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Acquisitions

College-Square-Davis-CA
AcquisitionsCaliforniaMultifamilyStudent HousingWestern

Crown Acquisitions Acquires 486-Bed Community Near UC Davis for $50.2M

by Amy Works

DAVIS, CALIF. — Crown Acquisitions Inc. has acquired College Square, a 486-bed student housing community located near the University of California, Davis, for $50.2 million. The acquisition was financed with a new Freddie Mac loan secured by Peter Benedetto and Aaron Moll of Berkadia. The garden-style property offers shared amenities including three resort-style swimming pools with furnished sundecks, a fitness center, business center, study lounge, outdoor grills, picnic areas and two 24-hour laundry facilities. Planned capital improvements for the community include fully furnished and renovated units; an expanded fitness center with state-of-the-art equipment; the addition of a new study lounge, fire pits and pool amenities; and landscaping improvements. The property is also currently being rebranded.

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AcquisitionsCaliforniaRetailWestern

Paragon Commercial Sells Single-Tenant Retail Property in California for $4.3M

by Amy Works

SAN CLEMENTE, CALIF. — Paragon Commercial Group has completed the disposition of a retail property located in San Clemente. An undisclosed buyer acquired the property for $4.3 million. The freestanding drive-thru retail property is on a long-term absolute triple-net lease with JPMorgan Chase Bank. Patrick Luther, Matthew Mousavi, Garret Colburn and Michael Fowle of SRS Real Estate Partners represented the seller, while Luther and Mousavi also represented the buyer in the transaction.

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Chase-Crossing-Eugene-OR
AcquisitionsMultifamilyOregonStudent HousingWestern

Horizon Realty Advisors Buys 179-Unit Student Housing Property Near the University of Oregon

by Amy Works

EUGENE, ORE. — Horizon Realty Advisors has purchased Chase Crossing, a 179-unit student housing community located near the University of Oregon campus in Eugene. The company purchased the asset from Chase Crossing LLC for an undisclosed price. The property offers studio and one-bedroom units. Phil Oester, Joe Nydahl and Josh McDonald of CBRE brokered the transaction on behalf of the seller. Benjamin Roelke, also with CBRE, arranged $19.1 million in long-term financing on behalf of Horizon Realty Advisors for its HRA Opportunity Fund. The 10-year, fixed rate loan provided by CBRE through Freddie Mac featured an index rate lock at loan application and five years of interest-only payments.

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AcquisitionsIndustrialMidwestWisconsin

Phoenix Investors Acquires 2 MSF Distribution Center in Wauwatosa, Wisconsin for $31.2M

by Kristin Harlow

WAUWATOSA, WIS. — An affiliate of Phoenix Investors has acquired the JCPenney Logistics Warehouse and Furniture Outlet Center for $31.2 million. JCPenney sold the 2 million-square-foot property, which is located at 18000 W. Burleigh St. in Wauwatosa, just west of Milwaukee. The buildings are situated adjacent to Interstate 45 and feature 100 loading docks. The first buildings were constructed in the 1950s. JCPenney has made regular improvements to the buildings and infrastructure over the years. Phoenix plans to renovate the property, both structurally and cosmetically.

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AcquisitionsMidwestMinnesotaMultifamily

CBRE Arranges Sale of 112-Unit Apartment Community in Minneapolis

by Kristin Harlow

MINNEAPOLIS — CBRE Multifamily has arranged the sale of Minneapolis Grand, a 112-unit apartment community in Minneapolis. The sales price was not disclosed. The property is located at 2401 Chicago Ave. near Abbott Northwestern Hospital. Built in 2005, the community features a mix of studio, one- and two-bedroom units with an average size of 833 square feet. Amenities include a newly renovated clubroom, fitness center, tenant lounge and underground parking. Keith Collins, Abe Appert, Ted Abramson and Ike Hoffman of CBRE represented the seller, CAP/SP Minneapolis Grand Apartments LLC, an entity related to CAPREIT. Trillium Grand Owner LLC, an entity related to Trillium Investments, purchased the asset. Cathy Bronkema of Cohen Financial, a division of SunTrust Bank, arranged a $15.3 million bridge loan for the acquisition. A private real estate investment fund based in New York provided the loan.

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AcquisitionsRetailTexas

The Silver Group Negotiates Sale of 60,000 SF Store in Metro Dallas Leased to Tom Thumb

by Taylor Williams

FLOWER MOUND, TEXAS — The Silver Group, a California-based brokerage firm specializing in the sale of single-tenant properties, has negotiated the sale of a 60,000-square-foot store leased to Tom Thumb in the Dallas metro of Flower Mound. The store, whose lease is guaranteed by The Albertson Cos. LLC, anchors Cross Timbers Village shopping center and houses a Starbucks and sushi bar. The buyer, seller and sales price were not disclosed.  

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AcquisitionsMixed-UseTexas

Weitzman Brokers Sale of 15,300 SF Mixed-Use Building in Metro San Antonio

by Taylor Williams

BOERNE, TEXAS — Weitzman has brokered the sale of a two-story building located at 152-170 S. Main St. in Boerne, a northwestern suburb of San Antonio. The property consists of 12,000 square feet of street-level retail space leased to three different tenants and 3,300 square feet of second-level space operating as a boutique hotel. Ramey Mainstreet LLC, a local investor, purchased the property for an undisclosed price. The seller was not disclosed. Charlie Riddle of Weitzman brokered the transaction.

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AcquisitionsRetailTexas

STRIVE Arranges Sale of 4,800 SF Retail Property in Gun Barrel City, Texas

by Taylor Williams

GUN BARREL CITY, TEXAS — STRIVE has arranged the sale of Gun Barrel City Shopping Center, a 4,800-square-foot retail property in Gun Barrel City, about 60 miles southeast of Dallas. The two-tenant property was fully leased to Sprint and Cash Store at the time of sale. Will Merritt of STRIVE represented the seller in the transaction. Merritt and Jason Vitorino, also with STRIVE, procured the buyer. Both parties were Texas-based investors that requested anonymity.

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AcquisitionsIllinoisMidwest

Marcus & Millichap Arranges $1.9M Sale of Land Site in Burr Ridge, Illinois

by Kristin Harlow

BURR RIDGE, ILL. — Marcus & Millichap has arranged the $1.9 million sale of a nearly 8-acre land site at 11680 German Church Road in Burr Ridge, a southwestern suburb of Chicago. The sale equates to $237,500 per acre. The parcel, declared surplus property by the City of Burr Ridge, is located about two miles east of Interstate 55. Richard Kozarits of Marcus & Millichap represented the buyer, a private investor.

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7910_W_Beardsley_Rd_10
AcquisitionsArizonaColoradoIndustrialSelf-StorageWestern

JV Acquires Two-Property Self-Storage Portfolio in Arizona, Colorado

by Amy Works

GLENDALE, ARIZ., AND LITTLETON, COLO. — A joint venture between Advantage Storage and Harrison Street Real Estate Capital has acquired a two-property self-storage portfolio from a partnership between Wasatch Storage Partners and a private real estate fund advised by Crow Holdings Capital – Real Estate. The price was not disclosed. Together the properties total 147,521 square feet and 1,425 storage units. Both assets feature drive-up units, climate-controlled units, secure fencing with electric access control, 24-hour video surveillance and retail-oriented customer service offices. The portfolio includes the 96,950-square-foot, 955-unit self-storage facility located at 7910 E. Beardsley Road in Glendale, a Phoenix suburb; and the 50,571-square-foot, 470-unit facility located at 11645 W. Belleview Ave. in Littleton, a suburb of Denver. Brian Somoza and Steve Mellon of JLL brokered the sale.

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