REBusinessOnline

Armada Hoffler to Buy Office Building in Baltimore’s Harbor Point for $101M

BALTIMORE — Armada Hoffler Properties Inc. has agreed to purchase the Thames Street Wharf office building in Baltimore for $101 million from KBS Realty Advisors. Built in 2010 by Armada Hoffler Construction, the 263,426-square-foot, eight-story property was the first property built within the Harbor Point mixed-use development. The LEED Gold-certified building is fully leased to tenants including anchors Morgan Stanley and Johns Hopkins Medicine. Virginia Beach-based Armada Hoffler expects …

HFF Arranges $27M Sale of Poway Crossings Retail Center Near San Diego

POWAY, CALIF. — HFF has brokered the sale of Poway Crossings, a value-add retail center located at 12622-12654 Poway Road in Poway, a suburb of San Diego. Sterling Organization acquired the property on behalf of its institutional value-add fund, Sterling Value Add Partners III, for $27 million. The name of the seller was not released. Situated on 10 acres, Poway Crossings features 109,455 square feet of retail space. At the time of sale, the asset was 80 percent leased to a variety of …

JLL Negotiates Sale of 244-Unit Apartment Community in San Antonio

SAN ANTONIO — JLL has negotiated the sale of Kenton Place Apartments, a 244-unit multifamily community located at 14650 Nacogdoches Road in San Antonio. The property offers one-, two- and three-bedroom units and amenities such as a pool, fitness center, playground, a sports court, dog park and onsite laundry facilities. Moses Siller and Zar Haro of JLL negotiated the deal on behalf of the seller, Bruggeman Properties LLC. Mark Brandenburg and C.W. Sheehan of JLL arranged acquisition financing …

Berger Sells Tesla Building in Highland Park, Illinois

HIGHLAND PARK, ILL. — Berger Asset Management has sold a 52,000-square-foot retail building known as the Tesla Building in Highland Park. The sales price was not disclosed. The two-story property is located at 1200 Old Skokie Valley Road. The anchor tenant, Tesla, occupies 32,000 square feet. Bystol Performance Center, a sports performance and personal training firm, occupies the remaining 20,000 square feet. In order to develop the property, Berger Asset Management first had to complete …

Bascom Group, Axton Group Buy Two Apartment Properties in Colorado Springs for $41.1M

COLORADO SPRINGS, COLO. — The Bascom Group, in partnership with an affiliate of The Axton Group, has acquired Summer Grove Apartments and Tanglewood Apartment Homes, two adjacent multifamily communities in Colorado Springs, for a total consideration of $41.1 million. The joint venture purchased the 374-unit Summer Grove Apartments, located at 3802 Half Turn Road, for $31 million, or $82,887 per unit. The 112-unit Tanglewood property, located at 3803 Half Turn Road, cost $10.1 million, or …

Group RMC Acquires Two-Building Office Portfolio in Suburban Detroit

TROY, MICH. — An affiliate of New York City-based real estate investment firm Group RMC has acquired Northfield Office Park, a two-building office portfolio located in Troy. The purchase price was not disclosed. The portfolio spans 234,687 square feet and was nearly 70 percent occupied at the time of sale. Anne Galbraith-Kohn of CBRE represented the seller, Hayman

Bellomy & Co. Brokers Sale of Self-Storage Facility in Grain Valley, Missouri

GRAIN VALLEY, MO. — Bellomy & Co. has brokered the sale of Spare Garage Storage in Grain Valley, an eastern suburb of Kansas City. The sales price was not disclosed. The self-storage facility sits on 3.2 acres and includes 204 non-climate-controlled units. The property spans 39,700 square feet. Bill Bellomy and Michael Johnson of Bellomy & Co. represented the seller, Mid Central Title Inc. The team also procured the buyer, Kaup Properties

FCP Acquires 286-Unit Apartment Community in Philadelphia for $117.9M

PHILADELPHIA — FCP, a Maryland-based investment firm, has acquired Edgewater, a 286-unit apartment community located at 2323 Race St. in the Center City neighborhood of Philadelphia, for $117.9 million. Edgewater offers a mix of studio, one-, two- and three-bedroom units and amenities such as a 24-hour fitness center with a yoga studio, resident lounge and hospitality center and a children’s play area. The sale includes land for additional development. Erin Miller and Lizann McGowan of …

CONTI Organization Acquires 350-Unit Apartment Complex in Plano

PLANO, TEXAS — CONTI Organization, a multifamily investment firm that specializes in value-add deals, has acquired Waterford on the Meadows, a 350-unit complex in Plano. Built on 22 acres in 1984, the garden-style property offers one- and two-bedroom units and amenities such as three pools, a volleyball court and onsite laundry facilities. The seller was California-based Steadfast Income REIT. CBRE brokered the transaction. With this acquisition, CONTI now owns 29 multifamily communities …

Joint Venture Buys 198-Unit Bryson Square Apartments Near Seattle for $43.2M

KENT, WASH. — A joint venture between RISE Properties Trust and Aegon Real Assets US has acquired Bryson Square Apartments, a multifamily property located at 24006 108th Place SE in Kent, for $43.2 million. Built in 1988, the property features 198 apartments and is situated approximately two miles from Kent Station, an open-air lifestyle destination that features a Sounder commuter train station, 14-screen AMC theater and more than 15 restaurants and 30 retailers and servicers. …

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