Acquisitions

Dallas County Approves $83M Sale of Former Parkland Memorial Campus to Dreien

by Taylor Williams March 28, 2018

DALLAS — Dallas County has approved the $83 million sale of the former Parkland Memorial medical campus in northwest Dallas to Dreien Opportunity Partners, according to the March 27 agenda from the county commissioners. Dreien is a development group headed by Dallas magnate Sam Ware that is also working to redevelop the Collin Creek Mall in Plano. The company is financing the acquisition in part by leasing 560 parking spaces currently used by Parkland employees. Plans for the redevelopment of the 38-acre campus, which was owned by Parkland, include condos, apartments and a hotel.

March 28, 2018

Acquisitions Multifamily Texas

S2 Capital Acquires 793-Unit Apartment Community in Southwest Houston

by Taylor Williams March 28, 2018

HOUSTON — S2 Capital, a multifamily investment firm based in the Dallas area, has acquired Brompton Court Apartments, a 793-unit multifamily community located near Texas Medical Center in southwest Houston. Built in 1973, the three-story property offers multiple pools, a fitness center and on-site laundry services. S2 Capital, which acquired the property from CMS Brompton Court LP, will upgrade the unit interiors and communal amenities. Mark Brandenburg of JLL arranged acquisition financing for the deal through Voya Investment Management LLC.

March 28, 2018

Acquisitions Massachusetts Multifamily Northeast

JLL Brokers Sale of 188-Unit Apartment Community in Suburban Boston for $53.6M

by David Cohen March 28, 2018

NORTON MASS. — JLL Capital Markets has brokered the sale of East Main Apartments in Norton for $53.6 million. Campanelli Construction built the 188-unit multifamily community in 2017. Michael Coyne, Travis D’Amato, Kevin Gleason and Brendan Shields of JLL arranged the sale on behalf of Campanelli and Thorndike Development. The buyer was Jones St. Investment Partners. Amenities at the Class A apartment community include a swimming pool, outdoor kitchen with grills, fitness center and an expansive clubhouse. The property is located 40 miles south of Boston.

March 28, 2018

Acquisitions Industrial New Jersey Northeast Self-Storage

Tulfra Real Estate, Hampshire Companies Complete Sale of 91,000 SF Self-Storage Facility in New Jersey for $19.5M

by David Cohen March 28, 2018

TOTOWA, N.J. — Tulfra Real Estate and The Hampshire Companies have completed the disposition of a 91,000-square-foot self-storage facility in Totowa. The property, located at 930 Riverside Drive, was acquired by an undisclosed public company for $230 per square foot. Tulfra and Hampshire acquired the property in 2016 and redeveloped it into a self-storage facility with 1,500 units. Located 17 miles from Manhattan, the facility is part of the 225,000-square-foot Totowa Business Center office park.

March 28, 2018

Acquisitions Multifamily Texas

Marcus & Millichap Arranges Sale of 138-Unit Apartment Property in San Angelo, Texas

by Taylor Williams March 28, 2018

SAN ANGELO, TEXAS — Marcus & Millichap has arranged the sale of Alamo Village, a 138-unit multifamily property located in the West Texas city of San Angelo. The property was built in 1977 and consists of one-, two- and three-bedroom units. William Stover and Mike Moffitt of Marcus & Millichap represented the seller, a partnership, in the transaction. The duo also procured the buyer, a private investor. Both parties requested anonymity.

March 28, 2018

Acquisitions Mixed-Use New York Northeast

Rosewood Realty Arranges Sale of Two Mixed-Use Buildings in Manhattan for $14M

by David Cohen March 28, 2018

NEW YORK CITY — Rosewood Realty Group has arranged the sale of two five-story mixed-use buildings located at 943 and 973 Columbus Ave. in Manhattan for $14 million at a capitalization rate of 5.2 percent. The two buildings combined span 18,123 square feet. Built in 1910, the properties feature 36 apartments and four retail stores. Aaron Jungreis of Rosewood represented the seller, the Orbach Group. Ben Khakshoor represented the buyer, the Mehta family. The two properties are one-half mile southeast of Columbia University.

March 28, 2018

Acquisitions Midwest Retail Wisconsin

Newport Acquires Retail Center in Brookfield, Wisconsin for $17.9M

by Kristin Harlow March 28, 2018

BROOKFIELD, WIS. — Newport Capital Partners has acquired The Plaza in Brookfield, a suburb of Milwaukee, for $17.9 million. The 108,000-square-foot retail center is situated on 11 acres. The property is 99 percent leased by 22 tenants, including CVS Pharmacy, Guitar Center, Stan’s Fit for Your Feet and Hooters. Rick Drogosz of Mid-America Real Estate Corp. represented the seller, IRC Retail Centers, in the transaction.

March 28, 2018

Acquisitions Florida Industrial Southeast

Cushman & Wakefield Brokers $25.3M Sale of Industrial Park in Jacksonville

by Camren Skelton March 28, 2018

JACKSONVILLE, FLA. — Cushman & Wakefield has brokered the $25.3 million sale of Interstate South Commerce Center, a 260,272-square-foot industrial park located at 9440-9456 Phillips Highway in Jacksonville. Karl Johnson, Mike Davis, Rick Brugge and Michael Lerner of Cushman & Wakefield arranged the transaction on behalf of the seller, GCP-Interstate South LLC, an affiliate of Birmingham-based Graham Commercial Properties (GCP). Kissimmee Land Co. LLC, a Fort Family Investments partnership based in Jacksonville, acquired the asset. Interstate South Commerce Center includes six small-bay, rear-load, dock-high buildings that were developed between 1986 and 1989. At the time of sale, the property was 88.5 percent leased to 31 tenants, including Lennar, Honeywell, Dal-Tile and Lincare.

March 28, 2018

Acquisitions Multifamily Oregon Western

Madison Park Financial Acquires 149-Unit Apartment Community in Portland for $55M

by Amy Works March 28, 2018

PORTLAND, ORE. — Madison Park Financial Corp. has purchased Bridgetown Lofts, a mid-rise apartment community located along the Williamette River in Portland’s Pearl District. Portland Guild Loft Partners sold the property for $55 million. The waterfront community features 149 units with modern finishes, including stainless steel appliances, Euro-style cabinetry, quartz countertops and oversized windows with waterfront views. On-site community amenities include a fitness center, community lounge and courtyard with fire pit, gas grills and a putting green. Joe Nydahl, Phil Oester and Josh McDonald of CBRE represented the seller in the transaction. Additionally, Brian Eisendrath with CBRE Capital Markets’ Debt & Structured Finance arranged a seven-year, fixed-rate loan with three years of interest-only payments through Freddie Mac for the buyer.

March 28, 2018

Acquisitions California Industrial Western

Murphy Development Co. Sells 165,763 SF Industrial Building in San Diego for $26.5M

by Amy Works March 28, 2018

SAN DIEGO — Murphy Development Co. (MDC) has completed the disposition of Siempre Viva Business Park Building 16, a 165,763-square-foot industrial facility located at 8411 Siempre Viva Road in San Diego. Ajinomoto Windsor acquired the property for $26.5 million. MDC originally developed the facility as a build-to-suit for Circle Foods, a subsidiary of Stephan Bronfman’s Claridge Inc. Tyson Foods acquired Circle Foods in 2013, assuming the long-term lease with MDC. Ajinomoto Windsor simultaneously purchased both Circle Foods from Tyson and Building 16 from MDC. Tyson Foods is scheduled to cease operations in April 2018. After food processing renovations and new equipment installation, Ajinomoto Windsor plans to expand food-processing operations at the facility. The building features a 32-foot minimum clear height, 8,000 amps of 277/480 volt power, ESFR sprinklers, manufacturing sewer and water capacity, concrete truck courts, wide column spacing and high dock door ratios.

March 28, 2018

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