Property Type

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CBRE Brokers $3M Sale of Creative Office Building in San Diego’s Bankers Hill

by Amy Works February 8, 2019

SAN DIEGO — CBRE has arranged the sale of a creative office building, located at 2870 Fifth Ave. in San Diego’s Bankers Hill neighborhood. A private 1031-exchange buyer acquired the approximately 7,300-square-foot property for $3 million, or $411 per square foot. Matt Pourcho, Anthony DeLorenzo, Gary Stache, Doug Mack and Marc Frederick of CBRE represented the seller, HG Fenton Co., in the deal. Originally constructed as a fire station in 1900, the two-story building was recently repositioned and renovated into a modern creative office building. At the time of sale, the property was 100 percent leased. Tenants include Fox & Jane salon, Sojourn Healing Collective, KD Skin beauty salon and Explore That Store digital marketing agency.

February 8, 2019

Acquisitions Industrial Texas

IRG Purchases Two Industrial Facilities Totaling 603,800 SF in Amarillo, Grapevine

by Alex Tostado February 8, 2019

AMARILLO AND GRAPEVINE, TEXAS — National investment firm Industrial Realty Group LLC (IRG) has purchased two facilities totaling 603,800 square feet in the West Texas city of Amarillo and the northern Fort Worth suburb of Grapevine. The Amarillo property is a light industrial facility spanning 412,000 square feet on 54.9 acres, and the Grapevine asset is a manufacturing plant totaling 191,800 square feet on 10.8 acres. The sellers were not disclosed. IRG’s portfolio now spans approximately 100 million square feet across 28 states.

February 8, 2019

Acquisitions Multifamily Texas

Vanguard Brokers Sale of 360-Unit Apartment Property in Wichita Falls, Texas

by Alex Tostado February 8, 2019

WICHITA FALLS, TEXAS — Dallas-based Vanguard Real Estate Advisors has brokered the sale of Arbor Creek Apartments, a 360-unit multifamily property in Wichita Falls, about 140 miles northwest of Dallas. The Class B community, which was 94 percent occupied at the time of sale, was built in phases in 1977 and 1980. Floorplans feature one-, two- and three-bedroom units and amenities include a pool and a fitness center. Jordan Cortez of Vanguard marketed the property on behalf of the seller, Maven Management, and procured the undisclosed buyer.

February 8, 2019

Acquisitions Multifamily Texas

HFF Negotiates Sale of 164-Unit Multifamily Community in Southwest Houston

by Alex Tostado February 8, 2019

HOUSTON — HFF has negotiated the sale of Vanderbilt Court, a 164-unit multifamily community in southwest Houston. Built in 1983, the property offers one- and two-bedroom units averaging 835 square feet. Amenities include two pools, a fitness center, clubhouse, business center and outdoor dining space. Joey Rippel and Chris Young of HFF represented the seller, Virginia-based 37th Parallel Properties, and procured the buyer, Indus Management Group.

February 8, 2019

Industrial Leasing Activity Texas

NAI Partners Secures 15,000 SF Industrial Lease in Metro Houston

by Alex Tostado February 8, 2019

MISSOURI CITY, TEXAS — NAI Partners has secured a 15,000-square-foot industrial lease for Gupta Management Co. at 1535 Industrial Drive in Missouri City, a southwestern suburb of Houston. The property is located within a four-building industrial park that is currently under construction. Jake Wilkinson and Darren O’Conor of NAI Partners represented the landlord in the transaction.

February 8, 2019

Acquisitions Multifamily New Jersey Northeast

Marcus & Millichap Brokers $2.4M Sale of Multifamily Building in Rahway, New Jersey

by David Cohen February 8, 2019

RAHWAY, N.J. — Marcus & Millichap has brokered the $2.4 million sale of Heritage House, a 21-unit multifamily building in Rahway. Located at 1909 Church St., the property is approximately one mile from the Rahway Train Station and two miles from the Linden Train Station as well as 22 miles southeast of New York City. Fahri Ozturk, Richard Gatto and Thomas Cleary of Marcus & Millichap’s New Jersey office represented the buyer and seller in the transaction, both private investors.

February 8, 2019

Acquisitions Multifamily New Jersey Northeast

Redwood Realty Negotiates $9.5M Sale of Apartment Community in North Jersey

by David Cohen February 8, 2019

SUSSEX, N.J. — Redwood Realty Advisors has negotiated the $9.5 million sale of Wilson Manor, a 68-unit apartment community in Sussex. Located at 1 Wilson Road, the seven-building property was built in the 1960s. Each building at the nearly 7-acre community is two-stories. Kevin McCrann and Jeremy Wernick of Redwood Realty represented the seller, a long-term owner, in the transaction. The buyer was undisclosed.

February 8, 2019

Development Midwest Mixed-Use Wisconsin

City of Wauwatosa Approves Master Development Agreement for Future Phases of The Mayfair Collection in Wisconsin

by Kristin Harlow February 8, 2019

WAUWATOSA, WIS. — The city of Wauwatosa has approved the terms of a development agreement that will facilitate future phases of The Mayfair Collection, a 69-acre mixed-use project. HSA Commercial Real Estate is the developer. By demolishing existing warehouse buildings and installing additional infrastructure improvements, the agreement supports the creation of seven development sites, which can accommodate up to 750 additional residential units and 360,000 square feet of office space. Demolition and site work are scheduled to begin this summer, with development sites available as soon as spring 2020. Recent additions to The Mayfair Collection include a 146-room Hilton Homewood Suites and a 269-unit luxury apartment building. Both are located adjacent to more than 500,000 square feet of retail space anchored by Whole Foods Market and Nordstrom Rack.

February 8, 2019

Affordable Housing Illinois Loans Midwest Multifamily

NHP Foundation Receives $53M Financing for Renovation of Affordable Housing Property in Chicago

by Kristin Harlow February 8, 2019

CHICAGO — The NHP Foundation has received $53 million for the renovation of the 90-year-old Mark Twain Hotel, a single-room occupancy property in Chicago that the organization acquired in 2016. Single-room occupancy is a form of housing that is typically aimed at residents with low incomes who rent small, furnished rooms. Upon renovation, the property will include 148 studio apartments and seven retail stores. The $53 million recapitalization was made possible by Bellwether Enterprise, Chicago Community Loan Fund, city of Chicago, ComEd, Enterprise Community Investment, The Chicago Housing Authority and NHP. The Mark Twain Hotel was originally built in 1932 and was added to the National Register of Historic Places in 2017. Renovation plans call for the addition of private kitchenettes, a new elevator, new plumbing and electrical work, a roof deck, handicap accessibility and restoration of the building’s façade and common areas. Upgrades will also be made to the building’s ground-floor retail space. Upon completion, the residential units will be income-restricted. The development team includes Weese Langley Weese Architects Ltd. and Linn-Mathes Inc. Heartland Housing Property Management is the property manager. Completion is slated for the end of this year.

February 8, 2019

Acquisitions Indiana Midwest Multifamily

Emma Capital Purchases Two Apartment Properties in Indianapolis for $38.5M

by Kristin Harlow February 8, 2019

INDIANAPOLIS — Emma Capital Investments Inc. has acquired Courts I and Courts II in Indianapolis for $38.5 million. Courts I is a 148-unit apartment property located at 2000 W. 79th St. and Courts II is a 336-unit community located at 8002 Harcourt Road. The properties were built in 1967 and 1973, respectively. The buildings, which are adjacent to each other, are currently being operated as one property. However, Emma Capital intends to run each of the communities separately. Each property features a swimming pool, playground, pet park and fitness center. The seller was not disclosed.

February 8, 2019

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