Property Type

NorthMarq Arranges $25.5M Sale of Meadows Apartments in Phoenix

by Amy Works December 22, 2020

PHOENIX — NorthMarq has brokered the sale of Meadows Apartments, a multifamily property located at 17602 N. Cave Creek Road in Phoenix. GFT Investments I LLC, an entity formed by trustee Roger Grove, sold the asset to Phoenix-based 3rd Ave Investments LLC, led by Zev Hendeles, for $25.5 million. Built in 1985, Meadows Apartments features 165 units in a mix of studio, one- and two-bedroom layouts. Trevor Koskovich, Jesse Hudson and Bill Hahn of NorthMarq’s Phoenix Investment Sales team represented the seller and buyer in the deal. Brandon Harrington, Bryan Mummaw and Tyler Woodard of NorthMarq’s Phoenix Debt and Equity team arranged a $18.9 million Freddie Mac acquisition loan for the buyer.

December 22, 2020

Acquisitions Arizona Industrial Net Lease Western

Cohen Asset Management Divests of Industrial Building Near Phoenix for $14.2M

by Amy Works December 22, 2020

CHANDLER, ARIZ. — Cohen Asset Management has completed the disposition of a single-tenant light industrial property located in Chandler. An affiliate of Boston-based STAG Industrial acquired the building for $14.2 million. Situated on 8.5 acres at 464 E. Chilton Drive, the 104,352-square-foot building features 28-foot clear heights, ESFR sprinklers, five dock-high doors, four grade-level doors, low office finish and ample parking. Phoenix Packaging Operations, a subsidiary of Grupo Phoenix, occupies the property on a triple net-lease basis. The tenant has made significant improvements to the building, which was originally constructed in 2000, in both 2011 and 2017, including the installation of two additional cranes. Mark Detmer, Ryan Sitov, Steve Larsen and Bill Honsake of JLL Capital Markets represented the seller in the deal.

December 22, 2020

Acquisitions California Retail Western

Faris Lee Investments Brokers $5M Sale of Moulton Parkway Auto Spa in Orange County, California

by Amy Works December 22, 2020

LAGUNA HILLS, CALIF. — Faris Lee Investments has arranged the sale of Moulton Parkway Auto Spa, a full-service car wash and gas station located in Laguna Hills. The retail property is located at the intersection of El Toro Road and Moulton Parkway. A Newport Beach, Calif.-based seller sold the asset to an undisclosed buyer for $5 million. Moulton Parkway Auto Spa is the only full-service hand car wash in Laguna Hills. Tom Chichester and Nick D’Argenzio of Faris Lee Investments represented the seller in the deal.

December 22, 2020

District of Columbia Market Reports Retail Southeast Southeast Market Reports

Pandemic Hits Retail Investment Sales in D.C., But Signs of Revival Start to Show

by John Nelson December 22, 2020

The retail investment sales market in the Washington, D.C.-Baltimore metro area, just like the rest of the United States, has been detrimentally impacted by COVID-19. Multi-tenant retail investment markets have essentially shut down, sellers and buyers are unable to come to pricing conclusions and most investment opportunities have shifted into urban areas that are experiencing more immediate distress. As COVID-19 cases continue to spike, and with further tightening of lockdown policy likely forthcoming, this trend will continue as the restaurant and entertainment industry bears the brunt of winter. This will present investors with the opportunity to purchase fundamentally solid urban real estate at a discount as the market for larger shopping centers waits to reset. It comes as no surprise that shopping center investment sales are anemic. Over the trailing three months in the D.C.-Baltimore area, there has been a paltry $49 million in sales volume across three transactions for retail centers exceeding $10 million. This compared to $196 million across nine transactions in the same period last year, a 75 percent decrease in volume. Further, of these transactions, two of them — Bel Air Town Center, purchased by JCR Cos. for $21 million, and Hagerstown Shopping Center, purchased by …

December 22, 2020

Acquisitions Mixed-Use Office Restaurant Retail Top Stories Washington Western

Skanska Sells Majority Stake in Seattle Mixed-Use Tower for $669M, Nation’s Largest Single-Property Trade Since Pandemic

by John Nelson December 22, 2020

SEATTLE — Skanska has sold a 95 percent stake of 2+U, a 38-story mixed-use tower in downtown Seattle. South Korea-based Hana Alternative Asset Management and parent firm Hana Financial Group purchased the majority interest from the Swedish developer for $669 million. According to Skanska, the sale of 2+U is the largest single-property commercial real estate transaction in the United States since the pandemic began. Office tenants at 2+U include job search giant Indeed.com, tech firm Dropbox, coworking operator Spaces and customer experience firm Qualtrics. Retail tenants include Italian eatery Ethan Stowell Tavolàta and Seattle-based specialty coffeeshop Caffe Ladro. Hana has hired Houston-based Hines to manage 2+U. The development is situated near Seattle Art Museum, Waterfront Park, Benaroya Hall, Pike Place Market and downtown’s Pioneer Square neighborhood. Skanska delivered the 701,000-square-foot office component of 2+U, which is named after its location at Second Avenue between Union and University streets, in late 2019. The office tower is raised 85 feet off the ground and the retail component, which is still under development, is tucked underneath the podium. 2+U also includes nearly a half-acre of open space for tenant and community gatherings. Skanska will retain a 5 percent interest in 2+U and is …

December 22, 2020

Market Reports Multifamily Texas Texas Market Reports

Austin Poised to Emerge From Pandemic as a Premier Multifamily Market

by Taylor Williams December 22, 2020

By Sean Sorrell, senior managing director, JLL As we enter 2021, there’s no doubt that we are emerging from one of the most unique and trying years that our modern civilization has ever confronted, and we all likely agree that we will never again endure a pandemic of this scale. As of the writing of this article, the first vaccines have arrived in Austin; our first responders have begun administering it to the public and we can finally see the light at the end of the tunnel. In the face of these challenges, Austin continues to flourish, at least on a relative basis, and its real estate industry is poised to take a firm lead as one of the strongest real estate markets in the nation, if not the world. A key discipline within the industry is the apartment rental market, which is currently facing obstacles but continues to successfully navigate market conditions all the same. The metro Austin apartment inventory is now approaching 200,000 units — a growth rate of 75 percent over the last eight years. While many cities would wilt under the pressure of this ongoing development surge, this market has flourished. The ongoing supply has marginally …

December 22, 2020

Acquisitions California Multifamily Western

Davlyn Investments Acquires Terraces at Highland Reserve Apartment Complex Near Sacramento for $95M

by Amy Works December 21, 2020

ROSEVILLE, CALIF. — San Diego-based Davlyn Investments has purchased The Terraces at Highland Reserve, an apartment property located in Roseville, a northeastern suburb of Sacramento, for $95 million. Davlyn plans to rebrand the 273-unit property as Ascent at the Galleria. Constructed in 2002, the community features 273 apartments with nine-foot ceilings, in-unit washers and dryers, built-in fireplaces, modern architecture, barrel-tiled roofs, more than 250 detached garages and an extensive amenity package. The property is Davlyn’s fourth acquisition in Northern California and its first in the greater Sacramento market. Mark Leary and Nate Oleson of Newmark represented the undisclosed seller in the deal.

December 21, 2020

Acquisitions California Industrial Western

Orbis Real Estate Partners Divests of Two Industrial Projects in Inland Empire for $140M

by Amy Works December 21, 2020

EASTVALE AND RIVERSIDE COUNTY, CALIF. — Orbis Real Estate Partners has completed the sales of two industrial projects totaling 88.5 acres and approximately $140 million in the Inland Empire. Reno, Nev.-based Dermody Properties acquired The Homestead, a 47-acre logistics park in Eastvale. Orbis redeveloped an existing dairy into a six-building, Class A logistics campus. The buildings range from 48,315 square feet to 501,649 square feet and offer concrete tilt-up construction; 40-foot minimum clearance heights in the larger buildings; large, secured truck courts; ample parking with excess approved trailer stalls; and dock-high and grade-level loading for each building. Additionally, Orbis sold Riverside Logistics Center in Riverside County to Denver-based Black Creek Group. Situated on 41.5 acres, the logistics center features 938,685 square feet of industrial space. Bill Heim of Lee & Associates, along with Barbara Perrier, Eric Cox and Darla Longo of CBRE, represented Orbis Real Estate Partners in the transactions.

December 21, 2020

California Loans Multifamily Western

Gantry Arranges $43.4M in Financing for CreekBridge Village Apartments in Salinas, California

by Amy Works December 21, 2020

SALINAS, CALIF. — Gantry has secured a $43.4 million loan for CreekBridge Village Apartments, a multifamily community in Salinas. Tom Dao of Gantry arranged the 35-year, 2.13 percent HUD (223f) cash-out financing through Eastern Mortgage Capital for the undisclosed borrower. Located at 1701 Independence Blvd., the 220-unit property features one-, two-, three- and four-bedroom floor plans, ranging from 803 square feet to 1,429 square feet. Units feature wall-to-wall carpeting, full-size washers/dryers, private patios or balconies, electronic thermostats and fireplaces, as well as assigned parking. The gated community also features a lighted tennis court, lap pool, spa, picnic areas, 24-hour fitness center and recreation center with a banquet room for events and gatherings.

December 21, 2020

Castlerock-Apts-Pacific-Village-Wenatchee-WA

Acquisitions Multifamily Washington Western

Quality Pacific Sells Two Multifamily Properties in Eastern Washington for $28.3M

by Amy Works December 21, 2020

WENATCHEE, WASH. — Quality Pacific Inc. has completed the sales of two apartment communities located in the Eastern Washington city of Wenatchee. The two assets sold for a total of $28.3 million. Castlerock Wenatchee 139 LLC acquired the 14-building, 139-unit Castlerock Apartments for $20.1 million, or $144,604 per unit. Pacific Village-Wenatchee LLC purchased the six-building, 64-unit Pacific Village for $8.2 million, or $128,516 per unit. Zach Howe of Marcus & Millichap’s Seattle office represented the seller and procured the buyers in the deals. Ray Allen and Seth Heikkila of Marcus & Millichap Capital Corp. arranged $5.3 million in fixed-rate financing for the acquisition of Pacific Village.

December 21, 2020

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