RICHMOND, VA. — In a previously announced transaction, Monument Partners LLC, an entity owned by Starwood Capital Group and Milestone Apartments Real Estate Investment Trust, has closed the $1.9 billion acquisition of Richmond-based Landmark Apartment Trust Inc. Landmark is a multifamily REIT with assets located in metropolitan areas throughout the Southern U.S., including Dallas, Atlanta, Orland, Tampa, Charlotte and Nashville. Landmark owns or has an ownership position in approximately 24,000 apartment units and provides management services for an additional 883 units owned by affiliates. Under the terms of the deal, Starwood Global Opportunity Fund X, through a controlled affiliate, will acquire Landmark Apartment Trust’s ownership interest in 19,615 units in 63 apartment communities. Milestone — which will acquire 4,172 units in 15 assets as part of the transaction — will serve as property manager for Starwood’s portion of the portfolio.
PEACHTREE CORNERS, GA. — Avison Young has brokered the $9.4 million sale of a 221,000-square-foot industrial facility located at 5850 Peachtree Industrial Blvd. in Peachtree Corners, a northeastern suburb of Atlanta. Chip Watson and Brent Weitnauer of Avison Young’s Atlanta office represented the seller, Makim Holdings, in the transaction. The buyer, Gwinnett County Schools, plans to convert the facility and surrounding 20 acres of land into a new high school.
FREDERICKSBURG, VA. — Coldwell Banker Commercial Elite has brokered the $3.8 million sale of an 11-acre multifamily site in Fredericksburg. The parcel is located off Noble Way close to the Wegmans at Celebrate Virginia and the 2.2 million-square-foot Central Park Power Center. The buyer, Hampton at Noble LP, a division of S.L. Nusbaum Realty Co., plans to develop a 128-unit luxury apartment community at the site. The property, known as Valor, will feature one-, two- and three-bedroom units with granite countertops and other high-end finishes. Community amenities will include a clubhouse, resort-style swimming pool, fitness center and outdoor grilling area. Hampton at Noble plans to deliver the clubhouse in the fourth quarter and deliver Valor’s first units in the first quarter of 2017. Brian Cunningham of Coldwell Banker Commercial Elite brokered the transaction.
DECATUR, GA. — The Boulder Group has arranged the $3.6 million sale of a 10,125-square-foot CVS/pharmacy located at 4037 Glenwood Road in Decatur, a suburb of Atlanta. Originally built in 1999, the asset has 21 years remaining on a recently extended lease, which features five five-year renewal option periods with 5 percent rental escalations in each period. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a real estate institution based in Atlanta’s East Cobb district, in the transaction. The buyer was a high net worth family trust.
PHOENIX — Gabriel Partners has signed a long-term agreement for 19,202 square feet of office space in downtown Phoenix. The space is located at 40 North Central Ave. The technology-based, anti-money-laundering company will occupy the entire 22nd floor. Ryan Bartos and Matthew Coxhead of Savills Studley represented Gabriel Partners in the transaction. Pat Divine of Cushman and Wakefield represented the landlord.
NAPERVILLE, ILL. — Avison Young has negotiated the sale of a two-building medical office portfolio in Naperville, a western suburb of Chicago, for an undisclosed price. Quadrangle Development Co. sold the two assets that total 70,000 square feet to a California-based healthcare REIT, American Healthcare Investors. The Class A buildings are 90 percent occupied. A three-story, 50,000-square-foot building, located at 1020 E. Ogden Ave., is anchored by DuPage Medical Group. The second building, which is located at 1012 W. 95th St., is 20,000 square feet and is anchored by Adventist Health System.
AUBURN HILLS, MICH. — SVN/ Stewart Commercial Group LLC has brokered the sale of a 15,600-square-foot shopping center for $6.9 million, or $445 per square foot. The property, located at 4901-4931 Baldwin Road in Auburn Hills, was 100 percent leased at the time of sale. Tenants in the shopping center, which is 33 miles northwest of Detroit, include Sherwin Williams, Chipotle, Aspen Dental, Potbelly Sandwich Shop and Visionworks. The property was built in 2015. Vladimir Hritcu and Dan Stewart of SVN/Stewart Commercial represented the undisclosed buyer in the transaction. The seller in the transaction was also undisclosed.
FARMINGTON HILLS, MICH. — Friedman Integrated Real Estate Solutions has arranged a 27,596-square-foot office lease in Farmington Hills, approximately 25 miles northwest of Detroit. AGC Flat Glass North America, one of the largest manufacturers of glass and glass-related products for the automotive industry in North America, will occupy the space located at 34505 W. Twelve Mile Road. The building will serve as the new headquarters location for AGC Flat Glass. David Friedman and Amit Hingorani of Friedman represented the landlord, Arboretum II, in the transaction.
NEW YORK CITY — Alpha Realty has arranged the sale of an apartment building located at 415 Lincoln Ave. in Brooklyn’s Cypress Hill neighborhood. A local private investor acquired the property for $4 million, which is a gross rent multiple of 11.4x and a cap rate of 4.5 percent. The 22,400-square-foot asset features 31 apartment units. Lev Mavashev of Alpha Realty represented the buyer and seller, a local private investor, in the transaction.
NEW YORK CITY — Marcus & Millichap has arranged the sale of an apartment property located at 2041 Palmetto St. in Queens. A limited liability company acquired the six-unit property for $1.8 million. Shaun Riney, Thomas Shihadeh and George Koncilja of Marcus & Millichap’s Brooklyn office represented the seller, a limited liability company, and the buyer in the transaction.