Acquisitions

Cress Capital Acquires Five-Building Office Portfolio in Southern California for $89.5M

by Amy Works August 9, 2018

CERRITOS, CALIF. — Newport Beach, Calif.-based Cress Capital has purchased a five-building office portfolio, located within Cerritos Town Centre in Cerritos. An undisclosed seller sold the asset for $89.5 million. Built between 1989 and 1998, the 461,920-square-foot portfolio includes two seven-story buildings and three two-story buildings. At the time of sale, the asset was 88 percent occupied by 45 tenants. Cerritos Town Centre is a 124-acre mixed-use development offering more than 1 million square feet of Class A office space, a full-service hotel, the Cerritos Center for the Performing Arts and a 600,000-square-foot, open-air retail center. This transaction puts Cress at nearly $250 million in acquisition volume over the past 18 months and expands the company’s portfolio in Southern California and Colorado to roughly 1.7 million square feet.

August 9, 2018

Acquisitions Colorado Multifamily Western

Oak Coast Properties, BMC Investments Buy St. Mortiz Apartments in Metro Denver for $78M

by Amy Works August 9, 2018

LAKEWOOD, COLO. — Oak Coast Properties and BMC Investments have acquired St. Mortiz Apartments, a multifamily property located adjacent to the Colfax Retail Corridor in Lakewood, a suburb of Denver. The partnership acquired the property for $78 million. Built in 1986, St. Mortiz Apartments features 360 units, a dog park, pool and spa, gas fire pits, fitness center, basketball court, putting green and business center. The buyers plan to renovate the community, including the common areas and amenities. BLDG Management will manage the property. Charles Halladay, Brock Yaffe and Rick Salinas of HFF’s debt placement team assisted in securing a $55 million acquisition loan for the buyers through Freddie Mac’s CME Program. Shane Ozment of ARA Newmark in Denver represented the buyers in the deal.

August 9, 2018

Acquisitions California Retail Western

NKF Capital Markets Arranges $59.3 Million Sale of Elk Grove Commons Near Sacramento

by Amy Works August 9, 2018

ELK GROVE, CALIF. — NKF Capital Markets has arranged the sale of Elk Grove Commons, a 241,926-square-foot shopping center in Elk Grove, a southern suburb of Sacramento. The sales price was not disclosed, but the Sacramento Business Journal reports the asset sold for $59.3 million. Nicholas Bicardo and Brandon Rogoff of NKF Capital Markets arranged the transaction on behalf of the seller, Donahue Schriber. Acadia Realty Trust acquired the center, which was fully leased at the time of sale. Elk Grove Commons houses tenants such as Trader Joe’s, HomeGoods and Kohl’s.

August 9, 2018

Willow-Creek-Corporate-Center-Redmond-WA

Acquisitions Office Washington Western

HFF Negotiates Sale of 421,785 SF Office Park in Metro Seattle

by Amy Works August 9, 2018

REDMOND, WASH. — HFF has brokered the sale of Willow Creek Corporate Center, a seven-building office park located in Redmond, a suburb 16 miles east of Seattle. Preylock Real Estate Holdings acquired the asset for an undisclosed price. At the time of sale, the 421,785-square-foot property was fully leased. Michael Leggett, Dave Otis, Logan Greer and Kevin Freels of HFF represented the undisclosed seller and procured the buyer in the transaction.

August 9, 2018

Acquisitions Multifamily Northeast Pennsylvania

Southern Land Co., Redwood Capital Sell Residential Tower in Philadelphia for $140M

by David Cohen August 8, 2018

PHILADELPHIA — Southern Land Co. and project partner Redwood Capital Investments have sold 3601 Market, a 28-story, 363-unit apartment tower in Philadelphia for $140 million. FPA Core Plus Fund IV purchased the property. The LEED Silver-certified project opened in 2015 and features a rooftop pool and 13,600 square feet of restaurant and retail space.

August 8, 2018

Acquisitions Mixed-Use New York

Cushman & Wakefield Brokers $61M Sale of Development Site in Brooklyn

by David Cohen August 8, 2018

NEW YORK CITY — Cushman & Wakefield has brokered the $61 million sale of a 95,000-square-foot development site in the Gowanus neighborhood of Brooklyn. Located at 313-331 Bond St., the property’s M2-1 zoning regulations allows for 185,040 of buildable square feet, according to Cushman & Wakefield. Stephen Palmese, Winfield Clifford, James Berluti and William Barrett of Cushman & Wakefield represented the undisclosed seller in the transaction. All Year Management purchased the property and plans to build a mixed-use project on the site.

August 8, 2018

Acquisitions Multifamily New York Northeast

Harborview, WRA Properties Acquire Apartment Community in New York for $4.3M

by David Cohen August 8, 2018

NYACK, N.Y. — Harborview Properties and WRA Properties have acquired Waldron Heights Apartments, a 29-unit apartment complex in Nyack, along the Hudson River north of New York City, for $4.3 million. Located at 16-18 Waldron Ave., the community consists of two- and three-bedroom apartment units. The property was acquired from the original owner, a local family that built it in the 1970s. HarborView plans to make capital improvements to the property including building-wide improvements and individual apartment renovations. The community was renamed The Residences at Riverhill 59. Eastern Consolidated brokered the transaction. Meridian Capital arranged acquisition financing.

August 8, 2018

Acquisitions Office Texas

Transwestern Development Co. Sells 313,420 SF Office Property in Houston

by Taylor Williams August 8, 2018

HOUSTON — Transwestern Development Co. (TDC) has sold Westway Plaza, a 313,420-square-foot office building located at 11330 Clay Road in northwest Houston. The five-story, Class A building was built in 2015 and features a full-service deli and a fitness center with locker rooms. General Electric Co. is the anchor tenant at the property, which was fully leased at the time of sale. Jeff Hollinden and Dane Petersen of HFF represented TDC in the transaction. The buyer was The Aztec Fund Inc., a Mexico-based private equity fund.

August 8, 2018

Acquisitions Multifamily Texas

CBRE Arranges Sale of 576-Unit Apartment Community in Houston

by Taylor Williams August 8, 2018

HOUSTON — CBRE has arranged the sale of Madison Park Apartments, a 576-unit multifamily community located in the Westchase area of Houston. Floor plans comprise one-, two- and three-bedroom units ranging in size from 758 to 1,428 square feet. Amenities include four pools, two fitness centers, two playgrounds, onsite laundry facilities, a dog park and a large central park. Clint Duncan and Matt Phillips of CBRE represented the seller in the transaction. Michael Thompson of CBRE arranged an undisclosed amount of acquisition financing on behalf of the buyer, a partnership between TRI Consulting, Next Investments and TPEG.

August 8, 2018

Acquisitions Multifamily Texas

Hilltop Residential Purchases 398-Unit Multifamily Asset in Houston

by Taylor Williams August 8, 2018

HOUSTON — Houston-based Hilltop Residential has purchased Villas at Bunker Hill, a 398-unit multifamily property located in the Memorial City area of Houston. The Class A community offers one- and two-bedroom units averaging 963 square feet. Amenities include two pools, outdoor grilling areas, a fitness center, game room, business center and a demonstration kitchen. Chris Curry, Todd Marix and Estee Ibanez of HFF represented the seller, SouthStar Communities, in the sale. Cortney Cole and Jett Lucia of HFF arranged a three-year, floating-rate acquisition loan for the transaction on behalf of Hilltop Residential.

August 8, 2018

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