PHOENIX – Ajoint venture between Lowe Enterprises and J.P. Morgan Asset Management has acquired a pair of Phoenix-area office buildings for a total of $51 million. The sale includes a 175,186-square-foot building located at 5090 N. 40th Street in Phoenix, as well as Scottsdale Financial Center III, a 152,081-square-foot building located at 7272 E. Indian School Road in Scottsdale. The buildings sold for $26.3 million and $24.6 million, respectively. The acquisition team was led by Peter Morgan of Lowe Enterprises. The seller, CJK Investments, was represented by Jim Fijan and Will Mast of CBRE’s Phoenix office. CBRE also assisted the ownership group in securing debt on the properties.
DENVER — Asher Investments has acquired the 220-unit Encore Highpointe Park in the Denver suburb of Thornton for $40.7 million. The Class A community is located at 9701 Pearl Street, near Interstate 25, just north of Downtown Denver. The seller, a joint venture between Encore Enterprises and Inland Private Capital Corporation, was represented by HFF’s Jordan Robbins and Jake Young. In other multifamily news, HFF also recently secured $31 million in financing for Green River Village, a 333-home site manufactured housing community in Corona, Calif. Zach Koucos secured the 10-year, fixed-rate loan through Union Bank, N.A. He worked on behalf of Hometown America, which will use the proceeds to pay off a maturing loan balance.
GILROY, ARIZ. — TruAmerica Multifamily has acquired The Vineyards, a 170-unit multifamily complex in Gilroy, for $38.3 million. The Class A community is located at 7936 Westwood Drive, just south of Silicon Valley. The seller was Matteson Properties.The transaction was brokered by the Jones-Saglimbeni team at Institutional Property Advisors.This is TruAmerica’s second Bay Area acquisition, following its recent purchase of the Avenel Apartments in San Jose for $38 million.
NEW ORLEANS — Lowe Enterprise Investors has acquired the Royal St. Charles, a 143-room hotel in New Orleans, on behalf of an investment client. The hotel is located at 135. St. Charles Ave., between the city’s French Quarter and the New Orleans Convention Center. Destination Hotels & Resorts, an affiliate of Lowe Enterprise Investors, will manage the property as an independent, boutique hotel. The 10-story hotel features 2,610 square feet of meeting space, a fitness center and a PJ’s Coffee and Café eatery. The hotel also features balconies overlooking St. Charles Avenue, which is on the primary Mardi Gras parade route. Russell Munn of Lowe Enterprise Investors and Rick Rush of Lowe Hospitality Group led the acquisition team in the transaction. Larry Wolfe and Adam Etra of Eastdil Secured represented the seller, a joint venture between Clearview Hotel Capital and WHI Real Estate Partners.
RALEIGH, N.C. — ARA has arranged the $46.8 million sale of Woodlands at Wakefield Plantation, a Class A, 360-unit multifamily community located in Raleigh. The property was 95 percent occupied at the time of sale. Blake Okland, Dean Smith, John Heimburger and Sean Wood of ARA represented the seller, Boca Raton, Fla.-based Altman Development, in the transaction. Investors sponsored by Greensboro, N.C.-based Bell Partners purchased the asset.
WASHINGTON, D.C. — A joint venture between Mack-Cali Realty Corp. and Fisher Brothers has acquired a 50 percent interest in a luxury multifamily project under construction at 701 2nd St. in Washington, D.C., for $46.5 million. The 377-unit project will feature 25,000 square feet of retail space, a fitness center, clubroom, demonstration kitchen, swimming pool, hot tub, grilling stations, rooftop garden, dog run, landscaped gardens, outdoor projection screening area and a 309-space underground parking garage. The joint venture has a 20-year debt in-place totaling $100.7 million. The apartment building is expected to be completed in mid-2015, with leasing beginning in the first quarter of 2015. Mack-Cali’s Roseland subsidiary will operate the new luxury apartment community. The project team developing and designing the community includes Hickok Cole Architects, Rockwell Group, COOKFOX and Handel Architects.
OLIVE BRANCH, MISS. — Inland Real Estate Income Trust Inc. has acquired Wedgewood Commons Shopping Center, a 159,258-square-foot shopping center in Olive Branch, a suburb of Memphis, Tenn. Inland purchased the asset for $33.9 million. The property is fully leased to TJ Maxx, HomeGoods, Michaels, Rack Room Shoes, AT&T, TCBY, GNC and Sports Clips. Lou Quilici of IREIT Business Manager & Advisors Inc. assisted Matthew Tice of Inland in the acquisition. David Disney of The Disney Group represented the seller in the transaction.
MENOMONEE FALLS, WIS. — Irgens has sold the Actuant Corp. headquarters building, an 81,503 square foot, single-tenant office building located in Menomonee Falls for $15.4 million. Actuant Menomone LLC, a real estate investment group, purchased the Class A building. Daniel Herrold of the Stan Johnson Co. represented Irgens in the transaction. Bradley Feller, also of the Stan Johnson Co., represented the buyer.
INDIANAPOLIS — Johnson Capital has arranged a $4.7 million loan secured by a 62-unit multifamily property in Indianapolis. The property, called Richelieu Apartments, is located on E. North Street and consists of three four-story buildings. Scott Graber, senior vice president in the Johnson Capital’s Denver office, arranged the financing on behalf of the borrower, a local investor and operator. Huntoon Hastings provided the 35-year, self-amortizing Section 223(f) FHA loan, which includes a 4 percent interest rate. The loan was used to retire existing debt.
NOVI, MICH. — Gladstone Commercial Corp. has purchased a 156,200-square-foot industrial building in Novi, located about 30 miles northwest of Detroit, for $7.3 million. The property is fully leased to Eberspaecher North America Inc. through April 2024. Eberspaecher is a manufacturer of exhaust systems for automotive and commercial vehicles. Gladstone Commercial's real estate portfolio now consists of 87 properties located in 22 states, totaling approximately 9.3 million square feet.