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Acquisitions

530-B-St-San-Diego-CA
AcquisitionsCaliforniaOfficeWestern

Ambient Communities Buys 24-Story Office Tower in San Diego for $27.5M

by Amy Works

SAN DIEGO — Encinitas, Calif.-based Ambient Communities has acquired 530 B Street, a 24-story office tower in downtown San Diego. An undisclosed seller sold the building for $27.5 million. At the time of sale, the 250,181-square-foot tower was 76.8 percent occupied, with US Bank as a major tenant occupying 77,414 square feet. Ambient Communities plans to eventually convert the office building to primarily residential units. Mickey Morera of Kidder Mathews represented the buyer in the deal. Mary Blagg of Kidder Mathews is overseeing management of the building.

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Rancho-Las-Palmas-Tempe-AZ
AcquisitionsArizonaMultifamilyWestern

Pinnacle Holdings Sells 112-Unit Rancho Las Palmas Apartments in Tempe, Arizona

by Amy Works

TEMPE, ARIZ. — Boca Raton, Fla.-based Pinnacle Holdings has completed the disposition of Rancho Las Palmas Apartments in Tempe to an Arizona-based private investor for $18 million, or $160,714 per unit. Built in 1986 on 5.2 acres, Rancho Las Palmas features 112 apartments spread across six two-story and three-story buildings. The community offers 48 one-bedroom units and 64 two-bedroom units with an average size of 777 square feet. Unit amenities include balconies/patios, vaulted ceilings in select units and fully equipped kitchens with stainless steel appliance packages in select units. Community amenities include a clubhouse, fitness center, swimming pool, spa, laundry facility, gated entry and ample parking. Avison Young’s Peter Sherman, Keith O’Donnell and Mark Seale, along with Alon Shnitzer, Rue Bax, Eddie Chang, Doug Lazovick and Tyler Bruggman of ABI Multifamily, brokered the transaction.

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AcquisitionsIndustrialTexas

Disney Investment Group Brokers Sale of 47,857 SF Retail Building in Lewisville, Texas

by Taylor Williams

LEWISVILLE, TEXAS — Disney Investment Group (DIG) has brokered the sale of a 47,857-square-foot, single-tenant retail building located at 724 W. Main St. in the northern Dallas suburb of Lewisville that is leased to ethnic grocer Fiesta Mart. According to LoopNet Inc., the property was built in 1983 and renovated in 1992. David Disney and Adam Crockett of DIG represented the seller in the transaction. DuWest Realty represented the buyer. Both parties requested anonymity.

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AcquisitionsRetailTexas

DuWest Realty Negotiates Sale of 16,938 SF Retail Building in Hurst, Texas

by Taylor Williams

HURST, TEXAS — Locally based brokerage firm DuWest Realty has negotiated the sale of a 16,938-square-foot retail building in Hurst, located northeast of Fort Worth. According to LoopNet Inc., the building at 924 NE Loop 820 was constructed in 1999. Giancarlo Carriero and Scott Rodgers of DuWest Realty represented the seller, De La Vega Development  | Capital, in the transaction. The buyer was Houston-based investment and brokerage firm Jolink Wallace Commercial, which plans to redevelop the building for western footwear and apparel retailer Boot Barn.

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AcquisitionsIllinoisLife SciencesLoansMidwestOffice

BWE Arranges $20M Acquisition Loan for Innovation Park Office, Lab Campus in Suburban Chicago

by Kristin Harlow

LIBERTYVILLE, ILL. — BWE has arranged a $20 million loan for the acquisition of Innovation Park, a 1 million-square-foot mixed-use office and research laboratory campus in the Chicago suburb of Libertyville. Originally constructed in the 1990s to serve as an R&D facility for the Motorola Corp., Innovation Park spans 83 acres. The property was 71 percent leased at the time of loan closing. Anchor tenants include Valent BioSciences, Medline Industries and Juno Therapeutics. Daniel Rosenberg, Chris Caroll, Logan Petersmeyer and Max Miller of BWE arranged the loan through a depository institution on behalf of the borrowers, a joint venture between Chicago-based developer R2 and Chicago-based JDI Realty. The five-year loan features multiple years of interest-only payments and structured flexibility.  

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AcquisitionsMidwestMultifamilyNorth Dakota

Gindi Equities Acquires 252-Unit Timber Creek Apartment Homes in Fargo, North Dakota

by Kristin Harlow

FARGO, N.D. — Gindi Equities has acquired Timber Creek Apartment Homes, a 252-unit apartment community in Fargo. The purchase price was undisclosed. Built in 2015, the property at 4720 Timber Parkway South offers one- to three-bedroom units. Amenities include a playground, beach volleyball court and a pergola grilling area. Gindi plans to implement interior upgrades, including the installation of new features and fixtures to apartment kitchens and bathrooms. Common areas and grounds will also be renovated, and new exterior amenities will be added. Gindi acquired the asset from Property Resources Group, which will continue to manage and service the asset. The purchase marks Gindi’s second acquisition in the Fargo market.

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AcquisitionsIllinoisIndustrialMidwest

Venture One Buys 74,975 SF Industrial Building in Elk Grove Village, Illinois

by Kristin Harlow

ELK GROVE VILLAGE, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial VII LP, has purchased a 74,975-square-foot industrial building in the Chicago suburb of Elk Grove Village. The purchase price was undisclosed. The property sits on nearly three acres at 951 Lunt Ave. and was vacant at the time of sale. There are eight docks and parking for 70 cars. Prior to closing, Venture One received a 6B tax incentive from Elk Grove Village. Venture One plans to make improvements, including office renovations, warehouse paint, parking lot seal coating, energy-efficient warehouse lights, roof replacement, landscaping and façade enhancements. Cal Payne and Matt Mulvihill of CBRE represented the seller and will be retained to market the property for lease. VK Industrial VII is co-sponsored by Venture One and Kovitz Investment Group.

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AcquisitionsIllinoisMidwestRestaurantRetail

SRS Brokers $2.6M Sale of Raising Cane’s Ground Lease in Quincy, Illinois

by Kristin Harlow

QUINCY, ILL. — SRS Real Estate Partners has brokered the $2.6 million sale of a Raising Cane’s Chicken Fingers ground lease in Quincy, a city in western Illinois. The 3,062-square-foot restaurant features a drive-thru and is located at 3601 Broadway St. The newly developed property serves as an outparcel to Target and is directly across the street from Quincy Commons Shopping Center. Matthew Mousavi and Patrick Luther of SRS represented the seller, a Chicago-based merchant developer. Alexander Moore of SRS represented the buyer, a private investor from Sacramento, Calif. The lease term is 15 years.

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AcquisitionsNew YorkNortheastRetail

Houlihan-Lawrence Negotiates $4.7M Sale of Yonkers Retail Property

by Taylor Williams

YONKERS, N.Y. — Locally based brokerage firm Houlihan-Lawrence Commercial has negotiated the $4.7 million sale of an 18,000-square-foot retail property in Yonkers, located north of New York City. Apparel and footwear retailer Snipes anchors the property, which features nine storefronts and is also home to Yonkers Paint & Hardware. Garry Klein of Houlihan-Lawrence represented the seller in the transaction, and the firm’s Jared Stone represented the buyer. Both parties requested anonymity.

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AcquisitionsMultifamilyTexas

Muskin | Elam Group Negotiates Sale of Six Multifamily Properties Totaling 179 Units in Austin

by Taylor Williams

AUSTIN, TEXAS — Locally based brokerage firm Muskin | Elam Group has negotiated the sale of six multifamily properties totaling 179 units in Austin. The properties, which include The Hyde Park Collection, Baccarat Apartments and Adobe Apartments, are concentrated in the Hyde Park neighborhood and have an average construction vintage of 1974. The four Hyde Park Collection properties were sold by the original developers, and there were three different buyers across the six assets. All parties involved requested anonymity.

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