Acquisitions

Berkadia Arranges Sale of 141-Unit Apartment Property in Kansas City

by Kristin Harlow March 15, 2019

KANSAS CITY, MO. — Berkadia has arranged the sale of The Landings at River Market, a 141-unit apartment property in Kansas City. The sales price was not disclosed. Located at 213 Delaware St., the property is comprised of three historic buildings known as Askew Saddlery, Volker Place and Pacific House. The buildings were originally constructed for industrial use in the mid-to-late 1800s and were transformed to residential use in the 1990s. Michael Sullivan, Brett Meinzer and Alex Blagojevich of Berkadia brokered the transaction. A joint venture between Artemis Real Estate Partners and CRES Management LLC sold the asset to California-based Canyon View Capital.

March 15, 2019

Acquisitions Affordable Housing Illinois Midwest Multifamily

Interra Negotiates $7.8M Sale of Affordable Housing Portfolio in Chicago

by Kristin Harlow March 15, 2019

CHICAGO — Interra Realty has negotiated the $7.8 million sale of a two-property affordable housing portfolio in Chicago’s Washington Park neighborhood. The properties, spanning 99 units, include the two-building Michigan Corners and the six-building Michigan Plaza. The buildings were constructed in the late 1990s. David Goss, Jon Morgan and Lucas Fryman of Interra represented the buyer, Jarrell Housing Group, as well as the seller, St. Edmund’s Redevelopment Corp. Jarrell Housing Group plans to improve the properties and maintain the units as affordable for renters earning up to 60 percent of the area median income. Jarrell agreed to assume the seller’s existing city of Chicago and Illinois Housing Development Authority loans when it purchased the property. The buyer also obtained tax credits from CREA LLC, an Indianapolis-based full-service tax syndicator that specializes in affordable housing, for the planned renovations.

March 15, 2019

Acquisitions Illinois Industrial Midwest

Colliers Brokers Sale of 46,920 SF Industrial Facility in Arlington Heights, Illinois

by Kristin Harlow March 15, 2019

ARLINGTON HEIGHTS, ILL. — Colliers International has brokered the sale of a 46,920-square-foot industrial facility in Arlington Heights for an undisclosed price. The sales price was not disclosed, but the asking price was $2.4 million. Situated on 1.1 acres at 2605 Clearbrook Drive, the property features a clear height of 16 feet, 3,000 square feet of office space, two interior docks and LED lighting. The buyer, Misa Imports, is a wine distributor. Misa currently operates two separate buildings in Elk Grove Village, but plans to consolidate both at the Arlington Heights property. Kelly Joyce and Suzanne Serino of Colliers represented the seller, a private investor. Karla Thomas and Lina Zoraikat of Urb & Burb Realty represented the buyer.

March 15, 2019

Acquisitions Office Southeast Virginia

Cushman & Wakefield | Thalhimer Brokers $7.5M Sale of Office Building in Richmond

by Alex Tostado March 14, 2019

RICHMOND, VA. — Cushman & Wakefield | Thalhimer has brokered the $7.5 million sale of Windsor I, a single-story, 58,000-square-foot office/flex building situated at 8550 Magellan Parkway within Windsor Business Park in Richmond. The asset was built in 1999 and was 100 percent leased at the time of the sale to Bon Secours Nursing School and Patterson Dental Supply. Windsor I is one of six buildings in the 62-acre business park, which is located about eight miles north of downtown Richmond. Eric Robinson and Evan Magrill of Cushman & Wakefield | Thalhimer represented the seller, Magellan Investors LLC, in the transaction. Gregg Beck of Thalhimer represented the buyer, JBW Winsdor Investment Co.

March 14, 2019

Acquisitions Industrial Kentucky Southeast

Marcus & Millichap Negotiates $5.5M Sale of Industrial Building in Louisville

by Alex Tostado March 14, 2019

LOUISVILLE, KY. — Marcus & Millichap has negotiated the $5.5 million sale of Precision Metal Works, a 157,520-square-foot industrial facility in Louisville. The asset is situated at 6901 Preston Highway, about 10 miles southeast of downtown Louisville. Darpan Patel, Sal Ramundo and Aaron Johnson of Marcus & Millichap represented the undisclosed seller in the transaction. The buyer was also not disclosed.

March 14, 2019

Acquisitions Massachusetts Northeast Retail

CBRE Brokers $26.2M Sale of Retail Property in Boston

by David Cohen March 14, 2019

BOSTON — CBRE has arranged the $26.2 million sale of the building that houses The Skating Club of Boston. Located at 1240 Soldiers Field Road in Boston’s Brighton neighborhood, the figure skating club, which was founded in 1912, is the third oldest in the United States. Mark Reardon and Matt Furey of CBRE represented the seller, The Skating Club of Boston, in the transaction. The buyer was the Davis Cos.

March 14, 2019

Acquisitions Loans New Jersey Northeast Retail

HFF Secures $25.5M Acquisition Financing for Retail Center in New Jersey

by David Cohen March 14, 2019

WOODBRIDGE, N.J. — HFF has secured a $25.5 million acquisition loan for Woodbridge Crossing, a 285,210-square-foot retail center in Woodbridge. Located at 451-479 Green St., the property was built in 2001 and renovated in 2018. The center is approximately 80 percent leased to a tenant roster that includes Burlington Stores, Big Lots, Planet Fitness, Altitude Trampoline Park, Modell’s, Party City, Thomasville, Sprint, Miracle Ear and FedEx Office. Michael Klein and Rob Hinckley of HFF secured the financing on behalf of the borrower, PAG Investments. Citizens Bank provided the five-year, fixed-rate loan.

March 14, 2019

Acquisitions Connecticut Healthcare Multifamily Northeast Seniors Housing

Angel Commercial Negotiates $2.1M Sale of Former Nursing Home in Bridgeport

by David Cohen March 14, 2019

BRIDGEPORT, CONN. — Angel Commercial has negotiated the $2.1 million sale of the former Astoria Park Nursing Home in Bridgeport. Located at 725 Park Ave., the 61,344-square-foot building was acquired by the Bridgeport Rescue Mission, which will use the property for a new community care center. Founded in 1993, the Bridgeport Rescue Mission provides food, shelter, clothing, education, job training and counseling for the urban poor of Coastal Fairfield County. Jon Angel of Angel Commercial represented the seller, Laureate Astoria LLC, in the transaction.

March 14, 2019

Acquisitions Multifamily Texas

Eagle Property Capital Acquires Three Houston Multifamily Assets Totaling 750 Units

by Taylor Williams March 14, 2019

HOUSTON — Miami-based investment firm Eagle Property Capital (EPC) has acquired three multifamily assets totaling 750 units in Houston’s outer loop. The properties include the 312-unit Landmark at Barker Cypress, the 246-unit Champions Park Apartments and the 192-unit Champions Centre Apartments. Mitch Sinberg, Brad Williamson and Matthew Robbins of Berkadia arranged acquisition financing for EPC through Freddie Mac’s Green Advantage program. All three loans carried fixed interest rates, 10-year terms and five-year interest-only periods.

March 14, 2019

Acquisitions Multifamily Texas

Praedium Group Sells 346-Unit Apartment Community in Plano

by Taylor Williams March 14, 2019

PLANO, TEXAS — The Praedium Group, a New York City-based investment firm, has sold Legends at Chase Oaks, a 346-unit multifamily community in the northeastern Dallas suburb of Plano. After acquiring the asset in 2014, Praedium Group executed a value-add program to the property’s unit interiors and amenity spaces, the latter of which includes a pool, business center, fitness center, resident clubhouse and a playground. Will Balthrope, Drew Kile, Joey Tumminello and Grant Raymond of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller. The buyer was California-based StarPoint Properties.

March 14, 2019

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