Acquisitions

Joint Venture Acquires 351,705 SF Office Tower in Fort Lauderdale for $108.5M

by Katie Sloan October 4, 2018

FORT LAUDERDALE, FLA. — A joint venture has acquired 1 East Broward, a 351,705-square-foot office tower in Fort Lauderdale, for $108.5 million. The joint venture, titled 1 East Broward Owner LLC, comprises affiliates of NAI/Merin Hunter Codman and PCCP LLC. The property is located on the northeast corner of Broward Boulevard and Andrews Avenue across from the new Brightline Rail Station in the heart of downtown Fort Lauderdale. The asset consists of a 19-story building and a five-story building connected by a covered sky bridge to a four-story parking structure, which provides 772 covered parking spaces to office tenants. The building recently underwent an extensive renovation — with over $4.9 million invested since the beginning of 2013 — and serves as the new U.S. headquarters for KEMET Corp., a publicly traded global supplier of electronic components. Additional tenants include Becker & Poliakoff; Quintairos, Prieto, Wood & Boyer PA; McGlinchey Stafford; and Hinshaw & Culbertson LLP. NAI/Merin Hunter Codman will take over property management and leasing at 1 East Broward. “With its strategic location adjacent to the Brightline Rail Station, the Federal Courthouse and within walking distance of both Las Olas Boulevard and all of the exciting new residential and cultural …

October 4, 2018

Acquisitions Massachusetts Multifamily Northeast

CBRE Brokers Sale of 230-Unit Multifamily Community in Metro Boston

by David Cohen October 3, 2018

REVERE, MASS. — CBRE/New England has brokered the sale of Ocean 650, a 230-unit multifamily community in Revere. The sales price was undisclosed. Opened in 2017, the community consists of a seven-story building with amenity space and a parking garage on the first two stories. Amenities include two elevated courtyards, a resort-style pool deck, fire pit lounge area and roof deck. CBRE represented the seller, a fund advised by Boston-based TA Realty, in the transaction. The buyer was a fund advised by Greystar.

October 3, 2018

Acquisitions Massachusetts Multifamily Northeast

John M. Corcoran & Co. Acquires Apartment Community Near Boston

by David Cohen October 3, 2018

CHELSEA, MASS. — Property management firm John M. Corcoran & Co. has acquired Chelsea Place, an apartment community located four miles northeast of Boston in Chelsea. Built in 2013, the community is currently 98 percent occupied and offers units that average 909 square feet each. Amenities include a resident lounge, coffee bar, fitness center, garage parking, stainless steel appliances, walk-in closets and en-suite laundry. Adam Dunn and Chris Phaneuf of HFF represented the seller, Federal Realty Investment Trust, in the transaction.

October 3, 2018

Acquisitions New Jersey Northeast Retail

Marcus & Millichap Arranges $3.9M Sale of Retail Asset Leased to AutoZone Near Newark

by David Cohen October 3, 2018

IRVINGTON, N.J. — Marcus & Millichap has arranged the $3.9 million sale of an 8,000-square-foot retail asset net-leased to AutoZone. The property is located at 1128 Springfield Ave. in Irvington, a western suburb of Newark. Alan Cafiero, Ben Sgambati, David Cafiero and Michael DeVita of Marcus & Millichap represented the seller, a developer, in the transaction. The group also procured the buyer, a private investor. Both parties requested anonymity.

October 3, 2018

Acquisitions Iowa Midwest Multifamily

Mandel Group Acquires 160-Unit Apartment Community in West Des Moines

by Kristin Harlow October 3, 2018

WEST DES MOINES, IOWA — Mandel Group Inc. has acquired Springs at Jordan Creek in West Des Moines for an undisclosed price. The 160-unit apartment community is situated on 12 acres at 8655 Bridgewood Blvd. Amenities include a pool, fitness center, clubhouse, business center and coffee bar. The garden-style property was 96 percent occupied at the time of sale. David Gaines, Sean Fogarty and Jules Sherwood of HFF represented the seller, Continental Properties.

October 3, 2018

Acquisitions Mixed-Use Texas

FPA, Trinity Buy Mixed-Use Development in Houston

by Taylor Williams October 3, 2018

HOUSTON — A partnership between San Francisco-based FPA Multifamily LLC and Southern California-based Trinity Property Consultants has acquired a mixed-use development located at the intersection of Westheimer Road and Kirby Drive in Houston. The sale includes the 397-unit Gables West Ave. apartment community, which will be rebranded Arrive River Oaks, and the 193,895-square-foot West Avenue River Oaks shopping center, which will be rebranded Shops at Arrive. Retail users at the property include TOOTSIES, Milk & Honey and Eddie V’s Prime Seafood. The new ownership will upgrade the apartment community’s amenity spaces, including the dog park, fitness center and pool area.

October 3, 2018

Prado-University-of-Texas-at-San-Antonio

Acquisitions Multifamily Student Housing Texas

Arrimus Capital Acquires 472-Bed Student Housing Property in San Antonio

by Taylor Williams October 3, 2018

SAN ANTONIO — California-based investment and development firm Arrimus Capital has acquired Prado, a 472-bed student housing property located adjacent to the University of Texas at San Antonio in the Alamo City. The 160-unit property features amenities such as a pool, clubhouse with media area, game room, kitchen and study areas, 24-hour fitness center and a business center with study rooms. The property also includes two onsite restaurants, a coffee house and a barbershop. The seller was Dallas-based Fountain Residential.

October 3, 2018

Acquisitions Multifamily Texas

Greystone Brown Arranges $51.7M Sale of Apartment Property in San Antonio

by Taylor Williams October 3, 2018

SAN ANTONIO — Greystone Brown Real Estate Advisors has arranged the $51.7 million sale of Avocet Apartments, a 336-unit apartment property in San Antonio. Built in 2017, the community includes amenities such as a pool, fitness center, clubhouse, business center, coffee bar, car care center and a dog park. Atlanta-based Benimax Investment Group Inc. purchased the property from Stone River. Taylor Brown, Steve Mack and Bo Brown of Greystone Brown represented both parties in the transaction.

October 3, 2018

Acquisitions Arizona Industrial Western

Koll Co., Seera International Bank Sell 1 MSF Buckeye Logistics Center in Phoenix for $98.3M

by Amy Works October 3, 2018

PHOENIX — The Koll Co. and Seera International Bank have completed the sale of Buckeye Logistics Center, a distribution center located at 6835 W. Buckeye Road in Phoenix. An undisclosed buyer acquired the property for $98.3 million. Amazon occupies the 1 million-square-foot warehouse/distribution facility. Originally built as a 604,678-square-foot facility in 2007, Amazon has expanded the property to accommodate its growing clothing and soft goods inventory. The Koll Co. acquired the property in 2016 for $74.7 million and worked with Amazon to convert the property to meet its needs, including the acquisition of an adjacent parcel for additional truck trailer storage. The Koll Co., along with Mark Detmer and Bo Mills of JLL, also renegotiated the tenant’s lease, extending Amazon’s term to more than 10 years.

October 3, 2018

Acquisitions Loans Maryland Multifamily Southeast

Charger Ventures Receives $30.1M in Acquisition Financing for Apartment Complex in Maryland

by Amy Works October 3, 2018

LEXINGTON PARK, MD. — Charger Ventures has received $30.1 million in financing for the acquisition of Greens at Hilton Run, a garden-style multifamily community located at 46860 Hilton Drive in Lexington Park. Jamie Leachman and Nicole Brickhouse of HFF secured the 10-year, fixed-rate loan through Freddie Mac’s CME Program for the borrower. The securitized loan will be serviced by HFF. Charger Ventures plans to continue the seller’s interior unit renovation program, as well as upgrade the clubhouse and amenities. Developed in 1988 and 1992, Greens at Hilton Run features 328 apartments in a mix of one-, two- and three-bedroom units averaging 927 square feet.

October 3, 2018

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