Acquisitions

Drawbridge Realty Acquires 225,773 SF Headquarters Office Building in Santa Monica

by Amy Works October 7, 2024

SANTA MONICA, CALIF. — Drawbridge Realty has purchased 2220 Colorado Avenue, a six-story, Class A office building in Santa Monica, from Clarion Partners for an undisclosed price. Universal Music Group (UMG) fully occupies the 225,773-square-foot building on a long-term, net-lease basis. The Netherlands-based company uses the property as its operational headquarters. 2220 Colorado Avenues has two UMG-operated recording studios, several upscale conference facilities, secure parking with direct elevator access, an onsite food commissary and coffee bar, collaboration areas and outdoor decks. Kevin Shannon, Alex Foshay, Ken White, Rob Hannan, Laura Stumm and Michael Moll of Newmark represented the seller in the transaction.

October 7, 2024

Acquisitions Midwest Minnesota Multifamily

Marcus & Millichap Brokers $3.6M Sale of Multifamily Property in St. Paul, Minnesota

by Kristin Harlow October 7, 2024

ST. PAUL, MINN. — Marcus & Millichap has brokered the $3.6 million sale of Birmingham Heights, a 28-unit multifamily property in St. Paul. Built in 1983, the community is located at 1424 Case Ave. E in the city’s Greater East Side neighborhood. Matt Shide, Evan Miller, Chris Collins, Eric Wagner and Zack Olson of Marcus & Millichap represented the seller, a local owner. The buyer was an out-of-state 1031 exchange investor looking to build its portfolio of apartments throughout Minnesota. Jon Ruzicka, broker of record in Minnesota, assisted in closing the transaction.

October 7, 2024

Acquisitions California Retail Western

SITE Centers Sells Whole Foods-Occupied Retail Building in Oakland for $44.4M

by Amy Works October 7, 2024

OAKLAND, CALIF. — SITE Centers Corp. has completed the sale of Whole Foods Market Bay Place, a retail asset in Oakland, to an undisclosed buyer for $44.4 million. Whole Foods Market occupies the Class A, 57,218-square-foot property, which was built in 2007, on a long-term basis. The freestanding building is situated on a 2.2-acre corner lot at 230 Bay Place. Eric Kathrein, Geoff Tranchina, Gleb Lvovich and Warren McClean of JLL Capital Markets Investment Sales and Advisory represented the seller and procured the buyer in the deal.

October 7, 2024

Acquisitions California Market Reports Office Western Western Market Reports

San Francisco Office Sales Expected to Reach $1B

by Jeff Shaw October 7, 2024

— By Colin Yasukochi, executive director, Tech Insights Center, CBRE — An increasing supply of distressed properties for sale has been met with enthusiasm by a growing number of opportunistic buyers in San Francisco. Prices up to 70 percent lower than the seller’s cost basis, combined with improving fundamentals, has given investors confidence to make property purchases ahead of substantial leasing market recovery. About $1 billion of office sales volume could be reached by year-end 2024. There are 27 properties totaling 3.6 million square feet that have sold (totaling $338 million), are under contract (totaling $193 million) or being marketed ($453 million). If this occurs, it would be the highest number of properties sold since 2019 and the highest square footage and dollar volume since 2021. The years 2022 and 2023 combined had a total sales volume of $945 million. Stabilization in the office leasing market has emerged with vacancy and rents little changed and much higher space demand. Second-quarter 2024 vacancy ticked up to 36.8 percent (+0.1 percent), while average asking rents ticked down to $68.43 (-$0.12) compared to the previous quarter. Demand indicators strengthened with leasing activity and tenants in the market rising in the second quarter of …

October 7, 2024

Acquisitions Affordable Housing Multifamily Southeast Virginia

Berkadia Arranges Sale of Three Multifamily Properties in Virginia’s Hampton Roads Region

by John Nelson October 4, 2024

HAMPTON AND NEWPORT NEWS, VA. — Berkadia has arranged the sale of three multifamily properties located in Virginia’s Hampton Roads region — Abbington at Hampton Center and Abbington at Northampton in Hampton and Abbington Landing in Newport News. Together, the properties total 1,461 units. A majority of the units at the properties are designated for residents earning up to 80 percent of the area median income (AMI). Richmond-based Weinstein Properties sold the communities for an undisclosed price. Drew White, Carter Wood and Cole Carns of Berkadia represented Weinstein in the transaction. Richord Levine of Berkadia secured Freddie Mac acquisition financing on behalf of the buyer, Bethesda, Md.-based Acento Real Estate Partners.

October 4, 2024

Acquisitions Florida Multifamily Southeast

American Landmark Acquires, Rebrands 455-Unit Apartment Community in Brandon, Florida

by John Nelson October 4, 2024

BRANDON, FLA. — American Landmark Apartments has acquired Courtney Trace & The Addison, a 455-unit multifamily community located at 1131 Courtney Trace Drive and 251 Annapolis Way in Brandon, about 13 miles east of Tampa. The locally based buyer will rebrand the property as “The Griffin” moving forward. American Landmark also plans to implement $7 million of upgrades at the community, including a new dog park, updates to the clubhouse and fitness center, improvements to the pool and outdoor areas and the addition of electric vehicle charging stations. Interior units will also undergo substantial renovations. The seller and sales price were not disclosed.

October 4, 2024

Acquisitions Loans Multifamily Texas

JLL Arranges Refinancings for Two Houston Multifamily Properties Totaling 745 Units

by Taylor Williams October 4, 2024

HOUSTON — JLL has arranged two loans of undisclosed amounts for the refinancing of a pair of multifamily properties totaling 745 units in Houston’s River Oaks area. Hanover Autry Park is a 23-story high-rise building with 324 units and nearly 23,000 square feet of ground-floor retail space. Hanover Parkview is a 421-unit midrise apartment building with 24,000 square feet of ground-floor retail space. Both properties were completed in 2022 and offer amenities such as pools, outdoor grilling areas, social lounges with entertainment kitchens, fitness centers and rooftop lounges with indoor/outdoor bars. The properties were 92 and 95 percent occupied, respectively, at the time of the closings of the loans, both of which were structured with five-year terms and fixed interest rates. Cortney Cole, Colby Mueck, Laura Brown, Davis Burnett and Scot Sarlin of JLL arranged the loans through funds backed by global private equity firm KKR. The borrower, a partnership between Hanover Co. and Lionstone Investments, will use proceeds to retire construction debt that JLL also originated for both properties in 2019.

October 4, 2024

Acquisitions Industrial Oklahoma Self-Storage Texas

Marcus & Millichap Brokers Sale of 375-Unit Self-Storage Facility in Tuttle, Oklahoma

by Taylor Williams October 4, 2024

TUTTLE, OKLA. — Marcus & Millichap has brokered the sale of Premium Storage, a 375-unit self-storage facility in Tuttle, a southwestern suburb of Oklahoma City. The site spans seven acres, and the property features 107,330 net rentable square feet across 37 climate-controlled units, 334 non-climate-controlled units and four commercial spaces. Bryan Quaschnick, Danny Cunningham and Brandon Karr of Marcus & Millichap represented the Dallas-based seller in the deal and procured the buyer, an out-of-state, privately held investment group. Both parties requested anonymity.

October 4, 2024

Acquisitions Multifamily Texas

GREA Negotiates Sale of 152-Unit Park Lane Terrace Apartments in Dallas

by Taylor Williams October 4, 2024

DALLAS — Multifamily brokerage firm GREA has negotiated the sale of Park Lane Terrace, a 152-unit apartment complex located at 6864 Larmanda St. in the Vickery Meadows neighborhood of Dallas. According to Apartments.com, Park Lane Terrace was originally built in 1968. The property offers one-, two- and three-bedroom apartments with an average unit size that exceeds 800 square feet. A California-based firm sold the property to a private equity real estate firm, with both parties requesting anonymity. Mark Allen and Chibuzor Nnaji of GREA brokered the deal.

October 4, 2024

Acquisitions Connecticut Mixed-Use Northeast

Marcus & Millichap Brokers $19M Sale of Mixed-Use Portfolio in Greenwich, Connecticut

by Taylor Williams October 4, 2024

GREENWICH, CONN. — Marcus & Millichap has brokered the $19 million sale of a four-building, 47,256-square-foot mixed-use portfolio in Greenwich, located in southern coastal Connecticut. Known as the Nolan Thomas Portfolio, the properties comprise 17 retail spaces, 17 office suites, 10 apartments and an 11,226-square foot, single-story warehouse. Stephen Westerberg of Marcus & Millichap represented the undisclosed seller in the transaction. The buyer was also not disclosed.

October 4, 2024

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