Property Type

Waterton Enters San Francisco Market, Buys 154-Unit Delphine on Diamond Apartment Community

by Amy Works January 19, 2021

SAN FRANCISCO — Waterton, a Chicago-based national real estate investor and operator, has purchased Delphine on Diamond, formerly known as eaves Diamond Heights, as its entry into the San Francisco market. Situated in the city’s Noe Valley neighborhood, Delphine on Diamond features 154 one-, two- and three-bedroom apartments spread across two podium buildings with subterranean parking. Waterton plans to renovate the community, which was built in 1972, including new siding and windows, landscaping, mechanical upgrades and updates to hallways, common areas and amenities. Additionally, units will be updated with new light fixtures, carpeting and faux wood flooring throughout, while kitchens will be outfitted with new cabinets, solid surface countertops and modern plumbing fixtures. The property is located at 5285 Diamond Heights Blvd. Terms of the acquisition were not released.

January 19, 2021

Acquisitions Midwest Multifamily South Dakota

Circle Capital Partners Purchases 265-Unit Apartment Community in South Dakota

by Kristin Harlow January 19, 2021

RAPID CITY, S.D. — Circle Capital Partners, in partnership with Tzadik Management, has purchased LaCrosse Estates in Rapid City. The 265-unit apartment community is located at 761 E. Anamosa St. Circle plans to undertake some minor renovations at the property, which was built in 1985 and is 97 percent occupied. Monthly rents range from $684 to $949. Amenities include a clubhouse, indoor pool, sauna and sport court. The seller and sales price were undisclosed.

January 19, 2021

Acquisitions Industrial Midwest Missouri

Sealy & Co. Acquires 99,704 SF Warehouse in Kansas City

by Kristin Harlow January 19, 2021

KANSAS CITY, MO. — Sealy & Co. has acquired a 99,704-square-foot warehouse in the Johnson County submarket of Kansas City for an undisclosed price. Built in 2019, the Class A building is situated within the Perimeter Park Commerce Complex and is fully leased. Sealy’s investment services team, along with Ed Elder and John Stafford of Colliers International, brokered the sale. Jones Development was the seller.

January 19, 2021

Acquisitions Indiana Midwest Retail

Three Retail Properties in Metro Indianapolis Trade Hands for $10.8M

by Kristin Harlow January 19, 2021

PLAINFIELD, WESTFIELD AND FISHERS, IND. — Hanley Investment Group Real Estate Advisors has represented a private investor in the acquisition of three retail properties in metro Indianapolis for $10.8 million. Dylan Mallory of Hanley represented the Bloomington, Ind.-based buyer. In Plainfield, Stafford Crossing is a 26,000-square-foot center home to Chicago’s Pizza, Big Red Liquors, Specks Pet Supply, UPS Store and Jack’s Donuts. Built in 2007, it was 91 percent leased at the time of sale. Carey Road Center in Westfield spans 13,043 square feet. It was also built in 2007. Lastly, Windermere Place in Fishers spans 16,800 square feet. Built in 2003, the asset was 93 percent occupied at the time of sale. Stan Johnson Co. represented the seller of Stafford Crossing, SRS National Net Lease Group represented the seller of Carey Road Center and Jackson Investment Group represented the seller of Windemere Place. Seller information was not disclosed.

January 19, 2021

Acquisitions California Multifamily Seniors Housing Western

SLIB Arranges $7.8M Sale of FountainWood Lodge Assisted Living Community in Orangevale, California

by Amy Works January 19, 2021

ORANGEVALE, CALIF. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of FountainWood Lodge, a 90-unit assisted living and memory care community in Orangevale, a suburb of Sacramento. The community was built in 1981 and has undergone several renovations. The 63,930-square-foot building is located on six acres of land. The seller is a nonprofit owner-operator. A regional owner-operator acquired the property for $7.8 million. Brad Goodsell, Jason Punzel and Vince Viverito of SLIB handled the transaction. “FountainWood Lodge has a great reputation in the local market, and the buyer plans on improving upon this as they take over,” says Goodsell. “This acquisition is a nice fit for the buyer, as they grow their portfolio and already successfully operate in the area.”

January 19, 2021

Acquisitions Colorado Restaurant Retail Western

Marcus & Millichap Brokers $6.2M Sale of Johnstown Plaza Retail Center in Colorado

by Amy Works January 19, 2021

JOHNSTOWN, COLO. — Marcus & Millichap has arranged the sale of Johnstown Plaza, a shopping center located at 4914 Thompson Parkway in Johnstown. A private developer sold the asset to an undisclosed buyer for $6.2 million. Built in 2017, the property features 15,140 square feet of retail space. At the time of sale, the center was 100 percent occupied by Bad Daddy’s, Visionworks, Sprint, Berry Blendz, LUX NailBar and Honolulu Poke Bar. Ryan Bowlby and Drew Isaac of Marcus & Millichap represented the seller in the deal.

January 19, 2021

Acquisitions Multifamily Washington Western

MJW Investments Acquires 124-Unit Sunset Park Multifamily Property in Seattle

by Amy Works January 19, 2021

SEATTLE — MJW Investments has purchased Sunset Park, an apartment community located at 11202 Second Lane SW in Seattle. Terms of the off-market transaction were not released. Approximately 15 minutes from downtown Seattle, the community features 124 one- and two-bedroom apartments, a sauna, swimming pool, clubhouse lounge with kitchen and fireplace, a play area, on-site laundry facilities and a fitness center. David Sorenson of Berkadia assisted the undisclosed seller in the transaction, while Allan Freedman of Berkadia assisted the buyer with acquisition financing. Jared Goetz of Tecton will oversee operations and the renovation of the property for MJW.

January 19, 2021

Features Hospitality Midwest Net Lease Northeast Office Restaurant Retail Southeast Texas Western

Distressed Property Outlook: Valbridge Forecasts 2021 Opportunities

by Sarah Daniels January 19, 2021

When the pandemic took hold and rents of commercial properties began to waver, many experts in the industry expected a flood of distressed properties to hit the market in mid- to late 2020. To date, however, that hasn’t happened to a large extent. Valuation firms assumed they would get busier as properties fell upon hard times. Karl Finkelstein is vice president of Business Development and senior managing director for Valbridge Property Advisors, an independent, commercial valuation and advisory services firm based in Naples, Fla. with 80 offices nationwide. Finkelstein spoke recently to REBusinessOnline and explains that while not many high-profile sales have happened, other factors have kept those in his area of the industry busy in recent times. Finkelstein covers likely outcomes for distressed properties in 2021 and which sectors are performing well. A flight to quality, low rates and a reevaluation of shifting pandemic timelines have meant that the valuation business has its work cut out for it. Asset Type Winners and Losers There isn’t much surprising in the list of property types experiencing difficulties at the moment. Lodging properties (especially those tied to conventions), fly-to resorts, urban retail and standalone restaurants (particularly those without drive-thrus) all experienced a …

January 19, 2021

Development New York Northeast Office Top Stories

L&L Holding Nears Completion of $1B Office Tower at 425 Park Ave. in Manhattan

by Taylor Williams January 19, 2021

NEW YORK CITY — Locally based development and investment firm L&L Holding Co. is nearing completion of 425 Park Avenue, an office tower in Midtown Manhattan. Designed by British architecture firm Foster + Partners, the building rises 47 stories and 897 feet, spanning an entire city block. L&L is co-developing the property with Tokyu Land Corp. and will co-manage it with BentallGreenOak. The development is valued at $1 billion, according to the New York Post. The development team has received a temporary certificate of occupancy, and the exterior tower crane has now been dismantled and removed, signaling that the end of construction is near. The building’s glass and steel façade is now fully enclosed. The initial groundbreaking occurred in 2016, when the anchor tenant initially signed its lease, according to the Post report. That tenant is financial services firm Citadel Enterprises, which has preleased 331,800 square feet. That figure represents approximately half of the building’s total amount of leasable office space. The building also includes 9,552 square feet of retail space on the ground floor and 8,829 square feet of retail space on the mezzanine level. L&L has also begun the interior build-out of the tower’s amenity floor, which will feature …

January 19, 2021

Development Mixed-Use Southeast Virginia

JBG Smith to Break Ground on Potomac Yard in Alexandria, Including Virginia Tech’s $1B Innovation Campus

by Alex Tostado January 18, 2021

ALEXANDRIA, VA. — JBG Smith will break ground on Potomac Yard in Alexandria this month. Phase I of the project will span 1.7 million square feet and include four office towers and two residential buildings with ground-level retail space. Potomac Yard will be situated less than two miles from Amazon’s HQ2 future site. Bethesda, Md.-based JBG Smith is building the property on behalf of Virginia Tech and JPMorgan, which received approval in December from the City of Alexandria to move forward with development. A timeline for construction of Phase I was not disclosed. Virginia Tech’s $1 billion Innovation Campus will anchor the development. Virginia Tech’s portion of the project will include an 11-story, 300,000-square-foot academic building that is expected to deliver in 2024. The university expects to break ground in summer 2022 on the project that SmithGroup designed. Potomac Yard will be situated adjacent to the Potomac Yard Metro Station, which is expected to open in 2022. The project also includes more than 57,000 square feet of planned public and private open space.

January 18, 2021

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