Acquisitions

Tower 16 Capital Partners Buys 314-Unit Evergreen Apartments in Las Vegas for $29.5M

by Amy Works December 3, 2018

LAS VEGAS — San Diego-based Tower 16 Capital Partners, in a joint venture with Henley USA, has purchased Evergreen Apartments, a multifamily property located two miles west of the Las Vegas Strip. Encinitas, Calif.-based The Apartment Co. sold the property for $29.5 million. Located at 2950 S. Decatur Blvd., Evergreen Apartments features 314 units in a mix of one- and two-bedroom layouts with covered parking and private patios. Community amenities include two pools, barbecue and picnic areas, a fitness facility, business center, playground and on-site laundry facilities. Tower 16 will oversee $4 million in renovations and upgrades to the property. Renovations will include upgrades to commons areas, relocating the leasing office, expanding the gym and renovating all apartment interiors with new vinyl flooring, appliances, plumbing, lighting fixtures and paint. Las Vegas-based Pinnacle will manage the property. Brian Anderson and Angela Powers of Berkadia represented the seller in the deal.

December 3, 2018

Acquisitions Colorado Office Western

Newmark Knight Frank Arranges $5.6M Sale of Office Asset in Denver

by Amy Works December 3, 2018

DENVER — Newmark Knight Frank has brokered the sale of an office property, located at 3650 E. First Ave. in Denver. Great Western Bank acquired the property from 4N LLC for $5.6 million. The building features 17,189 square feet of office space. Riki Hashimoto, Daniel Grooters and John Gustafson of Newmark Knight Frank represented the seller in the transaction. Cushman & Wakefield, Kentwood Commercial and Land Title Guarantee Co. assisted in the deal.

December 3, 2018

Acquisitions Industrial New Jersey Northeast

HFF Arranges $51M Sale of Industrial Building in Northern New Jersey

by David Cohen November 30, 2018

TOTOWA, N.J. — HFF has arranged the $51 million sale of a 382,596-square-foot, newly constructed industrial building in Totowa. Located at 700 Union Boulevard, the single-story property was completed in 2018 and sits on more than 26 acres. Joe B. Thornton Jr., Jon Mikula, Jose Cruz, Marc Duval and Jordan Avanzato of HFF represented the seller, The Hampshire Cos., in the transaction. The buyer was undisclosed.

November 30, 2018

Acquisitions Mixed-Use New York Northeast

Kinsmen Property Group Acquires Mixed-Use Portfolio in Manhattan for $29.5M

by David Cohen November 30, 2018

NEW YORK CITY — Kinsmen Property Group has acquired a mixed-use portfolio in Manhattan’s Bowery District for $29.5 million. The seller was LBG Enterprises LLC. Located at 156-160 Bowery, the property includes three apartments and 8,000 square feet of retail space. With the acquisition, Kinsmen now owns 150 feet of frontage in the Bowery District. The retail space in the property was previously occupied by home decor seller Lighting by Gregory. There were no brokers in the transaction.

November 30, 2018

Acquisitions Healthcare New York Northeast

Jacobson Properties, Crisafulli Associates Broker $10M Sale of Medical Office Building in New York

by David Cohen November 30, 2018

NISKAYUNA, N.Y. — Jacobson Properties and Crisafulli Associates have brokered the $10 million sale of Albany Med at Niskayuna, a 37,821-square-foot medical office building in Niskayuna. The property is fully leased by Albany Medical College, which houses Albany Med EmUrgentCare, Albany Med’s Gastroenterology and Community Services medical group, laboratory services and an ambulatory surgical center. Lisa Menin of Jacobson Properties and Michael Crisafulli of Crisafulli Associates represented the undisclosed seller in the transaction. The buyer was a privately held healthcare real estate investment firm.

November 30, 2018

Acquisitions Mixed-Use New York Northeast

Cushman & Wakefield Negotiates $1.3M Sale of Mixed-Use Building in the Bronx

by David Cohen November 30, 2018

NEW YORK CITY —Cushman & Wakefield has negotiated the $1.3 million sale of a two-story, mixed-use building in the Claremont neighborhood of the South Bronx. Located at 500-502 E. 167th St., the 4,751-square-foot property includes four commercial units as well as a full basement. Jonathan Squires, Michael Fioravanti, Josh Neustadter and Addison Berniker of Cushman & Wakefield represented the undisclosed seller in the transaction. The buyer was also undisclosed.

November 30, 2018

Acquisitions District of Columbia Hospitality Southeast

Xenia Hotels Sells Hilton Garden Inn in Downtown D.C. for $128M

by Alex Tostado November 30, 2018

WASHINGTON, D.C. — Xenia Hotels & Resorts has sold Hilton Garden Inn Washington DC Downtown for $128 million to an undisclosed buyer. Hilton Garden Inn is a 300-room hotel that features a business center, fitness center, pool, baggage storage and room service. The hotel is located on 14th Street, about three blocks from the White House and five blocks from Washington Convention Center and Capital One Arena.

November 30, 2018

Acquisitions Georgia Multifamily Southeast

Aspen Square Management Sells Multifamily Community in Atlanta for $31.3M

by Alex Tostado November 30, 2018

ATLANTA — Massachusetts-based Aspen Square Management has sold West Eleven Apartments in southwest Atlanta to an undisclosed buyer for $31.3 million. The 224-unit apartment community is located about 15 miles from downtown Atlanta and features one-, two- and three-bedroom floor plans. Amenities include a business center, pool, tennis court, fitness center, playground and a courtyard. Paul Vetter, Andrew Mays, Russ Hardy, Judy MacManus and Matthew White of Berkadia represented the seller in the transaction.

November 30, 2018

Acquisitions Multifamily Texas

JPI Sells 371-Unit Apartment Community in Irving’s Las Colinas District

by Taylor Williams November 30, 2018

IRVING, TEXAS — Multifamily developer JPI has sold Jefferson Riverside, a 371-unit multifamily community located in the Las Colinas district in Irving. Built in 2017, the property is situated within walking distance of a DART rail station, as well as the Toyota Music Factory. Amenities at the property include a pool, fitness center, game lounge, package locker and an Uber pickup lounge. Institutional Property Advisors (IPA), a division of Marcus & Millichap, brokered the sale. The buyer was not disclosed.

November 30, 2018

Acquisitions Office Texas

JLL Negotiates Sale of 185,000 SF Office Building in Downtown Fort Worth

by Taylor Williams November 30, 2018

FORT WORTH, TEXAS — JLL has negotiated the sale of 714 Main, a 185,000-square-foot office building in downtown Fort Worth. Built in 1921 and renovated in 2010, the 24-story property is located near Sundance Square and the Fort Worth Convention Center. Ryan Matthews of JLL represented the seller, XTO Energy Inc., in the transaction. The buyer was Tennessee-based Development Service Group Inc. The deal marks the sixth disposition by JLL of XTO’s downtown Fort Worth office assets.

November 30, 2018

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