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Acquisitions

Northgate-One-Camden
AcquisitionsAffordable HousingMultifamilyNew JerseyNortheast

Hudson Valley Property Group Buys 321-Unit Affordable Housing Building in Camden, New Jersey

by Taylor Williams

CAMDEN, N.J. — Hudson Valley Property Group has purchased Northgate One, a 321-unit affordable housing building located in the Southern New Jersey city of Camden. The 21-story building was originally constructed in 1963, and the majority of the units are reserved for households earning 60 percent or less of the area median income. The new ownership plans to rehabilitate the property with infrastructural upgrades, mechanical system replacements and in-unit bathroom, kitchen and apartment safety improvements. The project is expected to last about two years and will be funded with a mix of federal and state tax credits as well as private capital, including a $40.7 million FHA loan originated by PGIM Real Estate.

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AcquisitionsNew YorkNortheastOffice

Cushman & Wakefield Brokers $27M Sale of Manhattan Office Building

by Taylor Williams

NEW YORK CITY — Cushman & Wakefield has brokered the $27 million sale of a 17,185-square-foot office building located at 25 E. 22nd St. in Manhattan’s Flatiron District. Audrey Cappell, whose three nonprofit organizations previously occupied the six-story building, sold the asset to Japanese publishing and comic book company Kodansha USA. The nonprofits are relocating to a nearby property to accommodate their growth. The building also housed Nike’s New York City office in the 1990s. Craig Waggner, John Ciraulo, Jack Stephen, Carri Lyon and Mark Mandell of Cushman & Wakefield brokered the deal.

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AcquisitionsMassachusettsNortheastRetail

Freudenheim Partners Arranges $7.3M Sale of Metro Boston Retail Building

by Taylor Williams

FRAMINGHAM, MASS. — Boston-based brokerage firm Freudenheim Partners has arranged the $7.3 million sale of a 31,199-square-foot retail building in Framingham, located on the western outskirts of the state capital. The building at 280 Worcester Road was constructed in 1930, according to LoopNet Inc. Leigh Freudenheim of Freudenheim Partners represented the seller, Bosse Framingham Turf LLC, in the transaction. Cindy Laughrea of Engel & Volkers represented the buyer, William Marsh Holdings LLC.

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Pulse-Millenia-Chula-Vista-CA
AcquisitionsCaliforniaMultifamilyWestern

Northwestern Mutual Sells Pulse Millenia Multifamily Community in Chula Vista, California for $116M

by Amy Works

CHULA VISTA, CALIF. — Northwestern Mutual has completed the disposition of Pulse Millenia, a garden-style apartment property at 2043 Artisan Way in the Otay Ranch submarket of Chula Vista, just south of San Diego. An undisclosed buyer acquired the asset for $116 million. Built in 2106, Pulse Millenia features 273 one-, two- and three-bedroom floor plans averaging 970 square feet with stainless steel appliances, granite countertops, wood-style flooring and in-unit washers/dryers. Community amenities include a central sundeck plaza with a heated pool and spa; a 24-hour fitness center; a social lounge with a billiard table and kitchen; a multi-station business center; a conference center and private dining room; a multi-sport/bocce ball court; and barbecue grilling stations. Pulse Millenia was the first apartment community constructed as part of the $4 billion Millenia master plan within Otay Ranch. Kip Malo led the JLL Capital Markets Investment Sales Advisory team that represented the seller in the deal. Charles Halladay, Annie Rice, Brandon Smith, Rick Salinas of JLL Capital Markets Debt Advisory secured a $71.8 million, seven-year, fixed-rate loan through Freddie Mac Multifamily for the undisclosed buyer. JLL Real Estate Capital, a Freddie Mac Optigo lender, will service the loan.

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Walla-Walla-Town-Center-WA
AcquisitionsRetailWashingtonWestern

Alamo Group, Covenant Real Estate Buy 120,169 SF Walla Walla Town Center Mall in Washington

by Amy Works

WALLA WALLA, WASH. — Alamo Group and Covenant Real Estate Group have acquired Walla Walla Town Center, a shopping mall situated on 31 acres in Walla Walla. Terms of the transaction were not released. At the time of sale, the 120,169-square-foot property was 93 percent occupied. Current tenants include Planet Fitness, Burlington, Ross Dress for Less, Marshall’s, PetSmart, Ulta Beauty, Hobby Lobby, Famous Footwear and Sportsman’s Warehouse. Formerly known as Blue Mountain Mall, the asset was redeveloped and reopened as Walla Walla Town Center in 2018. According to Marcus & Millichap, Bed, Bath & Beyond declared bankruptcy and vacated the premises during escrow and negotiations are underway with Old Navy to backfill some of the center’s vacancies. Christopher Edwards, Clayton Brown and Ruthanne Loar of Marcus & Millichap represented the buyer in the deal.

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AcquisitionsHealthcareMidwestMinnesota

Kraus-Anderson Acquires Sonoran Crest Construction

by Kristin Harlow

MINNEAPOLIS — Minneapolis-based Kraus-Anderson Construction Co. (KA) has acquired Phoenix-based Sonoran Crest Construction, a 20-year-old firm with a focus on healthcare construction in the Southwest U.S. region. The transaction, financial terms of which were undisclosed, marks the first acquisition of another company in KA’s 126-year history. The acquisition will expand KA’s growth in the Southwest. Sonoran Crest has built projects for regional healthcare providers such as Banner Health, Abrazo Health, Honor-Health and Healthcare Trust of America. The company’s new name will be Sonoran Crest Construction — a division of Kraus-Anderson Construction Co. The office at 1401 N. 24th St. in Phoenix will be led by Jaki Scott, director of operations.

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12021-NE-Airport-Way-Portland-OR
AcquisitionsIndustrialOregonWestern

BKM Capital Partners Acquires 140,693 SF Airport Way Corporate Park in Portland, Oregon

by Amy Works

PORTLAND, ORE. — BKM Capital Partners has acquired Airport Way Corporate Park, a three-building industrial property in Portland, for $24.5 million. The name of the seller was not released. BKM plans to rename the property PDX Distribution Center. Located at 12021 NE Airport Way and 12055 and 12067 NE Glenn Widing Drive, the 140,693-square-foot property operates as a multi-tenant park. The three buildings offer 16 units ranging in size from 3,666 square feet to 32,533 square feet with office space accounting for 36 percent of the overall leaseable area. Built in phases between 1992 and 2008, the park features 19 dock-high and 22 grade-level loading doors, up to 26-foot clear heights, concrete truck courts and ample parking. At the time of sale, the asset was 97 percent leased to 15 tenants. BKM plans to invest more than $1.3 million into capital improvements. Plans include upgrades to the roof, parking lots and HVAC systems, as well as a modernized paint scheme, new signage and refreshed landscaping. The company also plans to convert a vacant unit into functional warehouse space. Paige Morgan, Brett Hartzell and Cara Nolan of CBRE represented the seller in the transaction.

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AcquisitionsIndianaMidwestRetail

Big V Property Group, Equity Street Capital Acquire Merchants Square Shopping Center in Carmel, Indiana

by Kristin Harlow

CARMEL, IND. — Big V Property Group and Equity Street Capital have acquired Merchants Square shopping center in the Indianapolis suburb of Carmel. The purchase price and seller were undisclosed. The open-air retail property totals 232,284 square feet. Tenants include Planet Fitness, Flix Brewhouse, Cost Plus World Market, Petco and Dollar Tree. Harvest Market will shadow anchor the property when it opens this fall.

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AcquisitionsMidwestMinnesotaRetail

Hanley Investment Group Arranges $11.9M Sale of Grocery-Anchored Shopping Center in Metro Minneapolis

by Kristin Harlow

BROOKLYN PARK, MINN. — Hanley Investment Group Real Estate Advisors has arranged the $11.9 million sale of Edinburgh Festival Centre in the Minneapolis suburb of Brooklyn Park. The 91,563-square-foot shopping center was 96 percent occupied at the time of sale. A 54,476-square-foot Festival Foods store anchors the property, which is located on Edinburgh Centre Drive. Bill Asher and Jeff Lefko of Hanley, in association with ParaSell Inc., represented the seller, LS Capital Inc., and the buyer, a private investor from northern California.

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2278-Main-St-Riverside-CA
AcquisitionsCaliforniaRetailWestern

Marcus & Millichap Brokers $10.3M Sale of Gas Station Property in Riverside, California

by Amy Works

RIVERSIDE, CALIF. — Marcus & Millichap has arranged the sale of a gas station property located at 2278 Main St. in the Inland Empire city of Riverside. The asset traded for $10.3 million. Rick Raymundo, Orbell Ovaness, Ara Rostamian and Aren Ohanian of Marcus & Millichap represented the undisclosed seller and undisclosed buyer in the deal. Totaling 52,707 square feet, the property features a gas station, convenience store, express car wash and large plot of vacant land.

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