Acquisitions

SLIB Negotiates $22.8M Sale of Memory Care Community in Southern California

by Amy Works April 5, 2019

VISTA, CALIF. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Vista Gardens, a 71-unit memory care community in Vista, located between San Diego and Los Angeles. A private equity firm based in Colorado acquired the community for $22.8 million as part of a growth strategy in seniors housing. The seller was a local, single-asset owner seeking to exit the industry. Vista Gardens totals 44,000 square feet and is located on a 4.5-acre plot. The price equates to $321,000 per unit. Alec Blanc of Monarch Advisors (an affiliate of SLIB) sourced the senior debt for the transaction. It consisted of an $18.1 million loan, including $1.9 million for planned capital expenditures, from a regional commercial bank. The loan is structured with a five-year term, interest-only payments for the first two years and partial recourse from the buyer with a burn-off provision. Jason Punzel, Brad Goodsell and Vince Viverito of Senior Living Investment Brokerage handled the transaction.

April 5, 2019

Acquisitions California Retail Western

Marcus & Millichap Brokers Sale of Two Multi-Tenant Retail Pads in Rialto, California

by Amy Works April 5, 2019

RIALTO, CALIF. — Marcus & Millichap has negotiated the sale of two multi-tenant retail pads at Rialto Marketplace, located at the southwest corner of Riverside and San Bernardino avenues in Rialto, two blocks north of Interstate 10. Scott Hook of Marcus & Millichap arranged the sale. Terms of the transaction were not released. Recently developed by Newmark Merrill Cos., the assets total 25,567 square feet. Tenants include Starbucks Coffee, GNC, Wingstop, Pieology Pizzeria and T-Mobile. Walmart Supercenter is the anchor tenant for Rialto Marketplace.

April 5, 2019

Acquisitions Colorado Development Office Western

Schnitzer West to Develop Speculative Office Project in Denver’s River North Art District

by Amy Works April 5, 2019

DENVER — Schnitzer West has purchased a land parcel, located at 3615 Delgany St. in Denver’s River North Art District, for an undisclosed price. The acquisition is the result of a partnership between Schnitzer West and Craft Cos., a Denver-based real estate firm. Schnitzer plans to develop a 12-story, 200,000-square-foot speculative office building on the 34,250-square-foot site. The current site design includes one level of underground parking, five levels of above-grade podium parking and seven floors of office space. The first phase of construction is scheduled to begin first-quarter 2020.

April 5, 2019

Acquisitions Lee & Associates New York Northeast Retail

Lee & Associates Brokers $32M Sale of Parking Garage in Manhattan

by David Cohen April 5, 2019

NEW YORK CITY — Lee & Associates has brokered the $32.2 million sale of a 50,000-square-foot parking garage in Manhattan’s Flatiron district. Located at 41-47 E. 21st St., the four-story garage is six blocks from the 4, 5, 6, L, N, Q, R and W trains. Steve Lorenzo, Mitchell Salmon and Christopher Ventura of Lee & Associates represented the buyer, Mequity Cos., in the transaction. Sidney Rosenthal of Lee & Associates represented the seller, Zucker Organization.

April 5, 2019

Acquisitions Industrial New Jersey Northeast

HFF Negotiates $8.5M Sale of Industrial Facility in New Jersey

by David Cohen April 5, 2019

HAMILTON, N.J. — HFF has negotiated the $8.5 million sale of a 76,220-square-foot industrial facility in Hamilton. Located at 17 Quakerbridge Plaza Drive, the fully leased facility is situated on more than 13 acres. Marc Duval, Jordan Avanzato, Mark Mahasky, Kevin O’Hearn, Steve Simonelli and Michael Oliver of HFF represented the seller, Matrix Development Group, in the transaction. The buyer was Black Creek Group.

April 5, 2019

Acquisitions Development New York Northeast

Marcus & Millichap Orchestrates $2.5M Sale of Development Site in Brooklyn

by David Cohen April 5, 2019

NEW YORK CITY — Marcus & Millichap has arranged the $2.5 million sale of a 9,155-square-foot development site in Brooklyn. The property is located at 151 Quincy St. in the Bedford-Stuyvesant section of Brooklyn. Shaun Riney and Daniel Greenblatt of Marcus & Millichap’s Brooklyn office represented the seller, a private investor, in the transaction. The buyer was also a private investor.

April 5, 2019

Acquisitions Michigan Midwest Multifamily

CAPREIT Acquires 310-Unit Apartment Community in Fenton, Michigan

by Kristin Harlow April 5, 2019

FENTON, MICH. — CAPREIT has acquired Silver Lake Hills, a 310-unit apartment community near Silver Lake Park in Fenton. The purchase price was not disclosed. Floor plans range from 700 to 1,810 square feet. CAPREIT plans to renovate the community with new flooring, appliances, countertops and fixtures. Upgrades will also be made to the clubhouse, fitness center, pool and dog park. This is CAPREIT’s second community in Michigan, joining Kensington at Beverly Hills in Southfield.

April 5, 2019

Acquisitions District of Columbia Hospitality Southeast Top Stories

Metrovest Equities, BLDG Management Acquire 343-Room Hotel in Capitol Hill for $111M

by Kristin Harlow April 5, 2019

WASHINGTON, D.C. — A partnership between Metrovest Equities Inc. and BLDG Management has acquired the Liaison Washington Capitol Hill, a 343-room hotel in the Capitol Hill submarket of Washington, D.C., for $111 million. Located at 415 New Jersey Ave., the property is the closest hotel to the U.S. Capitol building. It is within walking distance of Union Station, the National Mall, Georgetown University Law Center and the Walter E. Washington Convention Center. Amenities include an on-site restaurant, swimming pool, patio with fire pit, meeting and event space, and fitness center. The buyer plans to convert the hotel into the Yotelpad Capitol Hill. Yotel is a lifestyle-oriented hospitality concept. This will be the first Yotel extended-stay project in Washington, D.C. Daniel Peek and Cyrus Vazifdar of HFF marketed the property on behalf of the seller, Pebblebrook Hotel Trust (NYSE: PEB). Scott Aiese and Chris Hew of HFF arranged a bridge loan with a life insurance company for the acquisition. Pebblebrook is a publicly traded real estate investment trust that acquires and invests in upscale, full-service hotels in urban markets. The Bethesda, Md.-based company owns 61 hotels totaling approximately 14,600 rooms. The company’s stock price closed at $31.60 per share on April …

April 5, 2019

Acquisitions Georgia North Carolina Retail Southeast

Branch Properties Acquires Two Grocery-Anchored Shopping Centers for $57M

by Alex Tostado April 4, 2019

ROSWELL, GA. AND LELAND, N.C. — Branch Properties has acquired two grocery-anchored shopping centers in the Southeast. The first, Roswell Market Place, is a 95,522-square-foot shopping center anchored by Sprouts Farmers Market. Branch Properties bought the asset for $32 million. The center, which is located at 10800 Alpharetta Highway, 24 miles north of downtown Atlanta, was built in 1986 and renovated two years ago. Roswell Market Place was 88 percent leased at the time of the sale. The second property is Waterford Village, a 108,249-square-foot shopping center anchored by Harris Teeter that was purchased for $25 million. Waterford Village sits on 15.8 acres at 2013 Olde Waterford Way in Leland, nine miles west of downtown Wilmington. The asset was 90 percent leased at the time of the sale.

April 4, 2019

Acquisitions Georgia Multifamily Southeast

Marcus & Millichap Arranges $42M Sale of Apartment Complex in Central Georgia

by Alex Tostado April 4, 2019

WARNER ROBINS, GA. — Marcus & Millichap has arranged the $42 million sale of Sandpiper Apartments, a 34-building, 530-unit multifamily complex in Warner Robins. Built in 1986 and located on Leisure Lake Drive about seven miles from Robins Air Force Base, the property offers one- and two-bedroom floor plans. Amenities include a mini-movie theater, swimming pool, 24-hour fitness center and a dog park. Sandpiper Apartments was 97 percent occupied at the time of the sale. Dana Newton and Mike Maxwell of Marcus & Millichap’s Philadelphia office represented the buyer in the transaction. The seller was not disclosed.

April 4, 2019

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