Acquisitions

PTLA Real Estate Acquires Four-Property Student Housing Portfolio Near the University of Oregon

by Amy Works November 10, 2022

EUGENE, ORE. — PTLA Real Estate has acquired a four-property student housing portfolio near the University of Oregon campus in Eugene. The communities — named The Anthony, The Pearl, Westgate and The Sonja — offer a total of 186 units and 383 beds. The properties were 95 percent leased ahead of the current academic year. The portfolio recently underwent roughly $2 million in renovations, including updates to shared amenity spaces. Jaclyn Fitts, William Vonderfecht and Casey Schaefer with CBRE’s national student housing team and Josh McDonald with CBRE’s Northwest multifamily investment sales team arranged the transaction on behalf of the undisclosed seller.

November 10, 2022

Acquisitions Multifamily Nevada Western

Cottonwood Group Buys Two Apartment Communities in Las Vegas for $122.5M

by Amy Works November 10, 2022

LAS VEGAS — Cottonwood Group has purchased Summit on Nellis (formerly The Boulevard) and The Quinn, two apartment communities in Las Vegas, for $64 million and $58.5 million, respectively. The acquisition marks Cottonwood’s entry into the Las Vegas multifamily market. The Summit on Nellis, located at 3050 S. Nellis Blvd., features 296 units, and The Quinn, at 5500 S. Mountain Vista St., offers 237 units. For both transactions, Cottonwood partnered with experienced operators and contributed the majority of the equity. This year, Cottonwood has invested in six multifamily properties, including these two in Las Vegas.

November 10, 2022

Acquisitions California Loans Office Western

George Smith Partners Arranges $39.4M in Acquisition Financing for Office Campus in Southern California

by Amy Works November 10, 2022

LAGUNA HILLS, CALIF. — George Smith Partners (GSP) has arranged two loans totaling $39.4 million in acquisition financing for a five-building office campus in Laguna Hills. Situated on 16 acres, the properties are located at 23332, 23382 and 23422 Mill Creek Drive and 2441 and 24461 Ridge Route Drive. The first loan included $24.8 million of non-recourse, seven-year, fixed-rate CMBS debt for the purchase of three office buildings that are 84 percent leased and total 158,000 square feet. GSP sourced a lender that was able to close with a complicated Delaware Statutory Trust equity structure in a tight timeframe. The second loan was $14.6 million in non-recourse, 75 percent loan-to-value bridge financing for the acquisition of two buildings that are 79 percent leased and total 66,000 square feet. GSP identified a lender that could provide a flexible 24-month loan term with three 12-month extensions. Steve Bram, David Pascale, Nick Rogers and Allison Higgins of GSP advised on the financing. Further details on the sales, including buyer, seller and price, were not disclosed.

November 10, 2022

Acquisitions California Industrial Western

Dunleer Buys 11-Property Industrial Portfolio Totaling 43,414 SF in Upland, California

by Amy Works November 10, 2022

UPLAND, CALIF. — Los Angeles-based Dunleer has acquired 11 industrial buildings on three separate parcels spanning 3.1 acres at 928, 1004 and 1024 9th St. in Upland. An undisclosed seller sold the assets for $8 million. Totaling 43,414 square feet, the buildings offer 12 units and are less than a quarter mile from Interstate 10, providing direct access to Los Angeles and the greater Southern California region. Joe Harmon and Charles Johnson of DAUM represented the buyer and seller in the transaction.

November 10, 2022

Acquisitions Hospitality Loans Mixed-Use Southeast Tennessee

JLL Arranges $172M Acquisition Loan for Four Seasons Hotel Nashville

by John Nelson November 10, 2022

NASHVILLE, TENN. — JLL has arranged $172 million in acquisition financing for Four Seasons Hotel Nashville, a 40-story hospitality tower located at 100 Demonbreun St. in downtown Nashville’s South Broadway district. The 235-room hotel includes Mimo Restaurant, Mimo Bar, a full-service spa, event space and a resort-style pool and pool deck. The Four Seasons property also includes 143 condominiums that were not part of the sale. Eric Tupler, Jeff Bucaro, Brian Dawson and Kevin Davis of JLL arranged the financing through Credit Suisse on behalf of the borrower, a joint venture between GD Holdings, Stonebridge Development Co. and Copford Capital Management LLC. The sellers, Congress Group and AECOM Capital, opened the hotel earlier this week.

November 10, 2022

Acquisitions Florida Industrial Southeast

CIP Real Estate Acquires Two Industrial Parks in East Tampa for $74.3M

by John Nelson November 10, 2022

TAMPA, FLA. — CIP Real Estate has purchased two industrial parks in east Tampa for a combined $74.3 million. The properties, Center Point Business Park and Hampton Oaks Business Park, are situated three miles apart via U.S. Route 301. The developments span 405,772 square feet of small and mid-bay industrial space and feature 37 dock-high doors, 58 grade-level doors and 22 ramp loading entrances. CIP expects to invest $6.3 million in upgrades to the facilities over the next three years. Rick Brugge of Cushman & Wakefield represented the seller, Albany Road Estate Partners, in the transaction. Jason Hochman and Ron Granite of Cushman & Wakefield arranged acquisition financing through BankUnited on behalf of CIP.

November 10, 2022

Acquisitions Loans Multifamily Texas

Marcus & Millichap Arranges Sale of 137-Unit Maverick Oak Lawn Apartments in Dallas

by Taylor Williams November 10, 2022

DALLAS — Marcus & Millichap has arranged the sale of Maverick Oak Lawn, a 137-unit apartment complex located in the Oak Lawn area of Dallas. The property features one- and two-bedroom units as well as a pool, outdoor grilling and dining areas and onsite laundry facilities. Al Silva and Ford Braly of Marcus & Millichap represented the seller, a locally based partnership, in the transaction. The duo also procured the buyer, an out-of-state partnership. Both parties requested anonymity. Los Angeles-based Veleta Capital Partners provided an $18 million floating-rate bridge loan for the acquisition. Bellwether Enterprise Real Estate Capital arranged the financing, a portion of which will be used to fund capital improvements.

November 10, 2022

Acquisitions Industrial Texas

SVN | Dunn Commercial Brokers Sale of 24,000 SF Industrial Property in Fort Worth

by Taylor Williams November 10, 2022

FORT WORTH, TEXAS — SVN | Dunn Commercial has brokered the sale of Willard Flex Park, a 24,000-square-foot industrial property in Fort Worth. The newly constructed property comprises four buildings that had three in-place tenants at the time of sale. David Dunn and Anna Lee Moore of SVN | Dunn Commercial represented the undisclosed buyer in the transaction. The seller and sales price were also not disclosed.

November 10, 2022

Acquisitions Midwest Retail Wisconsin

Mid-America Brokers Sale of 178,784 SF Shopping Center in Brookfield, Wisconsin

by Kristin Harlow November 10, 2022

BROOKFIELD, WIS. — Mid-America Real Estate Corp. has brokered the sale of Shoppers World of Brookfield, a 178,784-square-foot shopping center in the Milwaukee suburb of Brookfield. The sales price was undisclosed. Tenants at the fully leased property include Ross Dress for Less, Burlington, Xperience Fitness and Best Buy Outlet. Metro Market, operated by Kroger Co., shadow anchors the property. Ben Wineman, Emily Gadomski and Dan Rosenfeld of Mid-America represented the seller, an affiliate of New Orleans-based private investment firm, PMAT. Brandon Goodman, Spencer Strong, Sage Shepard and Nate Monson of Colliers represented the buyer, a private investor completing a 1031 exchange. PMAT purchased the center in 2019 when it was 78 percent occupied.

November 10, 2022

Acquisitions Hospitality Massachusetts Northeast

JLL Negotiates Sale of Two Marriott-Branded Hotels Totaling 221 Rooms in Metro Boston

by Taylor Williams November 10, 2022

NORWOOD AND FRAMINGHAM, MASS. — JLL has negotiated the sale of two Marriott-branded hotels totaling 221 rooms in metro Boston. The Residence Inn Boston Norwood/Canton and Residence Inn Boston Framingham total 96 and 125 rooms, respectively. Both hotels offer guest suites with fully equipped kitchens and complimentary breakfast, as well as physical amenities such as fitness centers, business centers and indoor pools. Alan Suzuki and Matthew Enright of JLL represented the seller, APEX Capital Investments Corp., in the transaction. The buyer, JNR Management Inc., plans to make capital improvements at both properties.

November 10, 2022

Newer Posts

Older Posts