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Harrison Street Sells Two Student Housing Portfolios Totaling Over 23,000 Beds for Combined $1.9B

by Kristin Harlow December 1, 2021

CHICAGO — Chicago-based Harrison Street has sold two student housing portfolios totaling over 23,000 beds for a combined $1.9 billion. The firm sold a 12-property portfolio totaling 8,182 beds to Global Student Accommodation (GSA) and a 25-property portfolio totaling 15,817 beds to a joint venture affiliated with The Scion Group. Both transactions were brokered by Peter Katz and Institutional Property Advisors (IPA) Student Housing. The portfolio sold to GSA — which includes The Hub at Tucson near the University of Arizona — is located across 12 university markets. The communities were owned by three distinct Harrison Street funds and four co-investment vehicles. GSA’s operating partner, Yugo, will provide management and oversight of the portfolio. Wells Fargo Bank provided financing for the senior acquisition loan, which was arranged by TSB Capital Advisors on behalf of GSA, with legal and tax advice provided by Greenberg Traurig. The portfolio acquired by a joint venture affiliated with Scion is located across 19 university markets and was owned through four separate Harrison Street funds and three co-investment vehicles. “The two large-scale transactions reflect Harrison Street’s longstanding strategy of acquiring or developing individual assets at leading universities, executing on defined business plans and exiting via strategic portfolio sales,” …

December 1, 2021

Acquisitions California Office Western

KBS Sells 99,552 SF Office Building in San Jose to Menlo Equities for $35M

by Amy Works November 30, 2021

SAN JOSE, CALIF. — KBS Real Estate Investment II has completed the disposition of 300 Holger Way, a Class A office building in San Jose. An affiliate of Menlo Equities acquired the property for $35 million. Constructed in 2000 and fully renovated in 2019, the three-story building features 99,552 square feet of office space on 4.8 acres. KBS invested more than $3 million in renovations to the property, including new interiors, upgraded exteriors, landscaping, a new outdoor amenity area, an upgraded parking lot and new HVAC system. The building is part of the eight-building District 237 office park, which KBS originally acquired in 2013. The 300 Holger Way property is the final asset to sell in the office park. Joseph Moriarty, Scott Prosser, Jack Depuy, Brad Zampa and Mike Walker of CBRE represented KBS in the transaction.

November 30, 2021

Acquisitions Indiana Industrial Midwest

MAG Capital Partners Acquires Indiana Industrial Facility in Sale-Leaseback Transaction

by Kristin Harlow November 30, 2021

CAMPELLSBURG, IND. — MAG Capital Partners LLC has acquired the global headquarters building of Metal Powder Products (MPP) in Indiana. The purchase price of the sale-leaseback transaction was not disclosed. The nearly 16-acre property is located at 596 W. Oak St. in Campbellsburg, about 47 miles northwest of Louisville. MAG Capital Partners also purchased four of MPP’s industrial properties in Pennsylvania for a total portfolio consideration of 500,000 square feet. Newmark’s JC Asensio, Andrew Sandquist and Briggs Goldberg represented MPP in the sale. MAG Capital Partners, a private investment firm led by Dax Mitchell and Andrew Gi, is based in Fort Worth, Texas.

November 30, 2021

Acquisitions California Office Top Stories Western

ViacomCBS Agrees to Sell CBS Studio Center in Los Angeles for $1.85B

by John Nelson November 30, 2021

LOS ANGELES — ViacomCBS Inc. (NASDAQ: VIAC, VIACA) has entered into a definitive agreement to sell CBS Studio Center in Los Angeles to a partnership formed by Hackman Capital Partners LLC and Square Mile Capital Management LLC. The sales price of approximately $1.85 billion includes associated businesses of CBS that operate within the 1 million-square-foot complex. Situated on a 55-acre site in the Los Angeles neighborhood of Studio City, the property includes 22 stages, production offices and support buildings, third-party tenant offices, the Broadcast Center and filmable backlot locations. Shows filmed at the studio over the years have included Seinfeld, Mary Tyler Moore, Parks and Recreation, The Talk, It’s Always Sunny in Philadelphia, That 70’s Show and Gunsmoke. At closing, ViacomCBS subsidiary CBS Broadcasting Inc. will enter into a long-term leaseback of the Broadcast Center, which is home to TV stations CBS 2 and KCAL 9. ViacomCBS will continue to occupy stages and produce content on the lot, as well as enter into a short-term leaseback of certain portions of the property in order to manage the transition of its employees to other locations. “This sale is part of an ongoing optimization of ViacomCBS’ real estate and operations portfolio and …

November 30, 2021

Acquisitions Florida Mixed-Use Office Retail Southeast

Joint Venture Acquires 120,000 SF Mixed-Use Property in North Palm Beach, Florida

by Julia Sanders November 29, 2021

NORTH PALM BEACH, FLA. — American Commercial Realty Corp., a Palm Beach Gardens-based commercial real estate firm, and Investment Capital Partners, a commercial real estate firm based in Connecticut, have acquired Crystal Cove Commons, a mixed-use property in North Palm Beach totaling over 120,000 square feet of commercial space. The seller and sales price were not disclosed. Crystal Cove Commons includes 73,738 square feet of retail space and 46,787 square feet of office space on three floors. The property is anchored by Cod & Capers, a seafood market and restaurant, as well as Cucina Cabana, a fine Italian dining and entertainment attraction. Stormhouse Brewery, a family-owned brewpub, also recently joined the tenant roster. Other tenants include Fuse Specialty Appliances, USA Tile & Marble, Crystal Tree Carpet by STARK, Cabinets by Lenore and The Ice Cream & Yogurt Club. In total, more than 50 businesses call the center their home, many of which have been in the plaza for more than thirty years. The mixed-use property is situated along US 1 just south of PGA Boulevard. Built in 1982, Crystal Cove Commons was substantially renovated between 2017 and 2019.

November 29, 2021

Acquisitions Multifamily Texas

DB Capital Acquires 352-Unit Salado Springs Apartments in San Antonio

by Taylor Williams November 29, 2021

SAN ANTONIO — Los Angeles-based investment firm DB Capital Management has acquired Salado Springs, a 352-unit apartment community located on the north-central side of San Antonio. According to Apartments.com, the property offers one-, two- and three-bedroom units and amenities such as a pool, playground, fitness center, clubhouse, pet play area and a media room. San Francisco-based Hamilton Zanze sold the property, which was originally built in 1997, to DB Capital for an undisclosed price. The new ownership plans to invest about $6.5 million in capital improvements and to rebrand the property as Summit at Salado Springs.

November 29, 2021

Acquisitions California Multifamily Western

MG Properties Buys 168-Unit Apartment Community in Martinez, California

by Amy Works November 29, 2021

MARTINEZ, CALIF. — San Diego-based MG Properties Group has acquired Maris at Martinez, a multifamily property located at 142 Fig Tree Lane in Martinez. Terms of the transaction were not released. Formerly known as Terra Martinez, the 168-unit community was built in 1985. Salvatore Saglimbeni, Stanford Jones, Philip Saglimbeni and Alexander Tartaglia of Institutional Property Advisors, a division of Marcus & Millichap, represented the undisclosed seller. Institutional investors advised by JP Morgan Asset Management provided mortgage financing for the acquisition. Bryan Frazier, Andrew Schoene and Blake Hockenbury of Walker & Dunlop arranged the acquisition financing.

November 29, 2021

Acquisitions Iowa Midwest Multifamily Student Housing

Centurion Property Group Acquires 422-Bed Student Housing Community Near Iowa State for $25M

by Kristin Harlow November 29, 2021

AMES, IOWA — Centurion Property Group has acquired Aspen Ames, a 422-bed student housing community located near the Iowa State University campus in Ames, for $25 million. Built in 2017, the property offers a mix of two-, three- and four-bedroom floorplans with bed-to-bath parity across four buildings. Shared amenities include a fitness center, game room, computer lab and study room. Centurion plans to begin renovations on the community and add a pet park and basketball court. Asset Living has been tapped to manage the property, which will be renamed The ONE at Ames. Scott Clifton and Stewart Hayes of JLL represented the undisclosed seller in the transaction. Aspen Ames marks the company’s third student housing acquisition in the past 18 months.

November 29, 2021

Acquisitions Multifamily North Carolina Southeast

Cushman & Wakefield Arranges $75M Sale of Country Club Apartments in Charlotte

by Julia Sanders November 24, 2021

CHARLOTTE, N.C. — Cushman & Wakefield has arranged the $75 million sale of Country Club, a 454-unit apartment community in Charlotte. Watson Bryant and Brooks Colquitt of Cushman & Wakefield represented the seller, New York-based JEM Holdings, in the transaction. New Jersey-based Concordia Properties acquired the property. Built in 1969, the Country Club offers one-, two- and three-bedroom floorplans that range in size from 647 to 1,405 square feet. The units include in-unit washers and dryers, vinyl flooring and walk-in closets. Community amenities include two playgrounds, a common lounge area, laundry facilities, soccer field and a pool. The property was 97 percent occupied at the time of sale. Located at 2332 Dunlavin Way, Country Club is situated near the 78-acre mixed-use Eastland Mall redevelopment located close to the future Lynx Gold Line stop at Eastway Drive. The property is also situated 5.8 miles from downtown Charlotte and 13.4 miles from Charlotte Douglas International Airport.

November 24, 2021

Acquisitions Multifamily Washington Western

Security Properties Divests of Panorama House Apartments in Downtown Seattle for $120M

by Amy Works November 24, 2021

SEATTLE — Security Properties has sold Panorama House, a multifamily community in Seattle, to an undisclosed buyer for $120 million. Located at 1100 University St., the 18-story Panorama House features 179 apartments in a mix of studio, one-, two- and three-bedroom floor plans, as well as four penthouse homes on the upper level each featuring at least one private courtyard. The property also includes a 1,300-square-foot fitness center, regulation-sized bocce ball and shuffleboard courts, a demonstration kitchen, resident lounges, an outdoor pool and three levels of underground parking. At the time of sale, the property was 99 percent leased. The property offers panoramic views of downtown Seattle, the Olympic Mountains, Mount Rainier, Lake Union and Elliot Bay. Originally built in 1962, Panorama House underwent an $18 million renovation in 2016. Updates included new lighting, cabinetry, appliances and fixtures installed within the apartments. Additionally, floorplans were renovated to open kitchens to the living area and new fiber-optic high-speed data and cable wiring was installed. Jon Hallgrimson, Eli Hanacek, Mark Washington and Kyle Yamamoto of CBRE Capital Markets in Seattle represented the seller in the deal.

November 24, 2021

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