Acquisitions

Ridge Capital Investors, Contrarian Capital Acquire Two Multifamily Properties Near Sacramento for $39.5M

by Amy Works September 27, 2018

SACRAMENTO, CALIF. — Ridge Capital Investors and Contrarian Capital Management have acquired two apartment communities in metro Sacramento. JCM Partners sold the properties in two separate transactions totaling $39.5 million. The properties are La Rivera Commons, built in 1975 and located at 8719 Woodwan Way, and Antelope Woods, built in 1986 and located at 6413 Tupelo Drive. Both properties are Class B apartment communities and feature a total of 268 units. The ownership group plans to execute a renovation program across the two-property portfolio that will include substantial improvements to unit interiors and exteriors, as well as upgrades to property amenities, branding and signage. Upon completion, the properties will compete with comparable Class B+ and A- properties, according to the new owners. Marc Ross of CBRE represented the seller on the La Rivera Commons transaction. Steve Nelson, Dusty Haeling, Phil Saglimbeni, Sal Saglimbeni and Ken Blomsterberg of Marcus & Millichap/IPA represented the seller in the Antelope Woods deal.

September 27, 2018

Acquisitions Arizona Multifamily Western

NorthMarq Multifamily Brokers $38.5M Sale of Apartment Complex in Tempe, Arizona

by Amy Works September 27, 2018

TEMPE, ARIZ. — NorthMarq Multifamily has arranged the sale of Nines Apartments, located at Baseline and Rural roads in Tempe. Los Angeles-based Tides Equities LLC acquired the property from 3rd Ave Investments for $38.5 million. Built in 1974, Nines Apartments features 244 units in a mix of studio, one-, two- and three-bedroom layouts. The buyer plans to implement interior and exterior improvements to the property. Bill Hahn, Trevor Koskovich and Jesse Hudson of NorthMarq Multifamily represented the buyer and seller in the transaction.

September 27, 2018

Acquisitions California Retail Western

NKF Capital Markets Arranges Sale of Esplanade Shopping Center in Oxnard, California

by Amy Works September 27, 2018

OXNARD, CALIF. — NKF Capital Markets has arranged the sale of Esplanade Shopping Center, a regional shopping center located at 195 W. Esplanade Drive in Oxnard. Brixmor Property Group sold the property to G&I IX Esplanade Property LP for undisclosed price. At the time of sale, the 488,867-square-foot property was 92.3 percent occupied. Current retailers include Nordstrom Rack, Walmart Neighborhood Market, T.J. Maxx, Staples, Dick’s Sporting Goods, Cost Plus World Market and The Home Depot. Restaurants include BJ’s Restaurant, Blaze Pizza, In-N-Out Burger, Pick Up Stix, Jamba Juice and Starbucks Coffee. Bill Bauman, Kyle Miller and Matthew Schwartz of NKF Capital Markets represented the seller. Additionally, NKF’s David Milestone and Brett Green secured financing for the buyer in the transaction.

September 27, 2018

Acquisitions Iowa Midwest Retail

Equity Investment Group Acquires 113,713 SF Shopping Center in Davenport, Iowa

by Kristin Harlow September 27, 2018

DAVENPORT, IOWA — Equity Investment Group has acquired a 113,713-square-foot shopping center anchored by Hv-Vee in Davenport for an undisclosed price. Known as Kimberly West shopping center, the property is 87.8 percent leased. Other tenants include Great Clips, Tony’s Chicago Style Pizzeria, Rent-A-Center, Citizens Finance Co., Amana Medical Care and Lily Massage. Amy Sands, Clinton Mitchell and Jules Sherwood of HFF represented the seller, Brixmor Property Group.

September 27, 2018

Acquisitions Michigan Midwest Multifamily

Greystone Bel Arranges Sale of 144-Unit Apartment Community in Detroit

by Kristin Harlow September 27, 2018

DETROIT — Greystone Bel has arranged the sale of Carlton Apartments in Detroit for an undisclosed price. The 144-unit, garden-style apartment community is located in the Lafayette Park neighborhood. Built in 1971 and located at 1387 East Larned St., Carlton Apartments offers studio, one-and two-bedroom floor plans. Cary Belovicz of Greystone Bel represented the undisclosed seller. Belovicz, along with John Marr of Greystone, also secured a 10-year Fannie Mae loan that features a 4.96 percent fixed rate on behalf of the buyers, Andover Real Estate Partners and The M-Group.

September 27, 2018

Acquisitions Florida Office Southeast

Innovatus Capital Buys Five-Building Office Campus in Orlando

by Camren Skelton September 27, 2018

ORLANDO, FLA. — Innovatus Capital Partners LLC has acquired Westwood Corporate Center, a five-building, 343,331-square-foot office campus in Orlando. The name of the seller and sales price were not disclosed. The complex was built in three phases between 1988 and 1999. Phase I included three single-story buildings and Phases II and III are both five-story, Energy Star-certified buildings. Westwood Corporate Center was 97 percent leased at the time of sale to 25 tenants. The largest tenant — Marriott Vacations Worldwide — opened its global headquarters at the property in 1996 and has since more than tripled its footprint, expanding eight times to its current operations at 157,400 square feet. The property features a four-story, 1,463-space parking garage, and is situated on 21 acres, roughly 12 miles from Orlando International Airport.

September 27, 2018

Acquisitions Multifamily Southeast Tennessee Top Stories

Morgan Properties Enters Nashville Market with $91M Multifamily Portfolio Acquisition

by Camren Skelton September 27, 2018

NASHVILLE, TENN. — Morgan Properties has acquired a four-property, 826-unit multifamily portfolio in Nashville for $91 million. Cardone Capital sold the garden-style properties, which include Hickory Creek, Lincoya Bay, Sheffield Heights and Jackson Grove. The transaction is the first acquisition in Tennessee for Morgan Properties, a national real estate investment and management company headquartered in King of Prussia, Penn. “Entering Nashville is a major milestone for Morgan Properties,” says Jonathan Morgan, president of Morgan Properties JV, an affiliate of Morgan Properties. “Nashville is a hot market and we have been targeting it for quite some time. We felt this portfolio gave us a foundation to build on as we continue to seek follow-on investment opportunities to scale our footprint in the market.” Morgan Properties plans to invest $8.7 million in renovations to the properties that will include enhancing curb appeal and signage; upgrades to kitchens and bathrooms; washer and dryer installations; and enhancements to the fitness center, playgrounds, dog parks, pool areas, exterior fitness areas and other amenities. In addition, the company will provide new tech features such as electronic locks, Wi-Fi enabled thermostats and light switches, and an Amazon Echo with voice control over all devices in select units. Morgan …

September 27, 2018

Acquisitions Healthcare Massachusetts Northeast

NKF Capital Markets Brokers $23.5M Sale of Norwood Medical Center in Massachusetts

by David Cohen September 26, 2018

NORWOOD, MASS. — NKF Capital Markets has brokered the $23.5 million sale of Norwood Medical Center in Norwood. Located at 825 Washington St., the 92,400-square-foot facility is anchored by Steward Health Care. Frank Nelson, Michael Greeley, James Tribble and Casey O’Brien of NKF Capital Markets represented the seller, Grander Capital Partners, in the transaction. The buyer was an affiliate of Thor Equities.

September 26, 2018

Acquisitions Northeast Pennsylvania Retail

HFF Arranges Sale of 11,900 SF Building Leased to CVS Pharmacy in Allentown

by David Cohen September 26, 2018

ALLENTOWN, PA. — HFF has arranged the sale of an 11,900-square-foot retail building leased to CVS Pharmacy in Allentown. Located at 1601 Liberty St., the property is one of only two 24-hour CVS Pharmacies within a 30-mile radius. Marc Mandel and Steve Schrenk of HFF represented the seller, who was undisclosed, in the transaction. SVC Lehigh Valley 1 LLC purchased the asset in an off market transaction. The sales price was undisclosed.

September 26, 2018

Acquisitions Multifamily New Jersey Northeast

Marcus & Millichap Negotiates $1.6M Sale of Apartment Complex in Montclair, New Jersey

by David Cohen September 26, 2018

MONTCLAIR, N.J. — Marcus & Millichap has negotiated the $1.6 million sale of two, six-unit apartment buildings in Montclair. The properties are located at 70 Pine St. and 108 Pine St. Julienne Pape of Marcus & Millichap represented the seller and buyer, both private investors, in the transaction. All units in the buildings were recently renovated.

September 26, 2018

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