Acquisitions

Timberlane Partners Sells 127-Unit The Hudson Apartments in Seattle for $38.7M

by Amy Works April 16, 2019

SEATTLE — Timberland Partners has completed the disposition of The Hudson, a multifamily property located at 2450 Aurora Ave. N. in Seattle’s Queen Anne neighborhood. A private family acquired the asset for $38.7 million. Dylan Simon and Jerrid Anderson of Colliers International’s Seattle Multifamily team represented the seller in the deal. Built in 1987, The Hudson underwent extensive renovations from 2014 to 2016. Modernization of the building included unit finishes and upgraded amenities, such as a fully-equipped gym, large deck with community barbecue, and a bike maintenance and storage area.

April 16, 2019

Acquisitions California Industrial Western

Allstate Electric Buys 55,000 SF Industrial Building in Los Angeles for $9.6M

by Amy Works April 16, 2019

LOS ANGELES — Allstate Electric, a division of Regency Lighting, has purchased an industrial property, located at 9240 Jordan Ave. in the Chatsworth submarket of Los Angeles. SDG Jordan Associates LLC sold the property for $9.6 million. Allstate Electric, the buyer, has occupied the 55,000-square-foot property since 2016. Mike Tingus and Grant Fulkerson of Lee & Associates-LA North/Ventura, while Matthew Dierckman of CBRE represented the buyer in the transaction.

April 16, 2019

3730-3770-Astrozon-Blvd-Colorado-Springs-CO

Acquisitions Colorado Retail Western

Private Investor Sells 18,410 SF Shopping Center in Colorado Springs for $2.1M

by Amy Works April 16, 2019

COLORADO SPRINGS, COLO. — A private investor has completed the disposition of a neighborhood shopping center located at 3730-3770 Astrozon Blvd. in Colorado Springs. An undisclosed California-based buyer acquired the property for $2.1 million in a 1031 exchange. The newly renovated property features 18,410 square feet of retail space. Cory Gross and Jake Shirek of Marcus & Millichap’s Denver represented the seller, while Brian Smith, also of Marcus & Millichap’s Denver, represented the buyer in the deal. Phillip Gause, also of Marcus & Millichap Capital Corp. in Denver, facilitated the loan for the buyer.

April 16, 2019

Acquisitions California Development Office Top Stories Western

Marquee Move: Warner Bros. to Purchase Portion of Burbank Studios, Anchor Office Campus in $1B Deal

by John Nelson April 16, 2019

BURBANK, CALIF. — Entertainment and media giant Warner Bros. has inked a deal to purchase a portion of The Burbank Studios, a new 35-acre film, TV, broadcast media and new media campus in Burbank formerly known as NBC Studios. The purchase includes office space, eight soundstages, a mill building and a commissary. The seller is Worthe Rea Estate Group, a Los Angeles-based office developer. Additionally, Warner Bros. inked a lease to be the sole and long-term tenant of a planned two-building office campus adjacent to The Burbank Studios. The Los Angeles Times is reporting the combined value of the studio acquisition and new office space exceeds $1 billion. The co-developers of the office campus are Worthe and San Francisco-based Stockbridge Real Estate, which plan to break ground on the project this fall. The office development will be known as the Second Century Project, named in honor of Warner Bros.’ 100th anniversary in 2023, which is the expected completion date of the design and construction phases. Second Century will include a seven-story building spanning 355,000 square feet and a nine-story building spanning 445,000 square feet. “This is an opportunity to reimagine not only our workspace but our future,” says Kim Williams, …

April 16, 2019

Acquisitions Office Texas

HFF Negotiates Sale of 126,811 SF Office Building in Houston

by Taylor Williams April 15, 2019

HOUSTON — HFF has negotiated the sale of Ashford on the Bayou, a 126,811-square-foot office building located in between Houston’s Energy Corridor and Westchase submarkets. The five-story property was 55 percent leased at the time of sale. Dan Miller and Johnny Kight of HFF represented the seller, RPD Catalyst LLC, in the transaction. Susan Hill and Steve Heldenfels of HFF arranged fixed-rate acquisition financing through RGA Reinsurance Co. on behalf of the buyer, Hartman Income REIT.

April 15, 2019

Acquisitions Multifamily New York Northeast

Hodges Ward Elliot Brokers $88M Sale of Two Multifamily Buildings in the Bronx

by David Cohen April 15, 2019

NEW YORK CITY — Hodges Ward Elliot has brokered the $88 million sale of two multifamily buildings in the Bronx. The 10-story properties span a combined 400,000 square feet and are located at 2001-2045 Story Ave. in the Castle Hill section of the Bronx. Daniel Parker, Paul Gillen and Ariel Tambor of Hodges Ward Elliot represented the seller, Related Fund Management, in the transaction. The buyer was Abraham Fruchthandler.

April 15, 2019

Acquisitions Multifamily Texas

The Multifamily Group Brokers Sale of 224-Unit Portfolio in Fort Worth

by Taylor Williams April 15, 2019

FORT WORTH, TEXAS — The Multifamily Group (TMG) has brokered the sale of a two-property portfolio in the Western Hills submarket of Fort Worth. Terrace on Calmont was built in 1960 and offers 127 units, and Calmont Place was built in 1982 and totals 97 units. Paul Yazbeck and Jon Krebbs of TMG represented the seller, DFW-based Bella Asset Management. The buyer was 168 Realty Group.

April 15, 2019

Acquisitions Mixed-Use New York Northeast

Cushman & Wakefield Arranges $10.8M Sale of Mixed-Use Building in Manhattan

by David Cohen April 15, 2019

NEW YORK CITY — Cushman & Wakefield has arranged the $10.8 million sale of an 8,076-square-foot mixed-use building in the NoLita neighborhood of Manhattan. Located at 51 Spring St., the six-story property is comprised of 15 residential apartments and two retail spaces. The retail component of the space is currently leased to two restaurants through December 2021. Robert Burton, Robert Shapiro, Bobby Carrozzo and Jordan Sutton of Cushman & Wakefield represented the undisclosed seller in the transaction. The buyer was a partnership between Javeri Capital and DNA Development.

April 15, 2019

Acquisitions Georgia Multifamily Southeast Walker & Dunlop

Walker & Dunlop Arranges $47M Sale of New Multifamily Community in Atlanta’s West Midtown

by Alex Tostado April 15, 2019

ATLANTA — Walker & Dunlop has arranged the $47 million sale of Westside Heights, a 282-unit multifamily community in West Midtown Atlanta. The asset was built in 2017 and is located near the Atlanta BeltLine. The property offers one- and two-bedroom floor plans and features community amenities such as a complimentary continental breakfast and coffee bar, swimming pool, clubhouse, fitness center, conference room, rooftop lounge and package receiving services. Pat Jones and Chris Goldsmith of Walker & Dunlop represented the buyer, Canadian-based Starlight U.S. Multi-Family, in the transaction. The seller was not disclosed. David Gahagan and Niki Perez, also with Walker & Dunlop, arranged acquisition financing through a life insurance company on behalf of the buyer.

April 15, 2019

Acquisitions Massachusetts Northeast Retail

SVN | Parsons Commercial Negotiates Sale of Two-Story Retail Strip in Acton, Massachusetts

by David Cohen April 15, 2019

ACTON, MASS. — SVN | Parsons Commercial has negotiated the sale of a two-story retail strip center in Acton. The sales price was undisclosed. Located at 452 Great Road, the property sits on nearly two acres of land. The buyer, Surfloft LLC, will occupy a portion of the building, which will be the new site for its retail store, Surfside Pools and Sport Loft Ski Shop. Marci Alvarado and Jake Parsons ofSVN | Parsons Commercial represented Surfloft LLC in the transaction. Avison Young represented the seller, Worker’s Credit Union.

April 15, 2019

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