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Acquisitions

AcquisitionsGeorgiaMultifamilySoutheast

FCP Acquires Apartment Complex in Metro Atlanta for $29.5M

by Alex Tostado

AUSTELL, GA. — FCP has acquired Chroma Park, a 210-unit, garden-style apartment complex in Austell, for $29.5 million. The property is situated at 2105 Mesa Valley Way, about 20 miles west of downtown Atlanta. Amenities at Chroma Park include a fitness center, lighted tennis courts, resort-style swimming pool, dog park and playground. FCP plans on investing in capital improvements across the property, including upgrades to the buildings, amenities and interiors. Travis Presnell of Cushman & Wakefield represented the undisclosed seller in the transaction.

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Parkwood-Place-Plano
AcquisitionsOfficeTexas

KBS Sells 98,750 SF Office Building in Plano’s Legacy District

by Taylor Williams

PLANO, TEXAS — California-based private equity real estate firm KBS has sold Parkwood Place, a 98,750-square-foot office building located in the Legacy area of Plano, a northeastern suburb of Dallas. The two-story, Class A building, which offers a tenant lounge and a conference facility, was approximately 91 percent leased at the time of sale. Robert Hill, Gary Carr and John Alvarado of CBRE represented KBS in the sale. The buyer was not disclosed.

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AcquisitionsFloridaRetailSoutheast

Joint Venture Sells Publix-Anchored Shopping Center in South Florida for $19.4M

by Alex Tostado

BOYNTON BEACH, FLA. — A joint venture between MMG Equity Partners and Global Fund Investments has sold Whitworth Farms, an 88,424-square-foot, Publix-anchored shopping center in Boynton Beach, for $19.4 million. The asset is located at 12425 Hagen Ranch Road, about 11 miles north of downtown Boca Raton. The center was 96.1 percent leased at the time of the transaction. The seller was not disclosed.

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AcquisitionsIllinoisIndustrialMidwest

Colliers Brokers Sale of 81,212 SF Warehouse in Elmhurst, Illinois

by Kristin Harlow

ELMHURST, ILL. — Colliers International has brokered the sale of an 81,212-square-foot warehouse in Elmhurst for an undisclosed price. Alpha Industrial purchased the asset from Venture One. The facility, recently completed in December, is situated on 4.7 acres at 845 Larch Ave. The property features a clear height of 32 feet, LED lighting, six truck docks, 62 car parking spaces and nine trailer parking spaces. Jeff Devine and Steve Disse of Colliers represented Venture One. At the time of sale, approximately 55,879 square feet remained available for lease.

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AcquisitionsIllinoisMidwestMultifamily

Interra Negotiates $8.2M Sale of Apartment Building on Chicago’s North Side

by Kristin Harlow

CHICAGO — Interra Realty has negotiated the $8.2 million sale of a 43-unit apartment building located at 820-26 W. Cuyler Ave. in Chicago’s Buena Park neighborhood. Built in 1921, the property features 23 studios and 20 one-bedroom units. The building was 95 percent occupied at the time of sale. Joe Smazal of Interra represented the seller, a limited liability company controlled by Chicago-based Mo2 Properties. Smazal, along with associate Harrison Pinkus, represented the private local buyer, which purchased the property through a 1031 tax-deferred exchange.

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North-Hayden-Commerce-Center-Scottsdale-AZ
AcquisitionsArizonaIndustrialWestern

Hayden Center Investments Acquires 103,517 SF Warehouse in Arizona for $16.5M

by Amy Works

SCOTTSDALE, ARIZ. — Hayden Center Investments has purchased North Hayden Commerce Center, an industrial warehouse located at 14000 N. Hayden Road in Scottsdale. New York-based 14000 N. Hayden Road, Scottsdale LLC (a company formed by iStar Financial Inc.) sold the property for $16.5 million. Paul Boyle, Rick Danis and Michael Kitlica of Cushman & Wakefield represented the seller, while Randy Shell of Shell Commercial represented the buyer in the deal. Completed in 2007, North Hayden Commerce Center is a single-story building totaling 103,517 square feet. Situated on 7.6 acres, the multi-tenant asset is currently 67 percent leased to a variety of tenants, including The Tile Shop, R.E. Michel Co., Red Mountain Weight Loss Center and Ferguson Enterprises.

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AcquisitionsCaliforniaOfficeWestern

Optimus Properties Buys 60,804 SF Office Building in Torrance, California

by Amy Works

TORRANCE, CALIF. — Los Angeles-based Optimus Properties, through an affiliate, has acquired an office building located at 2325 Crenshaw Blvd. in Torrance. The original developer sold the property for an undisclosed price. Built in 1989 and renovated in 2010, the asset features 60,804 square feet and 350 parking spaces on 5.5 acres of land. The Los Angeles Department of Children and Family Services occupies the property.

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Meridian-Riverside-CA
AcquisitionsCaliforniaMultifamilySeniors HousingWestern

Blueprint Negotiates $6.1M Sale of Assisted Living Facility in Riverside, California

by Amy Works

RIVERSIDE, CALIF. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Meridian of Riverside, a 109-bed assisted living facility located in the Inland Empire metro of Riverside. A private equity firm based in Florida sold the community to Ventura Park Management for $6.1 million, or $56,000 per bed. The Blueprint transaction team consisted of Jacob Gehl, Humair Sabir and Scott Frazier.

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AcquisitionsMultifamilyNew HampshireNortheastUncategorized

CBRE Negotiates $88.5M Sale of Apartment Portfolio in New Hampshire

by David Cohen

MANCHESTER, N.H. — CBRE has negotiated the $88.5 million sale of a 640-unit apartment portfolio in Manchester. The properties include Hilltop Ridge and The Highlands at Washington Park, which were both built in the early 1980s. Biria St. John and Simon Butler of CBRE represented the sellers, Hilltop Apartments LLC and WPN Property LLC, in the transaction. The buyer was an affiliate of The DSF Group. Brian Eisendrath, Cameron Chalfant and John Kelly of CBRE’s Capital Markets team secured financing for the buyer through an agency execution. DSF plans to operate the properties as one community in order to gain operational efficiencies. Both of the buildings have new roofs, exterior siding and windows. 

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AcquisitionsNew JerseyNortheast

NAI Hanson Orchestrates Sale of 3,469 SF Mixed-Use Asset in New Jersey

by David Cohen

MONTCLAIR, N.J. — NAI James Hanson has arranged the sale of a 3,469-square-foot mixed-use building in Montclair. The sales price was undisclosed. Located at 555 Bloomfield Ave. in downtown Montclair, the two-story property consists of retail and office space. The first floor of the building is fully leased to a T-Mobile franchisee. Michael Walters and Fernando Garip of NAI James Hanson represented the private seller in the transaction. The buyer was undisclosed. 

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