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Acquisitions

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AcquisitionsCaliforniaMultifamilyWestern

Raintree Partners Sells 112-Unit Candela Multifamily Property in Los Angeles

by Amy Works

LOS ANGELES — Raintree Partners has completed the disposition of Candela, an apartment community in the Hollywood Hills neighborhood of Los Angeles. Cityview acquired the asset for $35.5 million, or $316,875 per unit. Kevin Green, Joseph Grabiec and Gregory Harris of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction. Built in 1974, Candela offers 112 apartment units in a controlled-access residential building. The classic units feature Formica countertops, white cabinetry, black appliances and large closets, while the renovated units feature stone countertops, stainless less appliances, recessed lighting and vinyl plank flooring. Additionally, most units have a private balcony or patio. Community amenities include a private garage, swimming pool, dog spa and package locker system.

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779-N-Colorado-St-Phoenix-AZ
AcquisitionsArizonaIndustrialWestern

Cohen Buys 48,823 SF Manufacturing Building in Gilbert, Arizona

by Amy Works

GILBERT, ARIZ. — An affiliate of Cohen Asset Management has purchased a freestanding industrial manufacturing building in Gilbert from Southern California-based De Pietro Holdings for $8.7 million. Rigid Industries LED Lighting, a LED lighting company, occupies the 48,823-square-foot building, which is located at 779 N. Colorado St. The building was originally developed in 2004. Phil Haenel, Will Strong, Foster Bundy and Katie Repine of Cushman & Wakefield’s Private Capital Group in Phoenix represented the buyer and seller in the deal. The seller had owned the property since 2015 prior to the sale.

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AcquisitionsMidwestOhioRetail

IPA Brokers $76.3M Sale of Two-Property Retail Portfolio in Metro Columbus

by Kristin Harlow

DUBLIN AND REYNOLDSBURG, OHIO — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $76.3 million sale of a 622,000-square-foot retail portfolio in metro Columbus. The Walmart-anchored shopping centers include the 395,074-square-foot Taylor Square in Reynoldsburg and the 226,718-square-foot Tuttle Crossing in Dublin. Built between 2000 and 2003, Taylor Square was 99 percent occupied at the time of sale. The tenant roster includes JoAnn, Marshalls, Dollar Tree, Famous Footwear, Bath & Body Works and Smokey Bones. Tuttle Crossing is home to tenants such as Best Buy, Morris Home Furniture, Ross Dress for Less, Golf Galaxy and Cost Plus. Erin Patton, Scott Wiles and Craig Fuller of IPA represented the seller, a partnership between New York-based Island Capital and Casto, a local firm. The buyer was a partnership between DLC Management and Principal Asset Management.

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AcquisitionsIllinoisMidwestRetail

Quantum Brokers $2.7M Sale of Retail Center in Elgin, Illinois

by Kristin Harlow

ELGIN, ILL. — Quantum Real Estate Advisors Inc. has brokered the sale of a 15,233-square-foot retail center in Elgin for $2.7 million. The property was fully occupied at the time of sale by tenants such as Jimmy John’s, H&R Block, Oberweis and Accelerated Physical Therapy. Dan Waszak and Brett Berlin of Quantum represented the seller, a private investment group based in Texas. The buyer was a private group based in Chicago.

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AcquisitionsFloridaLoansMultifamilySoutheastTop Stories

Kushner Cos. Acquires The Hamilton Apartments in Miami for $190M

by Hayden Spiess

MIAMI — Kushner Cos. has acquired The Hamilton, a 276-unit apartment community located in the Edgewater neighborhood of Miami. Apartment Investment and Management Co. (Aimco) sold the multifamily property for $190 million.  Located at 555 N.E. 34th St. along Biscayne Bay, the community is situated with proximity to downtown Miami and the city’s Brickell financial district.  Originally developed in 1984, The Hamilton features one-, two-, three-, four- and five-bedroom units averaging 1,373 square feet in size. Each apartment also features a terrace — the terraces average 326 square feet, with some larger than 2,300 square feet.  Aimco purchased The Hamilton in 2020 and executed a complete renovation of the property, which was completed in 2022. Still Hunter, Kaya Suarez, Leigh Gerke, Bennett Hopkins and Luke Duffack of Walker & Dunlop arranged the transaction on behalf of Aimco.  Additionally, Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Michael Stepniewski, Mo Beler, Michael Ianno and Christopher de Raet of Walker & Dunlop arranged a $157 million acquisition financing package on behalf of Kushner Cos. Apollo Global Management and Macquarie Group provided the financing.  According to a press release issued by Walker & Dunlop, The Hamilton marks one of only two institutional-quality, direct …

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AcquisitionsIndustrialTexas

Bradford Arranges Sale of 137,083 SF Industrial Complex in North Fort Worth

by Taylor Williams

FORT WORTH, TEXAS — Bradford Commercial Real Estate Services has arranged the sale of McMillan Center, a three-building, 137,083-square-foot industrial complex in North Fort Worth. The property formerly served as a Coors distribution center and comprises a 115,078-square-foot main building, 12,544-square-foot office building and a 9,362-square-foot maintenance facility. Shane Benner of Bradford represented the buyer, Ron Sturgeon Real Estate, which will relocate from Haltom City and occupy the property, in the off-market deal. Todd Hawpe of Transwestern represented the seller.  

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501-Gateway-Phoenix-AZ
AcquisitionsArizonaOfficeWestern

Cushman & Wakefield Negotiates Sale of 102,305 SF Office Asset in Phoenix

by Amy Works

PHOENIX — Cushman & Wakefield has arranged the sale of 501 Gateway, a four-story office building located at 501 N. 44th St. in Phoenix. An undisclosed full service real estate solutions firm sold the asset to 501 Gateway Center LLC for $18 million. The property features 102,305 square feet of multi-tenant office space, a four-story parking garage, flexible floor plates, an onsite café and immediate freeway, airport and light rail access. At the time of sale, the building was 82 percent leased. The building, which was originally constructed in 1997, has been upgraded to a modern office asset. Eric Wichterman, Chris Toci and Mike Coover of Cushman & Wakefield in Phoenix represented the seller in the transaction.

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AcquisitionsBuild-to-RentIdahoSingle-Family RentalWestern

MJW Investments Acquires 96-Unit Verraso Village Build-to-Rent Community in Meridian, Idaho

by Amy Works

MERIDIAN, IDAHO — MJW Investments has purchased Verraso Village, a Class A build-to-rent townhome community in Meridian, from an undisclosed seller in an off-market transaction. Built in two phases in 2016 and 2018, Verraso Village offers 96 two-level homes that average 1,840 square feet with attached two-car garages. Ninety-five percent of the units are three-bedroom and 3.5-baths and each townhome offers an individualized exterior façade. The acquisition marks MJW’s first entry into the Boise MSA. The company acquired the asset with a moderately low-leveraged agency loan assumption with 3.2 percent fixed-rate financing and more than five years remaining on the loan term.

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403-N-Levee-Rd-Pullayup-WA
AcquisitionsIndustrialWashingtonWestern

PCBP Properties Buys 80,150 SF Industrial Property in Puyallup, Washington for $12.5M

by Amy Works

PUYALLUP, WASH. — PCBP Properties Inc. has acquired an industrial property located at 403 N. Levee Road in Pullayup for $12.5 million. Brett Hartzell, Paige Morgan and Andrew Stark of CBRE National Partners West represented the undisclosed seller in the deal. The 80,150-square-foot last-mile manufacturing and logistics facility is located 15 minutes from the Port of Tacoma, Washington, and 35 minutes from downtown Seattle. The property has undergone recent renovations, including roof repairs, exterior painting, asphalt, landscaping and updates to the office space with new carpet and paint. The property is fully insulated and features 21 trailer stalls, eight dock-high and three grade-level doors.

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AcquisitionsIndianaIndustrialMidwest

Colliers Negotiates Sale of Two-Building Industrial Portfolio Totaling 245,000 SF in Indianapolis

by Kristin Harlow

INDIANAPOLIS — Colliers has negotiated the sale of a two-building industrial portfolio totaling 245,000 square feet in the Southwest submarket of Indianapolis for an undisclosed price. The fully leased properties, located at 4316 W. Minnesota St. and 4750 Kentucky Ave., are home to wholesale industrial packaging company BASCO as well as logistics and warehousing providers Golden Tiger Transportation and Kid Glove Service. Alex Cantu and Alex Davenport of Colliers represented the seller, Clarion Partners. New York-based Diamond Properties was the buyer.

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