Acquisitions

Savanna Acquires Office Tower in Midtown Manhattan for $640M

by David Cohen May 25, 2018

NEW YORK CITY — New York City-based real estate investment manager Savanna has acquired a 682,988-square-foot office and retail property in Midtown Manhattan for $640 million. The property, known as 5 Bryant Park, was purchased from an affiliate of Blackstone. Savanna plans to modernize the property through a capital improvement program that will include a redesigned lobby, entrance and building signage. 5 Bryant Park is located directly across from Bryant Park on Sixth Avenue and features 100 feet of frontage facing the park. A joint team of JLL and HFF represented Savanna in the financing of the acquisition. Laurie Grasso of Hunton Andrews Kurth represented Savanna as legal counsel in the transaction. CBRE has been selected as the exclusive leasing agent for the property.

May 25, 2018

Acquisitions Industrial Leasing Activity Northeast Pennsylvania

CBRE Arranges Sale-Leaseback of 300,000 SF Industrial Facility in Pennsburg

by David Cohen May 25, 2018

PENNSBURG, PA. — CBRE has arranged the sale-leaseback of a 291,203-square-foot industrial building located at 2452 Quakertown Road in Pennsburg. The building, which is net leased through 2028, was acquired by One Liberty Properties. Michael Hines, Brian Fiumara, Brad Ruppel and Lauren Dawicki of CBRE represented the seller, RAF Industries, in the transaction. The warehouse and distribution facility was completed and expanded between 1986 and 1994 and has served as the headquarters for both Campania International and U.S. Tape, portfolio companies of RAF Industries since 2006.

May 25, 2018

Acquisitions Multifamily New York Northeast

Mortar Development Acquires Site in Williamsburg for Construction of Condominium Building

by David Cohen May 25, 2018

NEW YORK CITY — Mortar Development has acquired a development site located at 31 Frost St. in the Williamsburg neighborhood of Brooklyn. The sales price was undisclosed. Mortar plans to build a five-story, 15,000-square-foot residential condominium building with 10 units on the site. Construction is expected to begin this summer with the project expected to be completed in early 2020.

May 25, 2018

Acquisitions Florida Multifamily Property Type Southeast

Passco Buys 360-Unit Apartment Community in Southwest Florida for $77.5M

by John Nelson May 25, 2018

SARASOTA, FLA. — Passco. Cos. has purchased Springs at Bee Ridge, a 360-unit, Class A apartment community located at 5900 Wilkinson Road in Sarasota. The Irvine, Calif.-based company purchased the newly constructed property from the developer, Continental Properties, for $77.5 million. Jamie May of JBM Institutional Multifamily Advisors represented both parties in the transaction, and Chris Black and Caleb Marten of KeyBank Real Estate Capital arranged acquisition financing. Passco plans to rebrand the community as Longitude 82°. This acquisition brings the privately held company’s Florida portfolio to nine properties totaling more than 2,700 units, including an asset in Estero named Longitude 81° that the company also purchased from Continental Properties. Amenities at Longitude 82° include a saltwater swimming pool with a sun deck, poolside kitchen, grills and a firepit; 24-hour fitness center; resident clubhouse and lounge; conference room; coffee bar and catering kitchen; two leash-free dog parks; pet grooming station; car wash area and gated entry.

May 25, 2018

Acquisitions Property Type Retail Southeast Virginia

JCR Acquires Shopping Center in Metro D.C. for $6.7M

by John Nelson May 25, 2018

ALEXANDRIA, VA. — The JCR Cos. has acquired Krispy Korner Shopping Center in Alexandria, located eight miles south of Washington, D.C., for $6.7 million. The 16,680-square-foot center formerly housed a Krispy Kreme. Krispy Korner LLC sold the property, according to local media reports. The transaction marks JCR’s 10th shopping center acquisition since 2012 and its second for 2018. The center is home to tenants such as Wing Stop, Sprint, One Main Financial, a dentist and a dry cleaner.

May 25, 2018

Acquisitions Industrial Texas

Cimarex Energy to Sell Oil, Gas Properties in Ward County, Texas for $570M

by Taylor Williams May 25, 2018

WARD COUNTY, TEXAS — Cimarex Energy Co., a Denver-based oil and gas exploration firm, has entered into an agreement to sell an undisclosed amount of oil and gas properties and undeveloped acreage in Ward County, a region in West Texas near Midland and Odessa. The properties, which are collectively capable of producing 6,831 barrels of oil equivalent per day, will be sold for $570 million in cash to Callon Petroleum, a Mississippi-based oil and gas firm. The transaction is expected to close during the third quarter.

May 25, 2018

Acquisitions Retail Texas

Marcus & Millichap Brokers Sale of 17,266 SF Retail Center in Metro Houston

by Taylor Williams May 25, 2018

KINGWOOD, TEXAS — Marcus & Millichap has brokered the sale of Rustic Woods Center, a 17,266-square-foot retail center in Kingwood, a master-planned community on the northern outskirts of Houston. Nate Newman of Marcus & Millichap represented the seller, a limited liability company, in the transaction. Gus Lagos, also with Marcus & Millichap, represented the buyer, a private investor.

May 25, 2018

Acquisitions Colorado Multifamily Western

Nexus Commercial Realty Brokers $102.2M Acquisition of Seven-Property Multifamily Portfolio in Colorado Springs

by Amy Works May 25, 2018

COLORADO SPRINGS, COLO. — Nexus Commercial Realty has arranged the acquisition of a multifamily portfolio in Colorado Springs. Denver-based Slipstream Properties purchased the seven-building portfolio from a Colorado Springs-based apartment owner for a total consideration of $102.2 million. Adam Riddle and Jason Koch of Nexus Commercial Realty represented the buyer and seller in the deal. The properties are: Pine Creek Village Apartments, a 312-unit property that sold for $29.2 million. Shannon Glen Apartments, a 192-unit property that sold for $17.8 million. Cedar Creek Club Apartments, a 175-unit community that sold for $14.2 million. El Vecino Apartments, a 174-apartment community that sold for $12.2 million. 162-unit South Pointe Apartments, which sold for $13.3 million. 84-unit Timbers Apartments that sold for $7.3 million. New Horizons Apartments, a 79-unit property that sold for $8 million.

May 25, 2018

Acquisitions Colorado Multifamily Western

Bascom Group Acquires 275-Unit Multifamily Community in Denver for $92.5M

by Amy Works May 25, 2018

DENVER — The Bascom Group has purchased Modera at Observatory Park Apartments, a newly constructed infill apartment community located in Denver, from an undisclosed seller. The price was $92.5 million, or $336,364 per unit. Built in 2017, the property features 275 Class A apartment units. Mill Creek Residential will manage the property. Charles Halladay, Jamie Kline and Brock Yaffe of HFF arranged $66.7 million in acquisition financing through TH Real Estate for the purchase. Tim Shunta of National Realty Advisors brokered the acquisition. Since 2005, Bascom and its affiliates have acquired 30 multifamily properties in the Colorado market, totaling 11,057 units.

May 25, 2018

Acquisitions Multifamily Washington Western

IPA Negotiates $53M Sale of Apartment Building in North Seattle

by Amy Works May 25, 2018

SEATTLE — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Origin Apartments, a seven-story multifamily property located at 12311 32nd Ave. NE in Seattle’s Lake City neighborhood. JB Matteson acquired the property for $53 million, or $346,405 per unit. Kim Grant of IPA represented the buyer in the deal. The seller was not disclosed. Constructed in 2017, the property features 153 units in a mix of studio, one- and two-bedroom apartments averaging 750 square feet. Community amenities include a rooftop deck, an outdoor dog park and gated underground parking.

May 25, 2018

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