Acquisitions

29th Street Capital Buys 168-Unit Las Casitas Apartments in Arizona

by Amy Works June 14, 2019

AVONDALE, ARIZ. — 29th Street Capital (29SC) has purchased Las Casitas Apartments, a multifamily community located in Avondale, for an undisclosed price. The name of the seller was not released. 29SC plans to invest more than $2.1 million in capital improvements at the 168-unit property. Planned interior upgrades include black appliances, improved lighting, USB ports, refaced cabinets, fresh paint and kitchen backsplashes, while exterior renovations include enhancing the dog park, clubhouse, pool area and other amenities. The buyer also plans to address deferred maintenance at the community. The acquisition is 29SC’s 13th in the Phoenix market, for a total of more than 2,500 units.

June 14, 2019

Acquisitions Arizona Multifamily Western

IPA Arranges $24M Sale of 164-Unit Apartment Complex in Tempe, Arizona

by Amy Works June 14, 2019

TEMPE, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has completed the sale of MarQ at 1st, an apartment community located in Tempe. Knightvest Capital acquired the property from Western Wealth Capital for $24 million, or $146,341 per unit. Constructed in 1985, MarQ at 1st features 164 apartments and is situated less than a mile from Arizona State University’s main campus and Tempe’s Mill Avenue District, which offers a mix of more than 125 local eateries and boutique retailers. Cliff David and Steve Gebing of IPA represented the seller and procured the buyer in the deal.

June 14, 2019

Acquisitions California Office Western

Kilroy Realty Sells Westlake Plaza Centre Office Building in Southern California for $18.2M

by Amy Works June 14, 2019

WESTLAKE VILLAGE, CALIF. — Kilroy Realty Corp. has completed the disposition of Westlake Plaza Centre 2, an office building located at 2829 Townsgate Road in Westlake Village. Majestic Asset Management and The Johnston Group acquired the property for $18.2 million. Built in 1990 and situated on 1.2 acres, the three-building asset features 84,098 square feet of office space. Sean Fulp, Ryan Plummer and Mark Schuessler of Newmark Knight Frank represented the seller in the deal.

June 14, 2019

Acquisitions Arizona Industrial Western

DAUM Commercial Negotiates $8.2M Sale of 123,754 SF Industrial Building in Phoenix

by Amy Works June 14, 2019

PHOENIX — DAUM Commercial Real Estate Services has facilitated the sale of an industrial building located in Phoenix’s Southwest submarket. Exeter Property Group purchased the asset from David Turner International for $8.2 million in an off-market transaction. Situated on 7.2 acres at 4502 W. Monterosa St., the 123,754-square-foot property features an air-conditioned warehouse, six dock-high doors, two grade-level doors, ample parking and 24-foot clear heights. Trevor McKendry and Chris Rogers of DAUM represented the buyer and seller in the deal.

June 14, 2019

Acquisitions Massachusetts Multifamily Northeast

JAG, LaSalle Acquire 289-Unit Apartment High-Rise in Boston for $180M

by Taylor Williams June 14, 2019

BOSTON — A joint venture between Jefferson Apartment Group (JAG) and LaSalle Investment Management has acquired CityView at Longwood, a 289-unit multifamily high-rise in Boston, for roughly $180 million. The property is located within a block of the MBTA Green Line and within a mile of the Fenway area. The new ownership plans to implement a value-add program. Planned updates to the property include a reimagined common area on the penthouse level that will feature more than 8,000 square feet of lounge space, a community kitchen, fitness center and an indoor/outdoor roof deck. Additional new amenities will include a pet spa and resident storage space. Unit renovations will include the additions of granite countertops, updated appliances, new cabinets, sophisticated light fixtures, new flooring and tile backsplashes. The seller was Equity Residential.

June 14, 2019

Fountainhead-Apartments-Westborough-Massachusetts

Acquisitions Massachusetts Multifamily Northeast

CBRE Brokers $130M Sale of 562-Unit Apartment Community Near Worcester, Massachusetts

by Taylor Williams June 14, 2019

WESTBOROUGH, MASS. — CBRE has brokered the $130 million sale of Fountainhead Apartments, a 562-unit community in Westborough, located east of Worcester. The market-rate community is situated on 20 acres near Interstates 90, 290 and 495 and comprises three eight-story buildings. Originally built in phases between 1971 and 1973, Fountainhead offers one-, two- and three-bedroom units averaging 1,157 square feet. Amenities include a pool, fitness center, basketball court and a tennis court. Simon Butler and Biria St. John of CBRE represented the seller, Northland Fountainhead LLC, an affiliate of Massachusetts-based Northland Investment Corp., in the transaction. The buyer was an affiliate of FPA Multifamily LLC.

June 14, 2019

Acquisitions Healthcare Northeast Pennsylvania

HFF Negotiates Sale of 50,000 Medical Office Building in Philadelphia

by Taylor Williams June 14, 2019

PHILADELPHIA — HFF has negotiated the sale of a 50,000-square-foot medical office building located at 1740 South St. in the Rittenhouse Square submarket of Philadelphia. The property, which was 97 percent leased at the time of sale, is situated adjacent to the Penn Medicine Rittenhouse campus, which includes a 96-bed hospital. Ben Appel, Evan Kovac, Andrew Milne and Zachary Drozda of HFF represented the seller, a partnership between Tennessee-based Chestnut Funds and investment firm Anchor Health Properties.

June 14, 2019

Acquisitions Illinois Midwest Retail

Mid-America Arranges Sale of 102,961 SF Shopping Center in Glenview, Illinois

by Kristin Harlow June 14, 2019

GLENVIEW, ILL. — Mid-America Real Estate Corp. has arranged the sale of Glen Gate, a 102,961-square-foot shopping center in Glenview, about 15 miles northwest of Chicago. Mariano’s Fresh Market anchors the fully leased property. Other tenants include AT&T, Hair Cuttery, Bentley’s Pet Stuff, Glenview Bank & Trust and For Eyes. The shopping center is situated at the northeast corner of Waukegan and Golf roads. Joe Girardi and Ben Wineman of Mid-America represented the seller, a client of LaSalle Investment Management. Dallas-based Invesco Real Estate purchased the asset for an undisclosed price.

June 14, 2019

Acquisitions Georgia Office Southeast Top Stories

Investcorp Sells Former Home Depot Headquarters in Atlanta’s Vinings District for $120M

by John Nelson June 14, 2019

ATLANTA — Investcorp has sold an office campus in Atlanta’s Vinings district that formerly housed the world headquarters of The Home Depot back in the 1990s. The global asset management firm sold the property, known as Paces West, to a joint venture between Farallon Capital Management LLC and Crocker Partners for $120 million. Crocker Partners served as the asset and property management team in partnership with Investcorp since late 2015. Situated along Paces Ferry Road in Atlanta’s Cumberland/Galleria office submarket, the 646,471-square-foot property comprises two buildings connected via a pedestrian bridge. Amenities include two full-service cafes, a renovated fitness center, conference facilities, dry cleaners, a car wash service, onsite ATM and electric car charging stations. Paces West has served as the administrative headquarters for Piedmont Healthcare, an Atlanta-based health system with 11 hospitals and 650 facilities, since 2002. Jay O’Meara, Justin Parsonnet, Will Yowell, and Ryan Reethof of CBRE represented Investcorp in the sale. Since acquiring Paces West in 2015, Investcorp has boosted its occupancy from 85 percent to 93 percent, according to CBRE. “Paces West has withstood the test of time due to its quality, amenities, large flexible floor plates, and location in one of Atlanta’s most authentic and …

June 14, 2019

Acquisitions Multifamily South Carolina Southeast

Audubon Communities, Legacy Capital Acquire Multifamily Community in Greenville for $47M

by Alex Tostado June 13, 2019

GREENVILLE, S.C. — A joint venture between Audubon Communities and Legacy Capital Partners has acquired Waterside Greene, a 378-unit multifamily community in Greenville, for $47 million. The joint venture plans to renovate the interiors and exteriors of the property. Improvements at the property, which the new owners will rebrand as Retreat at Waterside, will cost $4.3 million and will include applying fresh paint on the building exteriors, installing new signage, renovating the leasing office and upgrading finishes inside the units. Joe Hercenberg of Walker & Dunlop represented the new ownership in arranging both acquisition and construction loans totaling $42.4 million through Resource Real Estate Funding. Renovations are expected to be completed over the next 24 months. Communal amenities include a bark park, bike racks, fitness center, clubhouse, swimming pool, sundeck, grilling areas, tennis court, playground and an outdoor fire pit. Tai Cohen, Jordan McCarley and Watson Bryant of Cushman & Wakefield represented the seller, Chapel Street Advisors, in the sale.

June 13, 2019

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