Acquisitions

Admiral Capital, Security Properties Buy Lakefront Multifamily Community in Nashville

by John Nelson June 25, 2018

NASHVILLE, TENN. — A partnership between Admiral Capital Group and Security Properties has purchased Hamptons at Woodland Pointe, a 240-unit multifamily community situated roughly 100 yards from Percy Priest Lake in Nashville. The seller and sales price were not disclosed. Built in 2001 by Bristol Development, the Class B, garden-style property features a mix of one-, two- and three-bedroom floorplans with an average unit size of 1,092 square feet. Security Properties will add washer and dryer appliances, stainless steel appliances, quartz or stone countertops, lower breakfast bars and modern cabinet faces to unit interiors. The Seattle-based investor and developer will also extend the pool deck to the clubhouse, as well as expand the fitness center into the theater room. Security Properties’ affiliate Security Properties Residential will manage Hamptons at Woodland Pointe.

June 25, 2018

Acquisitions Illinois Midwest Mixed-Use

Interra Arranges $16.5M Sale of Adjacent Mixed-Use Buildings in Chicago

by Kristin Harlow June 25, 2018

CHICAGO — Interra Realty has arranged the sale of two adjacent mixed-use buildings in Chicago’s Edgewater neighborhood for $16.5 million. Located on North Broadway Avenue, a 95,000-square-foot building is comprised of 42 apartment units and two street-level retail spaces, one of which is leased to a daycare center. The asset sold for $15.8 million. An adjacent mixed-use building includes two apartment units and 1,800 square feet of ground-floor retail space. The asset sold for $745,000. A private buyer purchased both of the properties. The seller was not disclosed. Craig Martin and Brian DiBasilio of Interra represented both parties in the sale.

June 25, 2018

Acquisitions Midwest Multifamily Ohio

Colliers Negotiates $2.1M Sale of Apartment Building in Columbus, Ohio

by Kristin Harlow June 25, 2018

COLUMBUS, OHIO — Colliers International has negotiated the sale of Cambridge Apartments in Columbus for $2.1 million. The apartment building, located at 3170 Cleveland Ave., includes 66 units. Will Mathews, Russ Williamson, Carter Brehm, Tyler Hague and Jack Maloney of Colliers represented the seller, AMG Mario LLC. Ravi Chenna, a private buyer, purchased the asset.

June 25, 2018

Acquisitions Healthcare Nevada Office Western

Fairfield Asset Advisors Brokers $20.7M Sale of Medical Office Building in Henderson, Nevada

by Amy Works June 25, 2018

HENDERSON, NEV. — Denver-based Fairfield Asset Advisors has arranged the sale of a medical office building located at 10561 Jeffreys St. in Henderson. An undisclosed buyer acquired the property for $20.7 million. The seller was a physician group. Built in 2008, the property features 48,000 square feet of medical office space. The anchor tenant is an orthopedic surgery center operated by USPI and Dignity Health.

June 25, 2018

Acquisitions California Multifamily Western

Levin Johnston Negotiates $13.6M Acquisition of Multifamily Community in Redwood City, California

by Amy Works June 25, 2018

REDWOOD CITY, CALIF. — Levin Johnston, a division of Marcus & Millichap, has arranged the purchase of 10 Birch, a multifamily property located at 10 Birch St. in the Mount Carmel neighborhood of Redwood City. A private investor acquired the property for $13.6 million from another private investor, which was the long-time owner of the property. The buyer plans to renovate the exterior of the property, as well as execute a full interior remodel on each of the 27 apartment units. Adam Levin and Robert Johnston of Levin Johnston represented the buyer in the transaction.

June 25, 2018

Acquisitions California Industrial Western

Rev Projects Acquires R&D Building in Fremont’s Bayside Business Park for $9.6M

by Amy Works June 25, 2018

FREMONT, CALIF. — Rev Projects has purchased a freestanding R&D building, located at 46355 Landing Parkway in Fremont. Oplink Communications, the former occupant, sold the property for $9.6 million, or $183 per square foot. The buyer plans to complete improvements at the 52,321-square-foot building, which is located within Bayside Business Park. Oplink Communications, a United States-based manufacturer of optical components, relocated its operations to a nearby building after being acquired by Koch Industries. Mike Spiro of Newmark Knight Frank Oakland represented the seller in the transaction.

June 25, 2018

Acquisitions Nevada Retail Western

NAI Alliance Arranges Sale of 15,984 SF Shopping Center in Sparks, Nevada

by Amy Works June 25, 2018

SPARKS, NEV. — NAI Alliance has brokered the sale of Marina Marketplace, a shopping center located in Sparks. An undisclosed buyer purchased the property for $4.4 million. Mark Keyzer negotiated the transaction. The 15,984-square-foot property is occupied by 11 tenants, including Peg’s Glorified Ham ‘N Eggs as the anchor. The name of the seller was not released.

June 25, 2018

Acquisitions Multifamily Student Housing Top Stories

Greystar Agrees to Acquire EdR in $4.6B Merger

by Taylor Williams June 25, 2018

CHARLESTON, S.C. — An affiliate of multifamily development firm Greystar has agreed to acquire student housing developer Education Realty Trust Inc. (NYSE: EDR) in an all-cash transaction that will take the company private. The sales price of $4.6 billion includes existing debt. Under the terms of the agreement, which is expected to close during the second half of the year, EdR’s stockholders will receive $41.50 per share in cash. The price represents a premium of 13.6 percent over the May 31 closing share price, the last day before rumors of the sale were published. According to the company’s annual report, in 2017, Memphis-based EdR owned 70 student housing properties totaling 36,420 beds across 24 states. The company also managed 16 communities totaling 9,832 beds across 10 states. “As a public company, one of our priorities is to maximize stockholder value and we believe this transaction with Greystar accomplishes that goal,” says Randy Churchey, CEO and chairman of EdR. “Since the current EdR management team took over on January 1, 2010 — and including this transaction — EdR stockholders will have received a total stockholder return of 293 percent.” According to Alex Goldfarb, managing director and senior REIT analyst at New York-based Sandler …

June 25, 2018

Acquisitions Multifamily Texas

Greysteel Negotiates Sale of 142-Unit Apartment Property in Metro Dallas

by Taylor Williams June 22, 2018

FARMERS BRANCH, TEXAS — Greysteel has negotiated the sale of Villa Gardens, a 142-unit multifamily property in the Dallas metro of Farmers Branch. The property features studio, one-, two- and three-bedroom units. Amenities include a pool, playground and on-site laundry facilities. Doug Banerjee, Boyan Radic, Andrew Mueller and Andrew Hanson of Greysteel represented the seller and procured the buyer, both of whom requested anonymity.

June 22, 2018

Acquisitions Industrial Texas

JED Industrial Acquires 101,500 SF Industrial Asset in Irving

by Taylor Williams June 22, 2018

IRVING, TEXAS — JED Industrial, the holding company for Thermal Edge, which provides electric cooling solutions, has acquired a 101,500-square-foot industrial asset located at 1800 Hurd Drive in Irving. Nathan Denton and Stephen Williamson of Lee & Associates represented the seller, BD Land Co., in the transaction. Trace Elrod of Jackson Cooksey represented JED Industrial. Thermal Edge will be the actual occupant of the space, with plans to move in by late 2018 and be operational by the beginning of 2019.

June 22, 2018

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