Acquisitions

Cushman & Wakefield Arranges Sale of 350-Unit Student Housing Community Near University of South Carolina

by Alex Tostado April 18, 2019

COLUMBIA, S.C. — Cushman & Wakefield has arranged the sale of The Southern @ 1051, a 350-unit student housing community located near the University of South Carolina in Columbia. The property offers one-, two-, three- and four-bedroom units. Community amenities include a swimming pool, clubhouse, package service, picnic and barbecue area, business center, fitness center and basketball and volleyball courts. Travis Prince, Victoria Marks, Jordan McCarley and Paul Marley of Cushman & Wakefield arranged the disposition on behalf of the seller, an undisclosed CMBS trust. Ernet Capital Management acquired the property for an undisclosed amount.

April 18, 2019

Acquisitions Multifamily Texas

JLL Negotiates Sale of 224-Unit Apartment Community in Corpus Christi

by Taylor Williams April 18, 2019

CORPUS CHRISTI, TEXAS — JLL has negotiated the sale of Parkview Apartments, a 224-unit multifamily community in Corpus Christi. Built in 1969, the property offers one-, two-, three- and four-bedroom units and amenities such as a business center, resident clubhouse and a lounge. Zar Haro, Moses Siller and Robert Arzola of JLL represented the seller, Raybec Management Co. Ltd., in the transaction. The buyer, GVA Real Estate Group, will implement a value-add program at the community.

April 18, 2019

594-Can-Do-Expressway-Hazleton-Pennsylvania

Acquisitions Industrial Northeast Pennsylvania

Endurance Real Estate Acquires 242,960 SF Industrial Building in Hazleton, Pennsylvania

by Taylor Williams April 18, 2019

HAZLETON, PENN. — An affiliate of Endurance Real Estate Group LLC has acquired a 242,960-square-foot industrial building in Hazleton, about 100 miles north of Philadelphia. The property, which is located about a mile from Interstate 81, currently serves as a warehouse/distribution facility with a clear height of 32 feet. Endurance, which is headquartered in metro Philadelphia, acquired the asset from Wisconsin-based printing company Quad Graphics, which is also the building’s former occupant. Endurance plans to implement a capital improvement program that will deliver as new roof, 13 new dock doors, an ESFR sprinkler system, new LED lighting throughout the space and landscaping improvements. John Plower, Chuck Rosien, Kim Jacobsen and Ryan Cottone of JLL brokered the deal on behalf of Quad Graphics.

April 18, 2019

Acquisitions Colorado Multifamily Western

Phoenix Realty Group Acquires 280-Unit Multifamily Asset in Fort Collins, Colorado

by Amy Works April 18, 2019

FORT COLLINS, COLO. — Phoenix Realty Group (PRG), through an affiliated entity and with a third-party partner, has expanded its presence in Colorado with the purchase of Argyle at Willow Springs, a Class B apartment community in Fort Collins, approximately 65 miles north of Denver. Terms of the acquisition were not released. PRG will operate the community and plans to renovate, upgrade and modernize the property. Argyle at Willow Springs will be rebranded as Alvista Harmony. Built in 1999 on 18.7 acres, the asset comprises 16 three-story buildings offers a total of 280 apartment units. Units feature one-, two- and three-bedroom floorplans with washers/dryers and fully-equipped kitchens. On-site community amenities include a leasing center, newly remodeled clubhouse, business center, 24-hour fitness center with separate yoga/exercise room, pool and sundeck with built-in gas grills, dog park, playground, carports and garage parking.

April 18, 2019

Acquisitions California Office Western

Voit Real Estate Negotiates $9.5M Purchase of Cornerstone Office Center in San Diego

by Amy Works April 18, 2019

SAN DIEGO — Voit Real Estate Services has negotiated the purchase of Cornerstone Office Center, located at 6020 Cornerstone Court West in San Diego’s Sorrento Mesa submarket. A private investor acquired the property from Newport Beach, Calif.-based MIG Real Estate for $9.5 million. Todd Holley of Voit Real Estate Services represented the buyer, while Louay Alsadek and Hunter Rowe of CBRE represented the seller in the deal. At the time of sale, Cornerstone Office Center was 100 percent leased. The three-story property features 43,210 square feet of Class B office space. Tenants include Motive Interactive, Rohm Semiconductor and Microchip Technologies.

April 18, 2019

Acquisitions Mixed-Use New York Northeast

JLL Negotiates Sale of Mixed-Use Building in Manhattan for $11.5M

by Taylor Williams April 18, 2019

NEW YORK CITY — JLL has negotiated the sale of a 12,452-square-foot mixed-use building in Manhattan for $11.5 million. The property, which includes residential and retail space, is situated between the Empire State Building and the Flatiron Building in the borough’s Midtown area and offers proximity to several subway stations. Brendan Maddigan, Stephen Palmese, Winfield Clifford, Ethan Stanton, Michael Mazzara and Clint Olsen of JLL represented the seller, local investment firm, Tsoumpas 157 Group LLC, in the sale. The buyer was private investor Shaun Ajodan.

April 18, 2019

Acquisitions New Jersey Northeast Retail

Marcus & Millichap Arranges Sale of 29,600 SF Shopping Center in Lawrenceville, New Jersey

by Taylor Williams April 18, 2019

LAWRENCEVILLE, N.J. — Marcus & Millichap has arranged the sale of Princeton Plaza, a 29,600-square-foot retail center in Lawrenceville, located roughly midway between New York City and Philadelphia. The asset, which was fully occupied at the time of sale, fetched a sales price of $2.9 million. Shannon Bona led the Marcus & Millichap team in marketing the property on behalf of the seller, a private investor, with help from Mark Taylor and Derrick Dougherty of Marcus & Millichap. Brian Hosey of Marcus & Millichap acted as the broker of record. Additional terms of the sale were not disclosed.

April 18, 2019

Acquisitions Industrial Midwest Ohio

Reich Brothers Acquires Quad Graphics Production Facility in Columbus, Ohio

by Kristin Harlow April 18, 2019

COLUMBUS, OHIO — Reich Brothers has acquired a 142,223-square-foot industrial facility in Columbus for an undisclosed price. The property previously served as the main production and warehousing location in the Columbus market for printing company Quad Graphics. The building is located at 4051 Fondorf Drive and is directly adjacent to Walmart’s distribution and logistics hub. The property features clear heights ranging from 21 to 24 feet and can be subdivided to accommodate multiple tenants. Reich Brothers intends to repurpose the facility for light manufacturing and distribution. Site work has commenced and is expected to be completed in the coming months.

April 18, 2019

Acquisitions Midwest Minnesota Multifamily

Marcus & Millichap Brokers $7M Sale of Apartment Property in Minnesota

by Kristin Harlow April 18, 2019

FERGUS FALLS, MINN. — Marcus & Millichap has brokered the $7 million sale of Red River Village in Fergus Falls in western Minnesota. Built in 2011, the apartment property includes 66 units that are designated for residents age 55 and older. Floor plans range from one to three bedrooms. Chris Collins and Evan Miller of Marcus & Millichap brokered the transaction.

April 18, 2019

Acquisitions Georgia Multifamily Southeast

Wilson Investment, Liquid Capital Acquire 646-Unit Apartment Community in Metro Atlanta

by Alex Tostado April 17, 2019

DORAVILLE, GA — Wilson Investment Properties and Liquid Capital Real Estate have acquired Forest Cove, a 646-unit apartment complex in Doraville. The joint venture plans to upgrade unit interiors, repaint the building exteriors and enhance existing amenities, which include a dog park, fitness center, swimming pool, playground, soccer field and an outdoor fire pit. The property offers one-, two- and three-bedroom floor plans and is situated at 3497 Meadowglenn Village Lane, four miles from the Doraville MARTA Station. The seller and sales price were not disclosed.

April 17, 2019

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