Property Type

M & J Wilkow, National Real Estate Advisors Sell 112,208 SF Office Building in San Francisco

by Amy Works February 1, 2019

SAN FRANCISCO — M & J Wilkow, in partnership with National Real Estate Advisors, has completed the sale of 600 Battery Street, a three-story historic office building in San Francisco. Invesco Real Estate and TMG Partners acquired the property for an undisclosed price. The 112,208-square-foot property features a 360-degree view from its rooftop deck and occupies a full city block in historic Jackson Square. The seller originally acquired the office complex in June 2001. Kyle Kovac and Michael Taquino of CBRE’s San Francisco office represented the seller in the transaction.

February 1, 2019

Acquisitions California Restaurant Retail Western

SRS Arranges $3.4M Sale of Red Robin-Occupied Restaurant Property Near Disneyland

by Amy Works February 1, 2019

GARDEN GROVE, CALIF. — SRS Real Estate Partners has brokered the sale of the ground lease for a single-tenant restaurant property in Garden Grove. A Los Angeles-based private non-1031 investor acquired the property from a Los Angeles-based partnership for $3.4 million. Red Robin Gourmet Burgers and Brews occupies the 7,346-square-foot property, which is located at 12007 Harbor Blvd., on a corporate-guaranteed triple-net lease with Red Robin Gourmet Burgers Inc. Matthew Mousavi and Patrick Luther of SRS Real Estate Partners’ National Net Lease Group represented the seller, while Michael Walseth, also of SRS, represented the all-cash buyer in the deal.

February 1, 2019

Indiana Loans Midwest Multifamily Seniors Housing

KeyBank, Cain Brothers Secure $27.8M Construction Financing for Assisted Living Facility in Indiana

by Kristin Harlow February 1, 2019

MISHAWAKA, IND. — KeyBank Real Estate Capital and Cain Brothers worked together to secure financing for the construction of Hellenic Senior Living of Mishawaka, an affordable assisted living facility near South Bend. The budget was approximately $28 million and included multiple funding components of debt and equity. Cain Brothers served as the sole managing underwriter of an $18.5 million tax-exempt bond issue that provided nonrecourse construction and permanent financing at a long-term fixed rate of 5.75 percent. In addition, the National Development Council (NDC) provided $9.3 million in low-income housing tax credit (LIHTC) equity. AHEPA National Housing Corp. is developing the 136-unit property, which will consist of 55 studio apartments and 81 one-bedroom units within a 113,000-square-foot building. All of the units will be reserved for tenants whose household income does not exceed 60 percent of the area median income. The monthly charges for the Medicaid waiver units will range from $2,881 for a studio to $3,378 for a one-bedroom unit.

February 1, 2019

Acquisitions Illinois Midwest Net Lease Retail

Boulder Group Arranges $12.9M Sale of Property Net Leased to Jewel-Osco in Illinois

by Kristin Harlow February 1, 2019

LOCKPORT, ILL. — The Boulder Group has arranged the $12.9 million sale of a single-tenant property net leased to Jewel-Osco in Lockport, 30 miles southwest of Chicago. The 67,450-square-foot building sits on 10.3 acres at 16625 W. 159th St. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a private real estate investment company based in the Southwest. A private investor completing a 1031 tax-deferred exchange purchased the asset.

February 1, 2019

Illinois Industrial Leasing Activity Midwest

Apex Signs 106,848 SF Industrial Lease in Franklin Park, Illinois

by Kristin Harlow February 1, 2019

FRANKLIN PARK, ILL. — Apex Wire Products Co. Inc. has signed a 106,848-square-foot industrial lease in Franklin Park. On March 1, the company will begin occupying the space at 3701 Centrella St. Owned by Morgan Stanley, the Class A facility is located across the street from Chicago O’Hare International Airport. Tom Rodeno and Matthew Stauber of Colliers International brokered the lease transaction.

February 1, 2019

Acquisitions Industrial Midwest Nebraska Self-Storage

Investors Realty Negotiates $8.2M Sale of Self-Storage Facility in Omaha

by Kristin Harlow February 1, 2019

OMAHA, NEB. — Investors Realty Inc. has negotiated the sale of the 680 Maple Mini Storage facility in Omaha for $8.2 million. The six-building facility is located at 3206 N. 102nd St. Of the 652 total units, 108 are temperature-controlled. John Heinne and RJ Neary of Investors Realty represented the seller. Trenton Magid and Grant Palmer of NAI NP Dodge represented the buyer.

February 1, 2019

Acquisitions Illinois Midwest Multifamily

Interra Brokers $6M Sale of Apartment Building in Chicago

by Kristin Harlow February 1, 2019

CHICAGO — Interra Realty has brokered the $6 million sale of 5424 S. Cornell Ave., a 64-unit apartment building in Chicago’s Hyde Park neighborhood. Built in 1924, the building features 61 studio apartments and three one-bedroom units. The property was 90 percent occupied at the time of sale. Joe Smazal of Interra represented the private seller. Ted Stratman and Jeremy Morton of Interra represented the buyer, Chicago-based Nautilus Investments. A portion of financing was obtained through the opportunity investment fund set up by nonprofit lender Community Investment Corp. and Preservation Compact. The buyer plans to improve the property by updating both residences and common areas. About 20 percent of the units are designated as affordable for renters earning up to 50 percent of the area median income.

February 1, 2019

Acquisitions Florida Multifamily North Carolina Southeast Top Stories

Carroll Organization Acquires 1,012-Unit Apartment Portfolio in Jacksonville, Raleigh for $145M

by Kristin Harlow February 1, 2019

JACKSONVILLE, FLA. AND RALEIGH, N.C. — Carroll Organization has acquired three apartment properties totaling 1,012 units in Jacksonville and Raleigh for $145 million. All three communities will be part of Carroll Multifamily Real Estate Fund V LP, managed by Carroll Management Group and rebranded under the Arium name. Sellers were not disclosed. The 288-unit Autumn Cove and the 272-unit Vista Grande are adjacent communities in Jacksonville. The properties will be renamed Arium Retreat at Orange Park and Arium Reserve at Orange Park. Both feature pools, fitness centers and dog parks. Stonehenge Apartments is a 452-unit property in Raleigh. Amenities include a multi-level fitness center, pools, cabanas, playground and sports club with racquetball, basketball and tennis courts. The location provides convenient access to the Research Triangle and downtown Raleigh. “All three assets are consistent with a strategy of acquiring high-quality workforce housing within supply-constrained submarkets near employment centers in high-growth metro areas,” says M. Patrick Carroll, CEO of Carroll Organization. Atlanta-based Carroll has now purchased 29 properties totaling more than $1.5 billion over the past 12 months. The privately held real estate company manages approximately 35,000 multifamily units across eight states. — Kristin Hiller

February 1, 2019

Market Reports Multifamily Texas Texas Market Reports

Survey: Multifamily Metrics Will Cool in 2019

by Taylor Williams February 1, 2019

Multifamily properties have produced strong returns for commercial developers and investors over the past few years. But the apartment supply wave appears to have crested, suggesting 2019 will bring a slower pace of rent growth. Consequently, pricing levels should come down, cap rates should creep upward and returns on investment should cool. According to a report from commercial real estate research firm Yardi Matrix, America’s multifamily market experienced 3.1 percent annual rent growth for the 12-month period ending November 2018, the latest data available at the time of this writing. The report also featured 2019 rent growth projections for America’s 30 largest multifamily markets, 19 of which are expected to see their paces of rent growth either decline or remain the same this year. Brokers who participated in Texas Real Estate Business’ annual forecast survey indicated that investment activity for multifamily assets in Texas should be more modest in 2019. This group ranked multifamily second among property types likely to experience a high velocity of sales in 2019, suggesting the new year could see more properties brought to market in anticipation of future elevation of cap rates. Numerical Context Most recently, the story on multifamily in Texas has been demand, …

February 1, 2019

Acquisitions Multifamily Southeast

Cushman & Wakefield Brokers $106.7M Sale of Southeast, Texas Multifamily Portfolio

by Alex Tostado January 31, 2019

ATLANTA — Cushman & Wakefield has arranged the $106.7 million sale of an 18-property apartment portfolio across the Southeast and Texas. The portfolio comprises 1,858 units. There are seven properties in Alabama; five in Pensacola, Fla.; three in Tennessee; a 200-unit property in Pascagoula, Miss.; a 203-unit property in Winston-Salem, N.C.; and a 223-unit property in Houston. Tyler Averitt and Craig Hey of Cushman & Wakefield’s Atlanta office represented the seller, Varden Capital Properties, in the transaction. The Walden Group acquired the properties.

January 31, 2019

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