Acquisitions

El Moro Divests of Midland Apartments in Portland for $12M

by Amy Works January 11, 2023

PORTLAND, ORE. — Norris & Stevens has negotiated the sale of Midland Apartments, formerly known as El Moro Apartments, in Portland. Midland Apartments LLC acquired the asset from El Moro LLC for $12 million. Originally constructed in 1966, Midland Apartments features 94 residences with 27 one-bedroom/one-bath flats, 24 two-bedroom/one-bath units and 43 two-bedroom/1.5-bath townhomes. Community amenities include ample parking, a leasing office, community/playground area, extra storage space, balconies/patios for every unit and washer/dryer hookups in all but the one-bedroom units. David Chatfield and Timothy Mitchell of Portland-based Norris & Stevens represented the seller and buyer in the deal.

January 11, 2023

Acquisitions Arizona Multifamily Western

Taylor Street Advisors Brokers $8M Sale of Apartment Property in Scottsdale, Arizona

by Amy Works January 11, 2023

SCOTTSDALE, ARIZ. — Taylor Street Advisors has arranged the sale of LP on 85th Apartments, a multifamily community located at 1221 N. 85th Place in Scottsdale. A local syndicator sold the asset to an out-of-state buyer in a 1031 exchange for $8 million, or $333,333 per unit. Built in 1984, LP on 85th features 24 units in a mix of eight one-bedroom/one-bath layouts and 16 two-bedroom/two-bath layouts. The property was renovated in 2022. Updates included a modernized paint scheme, a swimming pool, landscaping, exterior lighting, white Shaker cabinets, quartz countertops, tile backsplashes, stainless steel appliances and modern lighting. Brian Tranetzki and Anton Laakso of Taylor Street Advisors represented the seller and buyer in the deal.

January 11, 2023

Acquisitions Affordable Housing Colorado Multifamily Western

NorthPeak Commercial Negotiates $6.3M Sale of Affordable Housing Portfolio in Aurora, Colorado

by Amy Works January 11, 2023

AURORA, COLO. — NorthPeak Commercial Advisors has arranged the sale of an affordable housing portfolio located at 1571 Beeler St. and 1641 Alton St. in Aurora. The assets traded for $6.3 million, or $75,000 per unit. Totaling 74,596 square feet, the multifamily portfolio features 84 apartments. Keith Hardy and Joe Hornstein of NorthPeak Commercial represented the undisclosed seller, while Scott Fetter of NorthPeak Commercial represented the undisclosed buyer in the transaction.

January 11, 2023

Acquisitions Features Healthcare

Prognosis is Good for Medical Office Investment in 2023

by John Nelson January 11, 2023

By Jim Kornick and Mike Wilson of Avison Young After a historic run coming out of the COVID-19 pandemic, the medical office investment market cooled in the second half of 2022. But signs point to better times ahead. Right now, the cost of debt has not just doubled but has become harder to get. Healthcare providers have been hit hard by inflation and worker shortages. Tenant improvement costs are out of sight. A recession looms. Uncertainty dominates, and so many investors have gone “pencils down.” The good news: This will not persist, though it will put a downward pressure on pricing. As previous cycles and the pandemic demonstrated, demand for outpatient health services will continue to increase. The aging population, chronic disease and the drive for convenience and lowest cost of delivery continue unabated. As a result, the sector finds itself in the best position in history, with medical office building occupancy at its highest, above 92 percent nationally with rents continuing to rise. A slowdown in new medical building deliveries is anticipated. Patient demand is not inelastic, but most of it is not discretionary and tenants are very sticky. Sellers will be motivated to sell for the same motivations …

January 11, 2023

El-Dorado-Valley-Logistics-Center-Henderson-NV

Acquisitions Development Industrial Nevada Western

DIV Industrial Buys 94 Acres Near Las Vegas for 1.7 MSF Logistics Center Development

by Amy Works January 10, 2023

HENDERSON, NEV. — DIV Industrial, a newly formed institutional investor and developer of industrial real estate, has acquired 94 acres of land in Henderson’s El Dorado Valley submarket for the development of El Dorado Valley Logistics Center. Terms of the acquisition were not released. Construction is scheduled to begin this summer. The 1.7 million-square-foot El Dorado Valley Logistics Center will feature two buildings, ranging in size from 600,000 square feet to 1 million square feet, with 42-foot clear heights, flat floors and an ESFR sprinkler system. The development site is located at the intersection of Highway 95 and Roger Ray Road, providing access to the entire Las Vegas Valley. The City of Henderson recently annexed the site. DIV’s development partners include HPA Architecture and Kimley-Horn. Cushman & Wakefield’s Alderson Tassi team, led by Donna Alderson and Greg Tassi, represented DIV, while Amy Ogden SIOR of LOGIC Commercial Real Estate represented the seller, IndiCap, in the sale and assignment of the complex land transaction. DIV acquired the land in an unimproved condition with entitlements in process. El Dorado Valley Logistics Center is the first significant development project for DIV Industrial, which was established in late summer 2022 by real estate veterans …

January 10, 2023

Acquisitions California Restaurant Retail Western

Toibb Enterprises Sells Grocery-Anchored Shopping Center in Simi Valley, California for $19.5M

by Amy Works January 10, 2023

SIMI VALLEY, CALIF. — Woodland Hills, Calif.-based Toibb Enterprises has completed the disposition of Simi Valley Promenade, a retail center located at 5105-5197 E. Los Angeles Ave. in Simi Valley. A Chino Hills-based private investor acquired the asset for $19.5 million. Smart & Final, Goodwill, Del Taco, Denny’s, Baskin Robbins, Chi Chi’s Pizza and H&R Block are tenants at the 82,366-square-foot Simi Valley Promenade, which was built in 1981 and most recently renovated in 2002. At the time of sale, the property was 92 percent occupied. Bill Ashe, Jeff Lefko and Ed Hanley of Hanley Investment Group represented the buyer, while Avi Narang of Beverly Hills-based BRC Advisors represented the seller in the deal.

January 10, 2023

Acquisitions Colorado Office Western

Marcus & Millichap Brokers Sale of 22,424 SF Concorde Place Office Building in Centennial, Colorado

by Amy Works January 10, 2023

CENTENNIAL, COLO. — Marcus & Millichap has arranged the sale of Concorde Place, a Class B office property in Centennial. A limited liability company sold the asset to an undisclosed buyer for $2.4 million. Situated on a 1.38-acre site at 7208 S. Tucson Way, Concorde Place features 22,424 square feet of office space. Brandon Kramer and Chadd Nelson of Marcus & Millichap’s Denver office represented the seller in the deal.

January 10, 2023

Acquisitions Hospitality Texas

Marcus & Millichap Brokers Sale of 188-Room Hotel Portfolio in Port Arthur, Texas

by Taylor Williams January 10, 2023

PORT ARTHUR, TEXAS — Marcus & Millichap has brokered the sale of a 188-room hotel portfolio in the East Texas city of Port Arthur. The 92-room Holiday Inn Express & Suites Port Arthur was constructed in 2010 and renovated in 2019, and the 96-room TownePlace Suites Beaumont Port Arthur was originally constructed in 2014. Both hotels are part of the Intercontinental Hotels Group (IHG) family of brands. Chris Gomes and Allan Miller of Marcus & Millichap represented the seller, Texas-based Daugherty Property Group, in the transaction. The duo also procured the buyer, an out-of-state, 1031 exchange investor.

January 10, 2023

Acquisitions Retail Texas

Faris Lee Arranges $8.7M Sale of Retail Building in Euless, Texas

by Taylor Williams January 10, 2023

EULESS, TEXAS — California-based brokerage firm Faris Lee Investments has arranged the sale of an 11,620-square-foot retail building located in the central metroplex city of Euless. The property, which is an outparcel building to the 194-acre Glade Parks Town Center mixed-use development, was fully leased at the time of sale to Sleep Number, Salata, Jersey Mike’s, LoveSac and Total Men’s Primary Care. Jeff Conover and Scott DeYoung of Faris Lee represented the buyer, a family office based in the Midwest that acquired the asset via a 1031 exchange, in the transaction. Venture CRE represented the undisclosed seller. The all-cash deal traded at a cap rate of 5.92 percent.

January 10, 2023

Acquisitions Civic New York Northeast

OPEN Impact Arranges $52.6M Sale of Campus in Yonkers

by Taylor Williams January 10, 2023

YONKERS, N.Y. — Locally based brokerage firm OPEN Impact Real Estate has arranged the $52.6 million sale of a 265,000-square-foot campus in Yonkers. The campus, a portion of which extends into The Bronx, consists of 25 buildings on a 28-acre site. The property, which serves as the headquarters of social services agency Rising Ground, houses several recreational amenities, including indoor and outdoor pools, a baseball field and an indoor basketball court. Lindsay Ornstein, Stephen Powers, Arthur Skelskie and Alexander Smith of OPEN Impact represented Rising Ground in the transaction. The buyer, National Resources, plans to take occupancy of the campus at a future date, with Rising Ground retaining three acres for various programs.

January 10, 2023

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