Acquisitions

Cushman & Wakefield Negotiates $15M Sale of Multifamily Community in Upstate South Carolina

by Alex Tostado March 25, 2019

TAYLORS, S.C. — Cushman & Wakefield has arranged the $15 million sale of The Chimneys of Greenville, a 168-unit multifamily community in Taylors. The buyer, Cohen Investment Group, is planning renovations to unit interiors, however, details of the renovations were not disclosed. Community amenities include a dog park, business center, fitness center, playground, swimming pool and a clubhouse. Jordan McCarley, Tai Cohen and Watson Bryant of Cushman & Wakefield represented the seller, Highgate Capital Group, in the transaction.

March 25, 2019

Acquisitions Arizona Multifamily Western

Cushman & Wakefield Brokers $84.2M Sale of 316-Unit Apartment Community in Phoenix

by Amy Works March 25, 2019

PHOENIX — Cushman & Wakefield has negotiated the sale of Broadstone Roosevelt Row, a multifamily property located at 330 E. Roosevelt St. in Phoenix. AZ Roosevelt Row Apartments LLC, an entity formed by Kirkland, Wash.-based Weidner Investment Services, purchased the apartment community for $84.2 million. Situated in downtown Phoenix’s Roosevelt Row Arts District, the community features 316 units in a mix of studio, one-, two- and three-bedroom floor plans with an average unit size of 865 square feet. Each apartment offers gourmet kitchens with gas cooktops, Energy Star GE stainless steel appliances, quartz countertops, wood-style flooring, front-load washers/dryers, USB-charging outlets and Nest thermostats. Additionally, select units feature 19-foot ceilings, wine refrigerators, walk-in closets, Sonos sound systems and personal balconies or patios. Community amenities include a pool and spa with private cabanas, a fitness facility with an outdoor yoga lawn, furnished rooftop deck with fire pits and barbecues, complimentary resident beach cruisers and a smartphone resident-access system, as well as a two-story clubhouse with chef’s kitchen, coffee bar, oversized television and classic arcades and billiard games. David Fogler and Steven Nicoluzakis of Cushman & Wakefield represented the undisclosed seller in the deal.

March 25, 2019

Temescal-Valley-Commerce-Center-Corona-CA

Acquisitions California Development Industrial Western

CapRock Delivers, Sells 140,000 SF Industrial Development in Inland Empire

by Amy Works March 25, 2019

CORONA, CALIF. — CapRock Partners has completed the construction and sale of Temescal Valley Commerce Center, a Class A industrial building in Corona. Brothers International Desserts, a Southern California-based ice cream manufacturer, acquired the property for an undisclosed price. Situated on 9.4 acres along Interstate 15, the 140,000-square-foot facility features 32-foot clear heights, 11 high-dock doors, two ground-level doors, eight excess trailer parking stalls, office suites and 90 parking spaces. The building also features immediate access to the Dos Lagos on/off ramp and a private queuing lane to enable vehicles to quickly move through the property. Fullmer Construction provided general contracting services for the development. Austin Hill, Jeff Ruscigno and Jeff Smith of Lee & Associates brokered the transaction.

March 25, 2019

Acquisitions Retail Texas

HFF Brokers Sale of 180,000 SF Grocery-Anchored Retail Center in Fort Worth

by Taylor Williams March 22, 2019

FORT WORTH, TEXAS — HFF has brokered the sale of The Village at Camp Bowie, an 180,000-square-foot retail center in Fort Worth. Anchored by Sprouts Farmers Market, the property was 89 percent leased at the time of sale to tenants such as Verizon Wireless, Keller Williams Realty, Tuesday Morning and Orangetheory Fitness. Jim Batjer, Barry Brown, Ryan Shore and Aaron Johnson of HFF represented the seller, a joint venture between Lincoln Property Co. and Boston-based Long Wharf Capital. The buyer was brokerage and investment firm Dunhill Partners Inc.

March 22, 2019

Acquisitions Healthcare New York Northeast Office

HFF Brokers $11.4M Sale of Medical Office Building on Long Island

by David Cohen March 22, 2019

GARDEN CITY, N.Y. — HFF has brokered the $11.4 million sale of a medical office building in the Long Island village of Garden City. Located at 224 7th St., the 16,920-square-foot property was built in 1969 and converted to a medical imaging facility in 2007. The facility is currently triple-net leased to the New York University School of Medicine. HFF represented the seller, Meridian Imaging Group, in the transaction. The buyer was undisclosed. Inland Real Estate Acquisitions facilitated the transaction.

March 22, 2019

Acquisitions Multifamily New Jersey Northeast

Marcus & Millichap Negotiates $2.6M Sale of Apartment Community in Newark

by David Cohen March 22, 2019

NEWARK, N.J. — Marcus & Millichap has negotiated the $2.6 million sale of a two-building apartment community in Newark. Located at 101 Treacy Ave. and 491 Clinton Ave., the two buildings consist of 35 units and three commercial spaces. Richard Gatto, Fahri Ozturk and Thomas Cleary in Marcus & Millichap’s New Jersey office represented the undisclosed seller in the transaction. The buyer was undisclosed.

March 22, 2019

Acquisitions Industrial Northeast Rhode Island

Sweeney Real Estate Orchestrates $1M Sale of Industrial Facility in Providence

by David Cohen March 22, 2019

PROVIDENCE, R.I. — Sweeney Real Estate has arranged the $1 million sale of an industrial facility in Providence. Located at 382-420 and 780 Harris Ave., the 21,649-square-foot property is located on nearly one acre. Thomas Sweeney, of Sweeney Real Estate represented the buyer, Partial Research Group LLC, in the transaction. Jim DeRentis of Residential Properties represented the seller, Bone House LLC.

March 22, 2019

Acquisitions Loans Massachusetts Northeast Retail

Cornerstone Realty Capital Arranges $2.7M Acquisition Loan for Retail Building in Massachusetts

by David Cohen March 22, 2019

MARLBOROUGH, MASS. — Cornerstone Realty Capital has arranged a $2.7 million acquisition loan for a 12,980-square-foot retail building in Marlborough. Located in Middlesex County, the property currently houses four tenants with Starbucks as its anchor. Spaces at the property range from 1,500 to 7,466 square feet. Cornerstone delivered a fixed-rate financing structure with a 30-year amortization schedule to the undisclosed borrower. The lender was a local community bank.

March 22, 2019

Acquisitions Multifamily North Carolina Southeast

FCP Acquires Apartment Complex in Raleigh for $33.3M

by Alex Tostado March 22, 2019

RALEIGH, N.C. — FCP has acquired Trails of North Hills Apartments, a 279-unit complex in Raleigh’s North Hills neighborhood, for $33.3 million. FCP plans to upgrade the community, including clubhouse and amenity renovations, building upgrades and landscaping and curb appeal updates. Pinnacle Management will manage the property. Paul Marley and Watson Bryant of Cushman & Wakefield represented the buyer in the transaction. The seller was not disclosed.

March 22, 2019

Acquisitions Multifamily Southeast Tennessee

Berkadia Negotiates $23.6M Sale of Multifamily Community in Nashville

by Alex Tostado March 22, 2019

NASHVILLE, TENN. — Berkadia has arranged the $23.6 million sale of Point Breeze, a 192-unit apartment complex in east Nashville. An affiliate of San Diego-based Brandy Investments purchased the asset, which was built in 1972 and spans more than 33 acres. Amenities include a saltwater swimming pool, dog park, fitness center and a picnic area with a barbecue. Patrick Jordan and Alex Blagojevich of Berkadia represented the seller, Nashville-based Freeman Webb Inc., in the transaction.

March 22, 2019

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