Acquisitions

Star Real Estate Ventures Acquires 2,566-Unit Multifamily Portfolio in Maryland for $500M

by Kristin Harlow June 5, 2019

MARYLAND — Star Real Estate Ventures LLC has acquired a five-property multifamily portfolio totaling 2,566 units in Maryland for approximately $500 million. Most of the communities are located in suburban Baltimore. The properties include Charleston Place in Ellicott City, Morningside Heights in Owings Mills, Top Field in Cockeysville, Tamarron in Olney and Village Square in Glen Burnie. All of the communities feature pools and playgrounds, while four of the five have tennis courts. Home Properties recently operated all five communities. Financing for the transaction included five separate Fannie Mae loans for a total of $320 million, as well as equity from Related Fund Management. David Webb, Maxi Leachman, Brynn Wendel and Robert LaChapelle of CBRE arranged the financing. Bill Roohan, Michael Muldowney, Robert Dean and Malcolm McComb of CBRE represented the seller, a global private equity firm. Star Real Estate Ventures is a real estate investment and management firm that owns and manages 14,500 apartment units in 11 states. The company is headquartered in New York City with offices in Boca Raton, Fla. and Okemos, Mich. This is the firm’s second acquisition of 2019, following the purchase of an 852-unit portfolio in Cincinnati in February. Star is actively looking for …

June 5, 2019

Acquisitions Maryland Retail Southeast

New Market Properties Acquires Shopping Center in Suburban Maryland for $72M

by Alex Tostado June 4, 2019

BOWIE, MD. — New Market Properties LLC has acquired Free State Shopping Center, a 264,000-square-foot retail center in Bowie, for $72 million. The Giant Food-anchored center is situated 19 miles east of downtown Washington, D.C. Tenants include Ross Dress for Less, Tuesday Morning, Starbucks Coffee, T.J. Maxx, Office Depot and Sakura Japanese Steakhouse. Federal Investment Realty Trust sold the property.

June 4, 2019

Acquisitions Florida Office Southeast

CBRE Arranges $15M Sale of Office Building in Metro Orlando

by Alex Tostado June 4, 2019

LAKE MARY, FLA. — CBRE has arranged the $15 million sale of Contact Pointe, a 92,127-square-foot office building in Lake Mary. The building was fully occupied at the time of sale to tenants including AT&T and Falck USA. The asset is situated 17 miles north of downtown Orlando. Ron Rogg and Chip Wooten of CBRE represented the sellers, Orlando-based Tower Realty Partners and Dallas-based TriGate Capital Partners, in the transaction. Exeter Property Group acquired the property.

June 4, 2019

Acquisitions Florida Office Southeast

Key International, 13th Floor Investments Sell Office Building in Miami for $13.9M

by Alex Tostado June 4, 2019

MIAMI — Key International and 13th Floor Investments have sold Highland Park Center, a fully occupied, 44,740-square-foot office building in Miami’s Health District, for $13.9 million. TopMed Realty, a healthcare real estate private equity firm, acquired the property. Highland Park Center was built in 2011 and is situated two blocks from the Miami-Dade Courthouse and less than one mile from the intersection of Dolphin Expressway and Interstate 95. The partnership acquired the then-vacant building in 2014 for $7.9 million. Douglas Mandel and Benjamin Silver of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller in the transaction.

June 4, 2019

Acquisitions Industrial Texas

EastGroup Acquires Two Industrial Properties in Dallas for $13M

by Taylor Williams June 4, 2019

DALLAS — EastGroup Properties Inc. has acquired Logistics Center 6 and 7, two industrial properties totaling 142,000 square feet in Dallas. The buildings are located within a master-planned park on land owned by Dallas-Fort Worth (DFW) International Airport. EastGroup acquired the buildings in a value-add play for $13 million.

June 4, 2019

Acquisitions Multifamily Seniors Housing Texas

SLIB Negotiates Sale of 116-Bed Skilled Nursing Property in Gainesville, Texas

by Taylor Williams June 4, 2019

GAINESVILLE, TEXAS — Senior Living Investment Brokerage (SLIB) has negotiated the sale of River Valley Health and Rehabilitation Center, a 116-bed skilled nursing facility in Gainesville, located north of Fort Worth near the Texas-Oklahoma border. The property was built in 1971 and averaged an occupancy rate of approximately 50 percent in 2018. Matthew Alley of SLIB represented the seller, a regional owner-operator, in the transaction. The buyer, a Texas-based owner-operator, plans to renovate the asset to boost occupancy.

June 4, 2019

Acquisitions Multifamily Texas

The Multifamily Group Arranges Sale of 384-Unit Community in San Antonio

by Taylor Williams June 4, 2019

SAN ANTONIO — The Multifamily Group, a Dallas-based brokerage firm, has arranged the sale of The Preserve at the Port, a 384-unit apartment community in San Antonio. The property offers one-, two- and three-bedroom units and amenities such as a pool, playground and a fitness center. Paul Yazbeck and Will Clarke of The Multifamily Group represented the locally based seller in the transaction and procured the new owner-operator. Both parties requested anonymity.

June 4, 2019

Acquisitions New York Northeast Office

Waterman, USAA Sell Two Manhattan Office Buildings Totaling 211,000 SF

by Taylor Williams June 4, 2019

NEW YORK CITY — A partnership between Waterman Interests LLC and USAA Real Estate has sold two office buildings in the Midtown West area of Manhattan totaling roughly 211,000 square feet. The first building, 142 West 36th Street, is a 119,000-square-foot property that is 94 percent leased to tenants such as Becca Cosmetics, a division of Estee Lauder, Flashtalking Media and Elite SEM. The second building, 234 West 39th Street, is a 92,000-square-foot facility that is 93 percent leased to tenants such as Sunlight Financial and Robert Marc Opticians. Joshua Mermelstein, Avi Feinberg and Chris Roman of Fried Frank represented the partnership in the sale. The buyer was Alduwaliya, a Qatar-based investment firm.

June 4, 2019

Siempre-Viva-Business-Park-Building-18-San-Diego-CA

Acquisitions California Industrial Western

Murphy Development Co. Sells 201,020 SF Industrial Portfolio in San Diego

by Amy Works June 4, 2019

SAN DIEGO — Murphy Development Co. has completed the sale of a two-building industrial portfolio located at 8500 Kerns and 2600 Melksee streets in San Diego’s Otay Mesa submarket. LaSalle Investment Management acquired the property for an undisclosed price. Situated on 14.6 acres within the 2 million-square-foot Siempre Viva Business Park, the 201,020-square-foot portfolio features 28- to 32-foot clear heights, wide truck courts, loading via 50 dock-high and eight grade-level doors, and a low office build-out space. The two buildings were constructed in 2016 and 2019. Nick Psyllos and Kara Mathis of HFF represented the seller in the deal.

June 4, 2019

Acquisitions California Industrial Western

CenterPoint Acquires 75,208 SF Last-Mile Industrial Facility Near Port of Oakland

by Amy Works June 4, 2019

OAKLAND, CALIF. — CenterPoint Properties has purchased an industrial property, located at 4601 Malat St. in Oakland, for an undisclosed price. Situated on 3.9 acres, two tenants currently lease the 75,208-square-foot, cross-dock property. The building features secured excess loading with an ability to pave the northern yard, creating drive-around access and cross-dock activation. Mark Maguire and Justin Smutko of Colliers International represented CenterPoint in the transaction. The name of the seller was not released.

June 4, 2019

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