Property Type

Stan Johnson Arranges $22.2M Sale of Oakbrook Station Shopping Center in Metro Charleston

by Alex Tostado October 4, 2019

SUMMERVILLE, S.C. — Stan Johnson Co. has arranged the $22.2 million sale of Oakbrook Station Shopping Center, a 138,166-square-foot, Lowes Food-anchored retail center in Summerville. The property was fully occupied at the time of sale to tenants including Lowes Food, Dollar Tree, OneMain Financial, State Farm Insurance and ATI Physical Therapy. Oakbrook Station is located at 10070 Dorchester Road, 21 miles northwest of downtown Charleston. Maggie Holmes, Joey Odom, Mike Sladich, and Mollie Alteri exclusively represented the seller, Charleston-based developer RealtyLink, in the transaction. Los Angeles-based LBX Investments acquired the center.

October 4, 2019

Acquisitions Office Southeast Virginia

Generation Income Acquires Two Office Buildings in Norfolk for $18.9M

by Alex Tostado October 4, 2019

NORFOLK, VA. — Generation Income Properties Inc. has acquired two office buildings totaling 106,621 square feet in Norfolk for $18.9 million. The portfolio included a 71,774-square-foot building occupied by a general services administration and international shipping company Maersk. The other property is a 34,847-square-foot office building fully leased to PRA Group. Scott Adams, Pat Mugler, Gray Randolph and Will Bradley of Colliers represented the seller, Virginia Beach-based Robinson Development Group, in the transaction.

October 4, 2019

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 733-Unit Self-Storage Portfolio in Tyler, Texas

by Taylor Williams October 4, 2019

TYLER, TEXAS — Marcus & Millichap has brokered the sale of a 733-unit portfolio of self-storage facilities located in and around Tyler, about 100 miles east of Dallas. The portfolio spans 103,582 net rentable square feet. Dave Knobler, Brandon Karr and Danny Cunningham of Marcus & Millichap represented the seller, a private investor, in the transaction. The trio also secured the buyer, a DFW-based owner-operator.

October 4, 2019

Acquisitions Multifamily Texas

Limited Liability Company Acquires 116-Unit Multifamily Asset in Temple

by Taylor Williams October 4, 2019

TEMPLE, TEXAS — A limited liability company has acquired Magnolia Greens Apartment Homes, a 116-unit multifamily asset located in the Central Texas city of Temple. The property was built in 1974 and features a pool, fitness center, playground, clubhouse, volleyball court and onsite laundry facilities. Dougherty Mortgage LLC arranged a $5 million Fannie Mae loan for the acquisition through a partnership with Old Capital Lending.

October 4, 2019

Acquisitions Georgia Multifamily Southeast

Fogelman Properties, Thackeray Partners Buy 246-Unit Apartment Complex in Metro Atlanta

by Alex Tostado October 4, 2019

DOUGLASVILLE, GA. — Fogelman Properties and Thackeray Partners have acquired Lakeside at Arbor Place, a 246-unit apartment complex in Douglasville. The property offers one-, two- and three-bedroom floor plans and was 96 percent occupied at the time of sale. Communal amenities include a clubhouse, fitness center, swimming pool, dog park and a tennis court. The buyers plan to upgrade unit interiors and upgrade amenities, including making improvements to the fitness center and clubhouse, as well as adding a sports court and outdoor kitchen. The community was built in two phases in 1988 and 1996, and rents range from $904 to $1,385. Lakeside at Arbor Place is located at 3000 Georgia 5, 24 miles west of downtown Atlanta. The seller and price were not disclosed.

October 4, 2019

Acquisitions Colorado Multifamily Western

Brass Enterprises Sells 328-Unit Multifamily Property in Denver for $99.2M

by Amy Works October 4, 2019

DENVER — Toronto-based Brass Enterprises has completed the sale of Lugano Cherry Creek, an apartment community located at 9601 E. Iliff Ave. in Denver. Minneapolis-based IRET acquired the property for $99.2 million, or $302,591 per unit. Built in 2010, the five-story asset features 328 apartments and 13,262 square feet of retail space. Units feature spacious floor plans, at least nine-foot ceilings, a patio or balcony on every unit, and select loft units. Community amenities include an outdoor resort-style swimming pool and spa with heated deck, 24-hour fitness center, 4.5-acre private park, outdoor lounge with fire pit and two structured parking garages. Terrance Hunt and Shane Ozment of Newmark Knight Frank represented the seller in the deal. The buyer, IRET, is a listed REIT with more than $1.8 billion in multifamily assets across the Midwest.

October 4, 2019

Acquisitions California Multifamily Western

IPA Brokers $88.6M Sale of Township Apartments in Redwood City, California

by Amy Works October 4, 2019

REDWOOD CITY, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Township Apartments, a multifamily asset located in Redwood City. Nuveen Real Estate sold the property for $88.6 million, or $671,591 per unit or $735 per square foot. Salvatore Saglimbeni, Stanford Jones and Philip Saglimbeni of IPA represented the seller in the deal. Built in 2014 on 2.3 acres, Township Apartments features 132 units averaging 914 square feet, with equipped luxury finishes including quartz countertops and stainless steel appliances. Community amenities include a resort-style setting with communal gathering spaces.

October 4, 2019

Acquisitions Industrial Washington Western

BKM Capital Partners Acquires 205,655 SF Industrial Park in Metro Seattle for $30.4M

by Amy Works October 4, 2019

KENT, WASH. — BKM Capital Partners has purchased West Valley Business Park, an industrial asset located at 19226 66th Ave. in Kent, approximately 13.5 miles from downtown Seattle. Entera Properties sold the park for $30.4 million in an off-market transaction. Totaling 205,655 square feet, the industrial park consists of 179 units in 19 buildings. Originally constructed in 1982, the property was 92 percent leased to 164 tenants at the time of sale. BKM plans to invest approximately $1.2 million in capital improvements to renovate and reposition the property. Both the seller and buyer were self-represented in the deal.

October 4, 2019

Acquisitions California Multifamily Seniors Housing Western

CareTrust REIT Buys Two Seniors Housing Assets in California’s Central Valley for $22.8M

by Amy Works October 4, 2019

MODESTO AND SACRAMENTO, CALIF. — CareTrust REIT Inc. (NASDAQ: CTRE) has acquired two healthcare facilities in California’s Central Valley in a pair of off-market transactions. The two properties include Central Valley Post Acute, a 70-bed skilled nursing facility in Modesto, and Saint Claire’s Nursing Center and Saint Francis Senior Residence, a 99-bed skilled nursing and 72-unit assisted living campus in Sacramento. CareTrust leased both assets to Kalesta Healthcare LLC, an existing CareTrust tenant. In addition to operational and other changes being made at the two facilities, Kalesta has rebranded the Modesto facility as Valley Skilled Nursing and the Sacramento campus as City Creek Post-Acute and Assisted Living. CareTrust’s total initial investment for the two assets was $22.8 million, inclusive of transaction costs. Scheduled cash rent for the first two years is approximately $3.9 million, with CPI-based escalators thereafter. CareTrust has also committed to provide a $1 million fund for capital expenditures to improve the City Creek facility. The Kalesta master lease has approximately 14 years remaining on the initial term, with two five-year renewal options. The acquisition was funded using a combination of cash on hand and CareTrust’s $600 million unsecured revolving credit facility.

October 4, 2019

California Development Multifamily Western

VTBS Architects Tapped for 436-Unit Multifamily Project in Downtown Sacramento

by Amy Works October 4, 2019

SACRAMENTO, CALIF. — Van Tilburg, Banvard & Soderbergh (VTBS Architects) is working with Weidner Apartments Homes and Deacon Construction to develop Sacramento Commons, a multifamily project in downtown Sacramento. The development team has broken ground on the two mid-rise buildings. Upon completion, the project will feature 436 apartments in a mix of studio, one- and two-bedroom layouts, with ground-floor retail space for restaurants, stores and neighborhood services. Sacramento Commons will be the center of the area’s mega block, a four-square-block residential area between Fifth and Seventh streets and N and P streets. Construction is expected to take approximately 32 months.

October 4, 2019

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