Acquisitions

L. Mason Capitani/CORFAC International Brokers Sale of Two Office Buildings in Auburn Hills

by Kristin Harlow October 11, 2022

AUBURN HILLS, MICH. — L. Mason Capitani/CORFAC International has brokered the sale of two office buildings totaling 275,000 square feet in Auburn Hills for an undisclosed price. The properties, Cambridge Court I and II, are situated near I-75 and University Drive. Mason L. Capitani of the brokerage represented the buyer, LREH Michigan LLC. L. Mason Capitani/CORFAC will oversee leasing at the properties and its property management arm, Liberty Property & Asset Management, will take over all management responsibilities. The new ownership plans to immediately make renovations.

October 11, 2022

Acquisitions Illinois Midwest Restaurant Retail

Greenstone Partners Brokers $2.3M Sale of Starbucks-Occupied Property in Lakemoor, Illinois

by Kristin Harlow October 11, 2022

LAKEMOOR, ILL. — Greenstone Partners has brokered the $2.3 million sale of a newly constructed retail property occupied by Starbucks in Lakemoor, which is located in Northeast Illinois. The net-leased property sold at a cap rate of 4.55 percent and $1,029 per square foot, marking the lowest cap rate ever for a Starbucks property in Illinois, according to CoStar. The building is situated within the larger Lakemoor Commons, which is home to tenants such as Heartland Dental, Chipotle, Buona Beef and a multi-tenant retail center. Brewster Hague and Jason St. John of Greenstone represented the seller, a Chicago-area developer. The duo also procured the buyer, a private entity based in California completing a 1031 exchange.

October 11, 2022

Acquisitions Colorado Multifamily Western

EverWest Sells Peakview Apartments in Denver Tech Center for $115M

by Amy Works October 11, 2022

CENTENNIAL, COLO. — Denver-based EverWest Real Estate Investors has completed the disposition of Peakview Apartments, a multifamily community situated within Denver Tech Center in Centennial. Griffis Residential acquired the four-story asset for $115 million. Located at 7700 E. Peakview Ave., Peakview Apartments features 304 studio, one-, two- and three-bedroom residences, a resort-style swimming pool, rooftop deck, fitness center, and bicycle storage and repair facilities. A structured, controlled-access deck provides parking. Peakview is two blocks from the Arapahoe light rail station. The asset was constructed in 2015.

October 11, 2022

Acquisitions California Office Western

Newmark Negotiates $30M Sale of Airport Plaza Office Park in Long Beach, California

by Amy Works October 11, 2022

LONG BEACH, CALIF. — Newmark has arranged the sale of Airport Plaza, a two-building office park in Long Beach. WCCP Airport Plaza L.B. LLC sold the asset to LB5000 LLC for $30 million. Located at 5000 and 5001 Airport Plaza Drive, the project features 126,219 square feet of multi-tenant office space. At the time of sale, Airport Plaza was fully leased to 19 tenants, including Federal Aviation Administration, Advanced Medical Management and NACA Logistics. The property is situated on a 2.7-acre plot, which has a 46-year ground lease in place with the City of Long Beach. Kevin Shannon, Ken White and Scott Schumacher of Newmark represented the seller in the deal.

October 11, 2022

Acquisitions Arizona Retail Western

Cushman & Wakefield Brokers $18.9M Partial Sale of Greenfield Gateway Retail Center in Mesa, Arizona

by Amy Works October 11, 2022

MESA, ARIZ. — Cushman & Wakefield has arranged the sale of a 67,709-square-foot portion of Greenfield Gateway, a 349,143-square-foot retail center in Mesa. Southern California-based investor Greenfield Gateway LLC sold the asset to an entity formed by the Hinkson Co. for $18.9 million. Situated on 10.1 acres, the sold portion consists of fully leased buildings, including an EoS Fitness-anchored building and two multi-tenant strip-retail buildings. Michael Hackett, Ryan Schubert and Chris Hollenbeck of Cushman & Wakefield in Phoenix represented the seller in the transaction.

October 11, 2022

5500-Greenwood-Plaza-Blvd-Greenwood-Village-CO

Acquisitions Colorado Office Western

Focus Property Group Divests of 69,855 SF Office Building in Greenwood Village, Colorado

by Amy Works October 11, 2022

GREENWOOD VILLAGE, COLO. — Focus Property Group has completed the disposition of 5500 Greenwood, an office property in Greenwood Village. A private investor acquired the asset for $15.7 million. Located at 5500 Greenwood Plaza Blvd., the property offers 69,855 square feet of office space. Built in 1974, the two-story building is fully leased to seven tenants, including Galloway & Co. and Enterprise Coworking. The location features easy access to both Interstate 25 and C-470. Patrick Devereaux, James Brady, Campbell Davis and Chad Flynn of CBRE Capital Markets in Denver represented the seller in the transaction.

October 11, 2022

Acquisitions Multifamily Texas

180 Multifamily Properties Acquires 544-Unit Portfolio in East Dallas

by Taylor Williams October 10, 2022

DALLAS — Locally based investment firm 180 Multifamily Properties has acquired The Powers Properties Portfolio, a collection of 20 assets totaling 544 units that are located in historic neighborhoods in East Dallas. The properties, which were built between 1914 and 1962 and renovated in the late 1990s/early 2000s, were under the same ownership for 25 years, but the portfolio was put into a court-appointed receivership two years ago. Todd Franks, Ryan Quaid, Buck Poderski and Byron Griffith of GREA brokered the deal on behalf of the court-appointed receiver. The new ownership plans to implement a value-add program.

October 10, 2022

Acquisitions Multifamily Texas

Sentinel Real Estate Buys 331-Unit Debbie Lane Flats Apartments in Arlington

by Taylor Williams October 10, 2022

ARLINGTON, TEXAS — New York City-based investment firm Sentinel Real Estate Corp. has purchased Debbie Lane Flats, a 331-unit apartment community in Arlington. The property features one-, two- and three-bedroom units with an average size of 895 square feet. Residences are furnished with stainless steel appliances, quartz countertops, full-size washers and dryers, walk-in closets, smart thermostats and private balconies/patios. Amenities include a pool, fitness center, cybercafé, outdoor grilling areas, a business center, community kitchen, dog park, package lockers and valet dry cleaning service. Jorg Mast, Chris Paul and Danny Miller at Colliers represented the seller, Provident Realty Advisors, in the transaction.

October 10, 2022

Acquisitions Loans Multifamily Texas

Newmark Arranges Sale of 320-Unit Multifamily Property in San Antonio

by Taylor Williams October 10, 2022

SAN ANTONIO — Newmark has arranged the sale of Regency at Stone Oak, a 320-unit multifamily property located in the northern-central part in San Antonio. According to Apartments.com, the property was built in 2006 and offers one-, two-, three- and four-bedroom units that range in size from 600 to 1,954 square feet. The amenity package comprises a pool, fitness center, outdoor kitchen, dog park, business center and a children’s play area. Patton Jones, Matt Michelson and Andrew Dickson of Newmark represented the seller, a partnership between Internacional and CenterSquare Investment Management, in the transaction. The buyer was Atlantic | Pacific Cos. Regency at Stone Oak was 94 percent occupied at the time of sale. Andy Hill and Tyler Nowlin of Berkadia originated $33.4 million in Freddie Mac fixed-rate acquisition financing for the deal.

October 10, 2022

Acquisitions Multifamily Oregon Western

CBRE Negotiates $124M Sale of One Jefferson Apartments in Lake Oswego, Oregon

by Amy Works October 10, 2022

LAKE OSWEGO, ORE. — CBRE has brokered the sale of One Jefferson, a multifamily community located at 1 Jefferson Parkway in Lake Oswego. A joint venture associated with Security Properties sold the asset to an undisclosed buyer for $124 million. Josh McDonald, Joe Nydahl and Phil Oester of CBRE represented the seller in the deal. Built in 1986, One Jefferson comprises 58 three-story buildings situated on 20.5 acres. The property offers 347 apartments, averaging 1,049 square feet, with floor plans ranging from studio to five-bedroom/five-bath layouts. The previous owners completed renovations in 2019, including the modernization of approximately 86 percent of units with stainless steel appliances, granite countertops, tile backsplashes, vinyl-plank flooring in wet areas and updated fixtures. Community amenities include a year-round pool, spa, dog park, fitness center, picnic areas, outdoor lounge, sundeck and 644 parking spaces.

October 10, 2022

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