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Hunt Midwest, Park Place Partners Sell Build-to-Rent Community in Kansas for $45.2M

by Kristin Harlow March 16, 2022

LENEXA, KAN. — Hunt Midwest and Park Place Partners have sold The Fairways Villas at City Center in Lenexa, a southern suburb of Kansas City, for $42.5 million. Colorado-based Griffis/Blessing Inc. purchased the build-to-rent community, which features 80 homes and is situated next to Canyon Farms Golf Course. Hunt Midwest and Park Place Partners completed development of the property in early 2020. The homes average 2,289 square feet across two levels and include a two-car garage. Monthly rents start around $3,605.

March 16, 2022

Acquisitions California Healthcare Office Western

Harrison Street Sells Eight Medical Office Buildings in San Francisco, Los Angeles Areas for $215M

by Amy Works March 16, 2022

SAN FRANCISCO, SANTA ROSA, DALY CITY, ALAMEDA, GREENBRAE AND LOS ANGELES, CALIF. — Harrison Street has completed the disposition of a portfolio of eight medical office buildings valued at nearly $215 million across California. The properties were held across several of Harrison Street’s funds and managed in partnership with Pinnacle Capital Management Services. Totaling 380,000 rentable square feet, the portfolio is spread across San Francisco, Santa Rosa, Daly City, Alameda, Greenbrae and Los Angeles’ Van Nuys neighborhood. Tenants include leading regional health systems, such as Marin Health, Sutter Health, CommonSpirit Health and Kaiser Permanente. The seller invested more than $17 million in capital during its ownership, including recent building renovations, tenant improvements and leasing commissions. Chris Bodnar, Lee Asher, Jordan Selbiger, Ryan Lindsley, Sabrina Solomiany and Zack Holderman of CBRE’s U.S Healthcare & Life Sciences Capital Markets team represented Los Angeles-based Pinnacle Capital Management Services in the transaction.

March 16, 2022

Acquisitions Connecticut Multifamily Northeast

Carmel Partners Buys 209-Unit Multifamily High-Rise in Stamford, Connecticut

by Taylor Williams March 15, 2022

STAMFORD, CONN. — California-based investment firm Carmel Partners has purchased Vela on the Park, a 209-unit multifamily high-rise in Stamford, located in the southern coastal part of the state. The 19-story building houses studio, one- and two-bedroom units with stainless steel appliances, quartz countertops and individual washers and dryers. Amenities include a rooftop deck, fitness center, pet spa, arcade, media center and a resident lounge. Jose Cruz, Steve Simonelli, Michael Oliver and Kevin O’Hearn of JLL represented the seller, a partnership between an affiliate of regional developer Trinity Financial Inc. and Boston-based Berkshire Residential Investments, in the transaction.

March 15, 2022

Acquisitions Midwest Minnesota Retail

JLL Arranges Sale of Galleria Edina Shopping Mall in Suburban Minneapolis

by Kristin Harlow March 15, 2022

EDINA, MINN. — JLL Capital Markets has arranged the sale of Galleria Edina in the Minneapolis suburb of Edina. The sales price was $150 million, according to Twin Cities Business. The 398,585-square-foot shopping mall is 99 percent leased to tenants such as Louis Vuitton, Tiffany & Co., Lululemon, Peloton, Tory Burch, Pottery Barn, Bluemercury, Warby Parker, Coach, Shinola and more. Danny Finkle, Barry Brown, Dave Monahan, Amy Sands, Cameron Pittman, Matt Hazelton and Cory Villaume of JLL represented the undisclosed seller. Local investor group 70th Street Properties LLC was the buyer. Park State Bank provided acquisition financing.

March 15, 2022

Acquisitions California Retail Western

Faris Lee Brokers Sale of 117,228 SF Ming Plaza Shopping Center in Bakersfield, California

by Amy Works March 15, 2022

BAKERSFIELD, CALIF. — Faris Lee Investments has arranged the sale of Ming Plaza, a retail center located on Ming Avenue in Bakersfield. A private family office sold the asset to an undisclosed buyer for $26.5 million. Sean Cox, Alex Moore and Don MacLellan of Faris Lee Investments represented the seller and procured the buyer in the deal. Faris Lee also arranged financing for the buyer. At the time of sale, the 117,228-square-foot property was nearly 100 percent occupied and includes three outparcels leased to Starbucks Coffee, Chase Bank and Long John Silvers.

March 15, 2022

Acquisitions Mixed-Use New York Northeast Office Top Stories

Blackstone Acquires Minority Stake in One Manhattan West Office Tower in New York for $1.4B

by John Nelson March 15, 2022

NEW YORK CITY — Blackstone (NYSE: BX) has purchased a 49 percent stake in One Manhattan West, a 67-story office tower in Manhattan totaling 2.1 million square feet. Brookfield (NYSE: BAM) and Qatar Investment Authority sold the minority interest to Blackstone and will retain a 51 percent ownership stake in the skyscraper. The purchase price wasn’t disclosed, but Brookfield says that the deal “values the office building at $2.85 billion,” which translates to Blackstone’s stake totaling just below $1.4 billion. Ben Brown, managing partner of Brookfield, says the competition for the acquisition was intense despite the uneven recovery of New York City’s office market due to COVID-19. “The partial sale of One Manhattan West and the interest we received as soon as we put it on the market are clear validations that the highest quality office properties are seeing enormous demand coming out of the pandemic,” says Brown. “One Manhattan West is home to some of the world’s leading companies, and their continued desire to work from and grow in the building is a promising sign for Manhattan West and prime, well-located office assets broadly.” Located on the corner of Ninth Avenue and 33rd Street, One Manhattan West is leased …

March 15, 2022

Acquisitions New York Northeast Office

CBRE Brokers Sale of 373,000 SF WestPark Office Campus in White Plains, New York

by Taylor Williams March 14, 2022

WHITE PLAINS, N.Y. — CBRE has brokered the sale of WestPark, a 373,000-square-foot office campus in White Plains, a northern suburb of New York City. The campus consists of two four-story buildings on a 25-acre site. Jacqueline Novotny, Brian Carcaterra and Michael McCall of CBRE represented the seller, Onyx Equities, in the transaction. William Cuddy Jr. and Mary Ann Tighe, also with CBRE, represented the buyer, New York-Presbyterian Hospital. The sales price was not disclosed.

March 14, 2022

Acquisitions Georgia Multifamily Southeast

Spyglass Capital Sells Multifamily Community in Northern Atlanta for $105.6M

by Julia Sanders March 14, 2022

SANDY SPRINGS, GA. — Spyglass Capital Partners has sold The Carlyle of Sandy Springs, a 389-unit multifamily community in the northern Atlanta suburb of Sandy Springs. Mike Kemether, Travis Presnell and James Wilber of Cushman & Wakefield represented the seller in the transaction. WashREIT acquired the property for $105.6 million. The Carlyle of Sandy Springs offers one-, two-, three- and four-bedroom floorplans. Unit features include granite countertops and stainless steel appliances. Community amenities include a pool, clubhouse, pet play area, business center, fitness center, trash door-to-door pickup, playground and a grill. Located at 501 N. River Parkway, the property is situated 13.5 miles from Atlanta’s Buckhead neighborhood, 34.8 miles from Hartsfield-Jackson Atlanta International Airport and 6.9 miles from the Dunwoody Campus of Georgia State University.

March 14, 2022

Acquisitions California Industrial Western

Transwestern Sells 202,421 SF Amazon-Leased Distribution Center in Moorpark, California

by Amy Works March 14, 2022

MOORPARK, CALIF. — Transwestern Development Co. (TDC) has completed the disposition of 6000 Conor Drive, a distribution center in Moorpark, along with a two-acre parcel offering additional parking. An undisclosed buyer acquired the property for $50.7 million. At the time of sale, Amazon occupied the 202,421-square-foot facility, which is near U.S. Route 101 and California State Routes 118 and 23. TDC recently completed interior and exterior upgrades to the property. Barbara Perrier, Darla Longo and Bennett Robinson of CBRE represented TDC in the transaction. Transwestern Real Estate Services provided asset services for the property.

March 14, 2022

Acquisitions Kansas Midwest Retail

MAG Capital Partners Acquires 30,000 SF Retail Building in Kansas City Via Sale-Leaseback Transaction

by Kristin Harlow March 14, 2022

KANSAS CITY, KAN. — In a sale-leaseback transaction, MAG Capital Partners LLC has acquired a 30,000-square-foot retail building occupied by Frontier Justice in Kansas City. The purchase price was undisclosed. Frontier Justice a retail destination founded in 2015 by Mike and Bren Brown, offers firing ranges, a café and an exclusive fashion boutique that sells a variety of men’s and women’s apparel, jewelry and home décor. Judd Dunning of DWG Capital Group arranged debt financing for MAG Capital Partners, which is a Texas-based private investment firm founded by Dax Mitchell and Andrew Gi. The transaction marks the second sale-leaseback that MAG Capital Partners has completed in the Kansas City market.

March 14, 2022

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