Property Type

Beatty Development Group Breaks Ground on High-Rise Apartment Tower in Baltimore

by John Nelson April 6, 2016

BALTIMORE — Beatty Development Group and its partners, Armada Hoffler Properties Inc. and The Henson Development Co., has begun construction on 1405 Point, the first apartment building in Baltimore’s Harbor Point, a mixed-use neighborhood with public spaces and commercial properties spanning 3 million square feet. The 17-story, LEED Silver-certified apartment building will feature 18,000 square feet of ground-level retail space and 289 residential units with views of Baltimore’s Inner Harbor. Units will feature floor-to-ceiling windows, stainless steel appliances, quartz countertops, wood plank flooring, modern cabinetry and an energy efficient heating and cooling system. Community amenities will include a 24/7 fitness center, 11th-floor lounge and pool, grilling stations, yoga room, entertainment and media lounge, covered parking and a newly landscaped park. The development team expects to open 1405 Point in late 2017.

April 6, 2016

Arizona Multifamily Western

Galeria del Rio Apartment Community in Tucson Changes Hands

by Nellie Day April 6, 2016

TUCSON, ARIZ. — Capital Square 1031 has acquired Galeria del Rio, a 101-unit townhome community in Tucson, for an undisclosed sum. The community is located at 5132 N. Prairie Clover Trail. It was completed in December 2014. Galeria del Rio is currently 94 percent occupied. Notable neighboring employers include Raytheon Missile Systems, Texas Instruments, IBM, Intuit, Honeywell and Universal Avionics.

April 6, 2016

Multifamily Southeast Tennessee

Passco Cos. Acquires Apartment Community in Nashville for $51.4M

by John Nelson April 6, 2016

NASHVILLE, TENN. — Passco Cos. LLC has purchased The Overlook, a 452-unit value-add apartment community located at 727 Bell Road in Nashville, for $51.4 million. The property, which was 95 percent occupied at the time of sale, hasn’t been renovated since its completion in 1998, according to Passco Cos. The buyer plans to upgrade the property and implement a professional management program. The Overlook’s amenities include a fitness center and two swimming pools with cabanas. Russ Oldham of CBRE represented both Passco and the seller, Olympus Properties, in the transaction. Chris Black of KeyBank Real Estate Capital arranged acquisition financing through Fannie Mae on behalf of Passco.

April 6, 2016

Industrial Kentucky Southeast

Molto Properties, Verus Partners Sell 622,426 SF Industrial Facility in Louisville

by John Nelson April 6, 2016

LOUISVILLE, KY. — Molto Properties and Verus Partners have sold Airport Commerce Center One, a 622,426-square-foot, cross-dock industrial facility in Louisville. The buyer, Stone Mountain Industrial Park Inc., an affiliate of Pattillo Industrial Real Estate, purchased the property for an undisclosed price. The facility is located within the Louisville Renaissance Zone, a 470-acre business park located just two miles south of Louisville International Airport. Verus Partners was the project’s development manager. Built in December 2015, the facility is 74 percent leased to Hillsdale Furniture and features 36-foot clear heights, a seven-foot floor slab, motion sensor-activated T5 lighting, 86 dock doors and 120 trailer stalls. Kevin Grove, Doug Butcher and Chris Riley of CBRE represented Molto and Verus in the sale. Molto and Verus broke ground in November 2015 on Airport Commerce Center Two, a 645,840-square-foot facility. Pepper Construction expects to finish construction on the project in November 2016.

April 6, 2016

Industrial Nevada Western

Harsch Buys Patrick Airport Center in Las Vegas

by Nellie Day April 6, 2016

LAS VEGAS — Harsch Investment Properties has purchased Patrick Airport Center, a 57,838-square-foot industrial property in Las Vegas, for an undisclosed sum. The business park is located at 2900 E. Patrick Lane, on the edge of McCarron International Airport. Joe Leavitt and Chris Lexis of Avison Young represented the undisclosed seller.

April 6, 2016

Alabama Office Southeast

Adler Kawa, PointOne Holdings Acquire Office Complex in Metro Birmingham for $30M

by John Nelson April 6, 2016

HOOVER, ALA. — A joint venture between PointOne Holdings and Adler Kawa Real Estate Advisors (AKREA) purchased Riverchase Center, a 306,725-square-foot, single-story office complex in Hoover, a suburb of Birmingham. The venture purchased the property from a fund managed by DRA Advisors for $30 million. The asset was 89 percent leased at the time of sale to tenants such as Frito-Lay, Progressive Insurance, Walgreens, BioHorizons Implant Systems, Gentiva Health Services and WideOrbit Inc. Justin Parsonnet and Will Yowell of CBRE’s Atlanta office represented the seller in the transaction. PointOne Holdings and AKREA have retained David Fullington and Phil Yost of CBRE’s Birmingham office to manage and lease Riverchase Center. PNC Bank provided a seven-year, non-recourse acquisition loan to PointOne and AKREA.

April 6, 2016

California Multifamily Western

Apartment Complex in San Diego Sells for $2.3M

by Nellie Day April 6, 2016

SAN DIEGO — Norm Blumenthal has purchased a seven-unit apartment complex in the San Diego submarket of Pacific Beach for $2.3 million. The community is located at 835-41 Agate St. Gary Urtiaga of Apartment Realty Group and Dylan Wright of ACRE represented Blumenthal. Dennis Leslie of ACI represented the seller, Stevens Family Trust – care of Elizabeth Dunn, in this transaction.

April 6, 2016

Midwest Multifamily Ohio Seniors Housing

CareTrust REIT Acquires Two Skilled Nursing Facilities in Cincinnati

by Christina Cannon April 6, 2016

CINCINNATI — CareTrust REIT Inc. has acquired Victory Park Nursing Home, a 55-bed skilled nursing facility, and Victoria Retirement Community, which contains 90 skilled nursing beds and 69 assisted living units. Both facilities are located in Cincinnati. The two communities will be added to CareTrust’s existing master lease with Pristine Senior Living. CareTrust will provide Pristine with $500,000 to perform immediate upgrades to the community. Although the purchase price was not disclosed, CareTrust placed its aggregate investment in the communities at $15.2 million. The Pristine master lease has a remaining initial term of approximately 14.5 years, with two five-year renewal options and CPI-based rent escalators. CareTrust funded the acquisition using proceeds from its follow-on equity offering in March. The publicly traded REIT is based in San Clemente, Calif. Pristine Senior Living currently operates over 1,500 beds across 17 seniors housing properties in Ohio.

April 6, 2016

Midwest Minnesota Multifamily Student Housing

Steven Scott Management Sells 153-Unit Student Housing Complex Near St. Paul

by Christina Cannon April 6, 2016

WHITE BEAR LAKE, MINN. — Steven Scott Management has sold a 153-unit off-campus student housing complex to a local investor for $5.1 million. Century Commons is located at 3515 Century Ave. North in White Bear Lake, approximately seven miles northwest of St. Paul. The apartment complex is leased primarily by students attending Century College. Lance Steiger and Robert Dulin of Cushman & Wakefield/NorthMarq represented the seller in the transaction.

April 6, 2016

Midwest Retail Wisconsin

Marcus & Millichap Brokers $2.4M Sale of Shopping Center in Rice Lake, Wisconsin

by Christina Cannon April 6, 2016

RICE LAKE, WIS. — Marcus & Millichap has brokered the sale of an 18,500-square-foot retail property in Rice Lake, approximately 60 miles north of Eau Claire, for $2.4 million. A limited liability company sold Rose Stone Plaza to an undisclosed buyer. The shopping center, located at 2300 S. Main St., is 100 percent occupied. Adam Prins, Cory Villaume, Matthew Hazelton, Todd Lindblom and Sean Doyle of Marcus & Millichap listed the property on behalf of the seller.

April 6, 2016

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