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Acquisitions

Allanza-Las-Vegas-NV
AcquisitionsMultifamilyNevadaWestern

TruAmerica Multifamily Acquires 896-Unit Allanza at the Lakes in Las Vegas for $152M

by Amy Works

LAS VEGAS — Los Angeles-based TruAmerica Multifamily, in a joint venture with an institutional partner, has purchased Allanza at the Lakes, a multifamily property located at 8600 Starboard Drive in Las Vegas, for $152 million. Allanza is the fourth largest apartment community in Nevada and the largest acquisition by unit size in the six-year history of TruAmerica. Built in 1986, Allanza features 896 units in a mix of one-, two- and three-bedroom layouts spread across 56 two-story buildings on a 40-acre site. Community amenities include five swimming pools, two fitness centers, a pet spa, picnic areas and a playground. Phillip Weigand and Thomas Olivetti of Northmarq’s Las Vegas office represented the undisclosed seller in the deal.

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Pillar-SanTan-Gilbert-AZ
AcquisitionsArizonaMultifamilyWestern

Pillar Communities Sells 315-Unit Apartment Community in Arizona for $67.8M

by Amy Works

GILBERT, ARIZ. — Pillar Communities & Private Portfolio Group has completed the disposition of Pillar at SanTan, a garden-style apartment complex located at 2910 S. Greenfield Road in Gilbert. Baron Properties acquired the asset for $67.8 million. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE’s Phoenix office represented the seller in the transaction. Constructed in 2009, Pillar at SanTan features 315 units in a mix of studio, one-, two- and three-bedroom floorplans with nine-foot ceilings, well-appointed kitchens and patios/balconies. Community amenities include a resort-style swimming pool, spa, poolside lounge, outdoor kitchen, fitness center, outdoor picnic areas, grills and a playground.

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Tribute-at-the-Rim-San-Antonio
AcquisitionsMultifamilyTexas

Passco Acquires 380-Unit Apartment Community in San Antonio

by Taylor Williams

SAN ANTONIO — Passco Cos., a California-based multifamily development and investment firm, has acquired Tribute at The Rim, a 380-unit multifamily community in San Antonio. Built in 2017, the property is located within The Rim, a mixed-use development that is located on the city’s northwest side, and offers proximity to the hubs of major employers like USAA and Valero Energy. Floor plans feature one-, two- and three-bedroom units with quartz countertops, modern cabinetry and glass backsplashes. Amenities include a pool with a nearby fire pit, fitness center with on-demand classes, a dog park and grooming station, sky lounge, conference room and a bike storage and repair room. Scott LaMontagne, Moses Siller and Zar Haro of JLL represented the seller, Kairoi Development, in the transaction. Chris Black and Caleb Marten of KeyBank Real Estate Capital secured acquisition financing for the deal on behalf of Passco.

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AcquisitionsHospitalityTexas

Marcus & Millichap Brokers Sale of 71-Room Fairfield-Branded Hotel in Metro Dallas

by Taylor Williams

LEWISVILLE, TEXAS — Marcus & Millichap has brokered the sale of a 71-room Fairfield Inn & Suites hotel in Lewisville, a northern suburb of Dallas. Chris Gomes, Joseph Jacques and Allan Miller of Marcus & Millichap represented the seller, a Dallas-based limited liability company, in the transaction. The trio also procured the buyer, a private investor. Marriott, which owns the Fairfield brand, has approved the buyer to self-manage the property.

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AcquisitionsIllinoisIndustrialMidwestOffice

Planmeca USA Purchases Former Serta Mattress Building in Hoffman Estates, Illinois

by Kristin Harlow

HOFFMAN ESTATES, ILL. — Planmeca USA Inc., a manufacturer of dental equipment, has purchased the former Serta Mattress Co. building at 2600 Forbs Ave. in Hoffman Estates. The company will relocate its U.S. headquarters to the 90,000-square-foot building later this year. The headquarters will comprise Planmeca’s corporate office, a testing and distribution center and a showroom and training center. Planmeca currently operates out of two buildings totaling 77,000 square feet in Roselle, approximately 30 miles northwest of Chicago. Britt Casey and Jeff Matella of Cushman & Wakefield represented Planmeca in the transaction. Mark Smith of CBRE represented Serta. The purchase price was not disclosed.

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AcquisitionsIndianaMidwestMultifamily

Besyata, Scharf Acquire 328-Unit Apartment Property in Indianapolis

by Kristin Harlow

INDIANAPOLIS — Besyata Investment Group and The Scharf Group have acquired Southport Crossing Apartments in Indianapolis for an undisclosed price. Built in 1971, the 328-unit apartment property is located on Southport Road near Greenwood Park Mall. Amenities include a clubhouse, pool and fitness center. The seller was not disclosed.

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AcquisitionsIllinoisMidwestMultifamily

Berkadia Negotiates $7M Sale of Multifamily Property in Rantoul, Illinois

by Kristin Harlow

RANTOUL, ILL. — Berkadia has negotiated the $7 million sale of South Pointe Commons in Rantoul, about 19 miles northeast of Champaign. The 245-unit multifamily property was originally built in 1959 as military housing for Chanute Air Force Base, which closed in 1993. The property is situated on 150 acres and consists of 37 two-story buildings. Floor plans are comprised of three- and four-bedroom units ranging from 1,050 to 2,300 square feet. Ralph DePasquale, Parker Stewart and Alex Blagojevich of Berkadia represented the Urbana, Ill.-based seller. Philadelphia-based Odin Properties purchased the asset.

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AcquisitionsIndustrialNew JerseyNortheast

Seagis Property Group Acquires Four Industrial Assets Totaling 274,000 SF in New Jersey

by Taylor Williams

NEW JERSEY — Seagis Property Group, an industrial investment firm based in metro Philadelphia, has acquired four assets in northern New Jersey totaling 274,000 square feet. The seller and sales price were not disclosed. The properties, which were fully leased at the time of sale, include 100 Frontage Road in Newark (180,000 square feet), 400 County Avenue in Secaucus (45,000 square feet), 27 Engelhard Avenue (26,000 square feet) in Avenel and 360 Allwood Road (23,000 square feet) in Clifton. Seagis now owns 32 buildings totaling 4.7 million square feet throughout Northern New Jersey.

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1000-Dean-Street-Brooklyn
AcquisitionsNew YorkNortheastOffice

TerraCRG Arranges $55.9M Sale of 150,000 SF Office Building in Brooklyn

by Taylor Williams

NEW YORK CITY — Commercial brokerage firm TerraCRG has arranged the sale of 1000 Dean Street, a 150,000-square-foot office building in the Crown Heights area of Brooklyn, for approximately $55.9 million. Asher Abehsera, founder and CEO of LIVWRK, was the buyer of the historic building, which was originally constructed in 1920 as a service station for Dodge and Plymouth vehicles. LIVWRK is a real estate company focused on mixed-use urban development. The seller, a joint venture that included the Goldman Sachs Urban Investment Group, purchased the building in 2012 and converted it into an office property that is now home to more than 90 media companies, nonprofit organizations, tech start-ups and manufacturers. Ofer Cohen, Dan Marks and Daniel Lebor of TerraCRG brokered the deal.

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AcquisitionsDevelopmentIndustrialNew YorkNortheastRetailSelf-Storage

Hampshire to Convert Newly Acquired 134,444 SF Retail Building in Syracuse Into Self-Storage Facility

by Taylor Williams

SYRACUSE, N.Y. — Hampshire Venture Partners LLC has purchased a 134,444-square-foot retail building in Syracuse that was formerly occupied by Sam’s Club The purchase price was roughly $5.6 million. The new ownership plans to convert the building, which sits on 14.2 acres at 2649 Erie Blvd., into a self-storage facility. Phil Marshall of O,R&L Commercial represented Hampshire in the sale. Bill Anninos of CBRE represented the seller, Sam’s Real Estate Business Trust. No timeline for the building conversion was provided.

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