Acquisitions

Cushman & Wakefield Brokers $54.4M Sale of Office Building in South Florida

by Alex Tostado June 24, 2019

CORAL GABLES, FLA. — Cushman & Wakefield has arranged the $54.4 million sale of 550 Biltmore, a 162,293-square-foot office building in Coral Gables. Miami-based CGI Merchant Group acquired the 16-story building for $336 per square foot. The asset was built in 1986 and renovated in 2013. The property is located at 550 Biltmore Way, six miles west of downtown Miami. 550 Biltmore was 89 percent leased at the time of sale to tenants including UBS, Compagnie Financière Richemont (Cartier) and Heinemann Americas Inc. Mike Davis, Miguel Alcivar, Dominic Montazemi, Scott O’Donnell, Brian Gale, Ryan Holtzman and Rick Brugge of Cushman & Wakefield represented the undisclosed seller in the transaction. Gale and Holtzman, along with Andrew Trench and Jeannette Mendoza of Cushman & Wakefield, is handling leasing efforts for the building. Cushman & Wakefield also manages the property.

June 24, 2019

Acquisitions Florida Multifamily Southeast

ContraVest Sells Multifamily Community in Tampa for $54.3M

by Alex Tostado June 24, 2019

TAMPA, FLA. — ContraVest has sold the Addison at Tampa Oaks, a 262-unit multifamily community in Tampa, for $54.3 million. Addison at Tampa Oaks was built in 2016 and offers studio, one-, two- and three-bedroom floor plans averaging 1,046 square feet. Community amenities include a swimming pool, sun deck, outdoor lounge, 24-hour fitness center, spin cycle studio and a resident clubhouse. TM Real Estate Group and Lindy Property Management acquired the asset for $207,061 per unit.

June 24, 2019

Acquisitions Florida Multifamily Southeast

Berkadia Arranges $32.5M Sale of Apartment Complex in Metro Orlando

by Alex Tostado June 24, 2019

WINTER SPRINGS, FLA. — Berkadia has arranged the $32.5 million sale of 1020 at Winter Springs, a 208-unit apartment complex in Winter Springs, about 15 miles north of downtown Orlando. The community was built in 1992 and was 97 percent occupied at the time of sale. 1020 at Winter Springs offers one-, two- and three-bedroom floor plans averaging 769 square feet. Communal amenities include a swimming pool, tennis courts, clubhouse, fitness center, playground and a laundry facility. Cole Whitaker, Jason Stanton, Mary Beale and Greg Rainey of Berkadia represented the seller, Covenant Capital Group, in the transaction. Berkadia also provided a $26.1 million Freddie Mac loan to the buyer, a joint venture between the Michaelson Group and GMF Capital. The fixed-rate acquisition loan comes with a 10-year term and five years of interest-only payments.

June 24, 2019

Acquisitions Florida Retail Southeast

Marcus & Millichap Negotiates $11M Sale of Retail Center in Central Florida

by Alex Tostado June 24, 2019

HAINES CITY, FLA. — Marcus & Millichap has arranged the $11 million sale of Heart of Florida Shopping Center in Haines City. The 131,500-square-foot shopping center is located at 35874-35938 Highway 27, about 40 miles southwest of downtown Orlando. The shopping center was originally built in 1984. At the time of sale, 82 percent of the center’s tenant lineup was national retailers including Dollar General, Tractor Supply and Big Lots. The buyer was a Florida investor in a 1031 tax-deferred exchange. Tim Giambrone of Marcus & Millichap represented the seller, a New York investor, in the transaction.

June 24, 2019

Acquisitions Industrial Midwest Wisconsin

Barry Co. Brokers $15M Sale-Leaseback of Harken Headquarters in Wisconsin

by Kristin Harlow June 24, 2019

PEWAUKEE, WIS. — The Barry Co. has brokered the $15 million sale-leaseback of Harken Inc.’s headquarters in Pewaukee. The 170,000-square-foot industrial building features 30,000 square feet of second-floor office space. The facility was constructed in 2012 as a build-to-suit for Harken, which is a manufacturer and marketer of marine hardware and accessories used in events such as America’s Cup and the Olympics. David Buckley of Barry brokered the transaction. HRKN LLC, a private real estate group not affiliated with Harken, purchased the property.

June 24, 2019

Acquisitions Illinois Midwest Retail

Boulder Group Brokers $6.6M Sale of Property Net Leased to Walgreens in Orland Park, Illinois

by Kristin Harlow June 24, 2019

ORLAND PARK, ILL. — The Boulder Group has brokered the sale of a single-tenant property net leased to Walgreens in Orland Park for $6.6 million. The 14,820-square-foot building is located at 11981 W. 143rd St. Walgreens has 15 years remaining on its lease. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a private partnership. An individual investor purchased the asset.

June 24, 2019

Acquisitions Hospitality Illinois Midwest

Marcus & Millichap Negotiates $2.5M Sale of Super 8 Hotel in Peru, Illinois

by Kristin Harlow June 24, 2019

PERU, ILL. — Marcus & Millichap has negotiated the $2.5 million sale of a 61-room Super 8 hotel in Peru, which is located in central Illinois. The property is situated at 1851 May Road. Ebrahim Valliani, Michael Klar and Chris Gomes of Marcus & Millichap brokered the transaction on behalf of the undisclosed buyer and seller. The hotel caters to leisure and business clientele.

June 24, 2019

Acquisitions Arizona Multifamily Student Housing Western

Nelson Partners Acquires 128-Bed Student Housing Community Near the University of Arizona

by Amy Works June 24, 2019

TUCSON, ARIZ. — Nelson Partners has acquired Wildcat Canyon Village, a 128-bed student housing community located two blocks from the University of Arizona campus in Tucson, for an undisclosed price. The name of the seller was not released. The value-add property offers one- and two-bedroom units with shared amenities including a swimming pool with a sun deck, clubhouse, basketball court, coffee bar, study lounge and game room. The community is set to undergo interior and exterior renovations, to include the installation of hot tubs and the addition of new countertops, lighting, appliances and fixtures to unit interiors.

June 24, 2019

Acquisitions Retail Texas

Williamsburg Enterprises Breaks Ground on 60,000 SF Retail Project in Greater Houston

by Taylor Williams June 24, 2019

MISSOURI CITY, TEXAS — Houston-based Williamsburg Enterprises has broken ground on the latest phase of Sienna Crossing, a project in the southwestern Houston suburb of Missouri City that will deliver 60,000 square feet of retail space. Williamsburg acquired the 35-acre tract in 2014, and the property now houses retailers such as Academy Sports + Outdoors, IHOP and Chick-fil-A. This phase of the project, which is expected to be complete in the first quarter of 2020, is preleased to retailers such as 24-Hour Fitness and Spec’s Wine, Spirits & Finer Foods.

June 24, 2019

Acquisitions Colorado Multifamily Western

Pinnacle Real Estate Advisors Negotiates $17.2M Acquisition of Regal Estates Apartments in Colorado Springs

by Amy Works June 24, 2019

COLORADO SPRINGS, COLO. — Pinnacle Real Estate Advisors has arranged the purchase of Regal Estates Apartments, a multifamily property located at 105, 115, 125, 135, 145 and 155 S. Academy Blvd. in Colorado Springs. Hazel Grace LLC acquired the 150-unit property from an undisclosed seller for $17.2 million. Mike Krebsbach of Pinnacle Real Estate represented the buyer in the deal.

June 24, 2019

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