Acquisitions

7975-7977-8001-Melrose-Ave-Los-Angeles-CA

Quiet Lion Divests of Two Retail Properties in Los Angeles for $6.8M

by Amy Works January 25, 2024

LOS ANGELES — Kennedy Wilson Brokerage, a division of Kennedy-Wilson Properties, has arranged the sale of two retail properties on the northwest and northeast corners of Melrose and Edinburgh avenues in Los Angeles. Quiet Lion LP sold the two assets, which represent three buildings on two parcels, in two separate transactions totaling $6.8 million. Oh Polly, a fashion brand, acquired a vacant, 3,355-square-foot, single-tenant building at 8001 Melrose Ave. with plans to occupy the asset. A local investor acquired the 2,442-square-foot asset at 7975-7977 Melrose Ave., which also included a 625-square-foot building at 710 N. Edinburgh Ave., with plans to operate the properties as a leased investment. MOSCOT and Vettese Studios, a clothier, occupies the property at 7975-7977 Melrose Ave., and Community Goods, a neighborhood coffee shop, occupies the building at 710 N. Edinburgh Ave. Ed Sachse, Jaysen Chiaramonte and Jack Nathan of Kennedy Wilson Brokerage represented the seller in both transactions.

January 25, 2024

Acquisitions California Multifamily Western

CBRE Arranges $2.2M Acquisition of Multifamily Building in Palm Desert, California

by Amy Works January 25, 2024

PALM DESERT, CALIF. — CBRE has brokered the purchase of an apartment property located at 73435 San Gorgonio Way in the Coachella Valley city of Palm Desert. A Los Angeles-based private investor acquired the asset from an undisclosed seller for $2.2 million, or $264 per square foot, in an off-market transaction. Dan Blackwell and Andrew Boukather of CBRE represented the buyer in the deal. Built in 1988, the two-story, 8,360-square-foot building offers 10 two-bedroom apartments with a patios or balconies, a community pool and garage parking.

January 25, 2024

Acquisitions Development Illinois Industrial Midwest

Partnership Acquires Former American Hotel Register Site in Suburban Chicago, Plans Industrial Redevelopment

by Kristin Harlow January 25, 2024

VERNON HILLS, ILL. — A partnership between Avgeris and Associates Inc., The Missner Group and Wylie Capital has acquired International Corporate Park, commonly known as the former American Hotel Register site, in the Chicago suburb of Vernon Hills. The venture paid $29.5 million for the site from an entity affiliated with American Hotel Register, according to Crain’s Chicago Business. Originally developed in 1996, the 70-acre site features a 257,927-square-foot warehouse, which will remain in the redevelopment, and a five-story, 202,000-square-foot office building, which will be demolished. Plans call for more than 900,000 square feet of new industrial space in up to four buildings. Redevelopment of the site is anticipated to begin later this year. The Missner Group will also serve as general contractor. American Hotel Register is a hospitality supplies distributor.

January 25, 2024

Acquisitions Iowa Midwest Restaurant Retail

Upland Brokers $1.8M Sale of Arby’s-Occupied Property in Grimes, Iowa

by Kristin Harlow January 25, 2024

GRIMES, IOWA — Upland Real Estate Group has brokered the $1.8 million sale of an Arby’s-occupied property in Grimes, a northwest suburb of Des Moines. Arby’s has a 20-year triple net lease with 5 percent rent increases every five years. The tenant on the lease, DRM Inc., is one of the largest Arby’s franchisees and operates 109 Arby’s restaurants in seven Midwest states. Deborah Vanelli, Keith Sturm and Amanda Leathers of Upland represented the undisclosed seller.

January 25, 2024

Acquisitions Content Partner Features Loans Midwest Multifamily NAI Northeast Office Retail Southeast Texas Western

Previous Year’s Challenges Shape 2024 Outlook for Cap Rates, Investment Activity, Distressed Properties

by Sarah Daniels January 25, 2024

If NAI Global president and CEO Jay Olshonsky had to use one word to sum up the 2023 commercial real estate market, it would be “inactive.” The interest rate-fueled bid-ask spread stifled investment sales of all property types, and in the office sector especially, tenants avoided making any space decisions if they didn’t have to. One month into 2024, not much has changed. From an investment sales perspective, Olshonsky still sees properties offered at capitalization rates between 4 and 5 percent while interest rates are 6 percent or higher, which is prolonging the disconnect between buyers and sellers. Meanwhile, robust job creation well beyond today’s levels is needed to create the leasing demand that will reverse the office sector’s troubles in the new era of hybrid work. But that’s not likely to happen in 2024 as the tech sector, in particular, continues to lay off workers. “I’ve been in the real estate business a long time, and this is a cycle unlike most others,” says Olshonsky. “The biggest problem we have right now is mainly record-high office vacancy just about everywhere — certainly in the large cities — which we’ve never really seen before. On the investment side, lenders cannot …

January 25, 2024

Acquisitions Loans Multifamily Southeast Virginia

Berkadia Negotiates $38.5M Sale of Woodmere Trace Apartments in Norfolk

by John Nelson January 24, 2024

NORFOLK, VA. — Berkadia has negotiated the $38.5 million sale of Woodmere Trace, a 300-unit apartment community located at 6741 E. Tanners Creek Drive in Norfolk. Raleigh-based Fulton Peak Capital purchased the garden-style property from Enterprise Community Development, a nonprofit owner and developer of affordable housing in the Mid-Atlantic. Drew White, Carter Wood and Cole Carns of Berkadia represented the seller in the transaction. Additionally, Patrick McGlohn, Brian Gould, Miles Drinkwalter and Hunter Wood of Berkadia arranged a $25.5 million Fannie Mae acquisition loan on behalf of the buyer. Built in 1974, Woodmere Trace was renovated in 2014 and features one- and two-bedroom floor plans. Amenities include a swimming pool, laundry facility, fitness center, picnic pavilion with grilling stations, playground and a dog park.

January 24, 2024

Acquisitions Multifamily Texas

Eastham Capital, Mosaic Residential Acquire 318-Unit Sola Westchase Apartments in Houston

by Taylor Williams January 24, 2024

HOUSTON — Eastham Capital and Mosaic Residential have acquired a 318-unit apartment community in Houston’s Westchase neighborhood. Sola Westchase was built in 1999 and offers one-, two- and three-bedroom units that range in size from 626 to 1,436 square feet. Amenities include a pool, outdoor BBQ pavilion, fitness center, clubhouse lounge and a business center. Sola Westchase was 95 percent occupied at the time of sale. The seller and sales price were not disclosed.

January 24, 2024

Acquisitions Retail Texas

SRS Real Estate Brokers $10.3M Sale of Retail Building Leased to Academy Sports in Brenham, Texas

by Taylor Williams January 24, 2024

BRENHAM, TEXAS — SRS Real Estate Partners has brokered the $10.3 million sale of a 63,224-square-foot retail building in Brenham, about 75 miles northeast of Houston, that is leased to Academy Sports + Outdoors. The newly constructed building sits on a six-acre site at 1041 Nolan St. Matthew Mousavi and Patrick Luther of SRS represented the seller, a Texas-based developer, in the transaction and procured the buyer, a San Antonio-based private investor. Both parties requested anonymity.

January 24, 2024

Acquisitions California Multifamily Western

HGIT Acquires 249-Unit Hanover Diridon Apartments in San Jose, California

by Amy Works January 24, 2024

SAN JOSE, CALIF. — Hines Global Income Trust (HCIT) has purchased Hanover Diridon, a Class A multifamily property in San Jose. The buyer plans to rebrand the asset at Diridon West. Located at 715 W. Julian St., the seven-story property features 249 apartments in a mix of studios, one-bedroom and two-bedroom layouts with luxury finishes. Community amenities include a pool with cabanas, rooftop sky deck with cityscape views, fitness center, dog spa, an indoor/outdoor clubhouse and below-grade parking. Developed in 2021, the property is currently 95 percent leased. Terms of the transaction were not released.

January 24, 2024

Acquisitions California Retail Western

Unilev Capital Sells 151,709 SF Tri-City Retail Center in San Bernardino, California for $24.3M

by Amy Works January 24, 2024

SAN BERNARDINO, CALIF. — Unilev Capital has completed the sale of Tri-City Center, a shopping center in San Bernardino, to DPI Retail for $24.3 million. Built in 1987, the 151,709-square-foot property was fully occupied at the time of sale. Current tenants include 24 Hour Fitness, Curacao, Pollo Campero, Poke Bar, Barber, Cantos Jewelers and Pet World. Bryan Ley and Tim Kuruzar of JLL Retail Capital Markets represented the seller in the transaction.

January 24, 2024

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