Property Type

Gelt Buys 564-Unit Apartment Community in Denver for $74M

by Nellie Day December 2, 2015

DENVER — Gelt Inc. has purchased a 564-unit apartment community in Denver for $74 million from TruAmerica Multifamily. The community is located at its namesake, 3300 Tamarac Drive. The complex was built in 1977. It is situated at the intersection of interstates 25 and 225, near the northern border of the Denver South Business Corridor. This submarket is home to seven of the nine Fortune 500 Companies in the state. This was Gelt’s largest apartment property purchase to date in terms of both the quantity of units and price. It was also its first acquisition in Colorado. Gelt has acquired a total of 1,192 units this year, valued at more than $140 million. The firm hopes to acquire 2,000 additional units in 2016 within high-growth, infill locations throughout the Western U.S. CBRE’s Brian Eisendrath and Ross Moore arranged a $55.6 million acquisition loan Gelt. The 10-year, fixed-rate financing features a five years of interest-only payments. Gelt will continue a renovation program in progress at the community, in addition to executing further capital improvements on the units’ interiors and common areas. This was TruAmerica Multifamily’s first sale. The company acquired the asset in partnership with DVO Real Estate and RCG Longview. It invested about $2.4 billion …

December 2, 2015

Nevada Retail Western

GK Development Inc. Acquires Lake Mead Crossing for $42.75M

by Nellie Day December 2, 2015

HENDERSON, NEV. — GK Development Inc. has acquired Lake Mead Crossing, a 407,000-square-foot shopping center located in Henderson, for $42.8 million. The center is approximately 85 percent leased to tenants including Target, Ross Dress for Less, Big Lots, PetSmart, Marshalls, Ulta Beauty and Staples. Las Vegas-based Juliet Realty LLC will manage and lease the shopping center. Eastdil Secured represented the seller, Lake Mead Crossing LLC, in the transaction. Nevada State Bank and Wintrust Community Bank provided financing.

December 2, 2015

California Office Western

Ocean West, Singerman Buy Long Beach Office Building for $35.2M

by Nellie Day December 2, 2015

LONG BEACH, CALIF. — A joint venture between Ocean West Capital Partners and Singerman Real Estate has acquired a 210,281-square-foot office complex in Long Beach for $35.2 million. The complex is located at 100 West Broadway Ave. within the Central Business and Pine Avenue entertainment districts. The two-tower, six-story property is currently 70.2 percent occupied. Major tenants include the City of Long Beach, Echo Global and Mental Health Association of America, as well as the newly renovated King’s Fish House and George’s Greek Café on the ground floor. CBRE’s Kevin Shannon, Brad Burton and Ken White represented the seller, Adler Realty Investments, in this transaction.

December 2, 2015

Georgia Mixed-Use Southeast

North American Properties Buys Colony Square in Midtown Atlanta for Nearly $170M

by John Nelson December 2, 2015

ATLANTA — North American Properties (NAP) has closed on a nearly $170 million deal to purchase and redevelop Colony Square, a two-tower mixed-use complex in Midtown Atlanta. The property is located at the intersection of 14th and Peachtree streets and features 700,000 square feet of office space, the W Atlanta-Midtown (not included in the sale),140,000 square feet of retail space and a 2,000-stall, covered parking garage. NAP and its capital partner purchased the project from Tishman Speyer and Rialto Capital Management, according to the Atlanta Business Chronicle.

December 2, 2015

Maryland Multifamily Southeast

Federal Capital Partners Sells Two Apartment Communities in Maryland for $88.7M

by John Nelson December 2, 2015

TEMPLE HILLS AND LAUREL, MD. — Federal Capital Partners (FCP) has sold two apartment communities in Prince George’s County in Maryland for a combined $88.7 million. The properties include the 390-unit South Pointe Apartments in Temple Hills and the 386-unit Montpelier Crossing in Laurel. FCP purchased both assets in 2011 and executed capital improvements to both projects during its ownership. Dean Sigmon and Robin Williams of Transwestern represented FCP in the South Pointe transaction, and Bill Roohan, Mike Muldowney and Martha Hastings of CBRE represented FCP in the Montpelier Crossing deal.

December 2, 2015

District of Columbia Mixed-Use Southeast

Cambridge Property Group Brokers $64M Sale of Mixed-Use Project in D.C.

by John Nelson December 2, 2015

WASHINGTON, D.C. — Cambridge Property Group has brokered the $64 million sale of a 128,571-square-foot mixed-use development located at 1250 23rd St. in Washington, D.C.’s West End submarket. Built in 1989 and renovated in 2010, the property was fully leased at the time of sale with more than 75 percent of the tenants encumbered by leases exceeding 10 years. Galaxy 23rd Street LLC, a joint venture between Hartford Investment Management Co. and Galaxy Investments LLC, purchased the development from W/G 1250 23rd Street NW LLC. Transwestern represented the seller in the transaction. The new ownership has retained Cambridge Property Group to provide property management and leasing services for the project.

December 2, 2015

Georgia Loans Multifamily Southeast

Capital One Provides $18.2M Acquisition Loan for Apartment Community in South Georgia

by John Nelson December 2, 2015

VALDOSTA, GA. — Capital One has provided an $18.2 million acquisition loan for Northwind Apartments, a 276-unit apartment community in Valdosta, a city located along the Georgia-Florida border. Constructed in two phases between 2004 and 2008, Northwind Apartments features a pool, fitness center, tennis court, community room, grilling/picnic area and controlled access. Chad Thomas Hagwood of Capital One Multifamily’s Birmingham office originated the 10-year Freddie Mac loan on behalf of the borrower, EBSCO Income Properties, a subsidiary of EBSCO Industries. The loan features a fixed interest rate and four years of interest-only payments followed by a 30-year amortization schedule.

December 2, 2015

Lakeshore Business Center Fort Lauderdale

Florida Office Southeast

Morning Calm, Blue Vista Capital Acquire Office Campus in Fort Lauderdale for $18.1M

by John Nelson December 2, 2015

FORT LAUDERDALE, FLA. — Morning Calm Management and joint venture partner Blue Vista Capital Management have purchased Lakeshore Business Center, a four-building, 234,954-square-foot office complex in Fort Lauderdale, for $18.1 million. The office campus is located at 5100 and 5200 N.W. 33rd Ave. and 3201 and 3125 Commercial Blvd. in Fort Lauderdale’s Commercial Boulevard submarket. The joint venture purchased the development from NTS. The campus was 53 percent leased at the time of sale to tenants such as Embry-Riddle Aeronautical University, ECI Telecom and Evolis.

December 2, 2015

California Retail Western

Pita’s Mediterranean Grill Leases Restaurant Space at San Marcos Civic Center Plaza

by Nellie Day December 2, 2015

SAN MARCOS, CALIF. — Halimeh Hamideh has leased 1,142 square feet of restaurant space at 133 N. Twin Oaks Valley Road in San Marcos. The lessee plans to open a Pita’s Mediterranean Grill at the location within San Marcos Civic Center Plaza. The five-year lease has a $189,166 consideration. Bill Thaxton of Flocke & Avoyer Commercial Real Estate represented the lessor in the transaction. The lessee was self-represented.

December 2, 2015

Iowa Midwest Multifamily Student Housing

Pierce Buys Student Housing Community Near Iowa State University for $21.3 Million

by Christina Cannon December 2, 2015

AMES, IOWA — Pierce Education Properties (PEP) LP has purchased South Duff Community Park, an off-campus student housing community serving Iowa State University students in Ames, for $21.3 million. The seller was undisclosed. KeyBank Real Estate Capital provided debt financing of $11.4 million. South Duff Community Park is a 490-bed, 192-unit mixed-use community located just south of the Iowa State campus with studio, one-, two-, three-, four- and five-bedroom units, each with bed-to-bath parity, full-size appliances including washers and dryers in every unit, balconies and open green space with an adjoining 10-acre pet park. PEP plans to add large, flat-screen TVs and designer furniture packages in every unit. PEP will also introduce a shuttle service to and from campus. Community amenities include enclosed garage stalls, a 24-hour fitness center, basketball courts, free tanning salon and high-speed Internet. Iowa State University, which enrolls more than 34,400 students, has experienced a 23 percent growth in enrollment over the past five years.

December 2, 2015

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