Acquisitions

Olympus Property Purchases 260-Unit Multifamily Asset in Metro Houston

by Taylor Williams December 14, 2018

KATY, TEXAS — Fort Worth-based Olympus Property has purchased Echo at Katy Ranch, a 260-unit multifamily asset in Katy, a western suburb of Houston. The property has since been rebranded Olympus Katy Ranch. The Class A community features a resort-style pool, six gas grills, a fireside lounge, resident clubhouse, fitness center and a dog park. The transaction, the seller in which was not disclosed, marks the 12th acquisition for Olympus Property this year. Tucker Knight and Nicholas Murphy of Berkadia secured a 10-year, fixed-rate loan through Freddie Mac with seven years of interest-only payments for the transaction.

December 14, 2018

Acquisitions Illinois Midwest Retail

Faris Lee Investments Brokers $16.7M Sale of Shopping Center in Saint Charles, Illinois

by Kristin Harlow December 14, 2018

SAINT CHARLES, ILL. — Faris Lee Investments has brokered the sale of Main Street Commons in suburban Chicago for $16.7 million. The 171,564-square-foot shopping center is situated on 20 acres. At the time of the sale, the property was 85 percent leased to tenants such as Ross, TJ Maxx, Five Below, Ulta and Cost Plus. Rick Chichester, Donald MacLellan and Shaun Riley of Faris Lee represented the seller, Sabal Financial Group LP. The buyer was not disclosed.

December 14, 2018

Acquisitions California Retail Western

Investec Real Estate Acquires The Esplanade Shopping Center in Oxnard, California

by Amy Works December 14, 2018

OXNARD, CALIF. — Investec Real Estate Cos., in partnership with DRA Advisors, has purchased The Esplanade Shopping Center. The retail center is situated on 31.4 acres on the southeast corner of North Oxnard Boulevard and the 101 Freeway in Oxnard. The acquisition price was not released. Redeveloped in 2002 from an enclosed mall into an open-air center, the regional power center features 356,864 square feet of retail space. Tenants include Dick’s Sporting Goods, Walmart Neighborhood Market, Bob’s Discount Furniture, Nordstrom Rack, TJ Maxx, Cost Plus World Market, Party City, Staples, Starbucks Coffee and In & Out Burger. At the time of sale, the property was 93 percent occupied with only one vacancy, a 25,000-square-foot end-cap anchor space. The buyers were self-represented, while Bill Bauman, Kyle Miller and Matthew Schwartz of NKF Capital Markets of Los Angeles advised the undisclosed seller in deal.

December 14, 2018

Acquisitions Arizona Retail Western

SRS Real Estate Partners Directs $5.1M Sale of The Shops at Arizona in Anthem

by Amy Works December 14, 2018

ANTHEM, ARIZ. — SRS Real Estate Partners has arranged the sale of The Shops at Arizona, a neighborhood shopping center located at 3434 Anthem Way in Anthem. Abington Emerson, a private real estate investment company, sold the property to an individual buyer for $5.1 million. Built in 2003 and situated on 6.7 acres, the property features 35,710 square feet of retail space. Current tenants include Ace Hardware, Coldwell Banker, Pizza Hut, Princess Nails and Shanghai Club. Sean Thomas and Patrick Luther of SRS’ National Net Lease Group represented the seller in the transaction.

December 14, 2018

Acquisitions Development Georgia Office Southeast

Norfolk Southern to Relocate Headquarters to Atlanta, Buys Midtown Site for $575M

by Alex Tostado December 13, 2018

ATLANTA — Transportation giant Norfolk Southern will relocate its headquarters from Norfolk, Va., to Midtown Atlanta. The railroad company is expected to buy a site at 650 W. Peachtree St. from Cousins Properties for $575 million. The Atlanta-based real estate owner and developer will manage the office campus when the project is completed. Norfolk Southern president and CEO Jim Squires says the headquarters will be complete in 2021. The announcement comes on the heels of Norfolk Southern selling its land in downtown Atlanta’s Gulch area for a reported $115 million to Los Angeles-based CIM Group. CIM Group plans to redevelop the 16.3-acre site into a “mini-city,” with office buildings, residential units, hotels, shops and restaurants. The Atlanta City Council approved the plans in November. Norfolk Southern is expected to put money from the sale toward its new headquarters.

December 13, 2018

Acquisitions Multifamily Southeast Virginia

Partnership Acquires Multifamily Community in Virginia Beach for $67M

by Alex Tostado December 13, 2018

VIRGINIA BEACH, VA. — RD Management LLC, Heritage Capital Group and Summit Glory Investment have purchased Latitudes Apartments, a 448-unit multifamily community in Virginia Beach, for $67 million. When the renovation is complete, the asset will feature amenities including a new clubhouse, 24/7 fitness center and an expanded pool area/sundeck. The complex is located at 1701 Chase Point Circle in Virginia Beach, about 15 miles east of Norfolk. The seller was undisclosed.

December 13, 2018

Acquisitions Louisiana Multifamily Southeast

Southern Properties Capital Acquires Apartment Community in Houma, Louisiana

by Alex Tostado December 13, 2018

HOUMA, LA. — Southern Properties Capital, a subsidiary of Dallas-based Transcontinental Realty Investors Inc., has purchased The Landing Apartments on Bayou Cane in Houma. The seller and sales were not disclosed. Built in 2005, the 240-unit, garden-style multifamily community features 13 buildings and offers a unit mix of studio, one-, two- and three-bedroom apartments ranging from 500 square feet to 1,500 square feet. Community amenities include a clubhouse with a lounge area, study room with computers, 24-hour exercise facility, volleyball court, open green space and a swimming deck surrounding a pool and hot tub.

December 13, 2018

Acquisitions Colorado Office Western

NAI Shames Makovsky Brokers $24.5M Sale of Symes Building Office Property in Denver

by Amy Works December 13, 2018

DENVER — NAI Shames Makovsky has negotiated the sale of an office property, located at 820 16th St. in Denver. Harbor Associates purchased the building from 820 16th Street LLC for $24.5 million. Known as the Symes Building, the property recently underwent renovations and improvements, including to the common-area corridors. Renovations included flooring, wall treatments, lighting, signage and restrooms. The buyer plans additional improvements including amenities, interior and exterior improvements, and more creative office features to the existing space. Dorit Fischer, Hayden Hirschfield, Trent Rice and Connor Donahue of NAI Shames Makovksy represented the seller in the deal.

December 13, 2018

Acquisitions California Office Western

NKF Arranges $20.7M Acquisition of Office Building in Riverside, California

by Amy Works December 13, 2018

RIVERSIDE, CALIF. — Newmark Knight Frank (NKF) has directed the purchase of Center Tower Riverside, a five-story office building in downtown Riverside. De Anza Land and Leisure Corp. acquired the property from Irvine-based CIP Real Estate for $20.7 million. Located at 3880 Lemon St., the property features 73,645 square feet of Class A office space. Situated on 1.1 acres, the building was built in 1987 and underwent a more than $3 million renovation in 2017. Renovations included common area improvements and upgrades to the lobby, elevators, corridors, restroom and landscaping. At the time of sale, the building was 94 percent occupied by 11 tenants, including Best Best & Krieger, County of Riverside, Index Fresh, Kimley-Horn & Associates and Reid & Hellyer. Additionally, the property features 248 parking stalls in an adjacent four-level parking structure. John Ewart and John Daciolas of NKF represented the buyers, while Mike Longo, Todd Tydlaska, Sean Sullivan, Barbara Perrier and Darla Longo of CBRE represented the seller in the deal.

December 13, 2018

Acquisitions Colorado Industrial Self-Storage Western

Marcus & Millichap Facilitates Sale of 64,320 SF Storage Facility in Colorado

by Amy Works December 13, 2018

ARVADA, COLO. — Marcus & Millichap has arranged the sale of Life Storage, a newly constructed storage facility located in Arvada. Opened in January 2018, the 64,320-square-foot property features 637 climate-controlled self-storage units. The property features a leasing office, multiple elevators, two covered drive-in loading/unloading areas, drives for large vehicles and 24-hour video surveillance. Adam Schlosser and Charles LeClaire of Marcus & Millichap’s The LeClaire Group represented the seller, a local limited liability company, in the deal. The name of the buyer and acquisition price were not released.

December 13, 2018

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