Acquisitions

Unico Properties, American Realty Advisors Acquire 398,412 SF MODA Office Tower in Portland

by Amy Works October 3, 2018

PORTLAND, ORE. — A joint venture between Unico Properties, a subsidiary of Unico Investment Group, and American Realty Advisors has purchased MODA Tower, a skyline office tower in Portland’s central business district, for an undisclosed price. Located at 601 SW Second Ave., the 24-story building features 398,412 square feet of Class A office space. At the time of sale, the property was 90 percent leased. The building features an on-site daycare facility, gourmet coffee and food service, bike storage, direct access to the MAX light rail transit system, exterior terraces and unobstructed views of Mt. Hood and the Willamette River. Jason Flynn of Eastdil Secured represented the undisclosed seller in the deal.

October 3, 2018

Acquisitions Multifamily Washington Western

Griffis Residential Purchases 880-Unit Multifamily Portfolio in Metro Seattle

by Amy Works October 3, 2018

RENTON, WASH. — Griffis Residential, through its Griffis Premium Apartment Fund IV, has acquired a two-property multifamily portfolio located in Renton, a suburb 25 miles south of Seattle, for an undisclosed price. The properties — Reserve and Sanctuary Apartments — have been renamed Griffis Lake Washington at the Landing. Built between 2008 and 2010, the properties will be operated as an 880-unit single apartment community offering studio, one- and two-bedroom units, with an average size of 846 square feet. The property is within walking distance of a variety of amenities and employment opportunities, including The Landing, a lifestyle retail center, and Boeing’s 737 airplane manufacturing facility. Additionally, the community is adjacent to Southport, an under-construction mixed-use project that will feature hospitality, office and recreational space.

October 3, 2018

Acquisitions Multifamily Nevada Western

Tower 16 Capital Partners Buys 540-Unit Cornerstone Crossing Apartments in Las Vegas for $49.7M

by Amy Works October 3, 2018

LAS VEGAS — San Diego-based Tower 16 Capital Partners has purchased Cornerstone Crossing Apartments, a multifamily property located at 6666 W. Washington Ave. in northwest Las Vegas. An undisclosed seller sold the 540-unit property for $49.7 million. Built in 1984, the two-story complex features studios, one-, two- and three-bedroom apartments, ranging from 440 square feet to 1,000 square feet, with private patios and balconies. Community amenities include landscaped courtyards, three pools and spas, a barbecue area, business center, fitness center, basketball courts and sports courts. Tower 16 plans to invest $6.5 million in renovations and upgrades to the property. This is the company’s third acquisition in Las Vegas. Earlier this year, Tower 16 acquired Altura on Duneville and Altura on Tropicana in Spring Valley, Nev.

October 3, 2018

Acquisitions California Multifamily Western

Marcus & Millichap Arranges $13.5M Sale of Multifamily Asset in Oakland

by Amy Works October 3, 2018

OAKLAND, CALIF. — Marcus & Millichap has negotiated the sale 315 Wayne Place, a 46-unit apartment asset located at 315 Wayne Place in Oakland. An undisclosed buyer acquired the property for $13.5 million, or $293,478 per unit. Constructed in 1966, the 40,041-square-foot property features five studios, 27 one-bedroom/one-bath units, 12 two-bedroom/one-bath apartments, a two-bedroom/two-bath penthouse and a three-bedroom/two-bath penthouse. Kevin Turner of Marcus & Millichap and Kristopher Lamont of Bay Apartment Advisors handled the transaction.

October 3, 2018

Acquisitions Georgia Office Southeast

Velocis Sells 152,935 SF Office Complex in Metro Atlanta to Simpson Organization

by Amy Works October 3, 2018

ALPHARETTA, GA. — Dallas-based Velocis, a private equity real estate manager, has completed the disposition of Royal Centre One, a Class A office complex located in Alpharetta, a northern suburb of Atlanta. The Simpson Organization acquired the property for an undisclosed price. Situated within the master-planned Royal 400 office park, the asset features 152,935 square feet of office space across multiple buildings spanning 12 acres along the Georgia 400 corridor. Velocis originally acquired the property in 2013 and has raised occupancy from 53 percent to just under 80 percent, at the time of sale. Samir Idris, David Meline, Andy Johns, Stewart Calhoun and Casey Masters of Cushman & Wakefield represented the seller in the deal.

October 3, 2018

Acquisitions North Carolina Retail Southeast

Prudent Growth Acquires Shopping Center in North Carolina for $5.5M

by Amy Works October 3, 2018

GARNER, N.C. — Chapel Hill, N.C.-based Prudent Growth Partners has purchased The Shops at Gardner Plaza, a retail center located at 537 Plaza Circle in Garner. An undisclosed seller sold the property for $5.5 million. Family Dollar, NY Bride and Groom and Carriage House Cleaners are tenants at the 57,000-square-foot shopping center. Additionally, the property is located nearby Amazon’s newly announced, $200 million distribution center.

October 3, 2018

Acquisitions Illinois Midwest Office

Bridge Investment Group Buys 47-Story Office Tower in Downtown Chicago

by Kristin Harlow October 2, 2018

CHICAGO — Bridge Investment Group’s office division has purchased One North LaSalle, a 47-story office tower in downtown Chicago. A joint venture of Hilco Real Estate and a pair of MB Real Estate executives sold the property for $113 million, according to Crain’s Chicago Business. The 493,738-square-foot building is currently 84.6 percent occupied. Originally built in 1929, the building has undergone more than $35 million in capital improvements over the last decade. An amenity floor known as The Landmark features a fitness center, conference facilities, lounge areas and a rooftop deck. Melissa Rubenstein, Annie Nicolau and Jay Miller of JLL will oversee lease-up of the property on behalf of Bridge.

October 2, 2018

Acquisitions Michigan Midwest Office

Oxford Cos. Acquires 290,000 SF Office Building in Ann Arbor, Michigan

by Kristin Harlow October 2, 2018

ANN ARBOR, MICH. — Oxford Cos. has acquired 777 East Eisenhower Parkway on Ann Arbor’s south side. The purchase price was $29.5 million, according to local media reports. The office building spans 10 stories and 290,000 square feet. Oxford will all retain all leasing and property management services for the asset. Tenants include a mix of financial, technology, legal and health companies. Oxford plans to invest $10 million in building improvements, including renovations to the first floor. The seller was not disclosed.

October 2, 2018

Acquisitions Illinois Midwest Multifamily Student Housing

Arrimus Capital Purchases 428-Bed Student Housing Property Near University of Illinois

by Kristin Harlow October 2, 2018

CHAMPAIGN-URBANA, ILL. — Arrimus Capital has purchased 212 East, a 428-bed student housing property near the University of Illinois in Champaign-Urbana. XFD Real Estate Partners sold the asset for an undisclosed price. The property is located along Green Street in the heart of the Campustown district. Property amenities include a fitness center, community lounge, outdoor courtyard and study rooms. HFF represented the seller in the transaction.

October 2, 2018

Acquisitions Midwest Missouri Office

NAI Desco Brokers $5.5M Sale of Office Building in Suburban St. Louis

by Kristin Harlow October 2, 2018

CREVE COEUR, MO. — NAI Desco has brokered the sale of Ballas Place in Creve Coeur for $5.5 million. The 78,252-square-foot office building is located at 425 N. New Ballas Road. Constructed in 1980, the property is 74 percent occupied by tenants such as Central Bank of St. Louis, Trileaf Corp., Brookdale Senior Living and Povaddo. Bamboo Equity Partners, the buyer, plans to invest $4 million in building upgrades over the next year. Plans call for the transformation of the two-story atrium into shared collaborative space. Carl Conceller and Stephen Gwinnup of NAI Desco represented the undisclosed seller. Intelica Commercial Real Estate represented Bamboo.

October 2, 2018

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