Acquisitions

Waterton Acquires 432-Unit Apartment Community in Metro Houston

by Taylor Williams August 1, 2018

THE WOODLANDS, TEXAS — Chicago-based Waterton has acquired Plantation at The Woodlands, a 432-unit apartment community in The Woodlands, located about 30 miles north of Houston. The property features one-, two- and three-bedroom units and amenities such as two pools, a fitness center, a business center, game room, a playground and package delivery service. The property was acquired from a partnership controlled by CBRE Global Investors as part of a multifamily portfolio sale totaling 3,685 units.

August 1, 2018

Acquisitions Multifamily Texas

Marcus & Millichap Brokers Sale of 240-Unit Apartment Property in Fort Worth

by Taylor Williams August 1, 2018

FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Tuscany Apartments, a 240-unit multifamily property in Fort Worth. Built in 1980, the pet-friendly property features one- and two-bedroom units and amenities such as a pool, clubhouse and on-site laundry facilities. Al Silva of Marcus & Millichap represented the seller, Lubbock-based Madera Residential, in the transaction. Silva also procured the buyer, a Dallas-based investment firm.

August 1, 2018

Acquisitions District of Columbia Mixed-Use Southeast

HFF Brokers $415M Sale of Riverfront Mixed-Use Project in D.C.’s Georgetown District

by Camren Skelton August 1, 2018

WASHINGTON, D.C. — HFF has brokered the $415 million sale of Washington Harbour, a 562,105-square-foot mixed-use project located along the Potomac River in Washington, D.C.’s Georgetown submarket. Stephen Conley, Jim Meisel, Andrew Weir, Matt Nicholson and Dave Baker of HFF represented the seller, Principal Real Estate Investors (PREI), on behalf of a consortium of South Korean-based investors. Simone Investment and Hana Alternative Asset Management acted as the managing members of the consortium. Eyal Ofer’s Global Holdings Group, an international alliance of real estate asset management and investment advisory companies, purchased the asset. Designed by Arthur Cotton Moore, Washington Harbour comprises two freestanding, Class A towers. The property underwent a $50 million renovation in 2013 that delivered new retail and street-level experiences, including a fountain with programmable light and water shows in the spring and summer that transforms into a 12,000-square-foot ice skating rink in the fall and winter months. The project was 98 percent leased at the time of sale to 31 tenants including Foley & Lardner, Kelley Drye & Warren, advertising firm GMMB Inc., and retail tenants such as Fiola Mare, Farmers Fishers Bakers, Bangkok Joe’s, Sequoia, Tony & Joe’s Seafood Place and Nick’s Riverside Grill.

August 1, 2018

Acquisitions California Office Western

Hudson Pacific Properties Sells Six-Building Office Campus in San Mateo for $210M

by Amy Works August 1, 2018

SAN MATEO, CALIF. — Hudson Pacific Properties has completed the sale of the remaining six buildings at Peninsula Office Park in San Mateo. The buildings sold for a total consideration of $210 million before credits, pro-rations and closing costs. Totaling 447,739 square feet, the assets included in the sale are Buildings 1-5 and 7. As of the end of the first quarter of 2018, the buildings were 83 percent occupied. Hudson Pacific sold the fully vacant, 63,050-square-foot Building 6 in January for $22.5 million. Net proceeds from the sale were used to repay amounts outstanding on the company’s revolving credit facility, with the remainder held for general corporate purposes. The name of the buyer was not released.

August 1, 2018

Acquisitions California Office Western

Lincoln Property Acquires Historic Office Building in San Francisco’s Financial District

by Amy Works August 1, 2018

SAN FRANCISCO — Lincoln Property Co. has partnered with affiliates of Rockwood Capital to purchase 332 Pine St., a historic office building located in San Francisco’s financial district. Built in 1912, the 45,000-square-foot property features open floor plans, side-core construction, high ceilings and exposed concrete and brick. Additionally, the nine-story office building includes a penthouse and rooftop terrace. At the time of sale, a variety of technology and media tenants occupied the property. Kyle Kovac and Mike Taquino of Newmark Knight Frank handled the transaction. Terms of the sale were not disclosed.

August 1, 2018

Acquisitions California Mixed-Use Multifamily Office Retail Western

Asana Partners Purchases Mixed-Use Portfolio in Los Angeles for $23.2M

by Amy Works August 1, 2018

LOS ANGELES — Charlotte, N.C.-based Asana Partners has purchased The Fig Collection @ Highland Park, a three-property mixed-use portfolio in Los Angeles’ Highland Park submarket. Engine Real Estate, a Los Angeles-based private investor, sold the asset for $23.2 million. The portfolio includes: A two-building multifamily and retail property located at 5900 N. Figueroa St. and 111 S. Avenue 59. The property at 5900 N. Figueroa St. includes 12 studio and one-bedroom apartment units and 11,305 square feet of ground-floor retail space, which is 86 percent leased. Mr. Holmes Bakehouse occupies the 4,167-square-foot building located at 111 S. Avenue 59. A single-story, 2,250-square-foot building located at 5711 N. Figueroa St. The property is fully occupied by Sonomama, a high-end gift and apothecary shop; and Afters Ice Cream, an ice cream shop with outposts across Southern California. A two-story, 22,500-square-foot property, located at 5715-5717 N. Figueroa St. Recently renovated, the property features retail and commercial office space, which is fully occupied. Tenants include LemonTree, an audio production facility and recording studio; Blind Barber, a barber shop with a speakeasy bar; Chops Market, a deli; Otono Restaurant; Pacific Union, a luxury residential real estate brokerage firm; and Arrive Enterprises. Dana Brody of JLL …

August 1, 2018

Acquisitions California Multifamily Western

Bascom Group Buys 78-Unit Apartment Community in Southeast Los Angeles for $12.5M

by Amy Works August 1, 2018

LOS ANGELES — The Bascom Group has acquired Island Apartments, a multifamily property located at 8222 Rosemead Blvd. in Southeast Los Angeles. An undisclosed seller sold the asset for $12.5 million, or about $160,000 per unit. Constructed in 1957, the property features 78 apartment units. The buyer plans to renovate the complex to modernize the look and feel of the unit interiors. Mike Krantz of Brentwood Realty Partners brokered the transaction. Erich Pryor of Talonvest arranged $9.6 million in debt financing through California Bank & Trust for the buyer.

August 1, 2018

Acquisitions Maryland Multifamily Southeast

Broadtree Residential Acquires Three Apartment Communities in Baltimore, Pennsylvania for $137.5M

by Camren Skelton August 1, 2018

BALTIMORE AND CAMP HILL, PENN. — Broadtree Residential Inc. has acquired three multifamily communities located in Baltimore and Pennsylvania for $137.5 million. The multifamily REIT acquired the assets from affiliates of Chesapeake Realty Partners (CRP) as part of its inaugural Umbrella Partnership Real Estate Investment Trust (UPREIT) transaction. In an UPREIT transaction, property owners contribute real estate to the fund’s operating partnership on a tax-deferred basis in exchange for equity, in the form of operating partnership units. As a result of the transaction, the sellers contributed more than $25 million of equity into the operating partnership of Broadtree. In Baltimore, the sold portfolio included 1901 South Charles and 2 East Wells. Developed in 2012 by CRP, 1901 South Charles includes 193 units and features a mix of studio to two-bedroom floor plans. Constructed in 2015, 2 East Wells includes 152 units with a mix of studio, one- and two-bedroom layouts. In Camp Hill, roughly four miles southwest of Harrisburg, Broadtree acquired The Overlook. The 288-unit community was constructed in 2014 and includes a mix of one- and two-bedroom units. Community amenities across the portfolio include fitness centers, yoga studios, swimming pools, grilling stations and resident clubhouses.

August 1, 2018

Acquisitions Georgia Multifamily Southeast

Cushman & Wakefield Arranges Sales of Three Multifamily Assets in Metro Atlanta Totaling $70.5M

by Camren Skelton August 1, 2018

ATLANTA — Cushman & Wakefield has brokered the sales of three multifamily communities in metro Atlanta for a combined $70.5 million. In Cumming, roughly 40 miles northeast of Atlanta, AMF Fountains of Kelly Mill LLC sold the 46-unit Fountains at Kelly Mill for $10.7 million. Constructed in 2017, the property features townhome-style units with 1,620-square-foot floor plans. ALA Sugar Hill LLC sold Sugar Hill Overlook, located 38 miles northeast of Atlanta in Sugar Hill, for $25.8 million. The 131-unit community was completed in 2018 and features townhome-style units with an average size of 1,500 square feet. Nathan Swenson of Cushman & Wakefield arranged the transactions on behalf of the sellers, and Audubon Communities acquired both assets. In Lithia Springs, Cushman & Wakefield arranged the $34 million sale of Sweetwater Creek, a 240-unit community located roughly 18 miles west of Atlanta. Josh Goldfarb, Mike Kemether and Travis Presnell of Cushman & Wakefield arranged the transaction on behalf of the seller, a joint venture between M. Banks Realty Partners and Sage Equities. InterCapital Partners acquired the property. Constructed in 2002, Sweetwater Creek features a car care center, clubhouse, fitness center, laundry facility, business center, swimming pool, lighted tennis court and a walking/jogging trail.

August 1, 2018

Acquisitions Florida Retail Southeast

Franklin Street, CBRE Negotiate $23.2M Sale of Shopping Center in South Florida

by Camren Skelton August 1, 2018

CORAL SPRINGS, FLA. — Franklin Street and CBRE have arranged the $23.2 million sale of Magnolia Shoppes, a 114,118-square-foot shopping center in the South Florida community of Coral Springs. Bryan Belk and John Tennant of Franklin Street arranged the transaction on behalf of the buyer, a private investor based in Lexington, Ky. Casey Rosen and Dennis Carson of CBRE represented the seller, Regency Centers. In addition, Franklin Street arranged a $15.5 million acquisition loan through Citibank on behalf of the buyer. A recently renovated Regal Cinemas anchors Magnolia Shoppes, which was fully leased at the time of sale. Additional tenants include Dollar Tree, Ben & Jerry’s, Broward Health, Creative Child Learning Center, H&R Block and W Salon & Spa.

August 1, 2018

Newer Posts

Older Posts