Acquisitions

Bridge Investment Group Acquires Somerby Living Services, Including Nine Seniors Housing Communities

by John Nelson January 7, 2019

NEW YORK CITY AND BIRMINGHAM, ALA. — An affiliate of Bridge Investment Group has purchased Somerby Senior Living Services, a seniors housing operator based in Birmingham. The seniors housing firm is a wholly owned subsidiary of Dominion Partners, a Birmingham-based real estate developer. The sales price was not disclosed. The acquisition includes a nine-property portfolio of seniors housing assets located in prime markets in Alabama, Florida, Georgia, South Carolina and Tennessee. The portfolio’s unit mix includes 134 independent living villas, 771 independent living units, 393 assisted living units and 260 memory care units. Ryan Maconachy and Chad Lavender of HFF represented Dominion Partners in the portfolio sale. Sarah Anderson led HFF’s debt placement team to secure acquisition financing on behalf of Bridge. Bridge currently owns 90 properties totaling 10,600 units across two private equity funds managed by its seniors housing affiliate, Bridge Seniors Housing Fund Manager. “We are excited to further vertically integrate Bridge Seniors Housing Fund Manager through this acquisition,” says Robert Chapin, CEO of Bridge Seniors Housing Fund Manager. Bridge plans to retain David Grady, president and chief operating officer of Somerby, to lead the company post-acquisition. Somerby currently has 20 corporate-level employees and more than 1,350 property-level …

January 7, 2019

Acquisitions New York Northeast Retail

Cushman & Wakefield Brokers $7M Sale of Retail Building in Queens

by David Cohen January 4, 2019

NEW YORK CITY — Cushman & Wakefield has brokered the $7 million sale of an 8,730-square-foot retail building in the Jackson Heights neighborhood of Queens. Located at 84-02 Roosevelt Ave., the property is situated in an R6/C1-3 zoning district, which allows for a maximum mixed-use development potential of 35,000 square feet. Stephen Preuss of Cushman & Wakefield represented the seller, LDG Associates LLC, in the transaction. The buyer was Malachite Services LLC.

January 4, 2019

Acquisitions Industrial New Jersey Northeast

NAI Hanson Negotiates Sale of 15,070 SF Industrial Building in New Jersey

by David Cohen January 4, 2019

BLAIRSTOWN, N.J. — NAI James Hanson has negotiated the sale of a 15,070-square-foot industrial building in Blairstown. The sales price was undisclosed. Located at 126 Route 94, the property features four 14-foot drive-in doors and parking for 30 cars, as well as 2,000 square feet of office space. Joseph Vindigni of NAI James E. Hanson represented the seller, L&W Supply Corp., in the transaction. The buyer was refrigeration assembly and distribution company Khalil Alijla LLC.

January 4, 2019

Acquisitions Georgia Retail Southeast

Edens Sells Shopping Center in Metro Atlanta to InvenTrust for $44.2M

by Alex Tostado January 4, 2019

MARIETTA, GA. — Edens, a retail REIT based in Columbia, S.C., has sold Sandy Plains Centre, a 124,546-square-foot shopping center in Marietta, to Chicago-based InvenTrust Properties Corp. for $44.2 million. The Kroger-anchored shopping center is situated about 25 miles north of downtown Atlanta. The shopping center underwent a $2.3 million renovation in 2015. Chris Decoufle and Kevin Hurley of CBRE represented the seller in the transaction.

January 4, 2019

Acquisitions Maryland Office Southeast

Bridge Investment Group Acquires 510,200 SF Office Complex in Suburban Maryland

by Alex Tostado January 4, 2019

SILVER SPRING, MD. — A subsidiary of Bridge Investment Group, Bridge Office Fund Manager LLC, has acquired Station Square in Silver Spring. The three-building, Class A office complex is situated adjacent to a Metro station and about six miles north of downtown Washington, D.C. The sales price was undisclosed, though the new owners are planning a $12 million renovation to upgrade the exteriors of the three buildings, modernize elevators and lobbies and improve mechanical systems. Bridge plans to unveil a new coworking concept coming to Station Square that will create a more modern and tech-centric vibe and appearance. Station Square was built between 1982 and 1987, and was 80 percent leased at the time of the sale. The seller was undisclosed, but media outlets are reporting that Brandywine Realty Trust was the previous owner.

January 4, 2019

Acquisitions Multifamily Southeast Tennessee

Joint Venture Buys 306-Unit Apartment Complex in Memphis

by Alex Tostado January 4, 2019

MEMPHIS, TENN. — A joint venture between Balfour Beatty Communities, American National Insurance Co. and ApexOne Investment Partners has acquired Preserve at Southwind, a 306-unit apartment complex in Memphis. The community was built in 2000 and features one-, two- and three-bedroom floor plans. The property is situated in the city’s Germantown/Collierville area about 15 miles east of Memphis International Airport and about 22 miles east of downtown Memphis. As part of the ownership agreement, Balfour Beatty will provide property management services. Newmark Knight Frank brokered the acquisition. The seller and sales price were undisclosed.

January 4, 2019

Acquisitions Retail Southeast Virginia

PAC Subsidiary Purchases Target-Anchored Shopping Center in Charlottesville

by Alex Tostado January 4, 2019

CHARLOTTESVILLE, VA. — New Market Properties LLC, a subsidiary of Preferred Apartment Communities (PAC), has acquired Hollymead Town Center, a Target-anchored shopping center in Charlottesville. In addition to the 142,000-square-foot Target, the center is also anchored by a 60,607-square-foot Harris Teeter grocery store. The seller and sales price were undisclosed, but the property was formerly listed on Regency Centers’ website. Aegon provided a non-recourse acquisition loan to PAC totaling approximately $27.3 million.

January 4, 2019

Acquisitions Loans Multifamily Texas

NXT Capital Provides $18M Acquisition Loan for Houston Multifamily Community

by John Nelson January 4, 2019

HOUSTON — NXT Capital has provided an $18 million loan to finance the acquisition of a 216-unit, Class B apartment community in Houston. The property name was undisclosed, but the asset is situated 11 miles west of George Bush Intercontinental Airport and one mile west of Interstate 45. Community amenities include a clubhouse with a business center, fitness center, sand volleyball court, outdoor fire pits, outdoor grills, dog park, putting green and a swimming pool with a sun deck. Steve Whitehead of NorthMarq Capital’s Dallas office placed the loan with NXT Capital on behalf of the undisclosed borrower.

January 4, 2019

Acquisitions Arizona Office Western

Equus Capital Partners Sells Raintree Corporate Center in Arizona for $91.7M

by Amy Works January 4, 2019

SCOTTSDALE, ARIZ. — Equus Capital Partners has completed the sale Raintree Corporate Center, an institutional-quality office project in Scottsdale. Funds managed by Oaktree Capital Management and Cypress Office Properties acquired the multi-tenant property for $91.7 million. Situated on 11.6 acres at 8800 and 8888 E. Raintree Drive, the 345,417-square-foot property was 90 percent leased at the time of sale. The asset consists of two three-story office buildings featuring a six-level parking garage and on-site amenities including a deli/restaurant and fitness center. CJ Osbrink, Kevin Shannon, Ken White, Brad Burton and Paul Jones of Newmark Knight Frank represented the seller, while the buyer was self-represented in the transaction.

January 4, 2019

Phoenix-Airport-Industrial-Center-Phoenix-AZ

Acquisitions Arizona Industrial Western

Cohen Asset Management Completes Sale of 77,642 SF Phoenix Airport Industrial Center for $8.6M

by Amy Works January 4, 2019

PHOENIX — Los Angeles-based Cohen Asset Management has completed the disposition of Phoenix Airport Industrial Center, an industrial building in Phoenix. Denver-based EverWest Real Estate Investors acquired the property for $8.6 million. Will Strong of Cushman & Wakefield Capital Markets represented the seller in the deal. Situated on 3.9 acres at 824 E. University Drive, the 77,642-square-foot Phoenix Airport Industrial Center features ample loading capabilities, a fenced truck yard and an office-to-warehouse ratio of 6.6 percent. DIRTT Environmental Solutions occupies the entire building on a lease that runs through May 2027.

January 4, 2019

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