NEW JERSEY, PENNSYLVANIA AND FLORIDA — Prologis has acquired a 5.4 million-square-foot portfolio consisting of 3.2 million square feet of industrial properties and 2.2 million square feet of retail properties in multiple states. Morris Realty Associates sold the portfolio for an undisclosed sum. Included in the portfolio are ten industrial properties, eight of which are in Northern New Jersey, as well as 13 retail properties in New Jersey, Pennsylvania and Florida. After the initial acquisition, Prologis sold the retail portion of the portfolio to Blackstone Real Estate Advisors for an undisclosed price. The company plans to retain the industrial properties for long-term investment purposes. Thomas Monahan, Noah Balanoff, Anastasia Lazarides and Gerard Monahan of CBRE’s Saddle Brook, New Jersey, office represented Prologis in the acquisition. Bill Kent, also of CBRE, spearheaded the multi-state team that brokered the disposition of the retail properties.
NEW RICHMOND, WIS. — Marcus & Millichap has brokered the $1 million sale of a 19-unit apartment property in New Richmond, approximately 45 miles northeast of Minneapolis, Minn. Heritage Apartments consists of 15 two-bedroom and four three-bedroom units located in two buildings, which were built in 1986 and 1997. The property has undergone renovations over the last eight years that include new windows, vinyl siding and roofs. The seller was a limited liability company that sold the asset, located at 1380 Heritage Drive, to a private investor. The property traded at its full list price and had a cap rate below 7 percent. Evan Miller, Mox Gunderson, Matthew Fitzgerald and Dan Linnell of Marcus & Millichap listed the property on behalf of the seller and secured the buyer in the transaction.
CLEVELAND — Cleveland-based Forest City Realty Trust Inc. (NYSE: FCEA and FCEB) has completed the sale of its military housing business to Hunt Cos. Inc. for $208.8 million. The military housing business consists of fee-income streams from property management, asset management, and construction and development of family housing communities for the Navy, Marines and Air Force, as well as minority equity interest in the real estate at each location. The business includes 14,500 housing units comprised of single-family homes, duplexes and triplexes. Properties in the transaction include military housing installations at the Air Force Academy in Colorado Springs, Colo.; Air Force Southern Group, consisting of four Air Force bases including Arnold Air Force Base in Tennessee, Charleston and Shaw Air Force bases in South Carolina, and Keesler Air Force Base in Mississippi; Navy and Marine Corps bases in Hawaii; military housing associated with three Naval installations in the Puget Sound area of Washington; and six military housing communities at Naval Station Great Lakes in Illinois, Naval Surface Warfare Center in Crane, Ind., and Navy-Mid-South in Millington, Tenn. As part of the transaction, Hunt is extending employment offers to the majority of Forest City’s associates currently in the military housing business. …
IRVINE AND SILICON VALLEY, CALIF. — Ten-X, formerly Auction.com, has released its list of the multifamily sector’s top buy and sell markets in the United States, with Orlando ranked as the No. 1 market for buyers. The list was included in the company’s Multifamily Market Outlook report, which is based on third-quarter 2015 data from Reis and forecasted fundamentals from Ten-X Research. Rounding out the top five apartment markets for buyers are Raleigh-Durham, N.C.; Fort Lauderdale, Fla.; Phoenix; and Sacramento, Calif. Ten-X ranked Orlando as the No.1 market for apartment buyers because the metro’s monthly effective rental rate per unit is expected to jump from $970 in 2015 to $1,169 in 2019, a nearly 21 percent increase during that period. The market’s vacancy rate is also expected to contract from 5.3 percent in 2015 to 4.3 percent in 2019. Ten-X expects Orlando’s multifamily supply pipeline to remain heavy in the near future. Even with the new construction, vacancies are expected to decline to the low 3-percent range and settle in at the low-4 percent range during the next few years. Orlando’s total employment is now at a record high, surpassing its 1990s peak and recently notching greater than 4.5 percent …
SCOTTSDALE, ARIZ. — The Praedium Group has purchased the 264-unit Broadstone Lincoln apartment complex in Scottsdale for an undisclosed sum. The Class A community is located at 7100 E. Lincoln Drive. Broadstone Lincoln features a two-story fitness center and a resort-style pool with outdoor cabanas. It has also achieved LEED-Platinum certification. “Broadstone Lincoln is among the newest and highest-quality assets in Scottsdale,” says Asim Hamid, Praedium’s managing director. “Due to its proximity to advanced educational facilities and dynamic growth from technology and healthcare companies, Scottsdale continues to have exceptional employment drivers.” Notable employers in the area include Yelp, Groupon, McKesson, Zenefits, Scottsdale Healthcare, Weebly and CA Technologies. Broadstone Lincoln is situated less than three miles from downtown Scottsdale, near Scottsdale Fashion Square and SMoCA, the Scottsdale Museum of Contemporary Art. It is adjacent to the recently approved $2 billion Ritz-Carlton Paradise Valley project, which is scheduled for completion in 2018. The new Five Star Development project will feature a 200-room Ritz-Carlton hotel, 94 townhome-style villas and 45 single-family homes with access to Ritz-Carlton hotel services and amenities. The Praedium Group is a New York-based, privately held real estate investment firm that focuses on under-performing and undervalued assets throughout the United States. The firm executed the transaction …
CAMPBELL, CALIF. — An unnamed buyer has purchased the 40-unit Sol@Campbell apartment building in the Silicon Valley submarket of Campbell for $14 million. The community is located at 300 Dunster Drive and 350 Dunster Drive. It was built in 1957 and renovated in 2015. Mitchell Zurich of Marcus & Millichap’s Palo Alto office represented the seller, a locally based investment group, in this transaction.
LOS ANGELES — Macland Investments has acquired a 10,300-square-foot office building in the Warner Center/Woodland Hills submarket of Los Angeles for $4.7 million. The building is located at 5947-5951 Variel Ave. The gas station operator will use the space for administrative offices. The seller, a private investor, acquired the property in 2012 as a two-tenant property. It renovated the space for single-tenant use with high-end, modern finishes. Scott Romick of Lee & Associates-LA North/Ventura represented the seller.
LOVELAND, COLO. — Steadfast Apartment REIT has acquired the 222-unit Horseshoe Lake in Loveland for an undisclosed sum. It is located at 341 Knobcone Drive. The community is situated an hour north of Denver near Colorado State University. Terrance Hunt, Shane Ozment, Doug Andrews and Jeff Hawks of ARA Newmark represented the seller, Buckley Brothers, in this transaction. The firm’s founder and owner, John Buckley, built this community in 2002.
WOODINVILLE, WASH. — Harsch Investment Properties has purchased Riverfront Business Park, a 137,916-square-foot industrial property in Woodinville, for an undisclosed sum. The Class A property is located one mile south of downtown Woodinville, approximately 20 miles northeast of Seattle. Bret Jordan and Derek Heed of Colliers International executed the transaction.
BLAUVELT, N.Y. — NAI James E. Hanson has arranged the sale of an industrial building located at 615 Route 303 in Blauvelt. Direct Invest LLC sold the property to the current tenant, Advanced Distributions Systems (ADS), for an undisclosed price. The 219,304-square-foot property features 20-foot ceilings, 12 loading docks with one drive-in door, 200 parking spaces and 14,311 square feet of office space. Scott Perkins, Andrew Somple and Christopher Todd of NAI James E. Hanson represented the seller in the transaction.