Acquisitions

SVN Brokers $1.2M Sale of 300-Unit Self-Storage Portfolio in Kewanee, Illinois

by Kristin Harlow May 29, 2018

KEWANEE, ILL. — SVN | Chicago Commercial has brokered the $1.2 million sale of a five-property self-storage portfolio in Kewanee in northwestern Illinois. The portfolio spans 300 units and 47,000 square feet. The properties are located at 1313 W 6th St., 817 Lake St., 604 N. Tremont St., 1103 N. Main St. and 514 N. Spring St. (Atkinson, Ill.) The property mix includes four MidState Mini Storage buildings and one Pay & Store Self Storage building. David Coupe of SVN represented the undisclosed seller. A regional self-storage operator completing a 1031 exchange was the buyer.

May 29, 2018

Acquisitions Industrial Midwest Wisconsin

Colliers Negotiates 19,773 SF Industrial Sale in Wauwatosa, Wisconsin

by Kristin Harlow May 29, 2018

WAUWATOSA, WIS. — Colliers International has negotiated a 19,773-square-foot industrial sale in Wauwatosa for an undisclosed price. The property is located at 11200 W. Watertown Plank Road. Pat Hake and Russ Sagmoen of Colliers brokered the transaction. DEP Investments LLC was the buyer, while the seller was undisclosed

May 29, 2018

Acquisitions Midwest Minnesota Multifamily

Marcus & Millichap Arranges $1.4M Sale of Apartment Building in St. Paul, Minnesota

by Kristin Harlow May 29, 2018

ST. PAUL, MINN. — Marcus & Millichap has arranged the sale of Priscilla Street Villas in St. Paul for $1.4 million. The 11-unit apartment building is located at 2333 Priscilla St. All of the units are two-bedroom units. Mox Gunderson, Dan Linnell, Josh Talberg and Evan Miller of Marcus & Millichap brokered the transaction. Both the buyer and seller were private investors.

May 29, 2018

Acquisitions Mixed-Use New York Northeast

Meridian Brokers $22.5M Sale of Mixed-Use Portfolio in Brooklyn

by David Cohen May 29, 2018

NEW YORK CITY — Meridian Investment Sales has brokered the $22.5 million sale of three contiguous mixed-use buildings in the Williamsburg neighborhood of Brooklyn. The Williamsburg neighborhood underwent gentrification starting in the late 1990s mostly due to low rents. Average rents today range from $1,400 for a studio apartment to $2,600 to $4,000 for a two-bedroom unit. Located at 119-123 Kent Avenue, the buildings contain 17 fully renovated residential apartment units and three ground-floor retail units. David Schechtman, Lipa Lieberman and Abie Kassin of Meridian represented the undisclosed seller in the transaction. The buyer was a private family via a 1031 exchange. Meridian also arranged $12 million in acquisition financing through a local savings bank.

May 29, 2018

Acquisitions Multifamily New Jersey Northeast

Marcus & Millichap Negotiates Sale of Apartment Tower in New Jersey for $22M

by David Cohen May 29, 2018

EAST ORANGE, N.J. — Marcus & Millichap has negotiated the $22 million sale of Robert Towers, an 11-story, 206-unit multifamily tower in East Orange. The sales price equates to $106,796 per unit. Built in 1950, Robert Towers is located at 60 S Munn Ave., near the East Orange and Brick Church train stations, I-280 and the Garden State Parkway. The property is 10 minutes from Newark International Airport. Marcus & Millichap represented the seller, Metropolitan America, in the transaction. Marcus & Millichap Capital Corp. arranged $19.8 million in acquisition financing for the buyer, EOA 206 LP. The lender was undisclosed.

May 29, 2018

Acquisitions Healthcare Northeast Rhode Island

CBRE Brokers $1.7M Sale of Medical Facility in Rhode Island

by David Cohen May 29, 2018

NORTH PROVIDENCE, R.I. — CBRE has brokered the $1.7 million sale of 1635 Mineral Spring Ave., a two-story, 20,694-square-foot medical office facility in North Providence. The property, which is 80 percent leased, was built in 1976 and renovated in 2016. Located on a two-acre lot, the property includes 82 parking spaces. John Cregan of CBRE represented the undisclosed seller in the transaction. The buyer was Arkland LLC.

May 29, 2018

Acquisitions Florida Multifamily Southeast

American Landmark Acquires New Multifamily Community in South Florida for $41.9M

by Camren Skelton May 29, 2018

BOYNTON BEACH, FLA. — American Landmark has acquired High Ridge Landing, a 184-unit multifamily community in Palm Beach County’s Boynton Beach. The sales price was not disclosed, but the South Florida Business Journal reports High Ridge Housing LLC, an affiliate of Eastwind Development, sold the property for $41.9 million, or $227,717 per unit. Mitch Sinberg, Matt Robbins, Bob Falese, Matt Cullison and Wes Moczul of Berkadia arranged a 10-year Freddie Mac loan on behalf of American Landmark. Built in 2017, High Ridge Landing features a mix of one- to three-bedroom units with stainless steel appliances, granite countertops, walk-in closets, private balconies and detached garages. Community amenities include a yoga and spin studio, swimming pool, electric car charging stations, fitness center and a business center. American Landmark will invest $500,000 in additional upgrades at the property, including improvements to the clubhouse, improving the pool area with a grill space and new furniture, adding a Wi-Fi café, upgrades to the fitness center and landscaping.

May 29, 2018

Acquisitions Arizona California Multifamily Seniors Housing Washington Western

MBK to Acquire Nine-Property Seniors Housing Portfolio in West for $382M

by Amy Works May 29, 2018

IRVINE, CALIF. — MBK Real Estate has agreed to acquire a nine-property seniors housing portfolio in California, Washington and Arizona for $382 million. The Irvine-based investor is a subsidiary of Tokyo-based Mitsui & Co., and the parent company of MBK Senior Living. The seller is West Living LLC, a California-based owner-operator. Although the specific properties were not disclosed, West Living only lists 10 properties on its website. The portfolio totals 1,200 units and features an annual combined net operating income of $21 million. MBK plans to implement renovations to the properties. The acquisition is expected to close in June. MBK already owns a portfolio of 25 properties totaling 2,600 units, also all geographically centered in the West.

May 29, 2018

Acquisitions Arizona Retail Western

Lamar Cos. Purchases 550,000 SF Shopping Center in Metro Phoenix

by Amy Works May 29, 2018

CASA GRANDE, ARIZ. — New Jersey-based Lamar Cos., in partnership with Real Capital Solutions, has acquired the Promenade at Casa Grande in Case Grande, a suburb of Phoenix. Macerich sold the 550,000-square-foot property for an undisclosed price. The Promenade at Casa Grande is a portion of an open-air shopping center totaling more than 1 million square feet. Tenants at the property include Harkins Theaters, Ross Dress for less, Marshalls, PetSmart, Bed Bath & Beyond, Shoe Dept., Michaels, Beall’s Outlet, Dollar Tree and Ulta Beauty.

May 29, 2018

Acquisitions Arizona California Multifamily Oregon Property Type Top Stories Washington Western

Kennedy Wilson Sells West Coast Multifamily Portfolio for $422M

by John Nelson May 29, 2018

BEVERLY HILLS, CALIF. — Global real estate investment firm Kennedy Wilson (NYSE: KW) has sold a 2,199-unit multifamily portfolio mostly located on the West Coast for $422 million. The Beverly Hills-based company had a 41.3 percent average ownership stake in the six properties. The buyer was undisclosed. The properties in the portfolio include: • Slate Creek in Roseville, Calif. (612 units) • Xander 3900 in Las Vegas (480 units) • Big Trout Lodge in Liberty Lake, Wash. (297 units) • Heatherbrae Commons in Milwaukie, Ore. (174 units) • Montair at Somerset Hill in Tumwater, Wash. (396 units) • StonePointe in University Place, Wash. (240 units) The garden-style apartment communities were originally built between 1989 and 1999. During Kennedy Wilson’s ownership the properties have undergone improvement plans, including exterior renovations and unit upgrades. The asset sales generated cash proceeds of $223 million for Kennedy Wilson, its commingled funds and equity partners, including net proceeds to Kennedy Wilson of approximately $104 million. “This portfolio sale enables us to recycle capital into other strategic investment opportunities,” says William McMorrow, chairman and CEO of Kennedy Wilson. “These six properties represent the successful rollout of our value-add asset management initiatives, and we are pleased to …

May 29, 2018

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