Property Type

CCP Commercial Real Estate Buys Two Office Buildings in Metro Greenville, Jacksonville for $39.2M

by John Nelson June 9, 2017

MAULDIN, S.C. AND JACKSONVILLE, FLA. — CCP Commercial Real Estate has purchased two office buildings in suburban Greenville and Jacksonville for a combined $39.2 million. CCP bought a 106,649-square-foot, single-story office asset near Greenville at 750 Brookfield Parkway in Mauldin for nearly $16.7 million. The Virginia Beach, Va.-based investor also acquired a five-story, 219,000-square-foot asset at 8800 Baymeadows Way West in Jacksonville for roughly $22.5 million. The Mauldin building was 92 percent leased at the time of sale, and the Jacksonville property was 81 percent leased. The identity of the seller(s) was not released.

June 9, 2017

Florida Loans Multifamily Southeast

CBRE Arranges $36.7M Financing for Apartment Community in Florida Panhandle

by John Nelson June 9, 2017

LYNN HAVEN, FLA. — CBRE Capital Markets has secured $36.7 million in financing for Arbor Trace, a 336-unit apartment community located in Lynn Haven, a town in the Florida Panhandle near the Gulf of Mexico. The loan involved a refinance of the community’s existing 168 units and a construction take-out loan for the newly built Phase II, which spans 168 units. Glenn Housman of CBRE’s debt and structured finance team in Orlando arranged the 10-year, floating-rate, Fannie Mae loan with two years of interest-only payments.

June 9, 2017

Retail Southeast Virginia

Sterling Sells Grocery-Anchored Shopping Center in Metro D.C. for $29.3M

by John Nelson June 9, 2017

WOODBRIDGE, VA. — Sterling Organization has sold Market at Opitz Crossing, a 157,724-square-foot, grocery-anchored retail center in Woodbridge, a suburb of Washington, D.C., in northern Virginia. Klein Enterprises purchased the asset from Sterling for $29.3 million. Price Rite anchors the center, which is located one mile east of Interstate 95 at the intersection of Jefferson Davis Highway and Opitz Boulevard. Other tenants include Advance Auto Parts, Dollar Tree, Checkers, Subway, BB&T Bank, Taco Bell, Edible Arrangements, Papa Johns, Hair Cuttery, Mariner Finance, Quest Diagnostics and T-Mobile. Geoffrey Millerd and Mat Adler of Newmark Grubb Knight Frank represented Sterling, which sold the asset through its institutional fund Sterling Value Add Partners LP. Marc Tropp of Eastern Union Funding arranged an acquisition loan through Apple Federal Credit Union on behalf of Klein Enterprises. Sterling purchased the asset in 2013 for $17.8 million and increased its occupancy rate from 77 percent to 96 percent. During its ownership, Sterling added an outparcel retail building leased to Chipotle Mexican Grill at the center.

June 9, 2017

Florida Multifamily Southeast

Cushman & Wakefield Negotiates $26.8M Sale of Active Adult Multifamily Community in Palm Beach County

by John Nelson June 9, 2017

JUPITER, FLA. — Cushman & Wakefield has arranged the $26.8 million sale of Riverwalk Pointe at Mangrove Bay, a 104-unit, age-restricted apartment community in Jupiter, located on the east coast north of Palm Beach. Mangrove Bay Housing LLC, a joint venture between Eastwind Development and Index Apartments LLC, sold the asset to Pleasant Valley Market Place, an out-of-state investor using a 1031 exchange. The two-building community was built in 2014 and was 95 percent occupied at the time of sale. Rents at the property average $1.76 per square foot. Robert Given, Calum Weaver, Zachary Sackley and Troy Ballard of Cushman & Wakefield negotiated the transaction.

June 9, 2017

Florida Office Southeast

City Office REIT Begins Renovation of Park Tower in Downtown Tampa

by John Nelson June 9, 2017

TAMPA, FLA. — City Office REIT has begun the multimillion-dollar renovation of Park Tower, a 475,000-square-foot office building in downtown Tampa. The overhaul will include a new façade, upgraded entrance and facelift to the building’s amenities. Gensler is the designer for the renovations, which will include a new lobby café with seating, tenant lounge on the sixth floor, new fitness center with yoga room and bike stations, shared tenant conference room, new concierge desk and renovated parking garage with LED lighting. City Office REIT expects to wrap up the renovations in the first quarter of 2018. The REIT purchased Park Tower in November 2016 in a joint venture with Feldman Equities LLC and Tower Realty Partners for $79.8 million.

June 9, 2017

California Multifamily Western

Decron Properties, Sequoia Trade California Apartment Complexes in $193M Deal

by Nellie Day June 9, 2017

SACRAMENTO, CALIF., AND LOS ANGELES — Decron Properties has traded a 264-unit multifamily property in Sacramento, plus some cash, to Sequoia in a direct exchange for a two-property, 504-unit apartment portfolio in Simi Valley. The combined value of the properties was estimated at $193 million. Decron acquired the 372-unit the Villas and the 132-unit Overlook for $141 million. Both communities are situated on Country Club Drive within half a mile of each other in the 4,000-acre Wood Ranch master-planned community. Sequoia took title to Broadstone at Strawberry Creek, a 264-unit apartment community in the Sacramento suburb of Elk Creek, for $52 million. Broadstone was Decron’s first investment in Northern California when they acquired the property in June 2012. Stan Jones, Philip Saglimbeni, Salvatore Saglimbeni, Gregory Harris, Kevin Green and Joseph Grabiec of Institutional Property Advisors represented both Decron and Sequoia in the transaction. The trade required more than 15 lawyers across five law firms.

June 9, 2017

Multifamily Oregon Student Housing Western

Core Spaces Breaks Ground on Multifamily Community in Portland

by Nellie Day June 9, 2017

PORTLAND, ORE. — Core Spaces has broken ground on The Collective on 4th, a 569-bed multifamily community located near Portland State University in Portland. The property will target students, as well as young professionals, families and empty nesters. The development is set to include studio, micro-, one- and two-bedroom units alongside two- and three-bedroom townhomes. Outdoor amenities will include bocce ball courts, fire pits, barbecues, private terraces and a fourth-floor terrace with a hot tub. A fitness center, business center, rooftop chef’s kitchen and lounge, Pilates/yoga space and sauna and steam room will also be included at the property. The project is scheduled for completion in summer 2019.

June 9, 2017

California Retail Western

Faris Lee Arranges $12.5M Sale of Two Retail Buildings in Paramount

by Nellie Day June 9, 2017

PARAMOUNT, CALIF. — Faris Lee Investments has brokered the sale of two freestanding, single-tenant retail buildings located on a 1.5-acre land parcel at 8819 Alondra Blvd. in Paramount. A private investor acquired the properties, which total 15,772 square feet, for $12.5 million. A 13,972-square-foot CVS/pharmacy and a 1,800-square-foot Starbucks Coffee occupy the buildings. Nicholas Coo and Joseph Chichester of Faris Lee Investments represented the seller, a private family company, while RE/MAX Premier Properties represented the buyer in the deal.

June 9, 2017

Multifamily Oregon Seniors Housing Western

SLIB Brokers Sale of 27-Unit Memory Care Community in Portland

by Nellie Day June 9, 2017

PORTLAND, Ore. — Senior Living Investment Brokerage has arranged the sale of Tabor Crest Memory Care, a 27-unit memory care community in Portland. The price was not disclosed. Tabor Crest was built in 2004 and expanded in 2008. Totaling 11,335 square feet on a 21,700-square-foot infill plot, the beds could potentially be expanded from 30 to 38. The buyer was an affiliate of Granite Investment Group. The new owner has leased the property to Avalon Health Care Group. This is the buyer’s first acquisition in Oregon with the plans to continue to acquire in the state. The seller was not disclosed. Jason Punzel and Brad Goodsell of Senior Living Investment Brokerage handled the transaction.

June 9, 2017

California Retail Western

Marcus & Millichap Negotiates $2.1M Sale of 7,680 SF Shopping Center in San Dimas

by Nellie Day June 9, 2017

SAN DIMAS, CALIF. — Marcus & Millichap has arranged the sale of Bonita Canyon Gateway, a retail property located at 671 E. Bonita Ave. in San Dimas. An undisclosed developer sold the 7,860-square-foot property for $2.1 million. At the time of sale, the shopping center was 78 percent occupied. Richard Longobardo of Marcus & Millichap represented the seller. The name of the buyer was not released.

June 9, 2017

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