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JBG Smith, Landmark Partners Sell 500 L’Enfant Plaza Office Building in D.C. for $167M

by Julia Sanders September 22, 2021

WASHINGTON, D.C. — JBG Smith and Landmark Partners, an Ares Co, have sold 500 L’Enfant Plaza, a 215,000-square-foot office property in Washington, D.C. The buyer, which purchased the property for $167 million, was not disclosed. Jim Meisel and Matt Nicholson of JLL represented JBG Smith in the sale. Delivered in 2019 and designed by ZGF Architects, 500 L’Enfant Plaza is a LEED Gold-certified property. The plaza was 96 percent leased to seven tenants at the time of the sale. The building serves as Urban Institute’s global headquarters and is home to other tenants including Cobec Consulting, Noblis and the Office of the Inspector General for the Washington Metropolitan Area Transit Authority.

September 22, 2021

Acquisitions Industrial Midwest Wisconsin

Zilber Purchases 525,000 SF Industrial Portfolio in Janesville, Wisconsin

by Kristin Harlow September 22, 2021

JANESVILLE, WIS. — Zilber Property Group has purchased an industrial portfolio spanning four buildings and 525,000 square feet in southern Wisconsin’s Janesville. The purchase price and seller were not disclosed. Ranging in size from 45,000 square feet to 250,000 square feet, the buildings are fully occupied by Cummins Inc., Pepsi, National Food Distributors and Panoramic. The properties are located at 101 W. Venture Drive, 505 S. Wuthering Hills Drive, 1700 E. Delavan Drive and 525 E. Conde St.

September 22, 2021

Acquisitions Arizona Multifamily Western

Virtú Investments Sells Peak 16 Apartment Community in Phoenix for $81.3M

by Amy Works September 22, 2021

PHOENIX — Virtú Investments has completed the sale of Peak 16, an apartment community located in Phoenix, to an institutional investment manager for $81.3 million, or $349,142 per unit. Built in 2018 on four acres, Peak 16 features 233 apartments, a heated and chilled swimming pool, media room, dry cleaning service, fitness center and guest apartment. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

September 22, 2021

Acquisitions Multifamily Texas

Joint Venture Acquires 271-Unit Grand at LaCenterra Apartment Complex in Metro Houston

by Taylor Williams September 22, 2021

KATY, TEXAS — A joint venture between global investment firm AXA IM Alts and RPM Living has acquired Grand at LaCenterra, a 271-unit apartment complex in the western Houston suburb of Katy. The Class A property was built in 2016 and offers studio, one-, two- and three-bedroom units that are furnished with stainless steel appliances, quartz countertops, walk-in closets and private balconies/patios. Amenities include a pool, fitness center, game room, conference facilities, library, outdoor kitchen and a package locker system. The seller and sales price were not disclosed.

September 22, 2021

Acquisitions Illinois Midwest Multifamily

Becovic Acquires 73-Unit Multifamily Property in Chicago for $9.8M

by Kristin Harlow September 21, 2021

CHICAGO — Becovic, a Chicago-based multifamily owner and operator, has acquired 6758 N. Sheridan in Chicago’s Rogers Park neighborhood for $9.8 million. Originally built in 1974, the 73-unit multifamily property features 29 studios and 44 one-bedroom floor plans. Rick Ofman and Danny Logarakis of Kiser Group represented both Becovic as well as the seller, The Vranas Family Trust.

September 21, 2021

Acquisitions Multifamily Seniors Housing Texas

JLL Negotiates Sale of Two Active Adult Communities in Dallas Area Totaling 360 Units

by Taylor Williams September 21, 2021

ARLINGTON AND PLANO, TEXAS — JLL has negotiated the sale of The Orchards at Arlington Heights and The Orchards at Market Plaza, two active adult communities In the Dallas area totaling 360 units. The second community is located in Plano. The age-restricted properties offer amenities such as clubhouses, pools, movie theaters, game rooms, salons, fitness centers, gift-wrapping stations and activity rooms. Cody Tremper and Mike Garbers of JLL represented the seller, Kompass Kapital Management LLC, in the transaction. The buyer was Capitol Seniors Housing.

September 21, 2021

Acquisitions California Multifamily Western

Opportunity Housing Group, CSCDA Acquire Waterscape Apartments in Fairfield, California for $70M

by Amy Works September 21, 2021

FAIRFIELD, CALIF. — Opportunity Housing Group and the California Statewide Communities Development Authority (CSCDA) have partnered to purchase Waterscape Apartments, a multifamily property located at 3001 N. Texas St. in Fairfield. A joint venture between Angelo Gordon and Glencrest Group sold the asset for $70 million. The 180-unit community will offer rents reduced to be affordable to low- to moderate-income individuals and families. On-site amenities includes a swimming pool, spa, picnic area with barbecue grills, a fireplace with lounge seating, package concierge, clubhouse, business center, fitness center, playground, dog park, gated access and 326 open, covered and garage parking spots. Opportunity Housing Group is a Danville-based company focused on creating workforce housing in California. The company acquired the property in partnership with CSCDA using CSCDA’s Workforce Housing Program. Under this structure, middle-income workers, including teachers, first responders, civil employees and others, are offered discounted rents at the property that align with their incomes and have capped annual increases. Salvatore Saglimbeni, Philip Saglimbeni, Stanford Jones and Alex Tartaglia of Institutional Property Advisors, a division of Marcus & Millichap, brokered the transaction.

September 21, 2021

Acquisitions Development New York Northeast Office Top Stories

Google to Acquire St. John’s Terminal Office Redevelopment in Manhattan for $2.1B

by John Nelson September 21, 2021

NEW YORK CITY — Google has announced plans to acquire St. John’s Terminal, a 1.3 million-square-foot office redevelopment underway in Manhattan that will anchor the search engine giant’s Hudson Square campus. Google (NASDAQ: GOOGL) intends to purchase the development site at 550 Washington St., which the company signed a lease agreement for in 2018, for approximately $2.1 billion. The company is exercising its purchase agreement with the landlord and developer, an ownership group comprising Toronto-based Oxford Properties Group and CPP Investments, according to The Wall Street Journal. The Journal also reports the transaction is the most expensive sale of a single U.S. office building since the start of the COVID-19 pandemic, citing data from research firm Real Capital Analytics. The sale is also among the priciest for a single office property in U.S. history. Google plans to open its offices at 550 Washington by mid-2023. Although the company expects to operate the office with a flexible hybrid approach to in-office versus work-from-home concepts in the wake of the COVID-19 pandemic, Google says that “coming together in person to collaborate and build community will remain an important part of our future.” The St. John’s Terminal transaction is expected to close in …

September 21, 2021

Acquisitions California Restaurant Retail Western

Phillips Edison Sells 96,224 SF Atwater Marketplace in Central California

by Amy Works September 20, 2021

ATWATER, CALIF. — Phillips Edison & Co. has completed the disposition of Atwater Marketplace, a shopping center located at 1601-1853 Bellevue Road in Atwater. A Los Angeles-based private investor acquired the property for an undisclosed price. Kevin Fryman and Eric Wohl of Hanley Investment Group represented the seller, while Brett Visintainer of Visintainer Group of Fresno represented the buyer in the deal. The 96,224-square-foot Atwater Marketplace was 100 percent occupied at the time of sale. Current tenants include Save Mart, CVS/pharmacy, Ace Cash Express, Baskin Robbins, Chase, Chinese Kitchen, Freeway Insurance, GameStop, Great Clips, Merco Credit Union, Rebobank, RE/MAX, Roundtable Pizza and Sourdough & Co.

September 20, 2021

Acquisitions Industrial Texas

CBRE Negotiates Sale of 387,838 SF Harris Ridge Business Center in North Austin

by Taylor Williams September 20, 2021

AUSTIN, TEXAS — CBRE has negotiated the sale of Harris Ridge Business Center, a 387,838-square-foot industrial park in North Austin. Harris Ridge consists of five buildings that were constructed in phases between 2008 and 2021. The park was fully leased at the time of sale to a roster of 11 tenants with an average suite size of 32,392 square feet. Boston-based TA Realty purchased the property from Austin-based HPI Real Estate Services for an undisclosed price. Randy Baird, Jonathan Bryan, Ryan Thornton and Eliza Bachhuber of CBRE brokered the deal on behalf of HPI.

September 20, 2021

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