Acquisitions

Joint Venture Acquires 282-Bed Student Housing Community Near Utah Valley University

by Amy Works September 5, 2018

OREM, UTAH — A joint venture between Millstream Partners and Redstone Residential has acquired Summerwood Condos, a 282-bed community located near Utah Valley University in Orem. The property was built in 2003 and is set to undergo a complete renovation and rebranding. Unit interiors will be updated with new furniture and appliances; new flooring; fresh paint; quartz countertops; and a gigabit Internet upgrade. Exterior upgrades will include the addition of a new fitness center and clubhouse; a triple-decker hot tub; fire pit; and refreshed outdoor living amenities. The property was purchased under a Freddie Mac green program. In accordance, the new ownership will be installing equipment to reduce water consumption by more than 50 percent and will install solar panels to offset common area electric expenses. The seller in the transaction and a timeline for renovations were undisclosed.

September 5, 2018

Acquisitions California Multifamily Seniors Housing Western

Cadence Living Acquires Seniors Housing Community in Bay Area, Plans Renovations

by Amy Works September 5, 2018

MILLBRAE, CALIF. — Cadence Living, a senior living development and management company based in Arizona has acquired Marymount Greenhills Retirement Center an undisclosed price. The independent living, assisted living and memory care community is located in Millbrae, a suburb near the San Francisco International Airport. The new owner has rebranded the property as Cadence Millbrae and plans extensive renovations for the next year. The project is part of the city’s plans to redevelop areas into hubs for commercial and residential activity. The renovation project will include fully modernized apartments and common-area corridors, as well as renovation of all common area spaces such as the dining room, activity spaces, and lobby. Cadence Living currently owns and operates communities in California and is expanding its footprint throughout the South and West.

September 5, 2018

Acquisitions California Development Mixed-Use Multifamily Retail Western

Charles Dunn Co. Arranges $2.8M Sale of Land Parcel for Multifamily Development in Los Angeles

by Amy Works September 5, 2018

LOS ANGELES — Charles Dunn Co. has arranged the sale of a development site located at 729 S. Park View St. in Los Angeles. Salem Missionary Baptist Church sold the asset to Safeco LLC for $2.8 million. The 18,000-square-foot site features a 4,100-square-foot building, which the seller formerly occupied. The buyer, which owns an adjacent parcel, plans to develop 150 residential units and potentially ground-floor retail at the site. Chris Giordano, Chris Steck and John Anthony of Charles Dunn Co. represented the seller and buyer in the deal.

September 5, 2018

Acquisitions New York Northeast Office Top Stories

Lexington Realty Trust Sells 21 Office Assets for $726M

by David Cohen September 5, 2018

NEW YORK CITY — Lexington Realty Trust (NYSE: LXP) has sold a 21-office asset portfolio for $726 million to a joint venture between affiliates of Davidson Kempner Capital Management LP and Lexington. The office properties are spread across the U.S., with properties in the eastern and western regions, the South and the Midwest. The 3.8 million-square-foot portfolio is currently 98.6 percent leased to a tenant roster that includes Amazon, Experian Holdings, Motel 6 and Nissan. “This transaction marks a major step forward as we execute on our strategy to efficiently recycle capital out of suburban office properties and concentrate our portfolio on single-tenant, net leased industrial properties,” says T. Wilson Eglin, CEO of New York City-based Lexington Realty Trust. We intend to use transaction proceeds to continue to acquire high-quality industrial properties and repay our revolving credit facility and other debt, which we believe is the best path to create meaningful long-term shareholder value.” Following the transaction, Lexington’s percentage of industrial assets based on consolidated revenue is expected to increase to 60 percent from 44 percent at year-end 2017. Lexington received net cash proceeds of approximately $565 million at closing. The joint venture is expected to assume approximately $57 million …

September 5, 2018

Acquisitions Industrial New Jersey Northeast

Cushman & Wakefield Brokers Sale of 88,000 SF Industrial Building in Piscataway

by David Cohen September 4, 2018

PISCATAWAY, N.J.— Cushman & Wakefield has brokered the sale of an 88,000-square-foot industrial building in Piscataway. The sales price was undisclosed. Jason Barton, Chuck Fern, Tom Tucci and Stephen Shoemaker of Cushman & Wakefield represented the seller, S.S. White Technologies Inc., a manufacturer of aerospace parts, in the transaction. The buyer was N.J. CRR LLC. The property is located at 151 Old New Brunswick Road.

September 4, 2018

Acquisitions Multifamily Northeast Pennsylvania

Marcus & Millichap Negotiates $1.2M Sale of Mixed-Use Building in Philadelphia

by David Cohen September 4, 2018

PHILADELPHIA — Marcus & Millichap has arranged the $1.2 million sale of the Frederick Douglass Apartments in Philadelphia. The mixed-use property consists of 16 residential units and four retail spaces and is located at 5600 Germantown Ave. in the Germantown neighborhood. Fred Paisley of Marcus & Millichap represented the seller, a limited liability company, in the transaction. A New York-based buyer purchased the property.

September 4, 2018

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Arranges Sale of 51,555 SF Self-Storage Facility in Anna, Texas

by Taylor Williams September 4, 2018

ANNA, TEXAS — Marcus & Millichap has arranged the sale of Affordable Self-Storage, a 51,555-square-foot facility in Anna, about 45 miles north of downtown Dallas. Built in stages between 2004 and 2015, the property consists of 76 climate-controlled units, 312 non-climate-controlled units, 36 boat/RV units and 63 uncovered parking spaces. Brandon Karr and Danny Cunningham of Marcus & Millichap represented the seller, a private investor. The buyer was a local self-storage owner-operator. Both parties requested anonymity.

September 4, 2018

Acquisitions Healthcare Texas

HCA Houston Healthcare Buys 139-Bed Acute Care Facility in Cypress, Texas

by Taylor Williams September 4, 2018

CYPRESS, TEXAS — HCA Houston Healthcare has purchased North Cypress Medical Center, a 139-bed acute care facility located in Cypress, a northwestern suburb of Houston. Specialty services offered at the property include cancer services, chemotherapy, pediatrics, sports medicine, robotic surgery and medical nutrition therapy. The seller was not disclosed.

September 4, 2018

Acquisitions Industrial Midwest Minnesota

Marcus & Millichap Brokers $4.6M Sale of Industrial Property in St. Paul

by Kristin Harlow September 4, 2018

ST. PAUL, MINN. — Marcus & Millichap has brokered the sale of an 87,044-square-foot industrial property in St. Paul for $4.6 million. Located at 195-215 Sycamore St., the property includes two freestanding warehouses with a fully paved and fenced outside storage space. Sean O’Brien and John Godwin of Marcus & Millichap marketed the property on behalf of the seller, a private investor. An out-of-state investor was the buyer. O’Brien also assisted the seller in negotiating an eight-year lease extension with tenant Allied Building Products prior to the closing.

September 4, 2018

Acquisitions Illinois Midwest Retail

Quantum Arranges $1.5M Sale of Retail Building Occupied by Sherwin Williams in Lake Bluff, Illinois

by Kristin Harlow September 4, 2018

LAKE BLUFF, ILL. — Quantum Real Estate Advisors Inc. has arranged the $1.5 million sale of a single-tenant retail building occupied by Sherwin Williams in Lake bluff, about 35 miles north of Chicago. The 3,799-square-foot building is located at 545 Rockland Road. Sherwin Williams has a 10-year lease at the property. A private real estate investor based in suburban Chicago purchased the asset. Chad Firsel of Quantum represented the seller, a Chicago-based acquisition and development company.

September 4, 2018

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