Acquisitions

SRS Arranges $3.4M Sale of Red Robin-Occupied Restaurant Property Near Disneyland

by Amy Works February 1, 2019

GARDEN GROVE, CALIF. — SRS Real Estate Partners has brokered the sale of the ground lease for a single-tenant restaurant property in Garden Grove. A Los Angeles-based private non-1031 investor acquired the property from a Los Angeles-based partnership for $3.4 million. Red Robin Gourmet Burgers and Brews occupies the 7,346-square-foot property, which is located at 12007 Harbor Blvd., on a corporate-guaranteed triple-net lease with Red Robin Gourmet Burgers Inc. Matthew Mousavi and Patrick Luther of SRS Real Estate Partners’ National Net Lease Group represented the seller, while Michael Walseth, also of SRS, represented the all-cash buyer in the deal.

February 1, 2019

Acquisitions Illinois Midwest Net Lease Retail

Boulder Group Arranges $12.9M Sale of Property Net Leased to Jewel-Osco in Illinois

by Kristin Harlow February 1, 2019

LOCKPORT, ILL. — The Boulder Group has arranged the $12.9 million sale of a single-tenant property net leased to Jewel-Osco in Lockport, 30 miles southwest of Chicago. The 67,450-square-foot building sits on 10.3 acres at 16625 W. 159th St. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a private real estate investment company based in the Southwest. A private investor completing a 1031 tax-deferred exchange purchased the asset.

February 1, 2019

Acquisitions Industrial Midwest Nebraska Self-Storage

Investors Realty Negotiates $8.2M Sale of Self-Storage Facility in Omaha

by Kristin Harlow February 1, 2019

OMAHA, NEB. — Investors Realty Inc. has negotiated the sale of the 680 Maple Mini Storage facility in Omaha for $8.2 million. The six-building facility is located at 3206 N. 102nd St. Of the 652 total units, 108 are temperature-controlled. John Heinne and RJ Neary of Investors Realty represented the seller. Trenton Magid and Grant Palmer of NAI NP Dodge represented the buyer.

February 1, 2019

Acquisitions Illinois Midwest Multifamily

Interra Brokers $6M Sale of Apartment Building in Chicago

by Kristin Harlow February 1, 2019

CHICAGO — Interra Realty has brokered the $6 million sale of 5424 S. Cornell Ave., a 64-unit apartment building in Chicago’s Hyde Park neighborhood. Built in 1924, the building features 61 studio apartments and three one-bedroom units. The property was 90 percent occupied at the time of sale. Joe Smazal of Interra represented the private seller. Ted Stratman and Jeremy Morton of Interra represented the buyer, Chicago-based Nautilus Investments. A portion of financing was obtained through the opportunity investment fund set up by nonprofit lender Community Investment Corp. and Preservation Compact. The buyer plans to improve the property by updating both residences and common areas. About 20 percent of the units are designated as affordable for renters earning up to 50 percent of the area median income.

February 1, 2019

Acquisitions Florida Multifamily North Carolina Southeast Top Stories

Carroll Organization Acquires 1,012-Unit Apartment Portfolio in Jacksonville, Raleigh for $145M

by Kristin Harlow February 1, 2019

JACKSONVILLE, FLA. AND RALEIGH, N.C. — Carroll Organization has acquired three apartment properties totaling 1,012 units in Jacksonville and Raleigh for $145 million. All three communities will be part of Carroll Multifamily Real Estate Fund V LP, managed by Carroll Management Group and rebranded under the Arium name. Sellers were not disclosed. The 288-unit Autumn Cove and the 272-unit Vista Grande are adjacent communities in Jacksonville. The properties will be renamed Arium Retreat at Orange Park and Arium Reserve at Orange Park. Both feature pools, fitness centers and dog parks. Stonehenge Apartments is a 452-unit property in Raleigh. Amenities include a multi-level fitness center, pools, cabanas, playground and sports club with racquetball, basketball and tennis courts. The location provides convenient access to the Research Triangle and downtown Raleigh. “All three assets are consistent with a strategy of acquiring high-quality workforce housing within supply-constrained submarkets near employment centers in high-growth metro areas,” says M. Patrick Carroll, CEO of Carroll Organization. Atlanta-based Carroll has now purchased 29 properties totaling more than $1.5 billion over the past 12 months. The privately held real estate company manages approximately 35,000 multifamily units across eight states. — Kristin Hiller

February 1, 2019

Acquisitions Multifamily Southeast

Cushman & Wakefield Brokers $106.7M Sale of Southeast, Texas Multifamily Portfolio

by Alex Tostado January 31, 2019

ATLANTA — Cushman & Wakefield has arranged the $106.7 million sale of an 18-property apartment portfolio across the Southeast and Texas. The portfolio comprises 1,858 units. There are seven properties in Alabama; five in Pensacola, Fla.; three in Tennessee; a 200-unit property in Pascagoula, Miss.; a 203-unit property in Winston-Salem, N.C.; and a 223-unit property in Houston. Tyler Averitt and Craig Hey of Cushman & Wakefield’s Atlanta office represented the seller, Varden Capital Properties, in the transaction. The Walden Group acquired the properties.

January 31, 2019

Acquisitions Maryland Multifamily Southeast

Joint Venture Acquires Apartment Community in Suburban Maryland for $86.8M

by Alex Tostado January 31, 2019

SILVER SPRING, MD. — A joint venture between The Donaldson Group, Declaration Capital and DRA Advisors has acquired Montgomery White Oak Apartments, a 592-unit, garden-style apartment community in Silver Spring, for $86.8 million. The partnership plans to renovate the property, with the main focus of the renovation being the heating and cooling systems in each unit. Montgomery White Oak Apartments is situated on 28 acres adjacent to White Oak Federal Research Campus, home to the Food and Drug Administration’s (FDA) headquarters and the U.S. Army Research Laboratory. Bill Roohan, Mike Muldowney, Brian Margerum and Martha Hastings of CBRE represented the seller, Joncon Venture LLP, in the sale. Maxi Thiels Leachman and David Webb of CBRE arranged acquisition financing through Freddie Mac on behalf of the buyers.

January 31, 2019

Acquisitions Loans Multifamily Southeast Virginia

Bellwether Enterprise Provides $37.5M Acquisition Loan for New Apartment Complex in Richmond

by Alex Tostado January 31, 2019

RICHMOND, VA. — Bellwether Enterprise Real Estate Capital LLC has provided a $37.5 million Fannie Mae loan to Heritage Income Property LLC for the acquisition of James River at Stony Point, a newly built apartment complex in Richmond. Harry Giallourakis of Bellwether Enterprise’s Cleveland office originated the 12-year, interest-only loan. The borrower purchased James River at Stony Point through a 1031 tax-deferred exchange. Located at 9101 Stony Point Parkway, the 280-unit community includes a fully furnished clubhouse with a heated saltwater pool and sundeck, outdoor grill and fire pit lounge, 24-hour fitness center, dog park and a business center. Individual units feature modern appliances, in-suite washers and dryers and walk-in closets.

January 31, 2019

Acquisitions Florida Mixed-Use Southeast

Traina Sells Downtown Fort Lauderdale Site for $23.1M, Stays on as Development Partner for Mixed-Use Project

by Alex Tostado January 31, 2019

FORT LAUDERDALE, FLA. — New York-based Traina Cos. has sold a 2.8-acre parcel known as FATCity (Florida Arts and Technology City), a future mixed-use development in downtown Fort Lauderdale. An affiliate of Aventura, Fla.-based BH3 purchased the site at 300 N. Andrews Ave. from Traina Cos. for $23.1 million. The development is entitled to cover 1.35 million square feet of mixed-use space spanning a city block from N.E. Third Street to N.E. Fourth Street. At full build-out, FATCity is expected to comprise 612 residential units, 85,000 square feet of retail space, 270,000 square feet of commercial space and more than 1,300 parking spaces. Traina Cos. will continue to be co-developer of the project. A timeline for the project was not disclosed. Avison Young represented Traina Cos. in the land sale.

January 31, 2019

Acquisitions Data Centers Industrial Office Texas

ESRP Arranges Sale-Leaseback of 1 MSF Office, Data Center Campus in Plano

by Taylor Williams January 31, 2019

PLANO, TEXAS — Metro Dallas-based brokerage firm ESRP has arranged the sale-leaseback of a 1 million-square-foot office and data center campus in Plano, a northeastern suburb of Dallas. The seller/tenant is NTT Data, a Japanese data systems integration company, and the buyer was an undisclosed, San Francisco-based private equity firm. The property includes two data centers and leasable office space and has the capacity for future data center development. Steve Jarvie, Darren Woodson, Karra Guess and Damian Rivera of ESRP represented the seller in he transaction. Paul Moser and Rob Kennedy of Stream Data Centers represented the buyer.

January 31, 2019

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