Property Type

RADCO Purchases Apartment Community in Atlanta for $60M

by John Nelson December 22, 2016

ATLANTA — The RADCO Cos. has purchased Legends of Dunwoody, a 532-unit, Class B apartment community located in Atlanta, for $60 million. The Atlanta-based multifamily investment firm will invest roughly $8.7 million on capital improvements and rebrand the property Radius Sandy Springs, the second community under RADCO’s Radius brand. RADCO Residential will manage the property, which is the 24th community that RADCO owns in metro Atlanta. RADCO financed the acquisition using a $50.4 million Freddie Mac loan and $21.6 million in private capital. The renovations will include unit interior upgrades, building repairs, a remodeled clubhouse, pool deck expansion, new pool, new dog park additions, exterior lighting upgrades, landscaping and a refurbished tennis court. Built in 1980, Radius Sandy Springs is situated in Atlanta’s Central Perimeter office submarket, home of State Farm’s new East Coast hub and the corporate relocation of Mercedes-Benz USA.

December 22, 2016

Florida Office Southeast

Cushman & Wakefield Arranges Wells Fargo’s Office Relocation, Expansion in Downtown Miami

by John Nelson December 22, 2016

MIAMI — Cushman & Wakefield has arranged a relocation and lease expansion for Wells Fargo at Wells Fargo Center in downtown Miami. The long-term, 54,160-square-foot expansion is valued at $32 million and is downtown Miami’s largest office lease in 2016, according to Cushman & Wakefield. Wells Fargo will relocate its personal banking, small business banking, commercial banking and investment advisory services from Southeast Financial Center in downtown Miami in November 2017. The move increases Wells Fargo’s existing footprint at Wells Fargo Center from 96,656 square feet to 150,816 square feet. Built in 2010, Wells Fargo Center is a 47-story, 752,488-square-foot office tower that adjoins the JW Marriott Marquis Hotel and Hotel Beaux Arts. Brian Gale, Andrew Trench, Ryan Holtzman and Jeannette Mendoza of Cushman & Wakefield represented the building owner, Metropolitan Life Insurance Co., in the deal. David Preve of JLL represented Wells Fargo.

December 22, 2016

Florida Multifamily Southeast

BRG Sells Apartment Property in Orlando for $52M

by John Nelson December 22, 2016

ORLANDO, FLA. — Bluerock Residential Growth REIT Inc. (BRG) has sold EOS Orlando Apartments, a 296-unit multifamily property located at 12221 E. Colonial Drive in Orlando. An undisclosed buyer purchased the asset from BRG for $52 million. The property includes studio, one- and two-bedroom residences featuring granite countertops, kitchen islands, wood flooring, washer and dryer units and balconies or patios in select units. Community amenities include a clubhouse with a kitchen and bar, cyber lounge, billiards, stand-up tanning bed, conference room, indoor mail center, pet walk and a two-story, 24-hour fitness center. Other amenities include courtyards with stack-stoned fireplaces, fountains, hammock havens and two “caves” with media zones and USB connectivity.

December 22, 2016

Maryland Multifamily Southeast

StoneBridge Investments Acquires Apartment Community in Maryland for $25.5M

by John Nelson December 22, 2016

COLUMBIA, MD. — Washington, D.C.-based StoneBridge Investments has purchased Beech’s Farm, a 135-unit apartment community located in Columbia, roughly 21 miles southwest of Baltimore. StoneBridge acquired the asset from an entity controlled by McDowell Properties for $25.5 million. Built in 1985 along Eden Brook Drive, the apartment community is situated across the street from King’s Contrivance Village Center, a Harris Teeter-anchored shopping center. StoneBridge plans to renovate the property’s apartment interiors and add a fitness center. ZRS Management, an affiliate of StoneBridge, currently manages Beech’s Farm. CBRE’s Mid-Atlantic multifamily represented the seller in the transaction.

December 22, 2016

Retail Southeast Tennessee

Epic Real Estate Partners Acquires Shops of Forest Hill in Metro Memphis

by John Nelson December 22, 2016

GERMANTOWN, TENN. — Epic Real Estate Partners has acquired Shops of Forest Hill, a 343,855-square-foot retail center located in the Memphis suburb of Germantown. Sprouts Farmers Market, Marshalls and Malco Cinemas anchor the center, which is also home to Mattress Firm, Sally Beauty, Hallmark, GNC, Mellow Mushroom, Allstate Insurance and Sherwin Williams. Jim Hamilton, Richard Reid, Brad Buchanan and Mike Allison of HFF represented the seller, a partnership between Boyle Investment Co. and Milton Schaeffer, in the transaction. Gregg Shapiro and Kyle Spencer, also of HFF, arranged a five-year acquisition loan with Wells Fargo Bank on behalf of Epic Real Estate Partners.

December 22, 2016

Office Oregon Top Stories Western

Ashforth Co. Sells Pacwest Center Office Tower in Portland for $170M

by John Nelson December 22, 2016

PORTLAND, ORE. — The Ashforth Co. and an unnamed institutional investor partner have sold Pacwest Center, a 30-story, 545,000-square-foot office tower in Portland’s central business district. The $170 million sale of Pacwest Center is Portland’s largest office transaction in 2016, according to HFF, which represented the seller in the transaction. HFF also procured the buyer, LPC Realty Advisors I LP, on behalf of a pension fund client. LPC Realty Advisors is an investment advisory affiliate of Dallas-based Lincoln Property Co. Completed in 1984, Pacwest Center is located at 1211 S.W. 5th Ave. within the 57-block Transit Mall, which has more than 1 million square feet of development currently underway. The office tower features parking for 413 vehicles through valet and self-parking and is an Energy Star-rated building. The new ownership plans to renovate PacWest Center by modernizing the common spaces, main lobby and shared amenities. The tower was 76 percent leased at the time of sale to tenants such as Merrill Lynch, Markowitz Herbold, Schwabe, Key Bank of Oregon and Perkins & Co. Nick Kucha and Michael Leggett led the HFF investment sales team. Based in Stamford, Conn., The Ashforth Co. owns, develops and invests in assets on the East …

December 22, 2016

Market Reports Midwest Midwest Market Reports Missouri Office

Downtown Kansas City Office Market Rebounds, While Suburbs Continue to Shine

by Kristin Harlow December 22, 2016

Kansas City’s central business district (CBD) has received a great deal of media attention over the past two years for good reason. With over 3,000 new residential units delivered, the new KC Streetcar and the national trend of Millennials moving to urban areas, there has been plenty of momentum for the area and much discussion of the “live-work-play” environment. After a long period of decline, the urban core of Kansas City is experiencing a powerful revitalization. In all the excitement surrounding the CBD, however, another trend may be getting overlooked. Through the first three quarters of 2016, absorption in the CBD (the Downtown, Crossroads and Crown Center submarkets) was more or less flat after accounting for the conversion of office space to residential use and a unique listing in the Crown Center complex. Meanwhile, the suburban office market posted 580,000 square feet of positive absorption during the same period. Yes, Kansas City is in the process of rediscovering and reinventing the CBD, but the performance of the suburban market remains strong. Construction Boom The first indicator that tenants are still attracted to key suburban submarkets is the number of recent construction projects. Earlier this year, Burns & McDonnell completed a …

December 22, 2016

Arizona Multifamily Western

Tatum Place Multifamily Community in Scottsdale Sells for $18M

by Nellie Day December 21, 2016

SCOTTSDALE, ARIZ. — Clear Sky Capital EBH LLC has acquired the 164-unit Tatum Place apartment community in Scottsdale for $18 million. The community is located at 16801 N. 49th St. Tatum Place was built in 1984. Amenities include two swimming pools, sun decks, a spa, fitness center, gas barbecue grills and picnic area, laundry facility, gated access and covered parking. David Fogler and Steven Nicoluzakis represented the seller, NNC Tatum Place, in this transaction.

December 21, 2016

California Industrial Western

Berkeley Partners Purchases Yorba Linda Business Park for $17M

by Nellie Day December 21, 2016

YORBA LINDA, CALIF. — Berkeley Partners has purchased Yorba Linda Business Park, a 117,760-square-foot industrial facility, for $17 million. The four-building property is located at 22343, 22345, 22347 and 22349 La Palma Ave. Notable tenants at the park include the Well, Canyon Crossfit, Global Powersport Resource, CaliRovers LLC and Central Enterprises. Jeff Chiate, Jeffrey Cole, Mike Adey, Ed Hernandez and Nico Napolitano of Cushman & Wakefield’s National Industrial Advisory Group represented both the buyer and seller in this transaction, with Rick Ellison providing local market advisory.

December 21, 2016

California Office Western

Harbor Associates, Bascom Group Acquire 159,186 SF Flex Portfolio in Thousand Oaks

by Nellie Day December 21, 2016

LOS ANGELES — A joint venture between Harbor Associates and the Bascom Group has purchased Conejo Spectrum, a 159,186-square-foot office and flex portfolio in the Los Angeles submarket of Thousand Oaks, for an undisclosed sum. The two-building property is located at 1525 and 1535 Rancho Conejo Blvd. The buyers plan to reposition and lease up the asset through a rebranding and renovation program that includes spec suites, a fresh paint scheme, modern lobbies, drought-tolerant landscaping and signage. Sean Fulp of NGKF represented the seller in the transaction.

December 21, 2016

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