Acquisitions

Buchanan Street Buys Two Self-Storage Facilities Near Phoenix for $41M

by Jeff Shaw June 23, 2023

CAVE CREEK AND MESA, ARIZ. — Buchanan Street Partners has acquired two Class A self-storage facilities in the Phoenix metro. The properties, located at 29640 N. Tatum Blvd. in Cave Creek and 2862 S. Signal Butte Road in Mesa, offer a combined 160,500 rentable square feet and 1,620 units. With a total purchase price of $41 million, or $255 per square foot, the acquisitions mark Buchanan’s entrance into the greater Phoenix self-storage market. Both recently constructed facilities offer climate-controlled units, video surveillance and security access controls. Westport Properties, Inc., operating under the US Storage Centers brand, will manage the properties as a third-party manager. CBRE’s Nick Walker and Walter Brauer arranged the sale.

June 23, 2023

Acquisitions California Industrial Western

Prologis Purchases Industrial Development Site in Lynwood, California

by Jeff Shaw June 23, 2023

LYNWOOD, CALIF. — Prologis has purchased an infill industrial site in Lynwood. The 1.4-acre property is located at 11511 Bellinger St. It includes a historic 34,436-square-foot industrial facility built in 1930. Surrounding the property are more than 35 UPS, FedEx and Ontrac shipping hubs within a 10-mile radius. CBRE’s Mark Shaffer, Anthony DeLorenzo, Gerard Poutier, Bryan Johnson and Nick Williams from CBRE Investment Properties, along with Greg Dyer and Ryan Wengart from CBRE’s Los Angeles South Bay office, represented the seller, 11511 Bellinger Holdings LLC, in this transaction.

June 23, 2023

Acquisitions Colorado Hospitality Western

Thompson Group Arranges $3M Sale of Shepherds Motel in Denver

by Jeff Shaw June 23, 2023

DENVER — A local buyer has acquired the 34-unit Shepherds Motel in Denver for $3 million. The historic motel is located at 1525 Valentia St. It has been family owned and operated since 1994. Barton Thompson and James Few from the Thompson Group at Pinnacle Real Estate Advisors represented both the seller and the buyer in this transaction.

June 23, 2023

Acquisitions Arizona Multifamily Western

Marcus & Millichap Brokers $1.8M Sale of South Williams Apartment Building in Mesa, Arizona

by Jeff Shaw June 23, 2023

MESA, ARIZ. — A private investor has purchased the 12-unit South Williams apartment building in Mesa for $1.8 million. It is located at 335-359 South Williams, about two miles north of the US-60 freeway and less than a mile south of the Valley Metro Light Rail. New ownership will have the opportunity to renovate all unit interiors to capitalize on renovation premiums already proven in the submarket, notes Paul Bay of Marcus & Millichap’s Phoenix office, who secured the buyer. Bay, Adam Saylor and Darrell Moffitt arranged the transaction. The seller was also a private investor.

June 23, 2023

Acquisitions Florida Multifamily Southeast

Waterton Buys 321-Unit Apartment Community in Plantation, Florida for $88M

by Hayden Spiess June 23, 2023

PLANTATION, FLA. — Waterton has acquired One Plantation, a 321-unit apartment community located at 1650 Southwest 78th Ave. in the Broward County city of Plantation. South Florida Business Journal reports that Stiles and PGIM Real Estate sold the property for $88 million. Built in 2013 as part of the 860-acre Plantation Midtown master planned development, the community features one-, two- and three-bedroom residences within a 12-story tower. Amenities at the property include a business center, private work rooms, movie theater, resident lounge areas, dog park, catering kitchen and fitness center. The new owner plans to renovate the clubhouse and convert existing parking garage rooftop tennis courts to pickleball courts. Newmark’s South Florida team brokered the transaction.

June 23, 2023

Acquisitions Development Florida Mixed-Use Southeast

FundRebel to Acquire Nine Hollywood Mixed-Use Development in Metro Miami for $67M

by Hayden Spiess June 23, 2023

HOLLYWOOD, FLA. — FundRebel LLC is under contract to acquire Nine Hollywood, a mixed-use property currently underway in Hollywood, for $67 million. Situated on a 36,000-square-foot parcel, the development features 204 multifamily residential units, three levels of integrated parking and more than 7,000 square feet of retail space. Residences include apartments in studio, one- and two-bedroom layouts. Amenities at the property include a swimming pool, fitness center and business suites. Construction on the project is scheduled for completion in the fourth quarter of this year. The seller was not disclosed.

June 23, 2023

Acquisitions Industrial Midwest Wisconsin

MAG Capital Partners Acquires Four-Building Industrial Property in Wisconsin Via Sale-Leaseback

by Kristin Harlow June 23, 2023

DRESSER, WIS. — MAG Capital Partners LLC has acquired a four-building industrial property in a sale-leaseback transaction with CORE Industrial Partners. Located at 700 Kelly Ave. in Dresser, a city in Northwest Wisconsin, the property totals 107,660 square feet. The facility will continue to be fully occupied by Cadrex Manufacturing Solutions, a mechanical solutions provider. Cadrex consists of 11 complementary acquisitions that CORE has integrated into a precision manufacturing platform. The property at 700 Kelly Ave. is the longtime home of sheet metal fabricator Tenere Inc., which was acquired by Cadrex in July 2022. JC Asensio, Briggs Goldberg and Andrew Sandquist of Newmark represented CORE.

June 23, 2023

Acquisitions Midwest Minnesota Multifamily

JLL Brokers $3.6M Sale of Historic Apartment Building in Duluth, Minnesota

by Kristin Harlow June 23, 2023

DULUTH, MINN. — JLL Capital Markets has brokered the $3.6 million sale of Irving School Apartments in Duluth, a city located along Lake Superior. The property was originally built in 1895 as a school and was placed on Minnesota’s National Register of Historic Places and converted into apartments in 1978. The building features 44 units that average 980 square feet. Devon Dvorak, Mox Gunderson, Dan Linnell, Josh Talberg and Adam Haydon of JLL represented the seller, Sherman Associates. The buyer was High Point Holdings LLC.

June 23, 2023

Acquisitions Multifamily Seniors Housing Texas

Blueprint Negotiates Sale of Seniors Housing Community in Dallas

by Taylor Williams June 23, 2023

DALLAS — Investment sales brokerage firm Blueprint Healthcare Real Estate Advisors has negotiated the sale of an unnamed seniors housing community in Dallas. Built in 1996 and renovated in 2020, the facility offers assisted living and memory care services. The undisclosed buyer plans to convert the property into a behavioral health facility. The seller was also not disclosed.

June 23, 2023

Acquisitions Multifamily New Jersey Northeast

Pomeranc Group Acquires 465-Unit Apartment Community in Wayne, New Jersey

by Taylor Williams June 23, 2023

WAYNE, N.J. — The Pomeranc Group, a hospitality-oriented investment firm, has acquired Mountain View Crossing, a 465-unit apartment community located in the Northern New Jersey community of Wayne. The property’s unit mix consists of eight studios, 309 one-bedroom apartments, 141 two-bedroom units and seven three-bedroom units. Residences feature private patios/balconies, stainless steel appliances, hardwood flooring and stone countertops. Amenities include a pool, tennis and basketball courts, fitness center, clubroom, dog park and outdoor grilling and dining areas. Niko Nicolaou, Ryan Dowd, Peter Welch and Brian Whitmer of Cushman & Wakefield represented the seller, UBS Realty Investors, in the transaction and procured The Pomeranc Group as the buyer. John Alascio, T.J. Sullivan, Chuck Kohaut, John Spreitzer, Jason Blankfein and Mitch Rothstein of Cushman & Wakefield arranged $97.7 million in acquisition financing through Greystone for the deal.

June 23, 2023

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