Property Type

Rittenhouse Realty, Triad Negotiate $15M Sale of Student Housing Community Near University of Arkansas

by John Nelson August 10, 2022

FAYETTEVILLE, ARK. — Rittenhouse Realty Advisors, a member of GREA, and Triad Real Estate Partners have negotiated the $15 million sale of Champions Club. The newly constructed student housing community comprises 232 beds near the University of Arkansas campus. The property offers 76 two-, three- and four-bedroom units at 1629 S. Razorback Road in Fayetteville. Units are fully furnished and feature bed-to-bath parity. Community amenities include a swimming pool, fitness center, barbecue and picnic area, fire pit, dog park, game lounge and a computer lab. The property was acquired by an undisclosed family office buyer in an off-market transaction.

August 10, 2022

Colorado Development Industrial Western

Dollar General to Build $172M Distribution Facility at HighPoint Elevated Park in Aurora, Colorado

by Amy Works August 10, 2022

AURORA, COLO. — Dollar General has acquired a 75-acre land parcel within HighPoint Elevated, an industrial and logistics park located at the southeast corner of East 64th Ave. and E-470 in Aurora, for the development of a Class A distribution facility. The Goodlettsville, Tenn.-based discount retailer plans to invest $172 million into the Aurora facility, which will create around 400 new jobs at full capacity. Dollar General announced the project as part of a three-distribution center expansions in Arkansas, Colorado and Oregon. Hyde Development and Mortenson, the park’s development team, will build the 919,000-square-foot facility. Daniel Close, Todd Witty, Tyler Carner, Jeremy Ballenger and Jessica Osternick of CBRE represented Hyde Development in the land sale. The Dollar General project is the first build-to-suit commissioned at the park, which broke ground last year. Construction for the Dollar General facility is slated to being this summer, with completion scheduled for late 2023. At buildout, Highland Elevated will include up to 5.5 million square feet of industrial and logistics space, as well as retail space. The new Dollar General facility will anchor the east side of the park.

August 10, 2022

Development Industrial Texas

CLX Ventures, Principal Real Estate Break Ground on 1.2 MSF Industrial Project in Denton, Texas

by Taylor Williams August 10, 2022

DENTON, TEXAS — A partnership between Dallas-based developer CLX Ventures and Principal Real Estate Investors has broken ground on a 1.2 million-square-foot industrial project in the North Texas city of Denton. The development, which has been branded ICC-35, will consist of three buildings ranging in size from 123,584 to 702,766 square feet that will be situated on a 73-acre site along I-35. Buildings will feature clear heights of 32 to 36 feet, truck court depths of 135 to 185 feet and a total of 233 dock doors and 10 drive-in ramps, as well as combined parking for 640 cars and 257 trailers. Construction is slated for an August 2023 completion. Holt Lunsford Commercial has been appointed as the leasing agency.

August 10, 2022

Acquisitions Multifamily Texas

Sunsail Capital, ZaneCRE Acquire 350-Unit Multifamily Property in Metro Houston

by Taylor Williams August 10, 2022

HUMBLE, TEXAS — A partnership between New York-based Sunsail Capital and Dallas-based ZaneCRE has acquired Sarah at Lake Houston, a 350-unit multifamily property located in the northern Houston suburb of Humble. Built in 2020, the property features one-, two- and three-bedroom units and amenities such as a pool, fitness center, multi-sport simulator, business and conference center, dog park and a biergarten. Zack Springer of Newmark brokered the transaction. Purvesh Gosalia, also with Newmark, arranged acquisition financing on behalf of the joint venture.

August 10, 2022

Acquisitions Multifamily Washington Western

MIG Real Estate Acquires Cedar Rim Apartments in Newcastle, Washington for $52.9M

by Amy Works August 10, 2022

NEWCASTLE, WASH. — Newport Beach, Calif.-based MIG Real Estate has purchased Cedar Rim Apartments, a multifamily property in the Seattle suburb of Newcastle, for $52.9 million. The name of the seller was not released. Located at 7920 110th Ave. SE, Cedar Rim features 104 two-bedroom apartments with keyless door locks, smart thermostats, stainless steel appliances, in-unit washers/dryers and large windows with views of Lake Washington. Built in 1981, the community 13 four-story buildings on 4.4 acres. The property was renovated between 2006 and 2008 with new roofs and improvements to the common areas and amenity spaces. Additionally, most of the unit interiors were renovated during the same timeframe. MIG plans to paint the exterior, improve the common areas, finish renovations on the classic units and enhance renovated units to the same high-quality scope. Philip Assouad, Giovanni Napoli, Ryan Harmon and Nicholas Ruggiero of Institutional Property Advisors, a division of Marcus & Millichap, brokered both sides of the transaction. Bill Chiles, Scott Peterson, Brian Cruz and Colby Matzke of CBRE Capital Markets’ Debt & Structured Finance arranged acquisition financing for the buyer.

August 10, 2022

Acquisitions Multifamily Texas

Berkadia Negotiates Sale of 206-Unit Workforce Housing Community in Metro Houston

by Taylor Williams August 10, 2022

TOMBALL, TEXAS — Berkadia has negotiated the sale of Bridgewater Apartments, a 206-unit workforce housing community in the northern Houston suburb of Tomball. Built in phases between 1979 and 1982, Bridgewater Apartments contains one- and two-bedroom units ranging in size from 670 to 944 square feet. The amenity package comprises a resident kitchen, clubroom, business center, pool, picnic areas with grilling stations, an enclosed pet park and open green spaces. Joey Rippel, Chris Young, Kyle Whitney, Jeffrey Skipworth, Chris Curry and Todd Marix of Berkadia represented the seller, Houston-based Sentinel Capital, in the transaction. Cutt Ableson, also with Berkadia, arranged acquisition financing on behalf of the buyer, a partnership between Tranquility Capital, Abundance Equity Partners and Rubio Investors.

August 10, 2022

Acquisitions Hospitality Illinois Midwest

Marcus & Millichap Brokers $19.2M Sale of Hotel Portfolio in Suburban Chicago

by Kristin Harlow August 10, 2022

ELGIN AND ALGONQUIN, ILL. — Marcus & Millichap has brokered the sale of a three-property hotel portfolio in Chicago’s western suburbs for $19.2 million. The assets include a Comfort Suites and a Country Inn and Suites in Elgin, as well as a Holiday Inn Express in Algonquin. The 78-room Comfort Suites was built in 2006, while the 98-room Country Inn and Suites was constructed in 2000. The Holiday Inn Express was built in 2001 and features 86 rooms. Ebrahim Valliani and Michael Klar of Marcus & Millichap represented the seller, a Chicago-based investment group. The duo also secured two separate buyers, a Wisconsin-based investment group and a local investor. All three properties are expected to undergo improvements in the coming months.

August 10, 2022

Acquisitions Civic Michigan Midwest

Dominion Negotiates Sale of Former Law School Campus in Auburn Hills, Michigan

by Kristin Harlow August 10, 2022

AUBURN HILLS, MICH. — Dominion Real Estate Advisors has negotiated the sale of the former Western Michigan University/Thomas M. Cooley Law School campus in Auburn Hills for an undisclosed price. The 132,745-square-foot property is located at 2630 Featherstone Road. Eric Banks, Jim Mitchell, Andrew Boncore and David Depodesta of Dominion brokered the transaction. The buyer, FANUC Robotics, plans to expand the campus and spend $86 million to build a new 655,000-square-foot manufacturing facility. FANUC will utilize the existing building for its administrative, engineering, and research and design departments. The university’s current law school is located at 300 S. Capitol Ave. in Lansing.

August 10, 2022

Acquisitions Midwest Office Ohio

Quantum Arranges $13.1M Sale of Office Building in Warrensville Heights, Ohio

by Kristin Harlow August 10, 2022

WARRENSVILLE HEIGHTS, OHIO — Quantum Real Estate Advisors Inc. has arranged the $13.1 million sale of a 45,422-square-foot office building in Warrensville Heights, an eastern suburb of Cleveland. Constructed as a build-to-suit for advertising agency Marcus Thomas in 2011, the property was renovated in 2021. Daniel Waszak of Quantum represented the buyer, a Miami-based private investor. A metro Cleveland-based developer was the seller.

August 10, 2022

Acquisitions Multifamily Oregon Western

Security Properties Buys Sienna Pointe Apartments in Bend, Oregon for $49.5M

by Amy Works August 10, 2022

BEND, ORE. — Seattle-based Security Properties has acquired Sienna Pointe Apartments, a 168-unit multifamily community located at 1855 NE Lotus Drive in Bend, for $49.5 million. The name of the seller was not released. Built in 1991 on 9.1 acres, the property features 21 buildings with one- and two-bedroom units averaging 845 square feet. Unit amenities include washers/dryers in most units, stainless steel appliances, electric fireplaces and private decks and patios. Community amenities include a fitness center, pet play area, laundry and clubhouse facilities, onsite management and 264 parking spaces. Nick Santangelo of CBRE Capital Markets’ Debt & Structured Finance team in Portland secured a $31.4 million acquisition loan for the buyer. CBRE Multifamily Capital, an approved lender under Fannie Mae’s DUS program, provided the seven-year, fixed-rate, full-term, interest-only loan.

August 10, 2022

Newer Posts

Older Posts