Property Type

ROIC California LLC Acquires Jackson Square Shopping in Hayward for $32.5M

by Nellie Day August 21, 2015

HAYWARD, CALIF. — ROIC California LLC, a subsidiary of Retail Opportunity Investments Corp., has acquired Jackson Square, located at the southwest corner of West Jackson Street and Amador Street in Hayward. Terramar Retail Centers LLC sold the property for $32.5 million. The fully occupied, 114,220-square-foot retail center is anchored by Safeway, CVS and 24 Hour Fitness. Additional in-line tenants include Starbucks Coffee, Chase Bank, Round Table Pizza and Patelco Credit Union. Dan Wald, Eric Kathrein and Justin Sharp of DTZ represented the seller in the transaction.

August 21, 2015

California Multifamily Western

JGrant Apartment Building in Pasadena Sold for $26.2M

by Nellie Day August 21, 2015

PASADENA, CALIF. — An unnamed buyer has acquired the 50-unit JGrant apartment complex in Pasadena for $26.2 million. The community is located at 119 South Los Robles Ave. The developer originally designed JGrant as a luxury condo complex. The buyer plans to lease the individual units, however, due to the “the strength of the multifamily investment market, the desirability of the location, the attractiveness of the debt market and the limited new supply,” according to Berkadia, which executed the transaction. The Berkadia team consisted of Dean Zander, Vince Norris and Mark Ventre.

August 21, 2015

California Industrial Western

Waypoint Property, Lewis Group Buy Development Rights Inside Riverside Business Park

by Nellie Day August 21, 2015

RIVERSIDE, CALIF. — A joint venture between Waypoint Property Group and the Lewis Group of Companies has acquired the development rights and master developer designation for the remaining 875 acres within the Meridian Business Park in Riverside. The price was not disclosed. The master-planned business park is situated in the I-215 South corridor. Meridian is part of the former March Air Force Base. It is less than 90 minutes from the Los Angeles/Long Beach port complex. Phil Lombardo, Chuck Belden and Andrew Starnes of Cushman & Wakefield represented both the buyer and seller in this transaction.

August 21, 2015

Multifamily Retail Texas

Terra Verde Group, Wheelock Street Capital Acquire Boot Ranch in Central Texas

by Haisten Willis August 21, 2015

FREDERICKSBURG, TEXAS — Terra Verde Group, in a partnership with Wheelock Street Capital, has acquired Boot Ranch, a 2,052-acre master-planned community located in Fredericksburg, from Lehman Brothers. The acquisition includes estate and cabin home sites, a 55,000-square-foot clubhouse and village complex, a 4.5-acre pool and sports campus, an 18-hole golf course, a 34-acre golf practice park and a par-3 course. The new ownership group plans a regional marketing outreach for the property. Additional amenity enhancements are scheduled for 2016.

August 21, 2015

Loans Multifamily Texas

HFF Arranges $45M in Acquisition Financing for Apartment Complex in Metro Dallas

by Haisten Willis August 21, 2015

FRISCO, TEXAS — HFF has arranged $45 million in acquisition financing for Amalfi Stonebriar, a 395-unit, Class A apartment complex in Frisco. Working on behalf of the borrower, Pure Multi-Family REIT LP, HFF placed the 12-year, fixed-rate loan through TIAA-CREF. Amalfi Stonebriar is located at 5725 Town & Country Blvd. in the north Dallas suburb of Frisco across from the future headquarters of Toyota and FedEx, as well as the new Liberty Mutual office campus. Completed in 2014, the property has units ranging from 603 to 1,689 square feet, with 69 percent of the units one-bedroom and 31 percent two-bedroom. Amenities include a swimming pool, fitness center, grilling areas, courtyard and a business center. The asset is 94 percent occupied. John Brownlee and Michael Cosby led the HFF debt placement team representing the borrower.

August 21, 2015

Retail Texas

Baceline Investments Acquires Shopping Center in Metro Dallas for $3.4M

by Haisten Willis August 21, 2015

GARLAND, TEXAS — Baceline Investments, a private equity real estate investment and management company, has acquired Northwest Crossing, a single-story shopping center in Garland. Baceline purchased the 33,336-square-foot property for $3.4 million. Located at 1250 Northwest Highway, the retail center was acquired in line with Baceline’s value-add acquisition strategy. The primary tenants at Northwest Crossing include Cricket Wireless, Metro PCS and Little Caesars Pizza. Baceline Investments is a Denver-based company specializing in the acquisition, management and sale of shopping centers in select secondary markets.

August 21, 2015

Retail Texas

M&M Brokers Sale of 12,990 SF Retail Property in West Texas

by Haisten Willis August 21, 2015

DEL RIO, TEXAS — Marcus & Millichap has brokered the sale of Del Rio Corners, a 12,990-square-foot retail property located in Del Rio. Jason Vitorino of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a partnership. Vitorino also procured the buyer, a limited liability company. Del Rio Corners is located at 2409 Veterans Blvd., less than six miles from the Texas-Mexico border. Built in 2005, the asset is situated on 1.2 acres.

August 21, 2015

Alabama Multifamily Southeast

Berkadia Brokers Sale of Nine Multifamily Communities in Alabama Totaling $154.1M

by John Nelson August 21, 2015

BIRMINGHAM, ALA. — Berkadia has brokered the sales of nine multifamily communities in Alabama totaling $154.1 million in the past 90 days. The assets total 2,475 units. David Oakley led Berkadia’s sales team in representing the sellers in every transaction. The largest transaction was an Irvine, Calif.-based investment group purchasing Landmark at Magnolia Glen, a 1,080-unit property in Hoover, for $71.5 million. The most recent deal was the sale of two Center Point communities, Devonshire and Sun Valley, that sold together for a combined $14.1 million. Other Birmingham area sales include Inverness Landing, a 322-unit property, which sold for $27.6 million; River Place on the Cahaba, a 213-property, which sold for $17.7 million; Town Park, a 270-unit property, which sold for $15 million; TimberChase, a 94-unit property, which sold for $4.8 million; and Fox Hall, a 36-unit property, which sold for $2.3 million. In Mobile, Woodland Square, a 128-unit property, sold for $4 million. Royce Emerson and William Parkhurst of Berkadia brokered the River Place on the Cahaba and the Town Park transactions, and Josh Jacobs of Berkadia brokered the TimberChase and the Devonshire-Sun Valley transactions.

August 21, 2015

Georgia Office Southeast

Rubenstein Partners Sells Office Campus in Atlanta’s Central Perimeter Submarket

by John Nelson August 21, 2015

ATLANTA — Rubenstein Partners LP has sold Sterling Pointe, a two-building, Class A office campus spanning 351,345 square feet in Atlanta’s Central Perimeter submarket. The buyer, a joint venture between Harbert Management Corp. and The Simpson Organization Inc., purchased the office property for an undisclosed price. Mercedes-Benz USA recently leased 89,910 square feet at Sterling Pointe II for its temporary corporate headquarters. William Yowell, Jay O’Meara and Justin Parsonnet of CBRE represented Rubenstein Partners in the sale. Rubenstein recently sold 3.5 acres of former parking lots on the campus for a new hotel and retail space. A hotel is currently under construction and will deliver in January 2016, and a new Corner Bakery Café and other restaurants will open this fall.

August 21, 2015

Kentucky Retail Southeast

Lincoln Property Co. Southeast Buys New Shopping Center in Louisville for $36M

by John Nelson August 21, 2015

LOUISVILLE, KY. — Lincoln Property Co. Southeast has purchased the newly built Jefferson Commons, a 196,488-square-foot shopping center located in Louisville, on behalf of American Realty Capital-Retail Centers of America I & II, a non-traded REIT. Lincoln acquired the center from the center’s developer, GBT Realty Corp., for $36 million. The retail center’s tenant roster includes Academy Sports + Outdoors, H.H. Gregg, Michaels and Shoe Carnival.

August 21, 2015

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