FORT WORTH, TEXAS — Greenwater, a Miami-based asset management firm, has acquired Manzana Grove, a 236-unit multifamily property situated on roughly 10 acres in Fort Worth. The property offers one- and two-bedroom units. The new ownership will implement a capital improvements program that will add new amenities, including a soccer court, fitness center and a pet park. The seller was an undisclosed, Utah-based investor.
INDIANAPOLIS — In joint venture with a fund managed by DRA Advisors LLC, M & J Wilkow has purchased Keystone at the Crossing in Indianapolis. Equus Capital Partners Ltd. sold the asset for an estimated $142 million, according to the Indianapolis Business Journal. The office campus spans 1 million square feet and features upgraded lobbies, new tenant lounges, conference centers, electric car charging stations, two attached parking garages and a fitness facility. The campus is situated within a larger mixed-use development comprising retail, residential and hospitality space. This is M & J Wilkow’s eighth acquisition with DRA Advisors.
DECATUR AND GALESBURG, ILL. — Affiliates of Phoenix Investors have purchased three industrial properties totaling approximately 1.8 million square feet in Decatur and Galesburg for an undisclosed price. Located in central Illinois, the Decatur property was formerly a BorgWarner facility that spans 475,000 square feet on 56 acres. The building features 20 loading docks, 16 overhead doors and clear heights ranging from 16 to 30 feet. The two Galesburg assets were originally constructed by Maytag between 1974 and 1996 and then acquired by Whirlpool Corp.
OMAHA, NEB. — Broad Reach Retail Partners has acquired Baker Square Shopping Center in Omaha for an undisclosed price. The grocery-anchored center spans 158,380 square feet and features Fresh Thyme Farmers Market, JoAnn Fabric and CHI Health. The property is 73 percent leased. The seller was not disclosed. LinkedIn recently signed a lease for a new 200,000-square-foot campus less than one mile north of the shopping center.
EL SEGUNDO, CALIF. — A joint venture between OceanWest and Lionstone Partners has purchased 777 Aviation, an office campus located in El Segundo, approximately 15 miles southwest of downtown Los Angeles. Westbrook & Embarcadero Partners sold the asset for $170 million, or $535 per square foot. Designed and constructed in 1968, the property features 318,182 square feet of office space, a three-story atrium with stadium seating and multiple gathering areas, on-site fitness center, indoor/outdoor conference rooms, flexible open floor plans, on-site café and outdoor areas. Bob Safai, Matt Care and Brad Schlaak of Madison Partners represented both parties in the deal. The team also procured $114.1 million in financing for the buyer.
DENVER — Griffis Residential has received $45.6 million in financing for the acquisition of Talavera Apartments, a mid-rise multifamily community at 350 S. Jackson St. in Denver. Eric Tupler and Josh Simon of HFF secured the 10-year, Fannie Mae Green Rewards loan through HFF’s risk-transfer joint venture with M&T Realty Capital Corp. The loan, which was used to fund the acquisition of the property, carries a 3.53 percent fixed interest rate with full-term interest-only payments. Built in 2008, Talavera Apartments features 240 units in a mix of studio, one- and two-bedroom layouts, averaging 838 square feet. Community amenities include a swimming pool and spa, covered parking, in-unit washers/dryers, stainless steel appliances and Amazon lockers. At the time of closing, the property was more than 97 percent leased.
SILVERDALE, WASH. — JRK Property Holdings has expanded its multifamily portfolio in metro Seattle with the off-market purchase of Santa Fe Ridge Apartments in Silverdale. Terms of the transaction were not released. With this acquisition, JRK Property Holdings now owns more than 1,400 units in the Seattle MSA. Located at 1410 NW Santa Fe Lane, the property features 240 units in a mix of one, two- and three-bedroom floorplans. Community amenities include an indoor swimming pool and spa, fitness center, community lounge, indoor racquetball and basketball courts, tanning salon, dog park and children’s playground. The buyer plans to complete renovations of the apartments and improve the community’s common areas and amenities.
PROVO, UTAH — Mountain Classic Real Estate (MCRE) has purchased Brigham Young University’s Amanda Knight Hall for an undisclosed price. MCRE plans to restore the property to its historical Gothic-style architectural significance. Located at 800 N. University Ave. in Provo, Amanda Knight Hall was constructed in 1939 as a women’s dormitory. The building was used as the first Provo Missionary Training Center, as well as the Church Language Training Mission Center from 1964 to 1976. Since then, the property has served a variety of short-term academic and auxiliary purposes for BYU. Kreg Peterson and David Bauman of CBRE represented the seller, Brigham Young University, in the deal.
SAN FRANCISCO — Paramount Group Inc. (NYSE: PGRE) has agreed to acquire 55 Second Street, a 387,000-square-foot office building in San Francisco’s South Financial District, for $408 million. The transaction is expected to close in third-quarter 2019. The company expects to bring in a joint venture partner prior to closing. Developed in 2002, the building sits in the Mission-Market Street corridor and is within one block of the new Transbay Transit Center. The property is currently 87.4 percent leased. KPMG, one of the Big Four accounting firms, serves as the anchor tenant. The 25-story office building is LEED Platinum certified. A two-story parking garage can accommodate approximately 120 vehicles. Nuveen Real Estate was the seller, according to the San Francisco Business Times. Hines still serves as property manager after selling the asset in May 2014. Paramount has been greatly increasing its holdings in San Francisco, closing on the $227 million acquisition of 111 Sutter Street in February. A quote from the company’s CEO, Albert Behler, suggested that recent dispositions in Washington, D.C. are funding the company’s San Francisco expansion. For example, the company sold 2099 Pennsylvania Avenue for $220 million last August and 425 Eye Street for $157 million last …
WASHINGTON, D.C. — Pebblebrook Hotel Trust has entered into an agreement to sell Kimpton Rouge Hotel, a 137-room hotel in downtown Washington, D.C., for $42 million. The hotel offers a 24-hour fitness center, in-room spa services, a yoga mat in every room, bicycles for rent and an on-site bar. The seller expects the sale to close in the third quarter of this year. The buyer was not disclosed.