Acquisitions

HFF Arranges $228M Sale of Multifamily High Rises in Northern Virginia

by Alex Tostado May 14, 2019

ARLINGTON, VA. — HFF has arranged the $228 million sale of Meridian at Pentagon City, a two-tower, 534-unit multifamily property in Arlington. A joint venture between Paradigm and a fund advised by the UBS Asset Management Real Estate & Private Markets-U.S. sold the asset. A joint venture between Polinger Development Co. and an unidentified institutional investor acquired the community. Meridian at Pentagon City is located at 1221 and 1331 S. Eads St., adjacent to Amazon’s forthcoming 4.1 million-square-foot office headquarters. The community offers studio, one- and two-bedroom floor plans averaging 846 square feet. Amenities include two rooftop pools, two outdoor terraces with grilling areas, an 18th-floor clubroom with views of the Capitol, a fitness facility, dog park, clubroom with gaming area, business center, guest suite accommodations, concierge services and a 24-hour front desk. Jamie Leachman of HFF worked on behalf of the buyer to secure $126.9 million in acquisition financing through MetLife Investment Management. Walter Coker, Brian Crivella, Stephen Conley and Matthew Lawton of HFF represented the seller in the transaction.

May 14, 2019

Acquisitions Multifamily Seniors Housing Texas

SLIB Negotiates $7.6M Sale of Skilled Nursing Community in San Marcos

by Taylor Williams May 14, 2019

SAN MARCOS, TEXAS — Illinois-based Senior Living Investment Brokerage (SLIB) has negotiated the sale of the 174-bed Regent Care Center of San Marcos in Central Texas. The property was built in 2008. A Texas-based owner-operator sold the asset to a regional operating group for $7.6 million. Matthew Alley of SLIB brokered the deal.

May 14, 2019

Acquisitions California Office Western

Gemini Rosemont Purchases Four-Building Office Campus in Silicon Valley for $175M

by Amy Works May 14, 2019

SANTA CLARA, CALIF. — Gemini Rosemont Commercial Real Estate has acquired Central Technology Park, an office campus located at 3380-3420 Central Expressway in Santa Clara, from an undisclosed seller for $175 million. Built between 1980 and 1987, the four-building, 368,707-square-foot campus recently underwent a renovation of 90 percent of its square footage. At the time of sale, the property was 100 percent occupied by a variety of tenants, including Cloudinary, Intuitive Surgical Inc., ThermoFisher Scientific Inc. and Nissan. Jason Kuester and Jeremy Wustman of Gemini Rosemont provided in-house representation for the buyer, while Greg Cioth and Nate Jones of Eastdil Secured represented the seller in the transaction.

May 14, 2019

Acquisitions Office Washington Western

KBS Acquires Offices at Riverpark for $48.1M in Redmond, Washington

by Amy Works May 14, 2019

REDMOND, WASH. — KBS, on behalf of a sovereign partner, has purchased the Offices at Riverpark, a Class A office building located in downtown Redmond. A Boston-based investment firm sold the asset for $48.1 million. Built in 2008, the five-story Offices at Riverpark features 106,281 square feet of Class A office space, covered parking, an on-site hotel and mixed-use space for office, residential and retail tenants. At the time of sale, a mix of healthcare, technology, insurance and finance companies fully occupied the property. Kevin Shannon, Nick Kucha, Ken White, Michael Moll and Bill DeLacy of Newmark Knight Frank (NKF) represented the seller. Tim O’Keefe and Mike Schreck, also of NKF, were the marketing leasing professionals for the transaction.

May 14, 2019

Acquisitions Arizona Multifamily Western

IPA Brokers $26M Sale of Modern on Peoria Apartments in Arizona

by Amy Works May 14, 2019

PEORIA, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Modern on Peoria, a multifamily asset in Peoria. Goodman Real Estate acquired the property for $26 million, or $120,370 per unit, from a joint venture between Modern Residential Co. and Henley USA. Cliff David and Steve Gebing of IPA represented the seller and procured the buyer in the deal. Completed in 1984 and situated on nine acres, Modern on Peoria features 216 apartments, which were just beginning to receive upgrades as a second phase of community transformation and rebranding implemented by the seller. Community amenity improvements include a creation of a ‘Central Rec’ area with concrete ping-pong tables, Adirondack seating, shade sails, music and bistro lighting. Additionally, the clubhouse lounge and leasing center features a coffee bar, bistro seating and music for ambiance.

May 14, 2019

Acquisitions California Industrial Western

EB Capital Buys 77,736 SF Industrial Building in Southern California for $14M

by Amy Works May 14, 2019

VISTA, CALIF. — EB Capital LLC has purchased an industrial building, located at 1125 Joshua Way in Vista, from BRE 1125 Joshua Owner LLC for $14 million. Situated on 4.75 acres, the asset features 77,736 square feet of industrial space and 16,780 square feet of highly improved, high-end, two-story office area. At the time of sale, 21,359 square feet of the building was leased. The buyer intends to occupy the remaining 56,377 square feet. Rusty Williams and Chris Roth of Lee & Associates, North San Diego County, represented the buyer, while Barry Hendler and Aric Starck of Cushman & Wakefield represented the seller in the deal.

May 14, 2019

Acquisitions Illinois Industrial Midwest Office

Value Industrial Partners Acquires 14-Building Industrial, Office Property in West Chicago

by Kristin Harlow May 14, 2019

WEST CHICAGO, ILL. — Value Industrial Partners has acquired Bowling Green Center, a 14-building office and industrial property in West Chicago. The purchase price was not disclosed. Located at 245 W. Roosevelt Road, the asset spans 274,000 square feet. The property was 90 percent leased at the time of acquisition. Value Industrial plans to complete significant improvements, including new roofs, paving, landscaping and signage. The center will be renamed Roosevelt Center. Jeff Girling of Paine/Wetzel represented Value Industrial in the transaction. The seller was not disclosed.

May 14, 2019

Acquisitions Midwest Office Ohio

Historic Office Property Trades Hands in Downtown Columbus

by Kristin Harlow May 14, 2019

COLUMBUS, OHIO — CBRE has arranged the sale of a historic office building occupied by Carlile Patchen & Murphy LLP in downtown Columbus. The sales price was not disclosed. The new owner, 366 E. Broad LLC, plans to renovate the building, which is located at 366 E. Broad St. The three-story property, built in 1926, was designed by Richards, McCarty and Bulford and originally owned by the Ohio State Life Insurance Co. CPM Investments, an affiliate of Carlile Patchen & Murphy LLP, purchased the 29,672-square-foot building in 1986. Carlile Patchen & Murphy LLP plans to relocate to 950 Goodale Blvd. in the Grandview Yard development in spring 2020. David Hartsook of CBRE represented the seller. Todd Schiff of Robert Weiler Co. represented the buyer.

May 14, 2019

Village-at-Cedar-Heights-Mansfield-Massachusetts

Acquisitions Massachusetts Multifamily Northeast

Colliers Brokers $15M Sale of Apartment Community in Mansfield, Massachusetts

by Taylor Williams May 14, 2019

MANSFIELD, MASS. — Colliers International has brokered the $15 million sale of Village at Cedar Heights, a 66-unit apartment community in Mansfield, located south of Boston. Bruce Lusa, Jonathan Bryant, John Flaherty and Maggie Collins of Colliers represented the seller and developer, Turner Brothers, in the transaction. The buyer, Manhattan-based Corigin Real Estate Group, will implement a value-add program.

May 14, 2019

Acquisitions Alabama Multifamily Southeast

Cushman & Wakefield Arranges $93.5M Sale of Apartment Portfolio in Birmingham

by Alex Tostado May 13, 2019

BIRMINGHAM, ALA. — Cushman & Wakefield has arranged the $93.5 million sale of a three-property, 1,816-unit apartment portfolio in Birmingham. The three properties included in the sale are The Park at Buckingham, The Park at Callington and Carlyle. The Park at Buckingham was built in 1972 and offers 583 units. Amenities include tennis courts, a sand volleyball court, two swimming pools with sun decks and a theater room. The Park at Callington and Carlyle were built in 1978 and 1973, respectively, and total 1,233 units. Amenities include tennis courts, three pools with sun decks, volleyball court and a fitness center. Josh Jacobs and Jimmy Adams of Cushman & Wakefield represented the seller, a Texas-based real estate firm, in the transaction. Bloomfield Hills, Mich.-based Contour Development Group acquired the portfolio.

May 13, 2019

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