Acquisitions

Surfside Industries Sells Six-Building Industrial Property in Port Hueneme, California for $5.1M

by Amy Works November 9, 2018

PORT HUENEME, CALIF. — Surfside Industries LLC has completed the sale of a six-building industrial asset located at 250-278 S. Surfside Drive in Port Hueneme. James Mesa acquired the investment property for $5.1 million. Currently operated as a multi-tenant industrial and RV park, the property is M-1 zoned for manufacturing, processing and distribution use. Chris Roth and Rusty Williams of Lee & Associates Commercial Real Estate Services – North San Diego County, along with John Ochoa of Lee & Associates Ventura, represented the seller. Ventura, Calif.-based The Becker Group represented the buyer in the deal.

November 9, 2018

Acquisitions Retail Texas

CBRE Arranges $11M Sale Retail Property Leased to Floor & Décor in Oklahoma City

by Taylor Williams November 9, 2018

OKLAHOMA CITY — CBRE has arranged the $11 million sale of a 75,115-square-foot retail property leased to Floor & Décor in Oklahoma City. The newly built, freestanding building is located within the newest phase of Westgate Marketplace at the crossing of Interstate 40 and South MacArthur Boulevard. Local real estate firm Zerby Interests sold the property to Phoenix-based VEREIT Acquisitions LLC. Jason Little and Justin Brannon of CBRE brokered the transaction.

November 9, 2018

Acquisitions Georgia Multifamily Southeast

Admiral Capital, Elite Street Sell Multifamily Community in Metro Atlanta for $51.2M

by Amy Works November 9, 2018

NORCROSS, GA. — Admiral Capital Group and Elite Street Capital have completed the disposition of The Fields Peachtree Corner, a multifamily property located on One Ashley Lakes Drive in Norcross, about 20 miles northeast of Atlanta in Gwinnett County. An undisclosed buyer acquired the 490-unit asset for $51.2 million. Through a joint venture, Admiral and Elite acquired the community in May 2016 for $36.3 million and implemented a repositioning and capital improvements program. Renovations included deferred maintenance, enhancing exteriors and upgrading interior units. Select improvements included fitness center, pool area and other amenity upgrades, replacement of wooden decks and landscaping improvements. Interior renovations included replacing countertops, modernizing kitchen cabinets, appliances and flooring and renovating bathrooms. Dan Phelan of Newmark Knight Frank handled the transaction.

November 9, 2018

Acquisitions Multifamily New Jersey Northeast

J.P. Management Acquires Apartment Building in Fairview, New Jersey for $43M

by David Cohen November 9, 2018

FAIRVIEW, N.J. — J.P. Management has acquired the Fairview, a 12-story apartment property in Fairview for $43 million. Located at 371 Bergen Boulevard, the property consists of 146 units and was fully renovated in 2017. Amenities at the property include a swimming pool, fitness center, covered parking and views of the New York City skyline. Jose Cruz, Stephen Simonelli, Kevin O’Hearn, Michael Oliver, Jordan Avanzato and Ryan Robertson of HFF represented the seller, Roizman Development Inc., in the transaction.

November 9, 2018

Acquisitions Company News District of Columbia Multifamily Office Southeast Virginia

DivcoWest Opens D.C. Office, Acquires 392-Unit Apartment Community in Northern Virginia

by Amy Works November 9, 2018

WASHINGTON, D.C. — Divco West Real Estate Services (DivcoWest), a real estate investment firm based in San Francisco, has opened an office in Washington, D.C. Located at 1620 L St. N.W., the new location joins the firm’s roster of offices in Boston, Los Angeles and New York. Additionally, DivcoWest has acquired Avalon Woodland Park, a 392-unit apartment community in Herndon, Va., for an undisclosed price. The company purchased the asset in partnership with Arlington, Va.-based Blackfin Real Estate Investors and renamed the property as Adara Herndon. The gated community features a fitness center, resort-style pool, picnic tables and park benches, sand volleyball court, children’s playground and private garages.

November 9, 2018

Acquisitions Northeast Office Pennsylvania

NKF Brokers $20M Sale of Office Building in Audubon, Pennsylvania

by David Cohen November 9, 2018

AUDUBON, PENN. — NKF Capital Markets has brokered the $20 million sale of a 136,918-square-foot office building in Audubon. Located at 1001 Adams Ave., the property is currently fully occupied by Optum 360, a UnitedHealth Company. Amenities at the property include a full-service cafeteria, on-site fitness center with showers, outside patio dining and video conferencing facilities. Mike Margolis, Dave Dolan, Dave Garonzik and Jeff Mack of NKF Capital Markets represented the seller, Delaware Valley Real Estate Investment Fund, in the transaction. The buyer was Blue Stone Capital.

November 9, 2018

Acquisitions Georgia Retail Southeast

United Properties Buys Shopping Center in North Georgia from CBL for $16.5M

by Amy Works November 9, 2018

FORT OGLETHORPE, GA. — East Meadow, N.Y.-based United Properties has purchased Parkway Plaza, a retail center located at 125-234 Parkway Drive in Fort Oglethorpe. Chattanooga, Tenn.-based CBL Properties sold the asset for $16.5 million. Developed in 2015, the 134,047-square-foot retail center was fully leased at the time of sale to tenants including Hobby Lobby, Marshalls, Petco, Rack Room Shoes and Ross Dress for Less. Fred Victor of Transwestern handled the disposition and all-cash acquisition.

November 9, 2018

Acquisitions Florida Office Southeast

Pacer Partners Acquires 151,479 SF Office Portfolio in Orlando

by Amy Works November 9, 2018

ORLANDO, FLA. — Pacer Properties has purchased a two-building office portfolio located within Orlando’s SouthPark Center, a suburban master-planned business center near Orlando International Airport. AEW Capital Management sold the asset for an undisclosed price. Located at 700 and 800 SouthPark Center and totaling 151,479 square feet, the properties are 100 percent leased to a diverse group of tenants, including Catamaran (a subsidiary of UnitedHealth Group), Walgreens and Banco de Brasil. Michael Lerner, Mike Davis, Rick Brugge of Cushman & Wakefield’s Capital Markets team represented the seller in the transaction.

November 9, 2018

Acquisitions Midwest Minnesota Office Wisconsin

R2, Skydeck Acquire 11-Building Office Portfolio in Minneapolis, Milwaukee

by Kristin Harlow November 9, 2018

MINNEAPOLIS AND MILWAUKEE — R2 Cos. and Skydeck LLC have acquired an 11-building, 525,000-square-foot office portfolio in Minneapolis and Milwaukee. The Minneapolis properties are located in the Northeast Arts District. Tenants include Blu Dot, Tactile Medical, Anagram International, Object Partners, AON, Sociable Cider Werks, Bauhaus Brew Labs and Dogwood Coffee.The Milwaukee property is The Tannery, a creative office campus in the Walker’s Point submarket. Advocate Aurora Health anchors the property. The portfolio was 95 percent leased at the time of sale. The buyer plans to make significant improvements via new amenities such as bike rooms, fitness centers and dedicated outdoor space. The purchase price was in excess of $60 million.

November 9, 2018

Acquisitions Midwest Missouri Multifamily

CAPREIT Purchases Two Apartment Communities in Suburban St. Louis

by Kristin Harlow November 9, 2018

O’FALLON AND WENTZVILLE, MO. — CAPREIT has purchased two apartment communities in St. Charles County within suburban St. Louis. The purchase price was $45 million, according to the St. Louis Business Journal. The properties include the 256-unit Peine Lakes in Wentzville and the 266-unit O’Fallon Lakes in O’Fallon. Peine Lakes is home to 205 affordable housing units and 5 market-rate units. Both properties feature units that range in size from 802 to 1,157 square feet. The seller was not disclosed.

November 9, 2018

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