Acquisitions

JRK Investors Acquires 698-Unit Apartment Community in Richfield, Minnesota

by Kristin Harlow November 30, 2018

RICHFIELD, MINN. — JRK Investors Inc. has acquired The Concierge, a 698-unit apartment community in Richfield. The purchase price was not disclosed. The property is located at 7600-7720 Penn Ave. in suburban Minneapolis. Originally built in 1968, the property spans six buildings and 457,620 square feet. Amenities include a pool, sun deck, fitness center, golf simulator and rock climbing wall. Keith Collins, Abe Appert, Ted Abramson and Ike Hoffman of CBRE represented the seller, MSP Crossroads Apartments LLC.

November 30, 2018

Acquisitions Indiana Midwest Office

JLL Arranges Sale of Two Office Buildings in Indianapolis

by Kristin Harlow November 30, 2018

INDIANAPOLIS — JLL has arranged the sale of Lake Pointe Center III and IV in Indianapolis for an undisclosed price. M&J Wilkow and a fund manager by DRA Advisors LLC purchased the pair of office buildings, which span 170,000 square feet. Recently updated amenities include an on-site conference facility and fitness center. Jim Postweiler, Peter Harwood and Derek Fohl of JLL arranged the sale on behalf of the seller, USAA Real Estate.

November 30, 2018

Acquisitions Healthcare Iowa Midwest

Carter Validus Purchases Healthcare Facility in Clive, Iowa for $23.5M

by Kristin Harlow November 30, 2018

CLIVE, IOWA — Carter Validus Mission Critical REIT II Inc. has purchased the Clive Healthcare Facility for $23.5 million. The 58,156-square-foot property is situated on one acre in Clive, about 10 miles east of Des Moines. Constructed in 2008, the facility is fully leased and anchored by an ambulatory surgery center. The seller was not disclosed.

November 30, 2018

Acquisitions Illinois Industrial Midwest

Colliers Brokers Sale of Two Warehouses in Illinois

by Kristin Harlow November 30, 2018

CAROL STREAM AND ELGIN, ILL. — Colliers International has brokered the sale of two warehouses in Carol Stream and Elgin. The asking price was $7 million, but the final sales price was not disclosed. The Carol Stream property spans 45,746 square feet and includes five loading docks. The building is fully leased to two tenants. The Elgin property spans 35,756 square feet and includes three loading docks. Kelly Joyce of Colliers represented the undisclosed buyer. Jeff Devine and Steve Disse of Colliers represented the seller, Bristol Group.

November 30, 2018

Acquisitions California Retail Western

Shea Properties Sells The Dunes on Monterey Bay Shopping Center for $45M

by Amy Works November 30, 2018

MARINA, CALIF. — Shea Properties has completed the sale of the retail component of The Dunes of Monterey Bay, located on 19.3 acres at 101-145 General Stilwell Drive in Marina. A Southern California-based private investor purchased the property for $45 million. Built in 2007, the power center consists of 233,892 square feet of retail space along the Pacific Coast Highway. At the time sale of the property was 100 percent leased to national and regional tenants, including Best Buy, Old Navy, Kohl’s, Bed Bath & Beyond, Michaels, Party City and REI. Kirk Brummer, Megan Wood, James Tyrrell, Jimmy Slusher, Philip Voorhees and Preston Fetrow of CBRE’s National Retail Partners-West represented the seller in the deal.

November 30, 2018

Acquisitions Arizona Multifamily Student Housing Western

Holualoa Cos. Purchases 552-Bed Student Housing Community in Tucson for $12.9M

by Amy Works November 30, 2018

TUSCON, ARIZ. — Tucson-based Holualoa Cos. has acquired Gateway at Tucson, a student housing property located at 2800 W. Broadway Blvd. in Tucson. Bethesda, Md.-based CW Capital Asset Management sold the property, which was marketed via RealINSIGHT Marketplace, for $12.9 million. Gateway at Tucson features 188 units, totaling 552 beds, in a mix of one-, two, three- and four-bedroom layouts, averaging 1,074 square feet. Each unit is rented fully furnished, including a full appliance package, and each bedroom features a private bathroom. Built in 2015, the property is comprised of 10 two-story residential buildings and two single-story common area buildings. Community amenities include a swimming pool and spa, basketball court, fitness center, business center, study rooms, tanning beds and shuttle service to University of Arizona and Pima Community College. Jim Crews of Cushman & Wakefield’s Phoenix office represented the seller in the deal.

November 30, 2018

Acquisitions Colorado Office Western

NAI Shames Makovsky Brokers $2.2M Sale of Office Building Near Denver

by Amy Works November 30, 2018

ENGLEWOOD, COLO. — NAI Shames Makovsky has arranged the sale of an office building in Englewood, a suburb seven miles south of Denver. Choice Screening Inc. acquired the property from Concord LLC for $2.2 million. Located at 8668 Concord Center Drive, the property features 13,225 square feet of office space. Trent Rice of NAI Shames handled the transaction.

November 30, 2018

Acquisitions Multifamily Top Stories

Investcorp Acquires National Multifamily Portfolio for $311M

by Alex Tostado November 29, 2018

HOUSTON, SALT LAKE CITY AND TAMPA, FLA. — Investcorp’s New York City office has acquired six multifamily properties for a total of $311 million. Three of the properties are in Houston and comprise 1,392 units; one property is in Salt Lake City featuring 253 units; and two properties are in Tampa, comprising 1,231 units. All six properties are garden-style apartment communities. Investcorp did not release the specific names of the communities. “The U.S. multifamily sector continues to present attractive opportunities, and we are pleased to announce the addition of these six properties to our U.S. real estate portfolio,” says Rishi Kapoor, co-CEO of Investcorp. “These investments underscore our commitment to increasing Investcorp’s footprint in the U.S. market, a key driver of the firm’s overall growth strategy and a market on which we will be incredibly focused in 2019.” Investcorp now owns more than 13,000 multifamily units in the U.S. “Multifamily has always been a strong area of focus for Investcorp, and this portfolio is fully aligned with our strategy of investing in core-plus U.S. real estate,” says Michael Moriarty, principal in real estate investment at Investcorp. Investcorp is an international alternative investment firm based in Bahrain. The company employs approximately 390 people …

November 29, 2018

Acquisitions Florida Multifamily Southeast

Passco Acquires New Apartment Complex in Destin for $63.3M

by Alex Tostado November 29, 2018

DESTIN, FLA. — Passco Cos. has acquired a 288-unit apartment community in Destin for $63.3 million. Irvine, Calif.-based Passco bought Sea Glass from Atlanta-based Catalyst Development Partners. The apartment complex features one- , two- and three-bedroom floor plans, and its amenities include a swimming pool, fitness studio, clubroom, breakfast bar, indoor/outdoor bar area, package concierge and a business center. Sea Glass was built in 2017 and is directly across from Henderson Beach State Park. Matt Wilcox, Jubeen Vaghefi and Denny St. Romain of JLL Florida Capital Markets brokered the transaction. Chris Black and Caleb Marten of KeyBank Real Estate Capital’s Commercial Mortgage Group arranged acquisition financing on behalf of Passco.

November 29, 2018

Acquisitions Multifamily New York Northeast

Marcus & Millichap Negotiates $11.5M Sale of Apartment Community in East Harlem

by David Cohen November 29, 2018

NEW YORK CITY — Marcus & Millichap has negotiated the $11.5 million sale of a two-building apartment complex in East Harlem. Located at 334-348 E. 105th St., the 53,121-square-foot property contains 53 rent-stabilized residential units. John Stewart and Stephen Bell of Marcus & Millichap’s Manhattan office represented the seller, Reifer Management, in the transaction. Seth Glasser of Marcus & Millichap represented the buyer, a private investor.

November 29, 2018

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