Acquisitions

CBRE Negotiates $19M Sale of Garfield Building in Downtown Los Angeles

by Jeff Shaw April 18, 2023

LOS ANGELES — CBRE has arranged the sale of The Garfield Building, a 102,219-square-foot vacant office building in downtown Los Angeles. A Bay Area family office purchased the property for $19 million. The investor is planning to convert the 12-story historic building into a boutique hotel. The Garfield Building features 20-foot-high lobby ceilings and is listed on the National Register of Historic Places. It was originally an office building, but has been vacant for several years. CBRE’s Phillip Sample, Chris Caras, Michael Shustak and Andrew Turf represented the seller, a private investor that owned the building for more than 30 years. Wendell Jones of Realty One Group Infinity represented the buyer.

April 18, 2023

Acquisitions Arizona Industrial Western

CorLiving Sells Industrial Warehouse in Tolleson, Arizona for $20M

by Jeff Shaw April 18, 2023

TOLLESON, ARIZ. — CorLiving has sold a 100,000-square-foot warehouse in Tolleson to a 1031 exchange buyer for $20 million. The community is located at 705 South 94th Ave., just west of Phoenix. It is a state-of-the-art, single-tenant, front-loaded, mid-bay distribution warehouse with a secured truck court. Silver Rafter D5 LLC, a private investor from California, purchased the property with no financing contingencies. The transaction was a sale-leaseback with CorLiving, which has occupied the property for more than eight years. Kidder Mathews’ Mike Ciosek and Eric Bell represented CorLiving, a home furnishing company, in the transaction.

April 18, 2023

Acquisitions California Retail Western

Hanley Arranges $3.5M Sale of Fast5Xpress Car Wash-Occupied Building in Ontario, California

by Jeff Shaw April 18, 2023

ONTARIO, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the sale of a single-tenant property located in Ontario. Bill Asher and Jeff Lefko of Hanley represented the seller, Evergreen Development, in the $3.5 million transaction. Fast5Xpress Car Wash occupies the property, which comprises a 4,446-square-foot building situated on 1.2 acres, on a 35-year, absolute triple-net ground lease.

April 18, 2023

Acquisitions Multifamily New York Northeast

Stav Equities, Invictus Arrange $3.7M Sale of Multifamily Development Site in Brooklyn

by Taylor Williams April 18, 2023

NEW YORK CITY — Locally based brokerage firms Stav Equities LLC and Invictus Property Advisors have arranged the $3.7 million sale of a multifamily development site at 48 Somers St. in the Bedford-Stuyvesant area of Brooklyn. The site is approved for the construction of a seven-story building that will house 24 apartments, a community center and a retail space. Jacob Stavsky of Stav Equities and Andrew Levine, Josh Lipton and Jax Hindmarch of Invictus, represented both undisclosed parties in the transaction.

April 18, 2023

Cliff McDaniel Lument Affordable Housing

Acquisitions Affordable Housing Content Partner Features Lument Midwest Northeast Southeast Texas Video Western

Higher Interest Rates Cause Affordable Housing Values to Return to Old Norms

by Sarah Daniels April 18, 2023

Rising interest rates dinging commercial real estate and multifamily assets have plunged low-income housing tax credit (LIHTC) properties back into reality, especially those coming to the end of their 15-year compliance periods. “There were some huge profits made in the affordable housing space over the last two or three years,” says Cliff McDaniel, a managing director with Lument, which is representing Harmony Housing in the $1.4 billion sale of its affordable housing portfolio to the Michaels Organization. “We sold a lot of properties for $60,000 a unit or even $120,000 a unit, and the debt was $40,000 a unit. But the mania over that type of profitability is over, and values are going back to where they were before.” Up until about five years ago, the phrase “huge profits” and “affordable housing” would rarely if ever have occurred in the same sentence. Or even in the same story. Prior to that, affordable housing properties typically had very little value at the end of their initial 15-year compliance periods, and limited partners who provided equity to the project by buying tax credits routinely agreed to sell their interest to the general partner for a nominal fee. At that point, the …

April 18, 2023

Acquisitions Industrial Texas

M2G Ventures Sells 445,000 SF Industrial Portfolio in Dallas-Fort Worth Metroplex

by Taylor Williams April 17, 2023

ARLINGTON AND GRAND PRAIRIE, TEXAS — Locally based development and investment firm M2G Ventures has sold a portfolio of three industrial buildings totaling approximately 445,000 square feet in the central part of the Dallas-Fort Worth metroplex. The portfolio spans a combined 27.6 acres. Two of the buildings totaling roughly 345,000 square feet are located in Grand Prairie, and the third building totals 100,129 square feet and is located in Arlington. The buyer was New York-based Mavik Capital Management. The portfolio was fully leased at the time of sale to tenants such as civil aviation firm CAE, Home Zone/Alpha Furniture and Rent-A-Wheel/Rent-A-Tire. Stephen Bailey, Dustin Volz, Dom Espinosa and Zach Riebe of JLL represented M2G Ventures in the deal.

April 17, 2023

Acquisitions California Retail Western

JLL Negotiates $40.5M Sale of Two Retail Centers in Fremont, California

by Jeff Shaw April 17, 2023

FREEMONT, CALIF. — JLL Capital Markets has brokered the $40.5 million sale of two retail centers in the Bay Area city of Fremont. The first property, Franciscan Center, comprises 106,840 square feet and the second, Mohave Center, totals 10,228 square feet. Together, the centers were 92 percent leased at the time of sale to tenants including Safeway, Taco Bell, KFC, Burger King, Bank of America and 7-Eleven. Gleb Lvovich, Daniel Tyner, Geoff Tranchina and Eric Kathrein of JLL represented the undisclosed seller in the transaction. Sterling Organization acquired the properties.

April 17, 2023

Acquisitions Retail Southeast Tennessee

Edwards Realty, Core Acquisitions Buy 514,000 SF Shopping Center in Metro Memphis

by John Nelson April 17, 2023

COLLIERVILLE, TENN. — Edwards Realty Co. and Core Acquisitions have acquired The Shops at Carriage Crossing, a 514,000-square-foot shopping center located in Collierville, roughly 30 miles outside Memphis. The joint venture purchased the property for $25 million from an undisclosed seller. Jones Aur Commercial Real Estate will lead leasing efforts at the property on behalf of the new owners.

April 17, 2023

Acquisitions Healthcare Multifamily New Mexico Seniors Housing Western

ESI Brokers $16.5M Sale of Skilled Nursing Community in New Mexico

by Jeff Shaw April 17, 2023

NEW MEXICO — Evans Senior Investments (ESI) has arranged the sale of a skilled nursing community on behalf of a Southwest regional operator. The asset is located in the northwestern part of New Mexico and included 101 skilled nursing beds. Despite the community being located in a rural market, the asset maintained an occupancy average of 83 percent during the marketing process. Upon closing, the community was 95 percent occupied. A West Coast-based group acquired the asset for $16.5 million or $163,366 per bed. It is the buyer’s first property in New Mexico. Details regarding the seller were not disclosed.

April 17, 2023

Acquisitions Affordable Housing Multifamily Seniors Housing Washington Western

PEF Advisors Acquires 92-Unit Webster Court Affordable Apartments in Kent

by Jeff Shaw April 17, 2023

KENT, WASH. — Preservation Equity Fund Advisors LLC (PEF Advisors) has acquired Webster Court, a 92-unit, four-story affordable seniors housing community in Kent, 20 miles south of Seattle. PEF Advisors has budgeted approximately $1.2 million, or $12,915 per unit, to address deferred maintenance, improve curb appeal, and elevate the quality of housing and competitiveness of the property. The seller and price were not disclosed. Resident parking consists of 38 uncovered spaces. All 92 apartment units are one-bedrooms and average 458 square feet. As of March 2023, the property was 88 percent occupied, with occupancy numbers expected to rise as property improvements are completed. Webster Court primarily serves seniors age 55 and older, as well as people with disabilities. It was originally built in 1994 with tax credits from the Washington State Housing Finance Commission (WSHFC) and is governed by a LIHTC LURA that restricts 24 units at 35 percent of area median income (AMI), and 66 units at 60 percent AMI.

April 17, 2023

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