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JLL Brokers $59M Sale of Apartment Community Near Minneapolis

by Kristin Harlow July 28, 2021

FRIDLEY, MINN. — JLL Capital Markets has brokered the sale of The Cielo Apartments in the Minneapolis suburb of Fridley for $59 million. The 269-unit complex features floor plans that range in size from 586 to 1,345 square feet. Amenities include a fitness center, game room, community room, study area, walking paths and secured parking. Dan Linnell, Mox Gunderson, Josh Talberg and Adam Haydon of JLL represented the seller, Trident Development. Peak Capital Partners was the buyer. JLL also worked on behalf of the new owner to secure a seven-year, $44.2 million acquisition loan through Freddie Mac.

July 28, 2021

Acquisitions North Carolina Office Southeast

CP Group Purchases 370,000 SF Harris Corners Office Campus in Charlotte

by Julia Sanders July 27, 2021

CHARLOTTE, N.C. — CP Group has purchased Harris Corners, a 370,000-square-foot office campus located at 9115 Harris Corners Parkway in Charlotte. CP Group and Siguler Guff, a private equity investment firm based in New York, purchased the property in a joint venture. The sales price and seller were not disclosed. Built between 2000 and 2006, Harris Corners includes two five-story buildings and one four-story building. Property amenities include a conference facility, tenant lounge with a café, fitness center, food truck program and a central courtyard. The property is also home to a newly constructed Courtyard/Residence Inn. Harris Corners is located 14.7 miles north of the Charlotte Douglas International Airport. Following the acquisition, CP Group will renovate the common areas and amenities while implementing its Class A management and tenant service programs. Formerly known as Crocker Partners, CP Group is a Boca Raton, Fla.-based owner-operator and developer of commercial real estate.

July 27, 2021

Acquisitions Midwest Multifamily Wisconsin

JLL Brokers $53M Sale of Apartment Community in Milwaukee

by Kristin Harlow July 27, 2021

MILWAUKEE — JLL Capital Markets has brokered the sale of Vim + Vigor in Milwaukee for $53 million. Constructed in 2019, the 274-unit apartment community is located in the city’s Brewery District, which was once home to Pabst Brewing Co. The property comprises two buildings and was more than 90 percent leased at the time of sale. Units range from 376 to 1,340 square feet. The property features 7,050 square feet of ground-floor retail space, a 237-parking garage, courtyard, fitness center, home brewing studio and conference rooms. Wick Kirby, Amanda Friant and Jaime Fink of JLL represented the sellers, Milhaus Development and The Davis Cos. Weidner Apartment Homes was the buyer.

July 27, 2021

Acquisitions Office Utah Western

Sterling Realty Organization Acquires 541,678 SF Office Portfolio Near Salt Lake City

by Amy Works July 27, 2021

DRAPER, UTAH — Bellevue, Wash.-based Sterling Realty Organization has purchased Vista Station, a Class A office portfolio in Draper. A joint venture between The Boyer Co. and Gardner Co. sold the asset for an undisclosed price. Located within Vista Station Office Park, the portfolio consists of four buildings totaling 541,678 square feet. Constructed from 2016 to 2018, the buildings feature solar panels and immediate access to FrontRunner at Draper Station. Kip Paul of Cushman & Wakefield and Eli Mills of CBRE represented the seller, while the buyer was self-represented in the transaction.

July 27, 2021

Acquisitions Multifamily Texas

Keener Investments Acquires 312-Unit Montelago Apartments in Houston’s Bay Area

by Taylor Williams July 27, 2021

HOUSTON — Locally based firm Keener Investments has acquired Montelago Apartments, a 312-unit multifamily community located in Houston’s Bay Area neighborhood. Built in 2004, the property features one-, two- and three-bedroom units with built-in desks, breakfast bars, individual washers and dryers and private balconies/patios. Amenities include a pool, fitness center, business center, coffee bar, a newly remodeled clubhouse and outdoor grilling stations. Keener will implement a value-add program and will also manage the property. The seller and sales price were not disclosed.

July 27, 2021

85-New-Brunswick-Ave.-Woodbridge-New-Jersey

Acquisitions Industrial New Jersey Northeast

Woodmont Sells 101,425 SF Distribution Center in Woodbridge, New Jersey

by Taylor Williams July 27, 2021

WOODBRIDGE, N.J. — Woodmont Industrial Partners has sold a 101,425-square-foot distribution center in Woodbridge, about 30 miles south of New York City. Woodmont completed construction of the property in the second quarter and subsequently executed a lease with Bentley Labs, a formulator and provider of beauty products. The property features a clear height of 36 feet and 12 dock doors with the option to expand to 24. The buyer was Denver-based EverWest Real Estate Investors.

July 27, 2021

Acquisitions Georgia Retail Southeast

SRS Brokers Sale of 178,930 SF Shopping Center in Athens, Georgia

by Julia Sanders July 26, 2021

ATHENS, GA. — SRS Real Estate Partners has brokered the sale of Athens West, a 178,930-square-foot shopping center in Athens. SomeraRoad, a New York-based commercial real estate investment and development firm, sold the property for $16 million to an entity doing business as Trinity Apex LLC. Kyle Stonis and Pierce Mayson of SRS represented the seller, and the buyer was self-represented in the transaction. Athens West is anchored by Big Lots, America’s Thrift, American Freight, BioLife and Citi Trends. Additional tenants at the property include Anytime Fitness, CiCi’s Pizza, Metro PCS, H&R Block, Direct Insurance and Domino’s Pizza. Roughly 42,000 square feet of new tenants have joined the center since 2019. The shopping center is located at 3190 Atlanta Highway, about 7.2 miles from the University of Georgia’s campus.

July 26, 2021

Acquisitions Multifamily Texas

SWBC Sells 248-Unit Falconhead Apartments in Austin

by Taylor Williams July 26, 2021

AUSTIN, TEXAS — Multifamily developer SWBC has sold Falconhead Apartments, a 248-unit community in the Bee Cave/Lakeway submarket of Austin. Built in 2003, the property features one-, two- and three-bedroom units and amenities such as a pool, spa, outdoor grilling areas, clubhouse, fitness center and a dog park. Kelly Witherspoon, Michael Gonzalez and Justin Cole of Berkadia represented SWBC, which purchased the property in 2019 and implemented a value-add program, in the transaction. The buyer was Texas-based investment firm Domain Communities.

July 26, 2021

Acquisitions California Office Western

Invesco Sells Five-Building Westlake Park Place Office Campus in California for $80.8M

by Amy Works July 26, 2021

WESTLAKE VILLAGE, CALIF. — Invesco Real Estate has completed the disposition of Westlake Park Place, a five-building office campus located in Westlake Village. A partnership between Amstar and Searles Property Group purchased the asset for $80.8 million. Delivered in 2008, Westlake Park Place features 239,003 rentable square feet of office space. At the time of sale, the property was 85 percent leased to a diverse mix of tenants. Kevin Shannon, Rob Hannan, Ken White and Laura Stumm of Newmark represented the seller in the deal.

July 26, 2021

Acquisitions Healthcare Life Sciences Northeast Office Pennsylvania

TUFF, Collaborative Real Estate Acquire 160,000 SF Life Sciences Facility in Pittsburgh

by Taylor Williams July 26, 2021

PITTSBURGH — A partnership between nonprofit developer The University Financing Foundation (TUFF) and full-service firm Collaborative Real Estate has acquired Bridgeside Point, a 160,000-square-foot life sciences facility in Pittsburgh. The property is located adjacent to the University of Pittsburgh and Carnegie Mellon University campuses and includes lab, office and academic space. Patterson Real Estate Advisory Group arranged acquisition financing for the deal through Georgia-based Ameris Bank.

July 26, 2021

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