Acquisitions

Walker & Dunlop Arranges $85.4M Refinancing of Two Jersey City Apartment Complexes

by Taylor Williams September 26, 2022

JERSEY CITY, N.J. — Walker & Dunlop has arranged an $85.4 million bridge loan for the refinancing of City Line East and City Line West, two adjacent apartment complexes totaling 342 units in Jersey City. Both properties are located within the University Place mixed-use development and feature studio, one- and two-bedroom units and Class A amenities. John Banas, Kris Wood, Christopher Philipps, John Wilson, Rhett Saltiel and Erik DiGirolamo of Walker & Dunlop arranged the two-year, fixed-rate loan through an undisclosed debt fund on behalf of the New Jersey-based borrower.

September 26, 2022

Acquisitions Multifamily New York Northeast

Cushman & Wakefield Brokers $40M Sale of Brooklyn Multifamily Property

by Taylor Williams September 26, 2022

NEW YORK CITY — Cushman & Wakefield has brokered the $40 million sale of a 63-unit multifamily property located at 223 Fourth Ave. in Brooklyn’s Park Slope neighborhood. The newly constructed, 13-story building houses 18 studios, 34 one-bedroom units, nine two-bedroom apartments and two duplexes. Residences are furnished with quartz countertops, stainless steel appliances, dishwashers and in-unit washers and dryers. Amenities include a lounge with coworking space, rooftop terrace, media room and bike storage space. HUBB NYC acquired the property from Greystone Development. Dan O’Brien, Adam Spies, Adam Doneger and Avery Silverstein of Cushman & Wakefield brokered the deal.

September 26, 2022

Acquisitions California Industrial Western

Stos Partners Sells 182,275 SF Industrial Facility in Pomona, California for $45.9M

by Amy Works September 26, 2022

POMONA, CALIF. — Stos Partners has completed the disposition of a Class A industrial distribution facility in Pomona to Denver-based EverWest Advisors for $45.9 million. Jeffrey Cole, Jeffrey Chiate, Bryce Aberg, Brad Brandenburg, Mike Adey and Zachary Harman of Cushman & Wakefield’s National Industrial Advisory Group represented the buyer in the transaction. Stos Partners was self-represented in the deal. Originally built in the 1950s and renovated in the 1970s, the 182,275-square-foot distribution facility features 7,200 square feet of office space, 18 dock-high and 12 grade-level doors, 19- to 21-foot clear heights, a fenced yard and rail service. A leading provider of packaging and protective products fully occupies the property. The property is situated on 8.5 acres at 159 N. San Antonio Ave.

September 26, 2022

Acquisitions Multifamily New York Northeast

Rosewood Realty Negotiates $6.8M Sale of Brooklyn Apartment Building

by Taylor Williams September 26, 2022

NEW YORK CITY — Locally based brokerage firm Rosewood Realty Group has negotiated the $6.8 million sale of a five-story building in Brooklyn’s Borough Park neighborhood that comprises four four-bedroom apartments and 6,611 square feet of retail space. Aaron Jungreis, Ben Khakshoor and Alex Fuchs of Rosewood Realty represented both private investors involved in the deal, which traded at a cap rate of 4.9 percent. The building was originally constructed in 1930.

September 26, 2022

Acquisitions Hospitality Washington Western

Crystal Investment Property Negotiates Sale of 30-Room Packwood Lodge in Washington State

by Amy Works September 26, 2022

PACKWOOD, WASH. — Crystal Investment Property (CIP) has arranged the sale of Packwood Lodge, a select-service hotel located at 13807 US-12 in Packwood. Terms of the transaction were not released. The 30-guest room Packwood Lodge includes extensive capital improvements, 21 updated guest rooms or suites and nine detached cabins. The property features a lobby with a breakfast area, office, laundry room, owner’s quarters and a hotel-adjacent leased restaurant. Rooms and suites include flatscreen TVs, mini fridges, microwaves, coffee makers and high-speed wireless internet. The cabins, completed in 2019, feature kitchenettes, dining areas, jacuzzi tubs and outdoor decks. Joseph Kennedy of CIP, along with the CIP team, represented the buyer and seller in the transaction.

September 26, 2022

Acquisitions Multifamily Nevada Western

Northcap Commercial Brokers $8.6M Sale of Stax Studios Apartment Complex in Downtown Las Vegas

by Amy Works September 26, 2022

LAS VEGAS — Northcap Commercial has arranged the sale of Stax Studios, a studio apartment community in downtown Las Vegas. Clark Studio Investar LLLP sold the asset to an undisclosed buyer for $8.6 million, or $196,591 per unit. Built in 1963 and fully renovated in 2019, the property offers 44 studio units. Stax Studios is located at 501 S. 10th St. Devin Lee, Robin Willett and Jerad Roberts of Northcap Commercial represented the seller in the deal.

September 26, 2022

Acquisitions Indiana Midwest Multifamily

Kiser Group Brokers $4M Sale of Apartment Building in Whiting, Indiana

by Kristin Harlow September 26, 2022

WHITING, IND. — Kiser Group has brokered the $4 million sale of City Place Apartments in Whiting, a city located on the southern shore of Lake Michigan about 16 miles from the Chicago Loop. Constructed in 2015, the four-story building features 24 units. Ron Plonis, Jeff Leibovich and Kyle Sissell of Kiser brokered the transaction. The out-of-state buyer assumed the debt on the property and expects to increase rents as units turn over.

September 26, 2022

Acquisitions California Industrial Office Western

BLT Enterprises Expands California Holdings with Seven-Building Acquisition for $130M

by Amy Works September 23, 2022

SANTA MONICA, CALIF. — Santa Monica-based-BLT Enterprises has purchased seven industrial and creative office properties throughout Los Angeles County, Orange County and San Diego County, Calif., for a total of $130 million. The acquisitions total nearly 270,000 square feet of buildings on more than 18 acres of land. Names of the sellers were not released. The properties include: A 49,307-square-foot creative office building located at 621 Hawaii St. in El Segundo and fully leased to Nexon America Inc., South Korea’s largest video game developer. A 10,400-square-foot warehouse at 7748 Industry Ave. in Pico Rivera. A 10,246-square-foot warehouse at 2901 Thornton Ave. in Burbank, which is fully leased to Reno Hardware. A 6,900-square-foot creative office building at 6368 Arizona Circle and an 8,100-square-foot creative office building, both in Los Angeles. A 12,620-square-foot warehouse located at 3539 Howard Way in Costa Mesa. A 175,000-square-foot distribution facility on 11.1 acres at 1 Viper Way in Vista.

September 23, 2022

Acquisitions California Industrial Western

Panattoni Sells Green Valley Corporate Park in Fairfield, California to TA Realty for $90.5M

by Amy Works September 23, 2022

FAIRFIELD, CALIF. — Panattoni has completed the disposition of Green Valley Corporate Park, a three-building industrial campus in Fairfield. TA Realty acquired the asset for $90.5 million. Situated on 26.5 acres at 4550-4750 Business Center Drive, Green Valley Corporate Park offers 415,107 square feet of Class A industrial space. The buildings feature 32-foot to 36-foot clear heights, 51 dock doors, 10 grade-level doors and 392 parking spaces. At the time of sale, the newly completed property was 75 percent pre-leased to Southern Glazer and Landsberg Orora. Ryan Sitov and Mark Detmer of JLL Capital Markets represented the seller in the deal. Glen Dowling, Matt Bracco and Chris Neeb of JLL handled leasing for the asset.

September 23, 2022

Acquisitions California Healthcare Office Western

CBRE Arranges $44.5M Acquisition of Pacific Professional Building Medical Office Property in San Francisco

by Amy Works September 23, 2022

SAN FRANCISCO — CBRE has negotiated the purchase of the fee simple interest of Pacific Professional Building, a 132,000-square-foot medical office building in San Francisco. Pan-Med Enterprises, a collection of doctors that occupies and operates practices at the property, acquired the underlying land out of a ground lease for $44.5 million. Mike Taquino, Kyle Kovac, Alec Haley and Giancarlo Sangiacomo of CBRE Capital Markets represented the buyer in the deal. Additionally, Mike Walker and Brad Zampa of CBRE’s Debt & Structured Finance team secured the $44.5 million, 10-year, fixed-rate, non-recourse loan to finance the purchase of the fee simple interest and repayment of the existing leasehold loan from a middle-market East Coast bank. Located at 2100 Webster St., Pacific Professional Building is a five-story medical office with an outpatient radiology lab, testing labs, pharmacy and health resource center. The building is 97 percent leased and was completely renovated in 2021.

September 23, 2022

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