Acquisitions

Marcus & Millichap Brokers Sale of 288-Unit Apartment Community in Houston

by Taylor Williams January 15, 2019

HOUSTON — Marcus & Millichap has brokered the sale of One Pine Apartments, a 288-unit multifamily community in Houston. Built in 1972, the property offers one-, two- and three-bedroom units and amenities such as a pool, playground, outdoor grilling area and a business center. Jeffrey Fript and Christian Mazzini of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were limited liability companies that requested anonymity. The new ownership will implement a value-add program.

January 15, 2019

Acquisitions Office Texas

Weingarten Sells 129,250 SF Office Building in Northwest Houston

by Taylor Williams January 15, 2019

HOUSTON — Weingarten Realty Investors has sold 1919 North Loop West, a 129,250-square-foot office building in northwest Houston. The six-story building is located near The Galleria neighborhood and Memorial Hermann Greater Heights Hospital. Rudy Hubbard, Kevin McConn and Rick Goings of JLL handled the sale on behalf of Weingarten. Paul House and John Ream of JLL arranged an undisclosed amount of acquisition financing for the deal on behalf of the buyer, an affiliate of Houston-based Simpkins Group Inc. In addition, Cutt Ableson, Mark Crosswell and Colin Marusak of Berkadia arranged an undisclosed amount of joint venture equity for the acquisition on behalf of the buyer.

January 15, 2019

Acquisitions Midwest Minnesota Restaurant Retail

Hanley Investment Group Brokers $5M Sale of Building Leased to Raising Cane’s in Metro Minneapolis

by Kristin Harlow January 15, 2019

COON RAPIDS, MINN. — Hanley Investment Group Real Estate Advisors has brokered the sale of a new single-tenant building occupied by Raising Cane’s Chicken Fingers in Coon Rapids for $5 million. The 2,780-square-foot building is located at 13001 Round Lake Blvd. Raising Cane’s has a new 15-year lease term. Jeff Lefko and Bill Asher of Hanley represented the seller, OneCore Global. Mehdi Star of Colliers International represented the buyer, a San Francisco-based private investor. The sales price represents a cap rate of 6 percent. This was the highest-priced Raising Cane’s to trade in the Midwest, according to Hanley.

January 15, 2019

Acquisitions Midwest Missouri Retail

Block & Co. Negotiates Sale of 19,900 SF Retail Building in Liberty, Missouri

by Kristin Harlow January 15, 2019

LIBERTY, MO. — Block & Co. Inc. Realtors has negotiated the sale of a 19,900-square-foot retail building in Liberty, a northeastern suburb of Kansas City. The sales price was not disclosed. The property is located on a one-acre pad site in front of Liberty Commons shopping center. The building is fully leased to Blaze Pizza, Phone Medic, Evolve Juicery & Paleo Kitchen, Chic Nails & Spa, Orange Theory Fitness, Joplimo Mattress and McAlister’s Deli. David Block and Alex Block of Block & Co. represented the buyer, Liberty Commons 2018 LLC. Legacy Liberty LLC was the seller. Block & Co. will handle leasing and property management for the building.

January 15, 2019

Acquisitions California Multifamily Western

Institutional Property Advisors Brokers $47.5M Sale of Apartment Asset in Bay Area

by Amy Works January 15, 2019

MARTINEZ, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Hidden Creek Apartments, a multifamily property located in Martinez. Fairfield Hidden Creek LLC sold the asset to an undisclosed buyer for $47.5 million. Built in 1985 and situated on 5.4 acres, Hidden Creek Apartments features 168 units in a mix of one- and two-bedroom floor plans, averaging 793 square feet. On-site amenities include a resort-style swimming pool with furnished sundeck, an updated fitness center, a business center and children’s playground. Salvatore Saglimbeni, Stanford Jones and Philip Saglimbeni of IPA represented the seller in the deal.

January 15, 2019

North-Stadium-Business-Center-Anaheim-CA

Acquisitions California Office Western

Pacific Industrial Buys 151,000 SF Multi-Tenant Business Park in Orange County for $22.6M

by Amy Works January 15, 2019

ANAHEIM, CALIF. — Pacific Industrial, a privately held industrial development and investment firm, has acquired North Stadium Business Center, a multi-tenant business park located at 2020-2120 E. Howell Ave. in Anaheim’s Platinum Triangle. 2020 Howell Avenue Enterprises and Howell Avenue Enterprises sold the asset for $22.6 million. Situated on 9 acres, the property features 151,000 square feet of office space and is within walking distance of Angel Stadium and The Honda Center. At the time of sale, the center was leased to more than 30 tenants. With this acquisition, Pacific Industrial now owns 17.5 contiguous acres between Angel Stadium and The Honda Center. Seth Davenport, Mitch Zehner and Rob Socci of Voit Real Estate Services represented the buyer and seller in the transaction. Additionally, Pacific Industrial appointed Voit has its exclusive agent for the business park and property.

January 15, 2019

Acquisitions California Multifamily Western

Tower 16 Capital Acquires Hillside Village Apartments in Inland Empire for $11M

by Amy Works January 15, 2019

SAN BERNARDINO, CALIF. — Tower 16 Capital Partners, in a joint venture with Henley USA, has acquired Hillside Village Apartments, a multifamily property located in San Bernardino. A private seller sold the property for $11 million. Located at 2196 Kendall Drive, the property features 80 apartments in a mix of one- and two-bedroom layouts with private balconies or patios, a pool, spa, fitness center and laundry facilities. Warren Berzack and Slavic Zlatkin of Lee & Associates represented the buyer and seller in the transaction.

January 15, 2019

Acquisitions Multifamily Office Oregon Western

CBRE Negotiates $10M Sale of Former YWCA Building in Portland

by Amy Works January 15, 2019

PORTLAND, ORE. — CBRE has brokered the sale of a residential and office building located in Portland’s Cultural District. W.H.J. Holdings LLC sold the property to Harsch Investment Properties for $10 million. Located at 1111 SW 10th Ave., the five-story, 66,074-square-foot building is currently occupied by Morrison Child and Family Services, a nonprofit that provides specialized services to children who have experienced trauma or adversity. Built in 1958 and renovated in 2002, the former YWCA building currently features on-site parking, a full gym, pool and cafeteria. Trevor Kafoury of CBRE represented the seller in the deal.

January 15, 2019

Acquisitions Colorado Multifamily Western

Marcus & Millichap Arranges $2.5M Acquisition of Golden Arms Apartments in Colorado

by Amy Works January 15, 2019

CRAIG, COLO. — Marcus & Millichap has brokered the purchase of Golden Arms Apartments, an apartment building located in Craig. A private investor acquired the property for $2.5 million. Jason Hornik of Marcus & Millichap represented the buyer in the transaction. Built in 1979, the 55,960-square-foot building features 40 two-bedroom/one-bath units and 24 three-bedroom/one-bath units. Additionally, the property features a variety of upgrades including new exterior paint, landscaping, a resurfaced parking lot, a new storage shed, guttering and fencing, laundry room broiler and updated laundry room equipment.

January 15, 2019

Acquisitions Colorado Industrial Western

Scott Development Group Sells Industrial Property in Denver for $6M

by Amy Works January 14, 2019

DENVER — Scott Development Group has completed the sale of an industrial facility located on a 4.5-acre site at 10777 E. 45th Ave. in Denver’s Montebello submarket. 3939 Williams Building Corp. acquired the property for $6 million. The property features 57,000 square feet of manufacturing and distribution space. Nick Schill of Pinnacle Real Estate Advisors represented the seller in the transaction.

January 14, 2019

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