Acquisitions

Greystar Sells Four-Property Multifamily Portfolio in South Florida to PGIM, Carroll Organization

by Camren Skelton April 17, 2018

CHARLESTON, S.C. — Charleston-based Greystar Real Estate Partners LLC has sold a four-property, 1,616-unit apartment portfolio in South Florida, including Bella Vista at Boca Del Mar in Boca Raton, Centro at Davie in Davie and Stonybrook Apartments and Savannah Lakes, both in Boynton Beach. Carroll Organization and PGIM Real Estate formed a joint venture to purchase the portfolio from Greystar for an undisclosed price. Greystar originally acquired the four properties in 2013 as part of a national 27-property portfolio, and invested in renovations to units, clubhouses and amenities at each property. Hampton Beebe, Avery Klann and Jonathan Senn of ARA Newmark arranged the transaction on behalf of Greystar. Leading the new ownership in the acquisition was PGIM’s Jim Mehalso and Carroll’s Josh Champion. As part of the transaction, all the newly acquired properties will be rebranded under the ARIUM name and managed by Carroll Management Group.

April 17, 2018

Acquisitions Arizona Multifamily Western

Alpha Wave Investors Sells 60-Unit Apartment Community in Tucson

by Amy Works April 17, 2018

TUCSON, ARIZ. — Alpha Wave Investors, a private equity investment firm, has completed the disposition of Skyline Park Apartments, a multifamily property located at 5290 S. Park Ave. in Tucson. A Southern California-based owner of multifamily properties purchased the asset for $2.6 million. Alpha Wave originally acquired the property in 2017, implemented a repositioning/renovation program and rebranded the property to Skyline Park Apartments. Built in 1985, the two-story property features 60 units in a mix of one- and two-bedroom layouts, a swimming pool and children’s play area. Bill Hahn, formerly of Colliers and now with NorthMarq, represented the seller, while Alon Shnitzer of ABI Multifamily represented the buyer in the deal.

April 17, 2018

Acquisitions Office Washington Western

Colliers Brokers $7.5M Acquisition of Office Building in Mukilteo, Washington

by Amy Works April 17, 2018

MUKILTEO, WASH. — Colliers International has brokered the acquisition of an office property located at 12121 Harbor Reach Drive in Mukilteo. HPO Investment LLC purchased the building from Bocek/NCA for $7.5 million. The fully-leased, 33,387-square-foot property is Harbour Point’s Building A, North Campus. The building is one component of a 2,810-acre master-planned community that includes residential buildings, manufacturing facilities, a golf course, parks and a wildlife preserve. Derek Heed and Gregg Riva of Colliers represented the buyer in the transaction.

April 17, 2018

Acquisitions Multifamily Northeast Pennsylvania Property Type Top Stories

Aimco Buys Six Apartment Communities in Metro Philadelphia from Developer for $445M

by John Nelson April 17, 2018

PHILADELPHIA — Apartment Investment and Management Co. (Aimco) (NYSE: AIV) has agreed to purchase six apartment communities in the metropolitan Philadelphia area for $445 million. The seller is the portfolio’s developer, Philadelphia-based Dranoff Properties Inc. “The timing is right to sell six of our premier properties to Aimco and become a major investor in the company,” says Carl Dranoff, founder and CEO of Dranoff Properties. “Aimco’s expansion and commitment to Philadelphia make it an ideal steward of these trophy assets that we carefully built, owned and managed. I am incredibly enthusiastic about the future of Dranoff Properties as we begin our third decade.” The portfolio comprises 1,006 existing apartment homes, 110 apartment homes under construction and 185,000 square feet of office and retail space. Three of the properties are situated in Philadelphia’s Center City district, and the others are located in University City, Lower Merion Township and Camden, N.J. The acquisitions are expected to close in the second quarter, except for the purchase of the Lower Merion asset, which is under construction and expected to close in the first half of 2019 following its completion. Aimco is initially funding the acquisition with $290 million of existing property debt, $65 million …

April 17, 2018

Acquisitions Industrial New Jersey Northeast Retail

Sheldon Gross Realty Arranges Sale of 41,500 SF Warehouse, Retail Facility in East Brunswick

by David Cohen April 16, 2018

EAST BRUNSWICK, N.J. — Sheldon Gross Realty has arranged the sale of a 41,500-square-foot warehouse and retail facility in East Brunswick. New Jersey based HSJE Realty purchased the property, which is located at 2 Claire Road, for an undisclosed amount. Jonathan Glick and Glenn Jaffe of Sheldon Gross Realty represented the undisclosed seller in the transaction. Corporate America Realty & Advisors represented HSJE Realty. The facility, which is located approximately halfway between New York City and Philadelphia, currently has three tenants, each of which uses a portion of the building for warehousing and retail.

April 16, 2018

Acquisitions New Jersey Northeast Retail

Marcus & Millichap Brokers $1.5M Sale of Retail Property in New Jersey

by David Cohen April 16, 2018

ORANGE, N.J. — Marcus & Millichap has brokered the sale of a 13,500-square-foot retail property in Orange, about 18 miles west of Manhattan, for $1.5 million. The property, which is located at 206 Main St., is currently occupied by Kicks USA on a net-lease basis. David Cafiero, Alan Cafiero and Ben Sgambati of Marcus & Millichap represented the buyer and seller in the transaction, both private investors. Kicks USA has 41 stores in the United States.

April 16, 2018

Acquisitions Industrial Northeast Rhode Island Self-Storage

Sitar Realty Negotiates $7.4M Sale of Self-Storage Facility Near Providence

by David Cohen April 16, 2018

WARREN, R.I. — Sitar Realty Co. has arranged the sale of a 451-unit, climate controlled self-storage facility located at 130 Franklin St. in Warren. The purchase price for the 63,000-square-foot property was $7.4 million. Warren is located approximately 13 miles southeast of Providence. Storage Acquisition Group purchased the property from Warren Self Storage. William Sitar Jr. and John Cranley of Sitar Realty represented the buyer in the transaction.

April 16, 2018

Acquisitions Florida Office Southeast

HFF Brokers $21.2M Sale of Office Complex in Broward County

by Camren Skelton April 16, 2018

CORAL SPRINGS, FLA. — HFF has brokered the $21.2 million sale of One Charter Place, a 101,941-square-foot office complex located at 3301 N. University Drive in Coral Springs. Ike Ojala, Hermen Rodriguez and Tracey Goo of HFF arranged the transaction on behalf of the seller, a partnership between True North Management Group LLC and Delma Properties Inc. HFF also procured the buyer, Borsa Properties LLC. Completed in 2007, One Charter Place includes a four-story, 76,904-square-foot office building; three single-story buildings; and a 489-space parking garage. The property was 94 percent leased at the time of sale to tenants such as the Florida Department of Revenue, BFS Cos., Bank of America/Merrill Lynch, Wells Fargo, Sola Salons and Keller Williams.

April 16, 2018

Acquisitions North Carolina Retail Southeast

Cushman & Wakefield Arranges $11.3M Sale of Shopping Center in Metro Raleigh

by Camren Skelton April 16, 2018

MORRISVILLE, N.C. — Cushman & Wakefield has arranged the $11.3 million sale of Alexander Village, a 77,994-square-foot shopping center in Morrisville, roughly 13 miles west of Raleigh. Sam Young and David Hoppe of Cushman & Wakefield arranged the transaction on behalf of the seller, a private owner. A Dallas-based private investor acquired the asset. Food Lion anchors the center.

April 16, 2018

Acquisitions Arizona Multifamily Western

North American Development Buys One-Acre Parcel in Phoenix for $100M Residential Project

by Amy Works April 16, 2018

PHOENIX — Florida-based North American Development Group has acquired a one-acre parcel within Arizona Center Project in downtown Phoenix. San Diego-based Parallel Capital Partners sold the site within the 16-acre development for an undisclosed price. North American Development plans to construct Palm Court Tower, a 30-story residential tower on the site at 440 E. Van Buren St. Slated for completion in 2020, the $100 million project will feature 350 residences, a swimming pool terrace, a six-level parking garage and a fitness facility. The residences will range from studio to three-bedroom units in eight different floor plans. Phoenix-based Will Bruder Architects & Forum Studio is designing the development, which is slated to break ground in late 2018.

April 16, 2018

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