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Acquisitions

AcquisitionsMidwestMinnesotaMultifamily

CBRE Brokers Sale of Granite Shores Multifamily Property in Suburban Minneapolis for $12.6M

by Kristin Harlow

ELK RIVER, MINN. — CBRE has brokered the sale of Granite Shores in the Minneapolis suburb of Elk River for $12.6 million. The 67-unit multifamily property is located at 633 Main St. NW. The asset was originally built as condominiums in 2008 and later converted into a rental property in 2011. Granite Shores features one- and two-bedroom floor plans averaging 996 square feet and an additional 9,803 square feet of ground-floor commercial space. Amenities include a fitness center, pet washing station, community room and outdoor deck. Keith Collins, Ted Abramson, Abe Appert and Drew Rafshol of CBRE represented the seller, Granite Shores LLC. Gary Hegenes was the buyer.

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1111-Sixth-Ave-San-Diego-CA
AcquisitionsCaliforniaMixed-UseOfficeWestern

Coworking Company Sells 70,602 SF Mixed-Use Building in San Diego for $7.8M

by Amy Works

SAN DIEGO — Marcus & Millichap has arranged the sale of The Arte Building, a mixed-use property in San Diego. Salwan Komo acquired the property from 1111 6th Ave LLC for $7.8 million. The seller operated its coworking business, Expansive, at the 70,602-square-foot building. At the time of sale, Expansive leased back approximately 35,000 square feet, resulting in the property being 80 percent occupied. Ross Sanchez and Nick Totah of Marcus & Millichap’s San Diego downtown office represented the seller and procured the buyer in the transaction. Located at 1111 Sixth Ave., The Arte Building was built in 1913 and extensively renovated in 2017. Amenities at the property include subterranean parking, a rooftop lounge, indoor lounge areas, conference rooms, phone booths and a game room.

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1005-1017-W-14th-Ave-Denver-CO
AcquisitionsColoradoMultifamilyWestern

Kaufman Hagan Commercial Real Estate Brokers $2.8M Sale of Multifamily Building in Denver

by Amy Works

DENVER — Kaufman Hagan Commercial Real Estate has arranged the sale of a townhome-style apartment building, located at 1005-1017 W. 14th Ave. in downtown Denver. The property traded for $2.8 million, or $350,000 per unit. The 15,033-square-foot building offers eight apartments. Brandon Kaufman of Kaufman Hagan Commercial Real Estate represented the undisclosed seller and buyer in the deal.

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AcquisitionsArizonaMultifamilyWestern

Air Estates Acquires Flores Apartments in Tucson, Arizona for $1.3M

by Amy Works

TUCSON, ARIZ. — Air Estates LLC has purchased Flores Apartments, a multifamily investment property in Tucson, from 225 W Flores LLC and Colonia Properties TIC I LLC for $1.3 million. Located at 225-255 W. Flores St., Flores Apartments features 20 units. Allan Mendelsburg and C. Joey Martinez of Cushman & Wakefield | PICOR represented the seller in the deal.

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AcquisitionsFloridaOfficeSoutheast

Cushman & Wakefield Brokers $19.2M Sale of Greystone at Town Center Office Park in Jacksonville

by John Nelson

JACKSONVILLE, FLA. — Cushman & Wakefield has brokered the $19.2 million sale of Greystone at Town Center, an office park located at 10550 Deerwood Park Blvd. in Jacksonville. Developed in 1999, the property totals 212,240 square feet across five buildings. Woodside Capital Partners acquired the development. Karl Johnston and Traci Jenks of Cushman & Wakefield represented the undisclosed seller in the transaction.

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AcquisitionsMultifamilySoutheastTennessee

FCP Acquires 322-Unit Hickory Lake Apartments in Metro Nashville

by John Nelson

ANTIOCH, TENN. — FCP has acquired Hickory Lake Apartments, a 322-unit multifamily community located at 3940 Apache Trail in Antioch, roughly 11 miles outside Nashville. The property features units in one-, two- and three-bedroom layouts. Amenities at the community include two swimming pools, a playground and grill and picnic areas. FCP assumed a HUD loan as part of the acquisition. Zac Wracher of The Kirkland Co. represented the undisclosed seller in the transaction. The sales price was also not disclosed.

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51-Majestic-Ct-Moorpark-CA
AcquisitionsCaliforniaMultifamilyWestern

Decron Sells 376-Unit Ranch at Moorpark in California to AEW Capital for $133.2M

by Amy Works

MOORPARK, CALIF. — Decron Properties has completed the disposition of Ranch at Moorpark, an apartment community in Moorpark, approximately 50 miles west of Los Angeles. AEW Capital Management purchased the asset for $133.2 million. Located at 51 Majestic Court, Ranch at Moorpark features 376 apartments, a rental office, fitness center, yoga/spin studio, resident clubhouse with chef’s kitchen, children’s play area, dog park, pool, poolside barbecue and dining areas, fire pits and seating areas.

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101-Yesler-Way-Seattle-WA
AcquisitionsOfficeWashingtonWestern

BH Properties Buys 74,660 SF Olympic Block Office Building in Seattle’s Pioneer Square

by Amy Works

SEATTLE — BH Properties has acquired the historic Olympic Block building, a creative office and mixed-use property in Seattle’s Pioneer Square neighborhood. Terms of the transaction were not released. BH Properties’ Pacific Northwest regional operations will move into the 74,660-square-foot building at 101 Yesler Way. Olympic Block comprises the historic six-story Lippy Building, originally built in 1902, and the nine-story addition that was added in 1986.

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AcquisitionsIndustrialTexas

Colliers Brokers Sale of 81,500 SF Industrial Complex in Northwest Houston

by Taylor Williams

HOUSTON — Colliers has brokered the sale of an 81,500-square-foot industrial complex in northwest Houston. The six-building complex at 6002 W. 34th St. sits on 3.8 acres and was 95 percent leased at the time of sale. Jason Tangen and Paul Dominique of Colliers represented the seller, a local family that has owned and operated the park since its original construction in 1978. The name and representative of the buyer, as well as the sales price, were not disclosed.

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AcquisitionsMultifamilyNew YorkNortheast

Marcus & Millichap Arranges $8.1M Sale of Manhattan Apartment Building

by Taylor Williams

NEW YORK CITY — Marcus & Millichap has arranged the $8.1 million sale of a 10-unit apartment building in Manhattan’s Chelsea neighborhood. Built in 1905, the five-story building at 321 W. 16th St. houses a mix of one-, two- and three-bedroom units. Joe Koicim, Zan Colin and Logan Markley of Marcus & Millichap represented the seller, locally based investment firm Centennial Properties, in the transaction. The trio also procured the buyer, TARGO Capital Partners.

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