WHEATON, MD. — A joint venture between Blackfin and Acre Valley Real Estate Capital has acquired Earle Manor Apartments, a two-building, 140-unit complex in Wheaton, for $21 million. The garden-style community was fully occupied at the time of sale. The asset is situated at 10820 Georgia Ave., nine miles north of downtown Washington, D.C. and near the Washington Metropolitan Area Transit Authority (WMATA) Wheaton Metro Station. The seller was not disclosed.
SEATTLE — Concord Pacific, a Canadian residential developer, has acquired a multifamily development site located at 1901 Minor Ave. in Seattle for $72 million. Situated within Seattle’s Denny Triangle neighborhood, the site has master-use permit approval for two high-rise residential towers over a large podium. This acquisition is Concord’s second commitment to building vertical neighborhoods in Seattle. Ross Klinger and Tim Foster of Kidder Mathews represented the buyer in the deal. The name of the seller was not released.
PHOENIX — Westcore Properties has purchased a newly built industrial building, located at 8001 W. Buckeye Road in southwest Phoenix. A joint venture between Phoenix-based Wentworth Property Co. and a private real estate fund managed by Dallas-based Crow Holdings Capital sold the property for an undisclosed price. The cross-dock building features 379,828 square feet of Class A industrial space, ESFR sprinklers, 60-foot speed bays, 36-foot clear heights and ample dock-high loading. Additionally, the site features all-concrete truck yards, trailer parking, multiple ingress and egress points and proximity to Phoenix’s main east-west transportation, I-10 and the soon-to-be-completed Loop 202. Westcore plans to immediately build out approximately 3,800 square feet of office space within the building shell, paint the interior warehouse walls and install various warehouse improvements to allow for immediate occupancy. The building can be configured for a single tenant or up to three tenants. Will Strong of Cushman & Wakefield represented the seller, while Westcore was self-represented in the deal. Mike Haenel, Andy Markham and Phil Haenel of Cushman & Wakefield will handle the leasing on behalf of Westcore.
COLORADO SPRINGS, COLO. — Newmark Knight Frank Colorado (NKF) has arranged the sale of RidgePoint at Gleneagle, an apartment community located in Colorado Springs. BSP Ridgepoine Colorado LLC acquired the property from GB RidgePointe LLC for $54.5 million. Located at 13531 Shepard Heights, the community features 240 units. Kevin McKenna and Saul Levy of NKF Colorado handled the transaction.
NORTH CANTON, OHIO — Stan Johnson Co. has brokered the sale of a newly constructed, 107,500-square-foot industrial building in North Canton, a suburb of Cleveland. The sales price was not disclosed. ComDoc, a subsidiary of Xerox, fully leases the property as its corporate headquarters. The build-to-suit is located at 8247 Pittsburg Ave. NW. Rob Gemerchak, Jeff Hughes and Jeff McKinney of Stan Johnson represented the seller, Industrial Commercial Properties LLC. A subsidiary of Global Net Lease, an institutional investor based in New York, purchased the building.
WOODSTOCK, ILL. — Marcus & Millichap has brokered the sale of a 10,336-square-foot, newly constructed retail property in Woodstock in northern Illinois for $4.9 million. Starbucks and Aspen Dental anchor the building. All of the tenants operate on a net-lease basis. Austin Weisenbeck and Sean Sharko of Marcus & Millichap marketed the property on behalf of the seller. A local buyer completing a 1031 tax-deferred exchange purchased the asset.
CHICAGO — Podolsky Circle will merge with Colliers International in Chicago effective Sept. 1. Podolsky’s staff, totaling nine employees and seven independent contractors, will make the move to Colliers and operate under the Colliers brand. Podolsky’s team includes a four-person capital markets office team and a five-person industrial brokerage team. Colliers will fold Podolsky’s 32-building, 2.1 million-square-foot property management portfolio into its existing portfolio. Podolsky Circle was founded by the late Milton Podolsky in 1971 as a boutique commercial real estate firm comprised of brokerage, property management and investment advisory services. The firm was a founding member of CORFAC International in 1989.
MIAMI BEACH, FLA. — A joint venture between SHVO, Bilgili Group and Deutsche Finance Group (DFG) has acquired the Richmond Hotel, Richmond Apartments and South Seas Hotel for a total of $139.9 million. The companies purchased South Seas Hotel from Majestic Hotel Corp. for $52 million. Along with direct access to the beach, the hotel offers amenities such as a swimming pool, poolside café and bar, business center, complimentary breakfast and concierge service. South Seas is located at 1751 Collins Ave., directly next to Richmond Hotel. Included in the $87.9 million Richmond Hotel sale was Richmond Apartments, an 18-unit apartment complex located at 1757 James Ave., one block from the two hotels, and the apartment’s parking lot. The joint venture bought Richmond Hotel, which has been family owned and operated since 1941, from Patti and Allan Herbert. The hotel is located at 1757 Collins Ave., directly next door to The Raleigh, which the joint venture acquired in February for $103 million. Lotus Capital Partners arranged a $100 million acquisition loan on behalf of the buyers from California-based Acore Capital for the purchase of Richmond and South Seas. These purchases mark the fourth and fifth purchases between SHVO, Bilgili Group and DFG. The joint …
CHARLOTTE, N.C. — Lantower Residential has acquired Garrison Park, a 322-unit apartment complex in northeast Charlotte, for $62.8 million. The seller, The Spectrum Cos., delivered the asset in spring 2019. The property offers studio through three-bedroom floor plans and communal amenities such as a 4,100-square-foot fitness center, 7,500-square-foot clubhouse, saltwater swimming pool, dog park, game room and outdoor grilling areas. Garrison Park was 45 percent occupied at the time of sale. Lantower will rebrand the property as Lantower Garrison Park. Caleb Troop and Alex McDermott of Capstone Apartment Partners represented the seller in the transaction.
LAUREL, MD. — Newmark Knight Frank (NKF) has provided a $61.8 million Freddie Mac acquisition loan for Concord Park at Russett, a 315-unit multifamily community in Laurel. Kevin Mignogna and Charlie Haggard of NKF originated the 10-year, interest-only loan at 70 percent loan-to-value. Concord Park was built in 2005 and offers one-, two- and three-bedroom floor plans. Communal amenities include a clubhouse, swimming pool with wading pool, outdoor lounge, business center, fitness center with yoga studio and a game room and media room. The unnamed borrower is a repeat NKF and Freddie Mac sponsor.
