Acquisitions

Brown Commercial Brokers $2.6M Sale of Industrial Property in Lake Barrington, Illinois

by Kristin Harlow September 12, 2018

LAKE BARRINGTON, ILL. — Brown Commercial Group has brokered the $2.6 million sale of a 32,000-square-foot industrial property in Lake Barrington, about 40 miles northwest of Chicago. The buyer, PEGA LLC, will use 10,000 square feet of the building for its own industrial business while an existing tenant will lease the remaining 22,000 square feet. Freund Properties LLC was the seller. Jim Pietrarosso represented both the buyer and the seller in the transaction. The fully leased building features four docks and drive-in doors as well as 9,100 square feet of office space.

September 12, 2018

Acquisitions Midwest Multifamily Ohio Seniors Housing

SLIB Negotiates $2M Sale of Skilled Nursing Community in Fremont, Ohio

by Kristin Harlow September 12, 2018

FREMONT, OHIO — Senior Living Investment Brokerage has negotiated the sale of Pristine Senior Living and Post-Acute Care of Fremont, an 82-bed skilled nursing facility, for $2 million. The three-story community is located in Fremont, approximately 40 miles southeast of Toledo. Constructed in 1965 and expanded in 1989, the 73,515-square-foot property sits on 6.8 acres. The seller was Sandusky County, which previously leased the community to Pristine Senior Living. The lease term ended and Pristine exited the Ohio market. The buyer was a New-Jersey based company with 11 other communities in Ohio. The transaction was positioned as a value-add play, as the community’s occupancy was below 50 percent at the time of sale. The new owner plans to make capital improvements to the building. The price equates to a price per bed of $24,390 and a capitalization rate of 7.04 percent.

September 12, 2018

Acquisitions Office Texas

Colliers Arranges Sale of Two Office Assets Totaling Nearly 600,000 SF in Midland

by Taylor Williams September 12, 2018

MIDLAND, TEXAS — Colliers International has arranged the sale of two Class A office properties totaling nearly 600,000 square feet in the West Texas city of Midland. Fasken Center is a 421,546-square-foot property that was built in phases in 1974 and 1982, according to Wikipedia. Frost Bank Tower is a 12-story, 177,952-square-foot building. David Carter and Patrick Duffy of Colliers International brokered the deal. Other terms of sale were not disclosed.

September 12, 2018

Acquisitions Industrial Texas

NAI Partners Negotiates Sale of 125,000 SF Industrial Property in Houston

by Taylor Williams September 12, 2018

HOUSTON — NAI Partners has negotiated the sale of a 125,000-square-foot industrial property located at 8203 Market St. in Houston. According to LoopNet Inc., the property was built in 1985 and is zoned for manufacturing. John Ferruzzo and Clay Pritchett of NAI Partners represented the seller, 8203 Market Street Road LLC, in the transaction. Matthew Goldsby of Belvoir Real Estate Group represented the buyer, 8203 MSR Properties LLC.

September 12, 2018

Acquisitions Florida Multifamily Southeast

TruAmerica Acquires Class B Multifamily Property in Orlando for $79M

by Camren Skelton September 12, 2018

WINTER PARK, FLA. — TruAmerica Multifamily has acquired Solis at Winter Park, a 596-unit, Class B multifamily community located in Winter Park, roughly eight miles north of Orlando, for $79 million. Constructed in 1986, the property includes one- and two-bedroom apartment homes averaging 862 square feet. Individual units feature stainless steel appliances, walk-in closets, full-size washers and dryers and lake views in select units. Community amenities include two pools, a fitness center, lighted tennis court, sand volleyball court and a fenced dog park. TruAmerica plans to renovate all apartment units with faux-wood floors, stone countertops, cabinet fronts, modern lighting and green plumbing fixtures. Common area improvements will include upgrades to both pool areas, the clubhouse and the fitness center, as well as landscaping and exterior paint. TruAmerica received a Freddie Mac loan and an additional loan arranged by Walker & Dunlop for the acquisition. Shelton Granade, Luke Wickham and Justin Basquill of CBRE arranged the transaction on behalf of the undisclosed seller.

September 12, 2018

Acquisitions Multifamily Oregon Western

Security Properties, Pacific Life Insurance Buy Multifamily Asset in Oregon for $85M

by Amy Works September 12, 2018

HILLSBORO, ORE. — Security Properties and Pacific Life Insurance Co. have acquired Tessera at Orenco Station, a multifamily property located at 6523 NE Cherry Drive in Hillsboro, a suburb of Portland. An undisclosed seller sold the asset for $85 million. Built in 2014, the property features 304 apartment units and is within walking distance of The Orenco Station Town Center, a retail center. The buyers plan to upgrade all eight of the property’s designated common area spaces and renovate the unit interiors with vinyl plank flooring throughout all living areas, under-cabinet access lighting and a technology package. Security Properties Residential, an affiliate of Security Properties, will manage the property.

September 12, 2018

Acquisitions Florida Multifamily Southeast

Vista Realty Sells Apartment Community in Metro Atlanta to Hudson Capital for $49M

by Camren Skelton September 12, 2018

SANDY SPRINGS, FLA. — Vista Realty Partners has sold Northridge Vista Apartments, a 220-unit multifamily community located in Sandy Springs, roughly 20 miles north of downtown Atlanta. Hudson Capital Partners acquired the asset for $49 million. Northridge Vista includes a mix of one- and two-bedroom units ranging in size from 710 square feet to 1,438 square feet. Monthly rental rates start at $1,293 for a one-bedroom unit, and go up to $1,900 for a two-bedroom unit, according to Apartments.com. Community amenities include a business center, coffee bar, Zen garden, grill/picnic area, pet play area, fitness center and a resort-style pool. Northridge Vista is located less than five miles from the new Mercedes-Benz U.S headquarters, which opened in March.

September 12, 2018

Acquisitions California Retail Western

DealPoint Merrill Negotiates Sale of 109,098 SF Shopping Center in Northern California

by Amy Works September 12, 2018

SACRAMENTO, CALIF. — DealPoint Merrill has arranged the sale of Elverta Crossing I, a shopping center located adjacent to Antelope Greens Golf Course in Sacramento’s Antelope submarket. Situated on 9.8 acres, the property features 109,098 square feet of retail space. David Frank of DealPoint negotiated the transaction, while Sterling McGregor, also of DealPoint, handled the due diligence for the sale. The acquisition was completed by DealPoint’s Jason Limbert. The buyer and seller were not disclosed.

September 12, 2018

Acquisitions California Office Western

Hines Sells 345,775 SF Office Portfolio in Sacramento

by Amy Works September 12, 2018

SACRAMENTO, CALIF. — Hines has completed the sale of Point West, a three-building office portfolio located in Sacramento. Basin Street Properties acquired the asset for an undisclosed price. Totaling 345,775 square feet, the properties are located at 1545 River Park Drive, 1601 Response Road and 1610 Arden Way. At the time of sale, the portfolio was 78 percent occupied by a diverse tenant base, including UBS, GSA, WestAmerica Bank and Covered CA. Grant Lammersen, Steve Golubchik, Edmund Najera and Tyler Meyerdirk of NKF Capital Markets represented the seller in the deal.

September 12, 2018

Acquisitions California Retail Western

Chelsea Pacific Group Acquires Marin Square Mixed-Use Property in San Rafael, California

by Amy Works September 12, 2018

SAN RAFAEL, CALIF. — Chelsea Pacific Group has purchased Marin Square, a retail, office and commercial property located at 75 Bellam Blvd. in San Rafael. Tiburon, Calif.-based Sutter Health sold the property for an undisclosed price. Situated on 11.3 acres, Marin Square was developed in 1984 as a neighborhood shopping center. The property was later expanded to include an office and multi-tenant commercial component. Dan Wald, Don LeBuhn and Trevor Buck of Cushman & Wakefield represented the seller, while the buyer was self-represented in the transaction.

September 12, 2018

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