Acquisitions

Greystar Acquires 266-Unit Multifamily Property in Manhattan

by Taylor Williams April 24, 2019

NEW YORK CITY — Greystar Real Estate Partners LLC has acquired 800 Sixth Avenue, a 266-unit multifamily community located in the NoMad neighborhood of Manhattan. Completed in 2003, the property offers quick access to major employment centers like Silicon Alley, which houses the offices of Google, Facebook, Twitter and IBM. The development is also in close proximity to Grand Central Station, the Hudson Yards mixed-use development and the World Trade Center. Greystar will implement a capital improvements program that centers on upgrading appliances, cabinetry, lighting, plumbing and hardware fixtures within the units. The new ownership will also overhaul the property’s amenity spaces, which include a fitness center, sky deck and a resident lounge with a chef’s kitchen and billiards room. The seller was not disclosed.

April 24, 2019

Acquisitions California Industrial Top Stories Western

Exeter Property Group Buys 806,322 SF Industrial Asset in the Inland Empire for $97.7M

by Amy Works April 24, 2019

SAN BERNARDINO, CALIF. — Exeter Property Group, a Pennsylvania-based industrial development and investment firm, has purchased a distribution building located at 6227 Cajon Blvd. in the southern California city of San Bernardino. The sales price was $97.7 million. Bob’s Discount Furniture occupies the 806,322-square-foot property, which is situated on 41 acres. The property offer access to the BNSF Intermodal Yard, FedEx Group Rialto, UPS Air Hub and Ontario International Airport. Bo Mills, Mark Detmer and Ryan Sitov of JLL, along with Scott Schwartz of Insignia PMG, represented the undisclosed seller in the transaction. “This listing represented the opportunity for an investor to acquire a building with a long-term lease to a strong tenant in the largest industrial market in the world,” says Detmer. “The buyer was attracted to the stability of the property, the tenant’s commitment to the area and potential for future development growth.” — Amy Works

April 24, 2019

Acquisitions Healthcare Maryland Southeast

Avison Young Brokers $20.6M Sale of Medical Office Building in Metro D.C.

by Alex Tostado April 23, 2019

BRANDYWINE, MD. — Avison Young has brokered the $20.6 million sale of a Class A medical office building located in the Washington, D.C. suburb of Brandywine. Maryland-based investment firm Foulger-Pratt sold the property to Milwaukee-based Hammes Partners. The 61,614-square-foot building was completed in 2016 and was 92 percent leased at the time of sale to healthcare providers such as Johns Hopkins and Physicians Reliance. Jim Kornick, Chip Ryan, Mike Wilson, Erik Foster, Mark Johnson and Georgianna Condoiu of Avison Young represented the seller in the transaction.

April 23, 2019

Acquisitions Florida Mixed-Use Southeast

Cushman & Wakefield Arranges $6.7M Sale of South Florida Development Site to Flagler Global Logistics

by Alex Tostado April 23, 2019

HIALEAH, FLA. — Cushman & Wakefield has arranged the $6.7 million sale of Transfer Turnpike, a vacant site spanning 8.6 acres in Hialeah. The buyer, Flagler Global Logistics (FGL), already owns 500 acres nearby where it is developing Countyline Corporate Park, an 8 million-square-foot business park that will offer office, warehouse and industrial space. Turnpike Transfer is situated at the intersection of 170th and 97th streets, southwest of the intersection of Interstate 75 and the Florida Turnpike and about 22 miles northwest of downtown Miami. Wayne Ramoski, Miguel Alcivar and Gian Rodriguez of Cushman & Wakefield represented the seller, Turnpike Transfer LLC, in the transaction.

April 23, 2019

Acquisitions Arizona Multifamily Western

Bridge Investment Group Buys 304-Unit Verona Park Apartment Community in Arizona for $43.7M

by Amy Works April 23, 2019

MESA, ARIZ. — Salt Lake City-based Bridge Investment Group has acquired Verona Park, an apartment community located at 1666 S. Extension Road in Mesa. Salt Lake City-based Millburn Co. sold the property for $43.7 million. Cindy Cooke and Brad Cooke of Colliers International of Arizona represented the seller, while Bridge Investment Group was self-represented in the sale. Built in 1981, Verona Park consists of 19 residential buildings totaling 248,224 square feet. The property features 304 apartments in a mix of one- and two-bedroom layouts, averaging 817 square feet. At the time of sale, 25 of the units had undergone renovations, leaving the remaining apartments with classic interiors for upgrading.

April 23, 2019

Acquisitions California Industrial Retail Western

Online Vehicle Auction Company Acquires 51 Acres in San Diego for $30M

by Amy Works April 23, 2019

SAN DIEGO — Copart, a Dallas-based online vehicle auction company, has purchased 51 acres of land in San Diego’s Otay Mesa submarket. The Street Family sold the property for $30 million. Located at the north end of La Media Road and the east side of Brownfield Airport, the property was most recently used as a truck yard. Additionally, the asset was recently improved with power, water, landscaping, fencing, screening and secure gates. Rob Hixson of CBRE represented the seller, while Joe Carroll of Resource One represented the buyer in the deal. Copart sells roughly 14,000 used cars per day, using patented virtual auction technology.

April 23, 2019

Acquisitions Colorado Multifamily Western

Nexus Commercial Realty Arranges $11M Sale of 81-Unit Amherst Apartments in Denver

by Amy Works April 23, 2019

DENVER — Nexus Commercial Realty has arranged the sale of Amherst Apartments, a multifamily building located at 2775 S. Federal Blvd. in Denver. Vukota Amherst Apartments LP sold the property to PARS LLC for $11 million. Totaling 58,003 square feet, Amherst Apartments features 81 units in a mix of one- and two-bedroom layouts. On-site amenities include a leasing office, playground, clubhouse and laundry facilities. Adam Riddle of Nexus Commercial represented the seller, while Jason Koch, also of Nexus Commercial, represented the buyer in transaction.

April 23, 2019

Acquisitions Retail Utah Western

Evergreen Devco Sells 5,500 SF Retail Center in Utah for $3.1M

by Amy Works April 23, 2019

PLEASANT GROVE, UTAH — Evergreen Devco has completed the disposition of a newly developed retail center, located at 855 W. State St. in Pleasant Grove. Pinot Pasadena Land Co. acquired the property for $3.1 million. The 5,500-square-foot, multi-tenant retail space was 100 percent occupied. Tenants include Mo’ Bettahs Hawaiian Style restaurant, Beans & Brews Coffee House and Dough Co., which is slated to open this spring. Evergreen originally purchased the 1-acre site in June 2018 and completed the retail center in November 2018. The project team included Utah-based Rimrock Construction and architect Farnsworth Group.

April 23, 2019

Acquisitions Multifamily Seniors Housing Texas

Blueprint Arranges $282.5M Sale of Skilled Nursing Portfolio in Texas, Louisiana

by Taylor Williams April 23, 2019

TEXAS AND LOUISIANA — Blueprint Healthcare Real Estate Advisors has arranged the $282.5 million sale of 28 skilled nursing facilities in Texas and Louisiana. Blueprint represented the buyer, a joint venture between BlueMountain Capital Management, BM Eagle Holdings and Capital Funding Group. The seller was Sabra Health Care REIT Inc. Blueprint collaborated with the joint venture to find local operating partners and tenants for the portfolio of assets. Further details on the names and locations of the properties were not disclosed. KeyBank Real Estate Capital arranged acquisition financing for the deal.

April 23, 2019

Acquisitions Office Retail Texas

BCTS Partners Sells 23,080 SF Retail, Office Property in West Houston

by Taylor Williams April 23, 2019

HOUSTON — Local developer BCTS Partners LLC has sold Copper Lakes Shopping Center, a commercial property in west Houston that consists of 16,080 square feet of retail space and 7,000 square feet of office space. Copper Lakes was 91 percent leased at the time of sale to tenants such as Fitness 19, Snowflake Donuts, Homebase Pizza and Hollywood Fashion Nails. Austen Baldridge and Brad Elmore of Houston-based NewQuest Properties represented BCTS Partners, which developed the property in 2007, in the sale. The buyer was Parkway Brothers Investment Inc.

April 23, 2019

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