans. Communal amenities include a saltwater swimming pool, outdoor lounge area with grills, 24-hour fitness center and a resident clubhouse. Alta Brighton Park is located at 115 Great Lawn Drive, 25 miles north of downtown Charleston. Alex Okulski, Sean Wood, John Heimburger, Dean Smith, John Munroe and Jason Kon of Newmark Knight Frank (NKF) represented the seller in the transaction. Bill Weber, Matt Mense, Ari Schwartzbard and Henry Stimler of NKF arranged acquisition financing on behalf of American Landmark. Further details of the transaction were not disclosed.

October 29, 2019

Acquisitions Multifamily New York Northeast Pennsylvania

Morgan Properties Acquires 18,000-Unit Multifamily Portfolio in Northeast

by Alex Patton October 29, 2019

KING OF PRUSSIA, PA. — Metro Philadelphia-based Morgan Properties has acquired multifamily portfolio comprised of 80 apartment communities totaling approximately 18,000 units across 15 states. The portfolio is primarily located in upstate New York markets, including Rochester, Buffalo, Syracuse and Albany, as well as Pennsylvania submarkets that include Pittsburgh and Harrisburg. Properties in New York include Henrietta Highlands, a 338-unit community in Henrietta; Waverlywood, a 381-unit property in Webster; and North Ponds, a 196-unit asset in Webster. The portfolio also comprises assets in the Southeast and Midwest United States. The seller was Morgan Communities, a company based in Rochester, New York, which has no relation to Morgan Properties. The sales price was undisclosed.

October 29, 2019

Acquisitions Multifamily New Jersey Northeast

Redwood Realty Brokers $4M Sale of Two Multifamily Properties in New Jersey

by Alex Patton October 29, 2019

JERSEY CITY AND NORTH BERGEN, N.J. — Redwood Realty Advisors has brokered the combined $4 million sale of two multifamily properties in Jersey City and North Bergen, two western suburbs of New York City. The Jersey City property, 481-487 Communipaw Avenue, is an eight-unit community comprised of two- and three-bedroom duplexes. The original developer sold the property. The North Bergen asset, 7328 Kennedy Boulevard, comprises 17 apartment units in two-bedroom floor plans. Steven Matovski of Redwood Realty Advisors procured sellers and buyers in both transactions. Individual sales prices were undisclosed.

October 29, 2019

Acquisitions Industrial Texas

CBRE Brokers Sale of 157,000 SF Industrial Facility in Oklahoma City

by Taylor Williams October 29, 2019

OKLAHOMA CITY — CBRE has brokered the sale of a 157,000-square-foot industrial facility located on 18 acres near Interstates 35 and 240 in Oklahoma City. The buyer, Spiers New Technologies, a provider of services for advanced battery packs used in hybrid and electric car charging, occupies four buildings across the city and will consolidate its operations to the new facility. The site has the capacity to house more than 200,000 square feet of additional office and manufacturing space. Jason Hammock, Caitlin Mazaheri and John Lenochan of CBRE represented Spiers in the transaction. Allan Meadors of Cushman & Wakefield represented the undisclosed seller.

October 29, 2019

Acquisitions Multifamily Texas

Origin Investments, F&B Capital Buy 250-Unit Apartment Community in Metro Austin

by Taylor Williams October 29, 2019

GEORGETOWN, TEXAS — A joint venture between Chicago-based Origin Investments and Austin-based F&B Capital has purchased Anatole at Westinghouse, a 250-unit apartment community located in the northern Austin suburb of Georgetown. Built on 13 acres in 2015, the property comprises 148 one-bedroom units, 96 two-bedroom units and six three-bedroom units equipped with modern appliances, quartz countertops and in-unit washers and dryers. Amenities include a pool with outdoor grilling areas, a fitness center, business center and a dog park. The seller and sales price were not disclosed.

October 29, 2019

Acquisitions Retail Texas

MCA Arranges $5.1M Construction Loan for Retail Project in South Dallas

by Taylor Williams October 29, 2019

DALLAS — Locally based financial intermediary Metropolitan Capital Advisors (MCA) has arranged a $5.1 million construction loan for a 20,700-square-foot retail property that will be located adjacent to the RedBird Mall in South Dallas. Foot Locker will occupy the space, which will be fronted by a one-acre outdoor area that will be used for outdoor athletic events. Scott Lynn and Andrew Hanzl handled the debt placement with Texas Capital Bank on behalf of the borrower, RedBird Development Group. Future phases at RedBird Mall will include the construction of several restaurant concepts neighboring the Footlocker along the perimeter of the green space.

October 29, 2019

Acquisitions Iowa Kansas Midwest Multifamily Nebraska Seniors Housing

Blueprint Negotiates Sale of 15-Property Skilled Nursing Portfolio in Midwest

by Kristin Harlow October 29, 2019

NEBRASKA, IOWA AND KANSAS — Blueprint Healthcare Real Estate Advisors has arranged the sale of 15 skilled nursing facilities in Nebraska, Iowa and Kansas. The portfolio included 10 locations in Nebraska, four in Iowa, and one in Kansas, and consists of over 950 licensed beds. The facilities are in predominantly secondary and tertiary submarkets, and the majority were built in the 1960s and 1970s. Blueprint’s Michael Segal, Ben Firestone and Steve Thomes handled the transaction. Buyer and seller information was not disclosed.

October 29, 2019

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