Acquisitions

Black Creek Group Acquires Three-Building Industrial Portfolio in Colton, California

by Amy Works March 27, 2018

COLTON, CALIF. — Black Creek Group has purchased a three-building industrial portfolio totaling 743,381 square feet in Colton for an undisclosed price. The portfolio includes a 121,196-square-foot property located at 2036 Miguel Bustamante Parkway, a 174,995-square-foot building located at 2053 Miguel Bustamante Parkway and a 447,190-square-foot property located at 2163 S. Riverside Ave. The adjacent properties feature dock-high loading, ESFR sprinkler systems, minimum clear heights ranging from 32 feet to 36 feet, and state-of-the-art office space. Ken Anderson and Rick John of DAUM Commercial Real Estate Services, along with Barbara Emmons Perrier and Darla Longo of CBRE, represented the buyer and seller in the deal. The seller was an undisclosed REIT.

March 27, 2018

Acquisitions Midwest Office Ohio

Marcus & Millichap Arranges $9M Sale of Office Building in Miamisburg, Ohio

by Kristin Harlow March 27, 2018

MIAMISBURG, OHIO — Marcus & Millichap has arranged the $9 million sale of PNC Bank Office Building in Miamisburg, about 45 miles north of Cincinnati. The 68,000-square-foot office building, located at 3385 Newmark Drive, serves as offices for PNC’s mortgage division. PNC has occupied the property since 2004. Craig Fuller, Scott Wiles and Erin Patton of Marcus & Millichap marketed the property on behalf of the seller, a private investor. A New York-based private investor was the buyer.

March 27, 2018

Acquisitions California Industrial Loans Property Type Western

MetroGroup Provides $21.9M in Acquisition Financing for R&D/Flex Campus in San Diego

by Amy Works March 27, 2018

SAN DIEGO, CALIF. — MetroGroup Realty Finance has provided $21.9 million permanent acquisition financing for a R&D/flex corporate campus located at 10307 and 10309 Pacific Center Court in San Diego. The seven-year loan features a 30-year amortization, fixed interest rest and a loan-to-purchase-price ratio of 69 percent. Colony Northstar sold the property to a Newport Beach, Calif.-based private investor for an undisclosed price. Quantum Design International, a global scientific instrumentation manufacturer and distributor, occupies the 103,830-square-foot property. Michael Hartel of Colliers International represented the buyer in the acquisition transaction.

March 27, 2018

Acquisitions Midwest Retail Wisconsin

SRS Real Estate Negotiates $5.2M Sale of Retail Center in Oak Creek, Wisconsin

by Kristin Harlow March 27, 2018

OAK CREEK, WIS. — SRS Real Estate Partners has negotiated the $5.2 million sale of The Shoppes at Drexel in Oak Creek, about 12 miles south of Milwaukee. Five tenants, including Mod Pizza, Men’s Hair House, Five Guys, Orange Leaf Frozen Yogurt and Potbelly Sandwich Shop, occupy the 10,351-square-foot retail center. Patrick Luther and Matthew Mousavi of SRS represented the seller, a Chicago-based merchant developer. A New York-based private investor was the buyer.

March 27, 2018

Acquisitions Iowa Midwest Multifamily

CBRE | Hubbell Brokers $5.1M Sale of Two Apartment Properties in Des Moines

by Kristin Harlow March 27, 2018

DES MOINES, IOWA — CBRE | Hubbell Commercial has brokered the sale of two apartment properties in Des Moines for $5.1 million. Properties in the 108-unit portfolio include Rosewood Apartments at 221 E. McKinley Ave. and Kenwood Apartments at 530 E. Kenyon Ave. Rick Krause and Cy Fox of CBRE | Hubbell represented the buyer, a California-based private investor. North Dakota-based Kenwood-Rosewood Apartments LLP was the seller.

March 27, 2018

Acquisitions Arizona Multifamily Office Retail Western

Cushman & Wakefield Brokers Two Sales Totaling $7.7M in Tucson

by Amy Works March 27, 2018

TUCSON, ARIZ. — Cushman & Wakefield has arranged two sales totaling $7.7 million in Tucson. In the first deal, Pelican 9th LLC acquired Sonoran on 9th Apartments, a multifamily property located at 814 and 838 E. 9th St. in Tucson. SVP Holdings sold the 26-unit property for $4.6 million. Allan Mendelsberg and Daniel Leibsohn of Cushman & Wakefield | PICOR brokered the deal. In the second transaction, West Ina Center Marana Arizona LLC purchased a commercial building located at 3662 W. Ina Road in Tucson. Ina Meredith LLC sold the 8,917-square-foot asset for $3.1 million. Rob Tomlinson of Cushman & Wakefield | PICOR represented the buyer. Rick Volk of Volk Co. and Pete Villaescusa of CBRE represented the seller in the deal.

March 27, 2018

Acquisitions Multifamily Nevada Seniors Housing Western

Radiant Senior Living Buys Memory Care Community in Nevada

by Amy Works March 27, 2018

SPARKS, NEV. — Radiant Senior Living has acquired Arbors Memory Care, a seniors housing community in the Reno suburb of Sparks. The seller was the independent owner-operator of Arbors. The price was not disclosed. Radiant owns and operates 18 assisted living and memory care communities in the West.

March 27, 2018

Acquisitions Company News Illinois Midwest New York Northeast Property Type Retail Top Stories

Brookfield to Buy Mall Owner GGP for $9.25B in Cash Plus Stock

by John Nelson March 27, 2018

NEW YORK AND CHICAGO — Brookfield Property Partners (NASDAQ: BPY) has agreed to acquire all remaining shares of GGP Inc. (NYSE: GGP), a Chicago-based mall owner. BPY, a global real estate company based in New York City, and its affiliates already hold a 34 percent stake in GGP. The deal struck between the two parties is for GGP shareholders to receive $23.50 per share in cash, a total cash consideration of $9.25 billion. Alternately, shareholders may elect to receive stock in either BPY or a new REIT that BPY plans to list on one of the major U.S. exchanges. “This is a compelling transaction that enables GGP shareholders to receive premium value for their shares and gives them the ability to participate in the long-term upside of their investment,” says Brian Kingston, CEO of BPY. The newly agreed-upon deal comprises a cash-to-equity ratio of 61/39, which is more cash-centric than BPY’s original 50/50 cash-to-equity offer to acquire the remainder of GGP last November. Shares in the new REIT will be equivalent to that of a BPY unit. BPY’s parent company, Brookfield Asset Management (NYSE: BAM), has guaranteed the exchange of the shares between the two stocks (totaling 254 million units) …

March 27, 2018

Acquisitions Multifamily New York Northeast

Rosewood Realty Facilitates Sale of $44.1M Apartment Building in Manhattan

by David Cohen March 26, 2018

NEW YORK CITY — Rosewood Realty Group has arranged the sale of a 56,700-square-foot apartment building in Manhattan for $44.1 million. Located at 1274-1275 Fifth Ave., the six-story, 54-unit building sold at a capitalization rate of 2.71 percent. Former New York City Mayor Fiorello LaGuardia, who held office from 1934-1945, lived in the penthouse of the building shortly before Gracie Mansion became the official mayoral residence in 1942. Billy Billitzer of Rosewood Realty represented the buyer, Akelius Real Estate Management. Aaron Jungreis, also of Rosewood, represented the seller, Ofer Yardeni’s Stonehenge Partners. The property is located just east of Central Park on Fifth Avenue’s Museum Mile.

March 26, 2018

Acquisitions Multifamily Texas

NewQuest Brokers Sale of 426-Unit Apartment Community in Houston

by Taylor Williams March 26, 2018

HOUSTON — NewQuest Properties has brokered the sale of Chateaux Dijon Apartments, a 426-unit multifamily community located at 5331 Beverly Hill St. in Houston’s Galleria neighborhood. The property consists of one-, two- and three-bedroom units ranging from 510 to 1,380 square feet. Amenities include several pools, a fitness center, coffee bar, dog park, conference room and a business center. Glenn Dickerson of NewQuest Properties represented the seller, FHB Beverly Hill LP, and procured the buyer, Florida-based investment firm Avesta Communities LLC. The property was developed in the 1960s and renovated in 2016.

March 26, 2018

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