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Acquisitions

AcquisitionsFloridaMultifamilySoutheast

Franklin Street Brokers $17.9M Sale of Apartment Community in Metro Orlando

by Camren Skelton

ALTAMONTE SPRINGS, FLA. — Franklin Street has arranged the $17.9 million sale of Wymore Grove Apartments, a 200-unit multifamily community in Altamonte Springs, roughly 10 miles north of Orlando. Robert Goldfinger, Darron Kattan, Kevin Kelleher and Zachary Ames of Franklin Street arranged the transaction on behalf of both the seller, Wynmore Grove Partnership, and the buyer, Israeli-based 360 Wymore ROI LP. Wymore Grove was constructed in 1973 and features a swimming pool, tennis courts and a fitness center. The new owner plans to renovate the property with exterior, interior and common area upgrades.

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AcquisitionsFloridaOfficeSoutheast

NKF Capital Markets Negotiates $10.8M Sale of Office Building in South Florida

by Camren Skelton

PORT ST. LUCIE, FLA. — NKF Capital Markets has arranged the $10.8 million sale of an office building located at 300 N.W. Peacock Blvd. in Port St. Lucie, a city in South Florida’s St. Lucie County. The two-story, 51,527-square-foot building is fully leased to healthcare company McKesson, also known as Change Healthcare. Michael Lohmann, Michael Lapointe, Adam Greenberg and Scott Gordon of NKF Capital Markets arranged the transaction on behalf of the seller, PSL Advanced LLC. An undisclosed buyer acquired the asset through a 1031 exchange

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AcquisitionsIndustrialNorth CarolinaSoutheast

HFF Arranges $6.8M Sale of Industrial Building in High Point, North Carolina

by Camren Skelton

HIGH POINT, N.C. — HFF has arranged the $6.8 million sale of an industrial building located at 4160 Mendenhall Oaks Parkway, within the master-planned Mendenhall Business Park in High Point. Chris Norvell and Patrick Nally of HFF arranged the transaction on behalf of the seller, a partnership between a private company and Somerset Properties. Dalfen America Corp. acquired the property, which totals 107,480 square feet and features 24-foot clear heights, two drive-in doors and the ability to add additional loading via 14 knock-out panels. The building was fully leased at the time of sale to three tenants, two of which are headquartered at the facility. In addition, HFF is representing the seller in marketing four single-story office buildings and two multi-story office buildings located within Mendenhall Business Park.

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AcquisitionsMidwestOhioRetail

Marcus & Millichap Brokers $1.2M Sale of Verizon Wireless Store in Oxford, Ohio

by Jeff Shaw

OXFORD, OHIO — Marcus & Millichap has brokered the $1.2 million sale of a Verizon Wireless store located at 4965 College Corner Pike in Oxford. The 1,800-square-foot property, constructed in 2016, is leased to Verizon for 10 years. Craig Fuller, Erin Patton and Scott Wiles of Marcus & Millichap arranged the transaction on behalf of the seller, an Arizona-based merchant developer, and secured the buyer, an Ohio-based 1031 exchange investor.

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AcquisitionsNevadaRetailWestern

Colliers Brokers $12.4M Sale of Retail Property in Las Vegas

by Amy Works

LAS VEGAS — Colliers International has arranged the sale of a retail property located at 2827 Paradise Road in Las Vegas. Stirling Club LLC acquired the property from JDLB LLC for $12.4 million. Stirling Club occupies the 73,576-square-foot property. Chris Clifford, Steve Neiger and Brett Rather of Colliers represented the seller in the deal.

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8445-E-Hartford-Dr-Scottsdale-AZ
AcquisitionsArizonaRetailWestern

NAI Horizon Facilitates $6.3M Sale of Flex Building in Scottsdale, Arizona

by Amy Works

SCOTTSDALE, ARIZ. — NAI Horizon has arranged the sale of a flex building located at 8445 E. Hartford Drive in Scottsdale’s Airpark submarket. C.R.C Investments LLC sold the property to Proverbs 3:5 LLC for $6.3 million. The buyer plans to convert the 30,000-square-foot property into a music venue. Troy Giammarco and Tyler Smith of NAI Horizon represented the seller, while Steve Burger of CRE Property Advisors represented the buyer in the transaction.

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680-W-Bradley-Ave-El-Cajon-CA
AcquisitionsCaliforniaIndustrialWestern

Voit Real Estate Negotiates $3.3M Sale of Industrial Asset in El Cajon, California

by Amy Works

EL CAJON, CALIF. — Voit Real Estate Services has brokered the sale of a two-building industrial property located at 680 W. Bradley Ave. and 1675 N. Johnson Ave. in El Cajon. Simmons Family Trust acquired the property from Actus Holdings for $3.3 million. The buyer plans to use the property, which totals 21,058 square feet, as a warehouse/distribution center for Bicycle Warehouse. The new acquisition will be Bicycle Warehouse’s eighth location and will house the company’s corporate offices, distribution warehouse and central service center. Randy LaChance and Greg Marx of Voit represented the seller, while Chris Duncan, also of Voit, represented the buyer in the transaction.

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AcquisitionsIllinoisMidwestOfficeProperty TypeTop Stories

Brookfield Purchases 22-Story Office Tower in Downtown Chicago for $305M

by John Nelson

CHICAGO — A private fund sponsored by Brookfield Asset Management (NYSE: BAM) has purchased 175 West Jackson, a 22-story office tower in downtown Chicago’s Central Loop district, for $305 million. JLL Capital Markets represented the seller, a high-net-worth European family advised by Extell Development. Built in 1912 and designed by Chicago-based architect Daniel H. Burnham, the Class A office tower spans 1.4 million square feet, encompassing a full city block. The property features rooftop decks, conference facilities and a recently renovated, 7,500-square-foot athletic club. The building also features retail and dining space, including Starbucks Coffee, Fifth Third Bank and CVS on the street level. The office tower provides tenants access to public transit and is one block from the Brown, Red, Blue, Pink and Purple El lines. The building is also within walking distance to Chicago Union Station and Ogilvie Transportation Center. Extell Development invested heavily in the redevelopment of 175 West Jackson after purchasing the neo-classical building in the late 1990s, according to Crain’s Chicago. The redevelopment included the addition of a two-story atrium lobby, exterior restoration and common area upgrades, according to Extell’s website. Lucien Lagrange Architects Studio designed the upgrades to include wood, granite, marble and metal …

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Las-Colinas-Apartments-Austin
AcquisitionsMultifamilyTexas

Partnership Acquires 177-Unit Apartment Community in Austin

by Taylor Williams

AUSTIN, TEXAS — A partnership between two limited liability companies, 1500 RHD LLC and GV&A 4 LLC, has acquired Las Colinas Apartments, a 177-unit multifamily community in Austin. The loan features a 9.75-year term and a 30-month amortization schedule. Dougherty Mortgage arranged an undisclosed amount of acquisition financing for the transaction.

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AcquisitionsLoansMassachusettsMultifamilyNortheast

Fantini & Gorga Arranges $1.2M in Acquisition Financing for Multifamily Property in Suburban Boston

by Jeff Shaw

MALDEN, MASS. — Fantini & Gorga has arranged $1.2 million in financing for the acquisition of a multifamily property at 21-23 Myrtle St. in Malden, about five miles north of Boston. The property is a 12-unit apartment building made up of one- and two-bedroom units. At the time of sale, the property was fully occupied with under market leases. Derek Coulombe and Jon Garcia of Fantini & Gorga arranged the loan for the undisclosed borrower. The lender was not disclosed. The property is located in close proximity to the Malden Metro Boston Transit Authority station, which allows for direct access to downtown Boston on the Orange Line.

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