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Acquisitions

AcquisitionsMultifamilySoutheastTennessee

Marcus & Millichap Arranges $60M Sale of Apartment Community Near Nashville

by Alex Tostado

SPRING HILL, TENN. — Marcus & Millichap has arranged the $60 million sale of The Grand Reserve Spring Hill, a 290-unit apartment community in Spring Hill. The property is located at 3085 Commonwealth Drive, about 35 miles south of downtown Nashville. The Grand Reserve offers one-, two- and three-bedroom floor plans. Communal amenities include a billiards room, car care center, sauna, pet park, saltwater swimming pool and a fitness center. David Stollenwerk of Marcus & Millichap represented the undisclosed seller in the transaction and also procured the undisclosed buyer.

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AcquisitionsFloridaMultifamilySoutheast

Preferred Apartment Communities Acquires 259-Unit Multifamily Property in Florida’s Space Coast

by Alex Tostado

MELBOURNE, FLA. — Preferred Apartment Communities Inc. (PAC) has acquired Artistry at Viera, a newly constructed, 259-unit multifamily property in Melbourne. Davis Development delivered the asset in 2018 within Viera, a 22,000-acre, master-planned community being developed by Viera Cos. Artistry at Viera offers one- through three-bedroom floor plans and communal amenities such as a swimming pool, clubhouse, game room, fitness center, media center, movie theater and a business center. The sales price was not disclosed.

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AcquisitionsFloridaOfficeSoutheast

Cushman & Wakefield Negotiates $17M Sale of Office Campus in Broward County

by Alex Tostado

DAVIE, FLA. — Cushman & Wakefield has negotiated the $17 million sale of Flamingo Commons, an office campus spanning 81,959 square feet in Davie. Flamingo Commons was 95 percent leased at the time of sale to tenants including Flamingo Commons Dental, Mazzola’s West Italian Restaurant, Shades of Red Salon and The Gordon Group Luxury Cruise Planners. The two two-story buildings and one six-story building were completed between 2002 and 2006. Greg Miller, Miguel Alcivar, Scott O’Donnell, Dominic Montazemi and Mike Ciadella of Cushman & Wakefield, along with Steven Beauchamp from Mangrove Advisory, represented the seller, Flamingo Commons LLC. Miami-based Prive Flamingo LLC Land Banking acquired the property.

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AcquisitionsMultifamilyTexas

IPA Negotiates Sale of 247-Unit Apartment Community Near Fort Worth

by Taylor Williams

RICHLAND HILLS, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Creek on Calloway, a 247-unit multifamily community located in the Fort Worth suburb of Richland Hills. Built in 1979 on 14.5 acres, the property features one-, two- and three-bedroom units and amenities such as two pools, a fitness center, outdoor grilling stations and a children’s play area. Will Balthrope, Nick Fluellen, Drew Kile, Bard Hoover, Joey Tumminello and Giuseppe Thum of IPA represented the seller, a private investment and development firm, and procured the buyer, Anna Simpson and Raj Gupta of A&R Multifamily.

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bergen-medical-paramus-new-jersey
AcquisitionsNew JerseyNortheastOffice

CBRE Arranges $20M Sale of Bergen Medical Center in Paramus, New Jersey

by Alex Patton

PARAMUS, N.J. — CBRE has arranged the $20 million sale of Bergen Medical Center, a 75,000-square-foot healthcare complex in Paramus, about 20 miles north of New York City. The property is located in close proximity to Valley Medical Center, Bergen Regional Medical Center and Hackensack University Medical Center. Nat Gambuzza, Jeffrey Babikian, Bob L’Abbate, Nor Ramos and Allyson L’Abbate of CBRE represented the seller, the Eye Institute of New Jersey, in the transaction and procured the buyer, a private investor.

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AcquisitionsCaliforniaRetailWestern

DJM, Gaw Capital USA Acquire Hollywood & Highland in Los Angeles

by Amy Works

LOS ANGELES — San Jose, Calif.-based DJM and Hong Kong- and Los Angeles-based Gaw Capital USA have purchased Hollywood & Highland, a shopping destination located in Los Angeles, for an undisclosed amount. Jerry Tang and Greg Murphy of Natixis secured a financing package, which included an acquisition loan along with a future funding component. Over the next 24 to 30 months, the buyers plans to reimagine the 463,000-square-foot retail development, which is situated on 7.6 acres. Built in 2001, the property is located at the crossroads of Hollywood Boulevard and Highland Avenue, adjacent to the acclaimed TCL Chinese Theater. The buyers plan to upgrade the retail hub through rebranding, upgrading common areas for enhanced gathering and programming spaces, increasing entertainment events, optimizing the merchandise mix and incorporating new concepts and uses. Renovations are slated to begin in 2020, with completion expected in 2021. Eastdil Secured advised the transaction, which is the largest single-asset retail transaction to take place outside of Manhattan in nearly three years.

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AcquisitionsColoradoRetailWestern

Gart Properties Buys 155,000 SF Orchard Plaza Retail Center in Denver

by Amy Works

DENVER — Gart Properties, a Denver-based privately held real estate company, has purchased Orchard Plaza, a retail and service center located at the northwest corner of East Orchard Road and South Yosemite Street in the heart of the Denver Tech Center. Terms of the transaction were not released. Primrose School, Starbucks Coffee, Federal Express and Specialty Appliance are tenants at the 155,000-square-foot property. Additionally, Spice Trade Brewery & Restaurant recently joined the tenant roster and will open before year-end.

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AcquisitionsDevelopmentIllinoisIndustrialMidwest

Logistics Property Co. Acquires Infill Site in DuPage County, Plans 274,855 SF Industrial Development

by Kristin Harlow

ADDISON, ILL. — Logistics Property Co. (LPC) has acquired a 15-acre infill site in Addison within DuPage County. LPC plans to develop two industrial facilities totaling 274,855 square feet. Known as Swift & Lake, the site is situated on the southeast corner of Swift Road and Lake Street. Construction will commence immediately with delivery slated for the second quarter of 2020. Doug Pilcher of Cushman & Wakefield will market the properties for lease.

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AcquisitionsIowaMidwestMissouriRetail

Disney Investment Group Brokers Sales of Five Retail Centers in Missouri, Iowa

by Kristin Harlow

MISSOURI AND IOWA — Disney Investment Group (DIG) has brokered the sales of five retail centers in Missouri and Iowa. Sales prices were not disclosed. The properties total 438,861 square feet and are 91 percent occupied on average. Major tenants include Aldi, Gerbes, County Market, Orscheln, Fresenius Medical, Dollar Tree and Dollar General. David Disney and Adam Crockett of DIG brokered the sales on behalf of the seller, a private investment partnership. The team also procured the buyers for each property.

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AcquisitionsHospitalityMichiganMidwest

Marcus & Millichap Negotiates $2.1M Sale of Days Inn & Suites in Michigan

by Kristin Harlow

BENTON HARBOR, MICH. — Marcus & Millichap has negotiated the $2.1 million sale of the Days Inn & Suites in Benton Harbor in southwest Michigan. The 49-room hotel is located at 1598 Mall Drive near the Southwest Michigan Regional Airport. Robert Marro, Michael Klar, Allan Miller and Chris Gomes of Marcus & Millichap brokered the transaction. Buyer and seller information was not disclosed.

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