Acquisitions

Odyssey Properties Acquires Nola on 50th Multifamily Community in Phoenix for $37.2M

by Amy Works October 17, 2022

PHOENIX — Los Angeles-based Odyssey Properties Group has purchased Nola on 50th, an apartment property in the Arcadia neighborhood of Phoenix, from an undisclosed seller for $37.2 million. Odyssey will rebrand the 155-unit community as Parq on 50th. Constructed in 1979, Parq on 50th features 12 buildings on 5.6 acres of land and offers a mix of studios, one- and two-bedroom units. Current amenities include a pool and spa, two laundry facilities, a fitness center, grilling station and dog park. The asset is located at 5008 E. Thomas Road.

October 17, 2022

Acquisitions Multifamily Nevada Western

Newmark Brokers Sale of 237-Unit Quinn Apartment Homes in Las Vegas

by Amy Works October 17, 2022

LAS VEGAS — Newmark has negotiated the sale of The Quinn Apartment Homes, a garden-style multifamily property located at 5500 S. Mountain Vista St. in Las Vegas. Haven Realty Capital sold the asset to a Los Angeles-based real estate firm for an undisclosed price. Angela Bates, Curt Allsop, Doug Schuster and Vittal Ram of Newmark represented the seller in the transaction. Built in 1991 on 10.3 acres, the two-story property features 237 units in a mix of four floor plans ranging from 740-square-foot one-bedroom/one-bath layouts to 1,056-square-foot two-bedroom/two-bath units.

October 17, 2022

Acquisitions Industrial Washington Western

Panattoni Development, GLP Capital Sell 141,884 SF Lacey Logistics Facility in Washington

by Amy Works October 17, 2022

LACEY, WASH. — Panattoni Development Co. and GLP Capital Partners have completed the disposition of Lacey Logistics, a Class A industrial building in Lacey. An undisclosed buyer acquired the asset for $23.8 million. Completed in 2021, the cross-dock, 141,884-square-foot building features 130-foot truck courts, 30-foot clear heights, dock-high and drive-in loading, trailer parking, ESFR sprinklers and heavy power. The facility is fully leased to three tenants: Morgan Transfer, Direct Export and Blue Line Foodservice. The property is located at 3130 Hogum Bay Road, less than 1.5 miles from Interstate 5, approximately 35 miles southwest of the Port of Tacoma and 60 miles southwest of downtown Seattle. Brett Hartzell and Paige Morgan of CBRE National Partners in the Pacific Northwest represented the sellers in the deal.

October 17, 2022

Acquisitions New York Northeast Office Top Stories

JLL Arranges $252M Sale of AIG Headquarters Building in Manhattan

by Jeff Shaw October 17, 2022

NEW YORK CITY — JLL has arranged the $252 million sale of the former AIG global headquarters to 99c LLC, a real estate firm specializing in adaptive reuse development in urban markets. The 31-story property is located at 175 Water St. in Lower Manhattan’s Seaport submarket and comprises 684,500 square feet of rentable space. Vanbarton Group was the seller. The purchase represents 99c’s entry into the New York market following a focus on London, where it acquired millions of square feet of commercial office space. The firm is currently one year into a four-year plan to do the same in New York. 175 Water St. features 12-foot ceilings, 24,000-square-foot floor plates, center-core configuration and an efficient design. The building’s flexibility also includes an unused ground floor, which is being primed for a reimagined lobby along with two usable rooftop terraces with amenities. The building is completely vacant, following AIG’s move to a new location in 2021. Andrew Scandalios, David Giancola, Vickram Jambu, Marion Jones, Steven Rutman and Alexander Riguardi led JLL’s capital markets investment sales advisory team representing the seller. “175 Water St. received a generous amount of investor interest given the nature of the building, which provided a blank canvas …

October 17, 2022

Acquisitions Arizona Retail Western

Tradewinds Capital Acquires Laveen Park Place Shopping Center in Phoenix for $40.3M

by Amy Works October 14, 2022

PHOENIX — Tradewinds Capital LP, a private investor out of Alberta, Canada, has purchased the newly constructed Laveen Park Place, a Class A shopping center located in the Laveen neighborhood of Phoenix. LB 59th LLC, an entity formed by Phoenix-based Kitchell Corp., sold the property for $40.3 million. Built in phases between 2019 and 2022, Laveen Park Place offers 109,219 square feet of retail space on 17.5 acres at the southeast corner of Loop 202 and Baseline Road. Sprouts Farmers Market, TJ Maxx and Michaels are tenants at the fully occupied shopping center. Michael Hackett and Ryan Schubert of Cushman & Wakefield’s Phoenix office represented the seller in the deal.

October 14, 2022

Park-Meadows-Medical-Center-Lone-Tree-CO

Acquisitions Colorado Healthcare Office Western

HR Assets Buys 34,685 SF Park Meadows Medical Center in Lone Tree, Colorado

by Amy Works October 14, 2022

LONE TREE, COLO. — HR Assets has acquired Park Meadows Medical Center, a multi-tenant medical office property located at 9218 Kimmer Drive in Lone Tree. Park Meadows Medical LLC sold the asset for $14.8 million in an off-market transaction. The three-story, 34,685-square-foot building offers medical office space and a surgery center. At the time of sale, the property was 100 percent occupied. William Lucas, Stuart Thomas and Doug Wulf of Cushman & Wakefield’s Denver office represented the seller in the transaction.

October 14, 2022

Acquisitions Multifamily Nevada Western

Haven Realty Capital Sells 237-Unit Quinn Apartment Homes in Las Vegas

by Amy Works October 14, 2022

LAS VEGAS — Haven Realty Capital has completed the disposition of Quinn Apartment Homes, a garden-style multifamily community located at 5500 S. Mountain Vista St. in Las Vegas. A Los Angeles-based real estate firm acquired the asset for an undisclosed price. Built in 1991 on 10.2 acres, Quinn Apartment Homes features 237 residences in a mix of four floor plans ranging from a 740-square-foot one-bedroom/one-bath unit to a 1,056-square-foot two-bedroom/two-bath unit. Angela Bates, Curt Allsop, Doug Schuster and Vittal Ram of Newmark represented the seller in the deal.

October 14, 2022

Acquisitions California Restaurant Retail Western

SBH Real Estate Group Divests of Raising Cane’s-Occupied Property in Alhambra, California for $8.2M

by Amy Works October 14, 2022

ALHAMBRA, CALIF. — SBH Real Estate Group has completed the disposition of the ground lease for a single-tenant restaurant building in Alhambra. A Southern California-based private investor acquired the asset for $8.2 million. Raising Cane’s Chicken Fingers occupies the 3,957-square-foot property, which is situated on 1.4 acres at 1300 E. Valley Blvd. The newly developed building features the restaurant’s latest prototype design and opened for business in June 2022. The property offers a double drive-thru and includes a 704-square-foot outdoor patio area. Matthew Mousavi and Patrick Luther of SRS Real Estate Partners’ National Net Lease Group represented the seller, Eric Silverman of SBH Real Estate Group, while Voit represented the buyer in the deal. Ben Townsend and Matt Marlin of SRS’ debt and equity group procured acquisition financing for the buyer.

October 14, 2022

Acquisitions Multifamily Northmarq Texas

Northmarq Arranges Sale of 217-Unit Verge Apartments in North Dallas

by Taylor Williams October 14, 2022

DALLAS — Northmarq has arranged the sale of Verge Apartments, a 217-unit multifamily property in North Dallas. Built in 1980, the complex houses studio, one- and two-bedroom units with an average size of 700 square feet. Amenities include two pools, outdoor grilling and dining areas, a fitness center, business center and onsite laundry facilities. Taylor Snoddy, Charles Hubbard, Eric Stockley and Philip Wiegand represented the seller in the transaction. Patrick Elliott and Lauren Bresky, also with Northmarq, originated Freddie Mac acquisition financing on behalf of the buyer. Both parties requested anonymity.

October 14, 2022

Acquisitions Industrial Texas

Apricus Realty Capital Buys Three Outdoor Industrial Storage Sites in Houston

by Taylor Williams October 14, 2022

HOUSTON — Dallas-based investment firm Apricus Realty Capital has purchased three outdoor industrial storage sites totaling approximately 70,000 square feet in Houston. The sites comprise five buildings on a combined four acres in the city’s Northwest Inner Loop submarket. Apricus Realty Capital acquired the assets in a joint venture with institutional investment firm Alex Brown Realty. The seller and sales price were not disclosed.

October 14, 2022

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