Acquisitions

PTM Partners, EIG Acquire Opportunity Zone in Miami, Plan $100M Multifamily Development

by Alex Tostado February 5, 2019

MIAMI — PTM Partners and Estate Investment Group (EIG) have acquired a 1.3-acre parcel in Miami’s Overtown neighborhood for $9.7 million. The joint venture plans to develop a $100 million, 18-story, 360-unit apartment complex at the site called Soleste Grand Central. The 220,000-square-foot project is set to include a resort-style, elevated pool deck, fitness center and spa, kids’ playroom, coworking space and resident lounge. The development will be situated at 218 N.W. Eighth St., about two miles north of downtown Miami.

February 5, 2019

Acquisitions Georgia Multifamily Southeast

Cortland Acquires 319-Unit Apartment Community in Atlanta’s Buckhead District

by Alex Tostado February 5, 2019

ATLANTA — Cortland has acquired Domain at Phipps, a 319-unit apartment community situated near Phipps Plaza in Atlanta’s Buckhead district. Cortland will rebrand the property as Cortland at Phipps. The complex was 94 percent occupied at the time of the sale and offers amenities such as a pet play area, courtyard, dog grooming station, fitness center, swimming pool, grilling area and an outdoor yoga space. Atlanta-based Cortland now operates more than 11,000 apartment units in Atlanta. Jason Nettles and Megan Thompson of HFF arranged the sale. The sales price was not disclosed.

February 5, 2019

Acquisitions Office Texas

Marcus & Millichap Brokers Sale of 61,500 SF Business Park in Metro Houston

by Jeff Shaw February 5, 2019

KATY, TEXAS — Marcus & Millichap has brokered the sale of West Little York Office Plaza, a 61,500-square-foot business park located in the western Houston suburb of Katy. Built in 2015 on 3.7 acres, the property was 87 percent leased at the time of sale. Nate Newman and Logan Kelly of Marcus & Millichap represented the seller, a local developer, in the transaction. Newman also procured the buyer, a limited liability company. Both parties requested anonymity. The sales price was also undisclosed.

February 5, 2019

Acquisitions Indiana Midwest Multifamily

Capstone Apartment Partners Brokers $32.2M Sale of Apartment Property in Fort Wayne, Indiana

by Kristin Harlow February 5, 2019

FORT WAYNE, IND. — Capstone Apartment Partners has brokered the sale of Three Rivers Apartments in Fort Wayne for $32.2 million. New York-based real estate investment firm Besyata purchased the 371-unit apartment property from VTT Management. Built in 1966, the community features a pool, sauna, on-site convenience store, business center and two fitness centers. The property was 94 percent occupied at the time of sale. Monthly rents average $822. A.J. Klenk, Stasiu Geleszinski, Sherief Gouda, Nathan Murphy and Bryse Toothaker of Capstone Apartment Partners brokered the sale.

February 5, 2019

Acquisitions Illinois Industrial Midwest

Phoenix Investors Acquires Former Bon-Ton Distribution Center in Rockford, Illinois

by Kristin Harlow February 5, 2019

ROCKFORD, ILL. — An affiliate of Phoenix Investors has acquired a former Bon-Ton distribution center located at 4650 Shepherd Trail in Rockford. The 517,000-square-foot facility features 25,000 square feet of office space, one drive-in door, 127 dock doors and a clear height of 26 feet. Phoenix plans to renovate the property in the coming months. River Valley Bank provided senior mortgage financing.

February 5, 2019

Acquisitions Midwest Minnesota Retail

Boulder Group Arranges $3.1M Sale of TCF Bank-Occupied Property in St. Cloud, Minnesota

by Kristin Harlow February 5, 2019

ST. CLOUD, MINN. — The Boulder Group has arranged the $3.1 million sale of a single-tenant property occupied by TCF Bank in St. Cloud, about 65 miles northwest of Minneapolis. The newly constructed building features a drive-thru. There are approximately eight years remaining on TCF Bank’s lease. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Midwest-based developer. An investor completing a 1031 tax-deferred exchange was the buyer.

February 5, 2019

Acquisitions California Office Western

Peregrine Realty Partners Buys Carlsbad Airport Plaza Office Property for $14M

by Amy Works February 5, 2019

CARLSBAD, CALIF. — Peregrine Realty Partners has acquired Carlsbad Airport Plaza, an office asset in Carlsbad. Swift Real Estate Partners sold the property for $14 million. Located at 5963 La Plaza Court, the three-story, 64,817-square-foot building features newly renovated common areas and restrooms, balconies for select units and new landscaping. At the time of sale, the property was 86 percent occupied by a diverse tenant roster, including technology, healthcare, finance and engineering firms. Louay Alsadek and Hunter Rowe of CBRE represented the seller, while Peregrine was self-represented in the transaction.

February 5, 2019

Acquisitions California Industrial Western

Del Rey Avocado Co. Acquires 41,944 SF Industrial Property in San Diego County for $7.8M

by Amy Works February 5, 2019

VISTA, CALIF. — Del Rey Avocado Co. has purchased an industrial property located at 1390 Engineer St. in Vista. Vista Carlsbad LLC sold the asset for $7.8 million. Situated in the North County Industrial Park, the 41,944-square-foot property features 24-foot to 28-foot clear heights, nine grade doors, four dock doors and a high-quality truck loading/circulation area. Based in Fallbrook, Calif., the family-run business has packed California avocados from San Diego to San Luis Obispo since 1969. Roger Carlson, Adam Molnar and Greg Lewis of CBRE represented the seller, while Robert Gunness, also of CBRE, represented the buyer in the deal.

February 5, 2019

Acquisitions Michigan Midwest Retail

Marcus & Millichap Brokers $1.6M Sale of Net-Leased Childcare Property in Davison, Michigan

by Kristin Harlow February 5, 2019

DAVISON, MICH. — Marcus & Millichap has brokered the $1.6 million sale of a net-leased childcare property in Davison, about 10 miles east of Flint. The 12,324-square-foot building is located at 9203 Lapeer Road. Rainbow Child Care has operated at the facility for 12 years and recently signed a lease renewal. Dominic Sulo and Eric Luhrsen of Marcus & Millichap marketed the property and represented the out-of-state buyer who was completing a 1031 tax-deferred exchange.

February 5, 2019

Acquisitions California Multifamily Top Stories Western

Integral, Wanxiang Sell High-Rise Apartment Building in Denver for $110.5M

by Amy Works February 5, 2019

DENVER — A partnership between Atlanta-based The Integral Group and Chicago-based Wanxiang America Real Estate Group has sold EVIVA on Cherokee, a high-rise apartment building located at 1250 Cherokee St. in Denver’s Golden Triangle neighborhood. The partnership developed the 18-story property in 2017. The buyer and sales price were undisclosed, but multiple media outlets report that an affiliate of Chicago-based Equity Residential purchased the asset for $110.5 million. EVIVA on Cherokee features apartments averaging 820 square feet with industrial-inspired finishes, including exposed concrete, high-gloss custom cabinetry, quartz countertops, stainless steel appliances, sliding barn doors and floor-to-ceiling windows. Community amenities include a resort-style saltwater pool with private cabanas, outdoor grilling area, bocce ball court, fitness center, movie room with billiards, demonstration kitchen, private indoor/outdoor conference room, rotating art gallery throughout the common areas, dog wash and 24-hour concierge services. Jordan Robbins, Anna Stevens, Mack Nelson and Chris White of HFF represented the seller in the transaction. “The limited availability of concrete, high-rise apartment communities in Denver created significant interest in the asset,” says HFF’s Robbins. Founded in 2010, Wanxiang America Real Estate Group LLC has invested more than $1 billion of equity into nearly 100 commercial real estate investments of all product …

February 5, 2019

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