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CBRE Investment Management Agrees to Acquire Logistics Portfolio in US, Europe from Hillwood for $4.9B

by John Nelson January 4, 2022

NEW YORK CITY AND DALLAS — CBRE Investment Management has agreed to acquire a portfolio of logistics real estate assets in the United States and Europe from Hillwood Investment Properties, an industrial developer and owner based in Dallas. Under terms of the $4.9 billion acquisition agreement, affiliates of New York City-based CBRE Investment Management will purchase the 57-property, 28.4 million-square-foot portfolio from Hillwood. The transaction is subject to customary closing conditions, and CBRE Investment Management expects to close on the assets in stages. The portfolio includes 33 properties in the United States totaling 19.2 million square feet and 24 assets in Germany, Poland and the United Kingdom totaling 9.2 million square feet. “This milestone transaction reflects our ability to leverage the strong financial capacity of our parent company to secure compelling opportunities that help to drive strategic real assets solutions for our clients,” says Chuck Leitner, CEO of CBRE Investment Management. “Backed by a $35 billion AUM global logistics platform and a skilled team with deep domain expertise, we are positioned to be one of the world’s leading investors and operators of logistics assets.” The portfolio is one of several multi-market portfolio transactions in the industrial sector in the past …

January 4, 2022

Acquisitions Florida Hospitality Southeast

Caspers Co. Buys Current Hotel in Tampa for $85M

by Jeff Shaw January 3, 2022

TAMPA, FLA. — Current Rocky Point LLC, an affiliate of Tampa-based Caspers Co., has acquired The Current Hotel, an Autograph Collection hotel by Marriott in Tampa. The price was $85 million. Dave Weymer, Michael Weinberg, Preston Reid and Wyatt Krapf of Berkadia Hotels & Hospitality represented the seller, Rocky Point Holdings LLC, in the transaction. American Momentum Bank provided a $55 million loan to the buyer. Built in 2019, The Current Hotel features 180 rooms, the Julian Restaurant, Rox Rooftop Bar and a lobby bar. The hotel property also includes a private beach, infinity pool and waterfront views from every guestroom. Located at 2545 N. Rocky Point Drive, the hotel is 4.8 miles from the Tampa International Airport, 0.5 miles from East Tampa Beach and 15 miles from Clearwater. The property is also situated near restaurants such as Whiskey Joe’s Bar & Grill and Oystercatchers.

January 3, 2022

Acquisitions Illinois Midwest Multifamily

Kiser Group Brokers $117M Sale of Park Ridge Commons Multifamily Community in Des Plaines, Illinois

by Kristin Harlow January 3, 2022

DES PLAINES, ILL. — Kiser Group has brokered the $117 million sale of Park Ridge Commons in Des Plaines, a northwest suburb of Chicago. The garden-style multifamily property consists of 752 units across 47 buildings. Amenities include a clubhouse, lap pool, fitness center, tennis courts and laundry facilities. Matt Halper, Danny Mantis and Lee Kiser of Kiser Group represented the buyer, Bayshore Properties, and the seller, H.A. Langer & Associates. The seller had owned the property for 25 years. Dan Sacks and Eric Rosenstock of Greystone originated $103 million in acquisition financing through Fannie Mae.

January 3, 2022

Acquisitions Office Utah Western

Yama Point Purchases Seven-Story Office Building in Lehi, Utah

by Amy Works January 3, 2022

LEHI, UTAH — Yama Point LLC has acquired 333 N. Digital Drive, an office building in Lehi, from Utah Community Credit Union. The price was not disclosed. Yama Point plans to rebrand the seven-story, 74,257-square-foot property as Drive Tower. Drive Wealth Advisers, which provides financial planning, will occupy 10,755 square feet on the building’s top floor. David Nixon of JLL represented the buyer, while Josh Martin of Colliers International represented the seller in the transaction.

January 3, 2022

Acquisitions Industrial Northeast Pennsylvania

JLL Negotiates $24.4M Sale of Central Pennsylvania Distribution Center

by Taylor Williams January 3, 2022

HARRISBURG, PA. — JLL has negotiated the $24.4 million sale of a 254,449-square-foot distribution center in the West Shore area of Harrisburg. The multi-tenant facility was fully leased at the time of sale. Building features include clear heights of 24 feet, 27 dock-high doors, early suppression fast response (ESFR) sprinkler systems and ample car parking. John Plower, Ryan Cottone and Zach Maguire of JLL represented the seller, a fund managed by Penwood Real Estate Investment Management, in the deal. The buyer was New York-based investment firm Brickman.

January 3, 2022

Acquisitions Arizona Industrial Western

DAUM Commercial Negotiates Sale of 110,679 SF Industrial Property in Phoenix

by Amy Works December 23, 2021

PHOENIX — DAUM Commercial Real Estate Services has arranged the sale of an industrial asset in Phoenix’s Deer Valley submarket. The four-building property features 110,679 square feet of industrial space. California-based Greenwood & McKenzie sold the asset to Mountain West for an undisclosed price. Chris Rogers and Trevor McKendry of DAUM represented the seller and procured the buyer. Will Strong of Cushman & Wakefield also brokered the transaction. The buildings, which are fully leased to 38 tenants, are located at 23021, 23025, 23005 and 23015 N. 15th Ave. in Phoenix. The buildings offer 20-foot clear heights, two shared truck wells and 10-foot by 12-foot grade-level doors.

December 23, 2021

Acquisitions Illinois Midwest Multifamily

Waterton Acquires Two Apartment Towers Totaling 1,156 Units in Downtown Chicago

by Kristin Harlow December 23, 2021

CHICAGO — Chicago-based Waterton has acquired The Shoreham at Lakeshore East and The Tides at Lakeshore East in downtown Chicago. The purchase price was undisclosed, but Crain’s Chicago Business previously reported that the combined price could approach $400 million. The apartment towers total 1,156 units in the Lakeshore East neighborhood. The adjacent properties are situated directly south of the recently completed St. Regis Chicago, which rises 95 stories with 191 hotel and condo units. Both The Shoreham, which opened in 2005, and The Tides, which debuted in 2008, feature a 24-hour concierge, private club floor, outdoor pool, game room, fitness center, storage and parking. Waterton plans to upgrade unit fixtures and finishes, as well as modernize the common areas and amenity spaces. With this acquisition, Waterton’s Chicagoland portfolio now totals 10 communities with more than 6,600 units. John Jaeger, Dan Cohen and Justin Puppi of CBRE represented the seller, PNC Realty Investors.

December 23, 2021

Acquisitions Georgia Multifamily Southeast

Kaplan Residential Sells Apartment Community in Downtown Atlanta for $126.9M

by John Nelson December 23, 2021

ATLANTA — Kaplan Residential has sold Generation Atlanta, a 336-unit, 17-story high-rise apartment building located in downtown Atlanta. Frankforter Group purchased the community for $126.9 million. The sales transaction marks the largest multifamily sale in downtown Atlanta’s history, according to Kaplan Residential. Located at 369 Centennial Olympic Park Drive, Generation Atlanta offers studio apartments to two-bedroom units, spanning from 459 to 1,512 square feet, with monthly rents ranging from $1,600 to $3,650. Units feature quartz countertops, custom cabinetry, kitchen islands, stainless steel appliances, full-size washers and dryers, private balconies and smart keyless entry. Community amenities include an outdoor theater, rooftop pool and sundeck, bowling alley, EV charging stations, coffee bar, fitness center, yoga studio and a rooftop lounge that offers views of the Atlanta skyline. The property is located on a 1.8-acre land parcel close to Atlanta’s most notable landmarks, including Centennial Olympic Park, World of Coca-Cola, National Center for Civil & Human Rights, Georgia Aquarium, CNN Center, State Farm Arena and Mercedes-Benz Stadium.

December 23, 2021

Acquisitions New Jersey Northeast Office

CBRE Negotiates $16M Sale of Office Building in Roseland, New Jersey

by Taylor Williams December 23, 2021

ROSELAND, N.J. — CBRE has negotiated the $16 million sale of a 121,667-square-foot office building in the Northern New Jersey community of Roseland. At the time of sale, the property was 91 percent leased to tenants in the cybersecurity, legal and financial services sectors. Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Rich Gatto, Fahri Ozturk, Travis Langer and Zach McHale of CBRE represented the seller, a partnership between Northlight Capital Partners and Accordia Realty, in the transaction. The team also procured the buyer, New York-based investment firm Aresco Management.

December 23, 2021

Stonepost-at-Shadow-Creek-Ranch-Pearland

Acquisitions Multifamily Texas

Waterton Acquires 360-Unit Stonepost at Shadow Creek Ranch Apartments in Metro Houston

by Taylor Williams December 22, 2021

PEARLAND, TEXAS — Chicago-based investment firm Waterton has acquired Stonepost at Shadow Creek Ranch, a 360-unit apartment community located within the Shadow Creek master-planned community in the southern Houston suburb of Pearland. Built on 27.5 acres in 2010, the garden-style property offers one-, two- and three-bedroom units with an average size of 1,150 square feet. Amenities include a pool, fitness center, resident clubhouse, grilling area, billiards room, playground and a dog park. Waterton plans to upgrade the community’s unit interiors, mechanical systems, exterior landscaping and parking areas, as well as to rebrand the community as Sladestone at Shadow Creek Ranch. The seller and sales price were not disclosed.

December 22, 2021

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