Acquisitions

Broadstone-Sierra-Pines-The-Woodlands-Texas

Berkadia Arranges Sale, Financing of 341-Unit Apartment Community in The Woodlands

by Taylor Williams December 5, 2018

THE WOODLANDS, TEXAS — Berkadia has arranged the sale of Broadstone Sierra Pines, a 341-unit multifamily community in The Woodlands, about 30 miles north of Houston. Built in 2014, the Class A property offers one- and two-bedroom units and amenities such as a pool, fitness center, business center and a social clubroom. Ryan Epstein and Jennifer Ray of Berkadia represented the seller, Alliance Residential Co., in the transaction. Tucker Knight and Nicholas Murphy of Berkadia arranged an undisclosed amount of Fannie Mae acquisition financing on behalf of the buyer, Fort Worth-based Olympus Property.

December 5, 2018

Acquisitions Retail Texas

EDGE Realty Negotiates Sale of 73,213 SF Shopping Center in Catoosa, Oklahoma

by Taylor Williams December 5, 2018

CATOOSA, OKLA. — EDGE Realty Capital Markets has negotiated the sale of Catoosa Shopping Center, a 73,213-square-foot retail property located on the eastern outskirts of Tulsa. Regional grocer Reasor’s anchors the center, which also includes 15,000 square feet of space leased to local, service-oriented retailers. Micha van Marcke and Chace Henke of EDGE Realty represented the seller in the transaction. Other terms of sale were not disclosed.

December 5, 2018

Acquisitions Multifamily Southeast Top Stories Virginia

Harbor Group International Sells Three Apartment Portfolios for $700M

by David Cohen December 5, 2018

NORFOLK, VA. — Harbor Group International (HGI) has sold three apartment portfolios in Florida, Connecticut and Texas for a total of $700 million. The portfolios included seven properties totaling 2,284 units in Central Florida; two properties totaling 568 units in Connecticut; and 12 properties in Dallas and Houston totaling 3,100 units. The specific names and locations were not released. “These transactions are great examples of HGI’s ‘buy wholesale, sell retail’ investment strategy,” says T. Richard Litton Jr., president of HGI. “For all three of these portfolios, we developed individual business plans on a property-by-property basis and then sold the properties to a wide variety of buyers as each property’s investment goals were achieved.” The 21 properties were sold to a total of 15 different buyers. HGI claims the combined sales prices were $140 million higher than the company’s original acquisition price. Based in Norfolk, Harbor Group International is a private real estate investment and management firm that controls a portfolio of worldwide assets valued at $8.2 billion. The company’s real estate holdings include 3.7 million square feet of commercial properties and 30,400 apartment units. — David Cohen

December 5, 2018

Acquisitions District of Columbia Office Southeast

Meridian Group, WeWork Acquire Office Building in D.C. for $136.5M

by Alex Tostado December 4, 2018

WASHINGTON, D.C. — Meridian Group and affiliates of WeWork Property Advisors, an investment fund established by coworking firm WeWork, have created a joint venture to buy 1333 New Hampshire Ave. N.W., a 350,000-square-foot office building in Washington, D.C. Washington Business Journal reported the sales price was $136.5 million. Affiliates of WeWork Property Advisors are contributing 50 percent of the equity, and WeWork Cos. Inc. will lease more than 100,000 square feet of the building. Meridian plans to renovate the building, which is 84 percent leased to Akin Gump Strauss Hauer & Field, a law firm that has been in the space for 25 years. The firm is set to leave by August. Renovations are slated to begin next year and be completed in summer 2020. Collins Ege at Eastdil Secured represented the seller, Boston Properties, in this transaction, and Nicholas Seidenberg at Eastdil Secured represented the Meridian Group in its acquisition financing.

December 4, 2018

Acquisitions Florida Retail Southeast

PREP Property Group Purchases 460,565 SF Shopping Center in Central Florida

by Alex Tostado December 4, 2018

DAVENPORT, FLA. — PREP Property Group Inc. (PREP) has purchased Posner Commons, a 460,565-square-foot shopping center in Davenport, seven miles south of Disney World’s main entrance. Built in 2008, Posner Commons is home to national tenants such as Dick’s Sporting Goods, Ross Dress for Less, JC Penney, Best Buy, PetSmart, Michaels and Cinepolis Theatre. The sales price and seller were undisclosed.

December 4, 2018

Acquisitions Indiana Midwest Multifamily

Emma Capital Acquires Two Apartment Properties in Indianapolis

by Kristin Harlow December 4, 2018

INDIANAPOLIS — Emma Capital has acquired two apartment properties in Indianapolis for an undisclosed price. Brandywine Apartments is a 296-unit community located at 8444 Rothbury Drive. The Hunt Club Apartments is a 200-unit community located at 5421 Calder Way. Both properties were built in the early 1970s. Emma Capital plans to rebrand the communities. Sellers were not disclosed.

December 4, 2018

Acquisitions Illinois Midwest Office

Avison Young Brokers Sale of 123,944 SF Office Building in Arlington Heights, Illinois

by Kristin Harlow December 4, 2018

ARLINGTON HEIGHTS, ILL. — Avison Young has brokered the sale of a 123,944-square-foot office building in Arlington Heights for an undisclosed price. Northwest Community Healthcare (NCH) purchased the building, which is located at 3040 Salt Creek Lane. The company will relocate its non-clinical business operations and support services staff from a neighboring 50,000-square-foot property to fully occupy the new building. Mark Johnson of Avison Young represented NCH in the sale. The seller was not disclosed.

December 4, 2018

Acquisitions Industrial Midwest Ohio

Granite Company Purchases 27,186 SF Industrial Property in Dayton, Ohio

by Kristin Harlow December 4, 2018

DAYTON, OHIO — Dark Star Marble & Granite has purchased a 27,186-square-foot industrial property located at 2425 Stanley Ave. in Dayton. The purchase price was not disclosed. The property features a 19,486-square-foot warehouse and a 7,700-square-foot office and showroom space. Dark Star will relocate from 1353 Stanley Ave., a 7,200-square-foot facility. Beau Nimer of CBRE represented Dark Star. The previous company that occupied the facility, Mees Distributing, dissolved.

December 4, 2018

Acquisitions New York Northeast Retail

Urstadt Biddle Properties Acquires Shopping Center in Southeast, New York for $12M

by David Cohen December 4, 2018

SOUTHEAST, N.Y. — Urstadt Biddle Properties Inc. has acquired Lakeview Plaza Shopping Center in the town of Southeast for $12 million. The 177,000-square-foot property is anchored by a 54,000-square-foot Acme Supermarket and consists of five buildings on a 23-acre site. Lakeview Plaza is currently 73 percent leased to a mix of local, regional and national tenants including Rite-Aid, JPMorgan Chase, Supercuts, Subway, M&T Bank, KeyBank and Burger King. Urstadt Biddle purchased the shopping center from a lender who had foreclosed its loan on the property.

December 4, 2018

Acquisitions Mixed-Use New York Northeast

Marcus & Millichap Negotiates $2.2M Sale of Mixed-Use Building in Brooklyn

by David Cohen December 4, 2018

NEW YORK CITY — Marcus & Millichap has negotiated the $2.2 million sale of a 7,140-square-foot mixed-use building in Brooklyn. The property is located at 1501-1503 Broadway. Shaun Riney, Thomas Shihadeh and Andrew Reiter of Marcus & Millichap’s Brooklyn office represented the seller, a private investor, in the transaction. The buyer was also a private investor.

December 4, 2018

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