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Bascom Group Buys Sun Chase Apartment Community in Las Vegas for $40.5M

by Amy Works December 22, 2021

LAS VEGAS — The Bascom Group has purchased Sun Chase, an apartment property in Las Vegas, in an off-market transaction for $40.5 million, or $202,500 per unit. The name of the seller was not released. Annie Rice and Jamie Kline of JLL Capital Markets sourced the acquisition loan from ACRE Credit for the purchase. Scott McClave and Tom Gilfillan of Bascom oversaw the acquisition for Bascom. Constructed in 1984/1985, Sun Chase features 200 apartments in a mix of one- and two-bedroom floor plans. Community amenities include a fitness center, resident clubhouse, pool, barbecue area and putting green. Bascom plans to modernize the fitness center, clubhouse and pool areas while repurposing the putting green into a central park with a play structure, barbecue station, seating areas and landscaping.

December 22, 2021

Acquisitions Illinois Midwest Multifamily

Kiser Group Brokers $6.8M Sale of Apartment Building in Naperville, Illinois

by Kristin Harlow December 22, 2021

NAPERVILLE, ILL. — Kiser Group has brokered the $6.8 million sale of The Washington in the Chicago suburb of Naperville. Located at 720 N. Washington St., the building includes eight luxury apartment units and 6,500 square feet of commercial space. The property was built in 2018. The commercial space is leased to Great Western Flooring and Gantos Dental Group. Ron Plonis of Kiser represented the undisclosed buyer. Brian Karmowski of Essex Realty Group Inc. represented the seller, a development group led by Joshua Voit.

December 22, 2021

Acquisitions California Life Sciences Western

CBRE Investment Management Fund Buys 1 MSF Life Sciences Portfolio in San Francisco’s Mission Bay

by Amy Works December 21, 2021

SAN FRANCISCO — A fund sponsored by CBRE Investment Management, formerly known as CBRE Global Investors, has acquired a majority stake in two life sciences portfolios in the Mission Bay submarket of San Francisco. The fund made the investment, which includes a total of 1 million square feet of Class A life sciences space, through a joint venture with a life science property developer/operator that developed the portfolios. The first portfolio, located at 409/499 Illinois St. and 1500 Owens St., includes three purpose-built life sciences facilities totaling 644,788 square feet. Situated on a 4.8-acre waterfront, the buildings feature 15-foot clear heights, an outdoor plaza with public art, two on-site restaurants, a rooftop deck, fitness center and an outdoor garden. The properties are LEED Gold and Silver certified. The second portfolio, located at 455 Mission Bay Blvd. South, 1450 Owens St. and 1700 Owens St., includes two existing buildings, which total 375,604 square feet, and a 212,796-square-fot purpose-built life sciences development that is scheduled for construction to start in first-quarter 2022. The properties are LEED Gold certified.

December 21, 2021

Acquisitions Multifamily Texas

CBRE Negotiates Sale of Two Metro Houston Multifamily Properties Totaling 602 Units

by Taylor Williams December 21, 2021

KATY AND PEARLAND, TEXAS — CBRE has negotiated the sale of two multifamily properties totaling 602 units in the Houston area. Spencer Park Row is a 390-unit community located in the western suburb of Katy, and Tranquility Lakeside is a 212-unit complex located in the southern suburb of Pearland. The properties were respectively built in 2002 and 2004 and offer one-, two- and three-bedroom units. Clint Duncan and Matt Phillips of CBRE represented the undisclosed seller in the transaction. James D’Argenio and Chang Liu represented the buyer, California-based investment firm Bascom Group, on an internal basis. Michael Thompson and Travis Fincher of CBRE arranged acquisition financing through a fund backed by Oaktree Capital.

December 21, 2021

Acquisitions Illinois Midwest Office

Cushman & Wakefield Brokers $41.7M Sale of Office Property in Chicago

by Kristin Harlow December 21, 2021

CHICAGO — Cushman & Wakefield has brokered the $41.7 million sale of 1100 West Fulton, a 45,380-square-foot office property in Chicago’s Fulton Market. Fulton Street Cos. and Huizenga Capital Management completed development of the five-story building in 2020. Furniture company Herman Miller occupies space at the property on a long-term lease. Cody Hundertmark, David Knapp, Tom Sitz, Dan Deuter and Paul Lundstedt of Cushman & Wakefield represented the sellers. Zagame Corp. was the buyer. The transaction sets a new per-square-foot record for Chicago office investment sales, according to Cushman & Wakefield.

December 21, 2021

Acquisitions Company News New York Northeast Office Retail Top Stories

American Finance Trust to Acquire Shopping Center Portfolio for $1.3B, Sell Office Assets as Part of Corporate Rebrand

by John Nelson December 21, 2021

NEW YORK CITY — American Finance Trust Inc. (NASDAQ: AFIN) has entered into a definitive agreement to acquire a portfolio of 81 retail centers from CIM Real Estate Finance Trust, a REIT managed by Los Angeles-based CIM Group. The transaction is valued at $1.32 billion. The 9.5 million-square-foot portfolio comprises power retail and grocery-anchored shopping centers, as well as two single-tenant properties. The weighted average lease term of the portfolio is five years, according to CIM. The names and locations of the retail properties were not disclosed. The transaction price comprises primarily cash considerations, as well as $53.4 million in AFIN’s stock and additional considerations based on performance metrics achieved in the first 180 days after closing. The transaction is scheduled to close in the first quarter of 2022. “This immediately accretive off-market transaction represents a unique value creation opportunity,” says Michael Weil, CEO of AFIN. “We are adding significant scale while further enhancing our best-in-class portfolio with pandemic-tested assets on accretive terms.” For CIM Real Estate Finance Trust, the sale repositions the REIT’s retail portfolio to 437 credit-leased retail properties with a weighted average lease term of 10.8 years. The remaining portfolio totals 13.2 million square feet across 45 …

December 21, 2021

Acquisitions Multifamily Texas

Newmark Brokers Sale of 224-Unit Waterford Park Apartments in San Antonio

by Taylor Williams December 20, 2021

SAN ANTONIO — Newmark has brokered the sale of Waterford Park, a 224-unit apartment community in northeast San Antonio that was built in 2008. The property offers one-, two- and three-bedroom units and amenities such as a pool, fitness center, coffee lounge, business center and a dog park. Matt Michelson of Newmark represented the seller, Kansas City-based development and investment firm Cohen-Esrey, in the transaction. San Antonio-based REEP Equity purchased the asset for an undisclosed price. Waterford Park was 96 percent occupied at the time of sale.

December 20, 2021

Acquisitions Office Utah Western

Arden Group, Vesta Realty Partners Acquire 318,831 SF Office Portfolio Near Salt Lake City

by Amy Works December 20, 2021

DRAPER, UTAH — Arden Group, in partnership with Vesta Realty Partners, has purchased a portfolio of office properties in Draper. Collectively known as 136 Center, the two-building portfolio features 318,831 square feet of office space spread across two adjacent, six-story buildings. The transaction also includes a land parcel that allows for additional development. The portfolio includes 13693 South 200 West, a built-to-suit office building for Dealertrack, a provider of digital solutions to the automotive retail industry. Dealertrack leases 112,900 square feet of the 163,725-square-foot building and the remaining space is occupied by a diverse mix of tenants, including Gold Standard Automotive, Summit Sotheby’s International and NAV Technologies. The second building, located at 13707 South 200 West, is a 155,106-square-foot property that serves as the corporate headquarters for Divvy, a financial technology company. Walker & Dunlop served as exclusive advisor to Arden Group and Vesta Realty Partners and brokered the financing for the transaction.

December 20, 2021

Acquisitions Development Florida Mixed-Use Southeast

Avison Young Arranges $105M Sale of Mixed-Use Development Site in Miami

by Julia Sanders December 20, 2021

MIAMI — Avison Young has arranged the $105 million sale of approximately three acres called Biscayne Place in Miami for a future mixed-use development. Michael Fay, John Crotty, David Duckworth, Brian de la Fe and Berkley Bloodworth of Avison Young represented the seller, Midgard Group. Joel Rodriguez of Global Investments Realty represented the buyer, Miami-based Melo Group. Construction has not started and the development timeline was not disclosed. Melo Group plans to build apartments, condominiums and retail across four 60-story towers at the Biscayne Place land site. Located within an opportunity zone at 1700 Biscayne Blvd., Biscayne Place will be situated near Miami’s Arts & Entertainment District between Biscayne Boulevard and Northeast Second Avenue. The site is currently home to a Burger King, a two-story mixed-use commercial building, parking lots and several vacant parcels.

December 20, 2021

Acquisitions Illinois Midwest Multifamily

Interra Realty Brokers $2.5M Sale of Chicago Apartment Building Featuring Taco Bell Cantina

by Kristin Harlow December 20, 2021

CHICAGO — Interra Realty has brokered the sale of 1439 N. Milwaukee Ave. in Chicago’s Wicker Park neighborhood for $2.5 million. The building is home to five apartment units and 2,000 square feet of street-level retail space that is leased to Taco Bell Cantina, which selected the property for its first cantina location in the U.S. The building was originally constructed in 1878. All the apartments were fully leased at the time of sale. Joe Smazal of Interra represented the private seller. Danny Spitz of Greenstone Partners represented the undisclosed buyer.

December 20, 2021

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