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Universe Holdings Acquires Multifamily Property in Toms River, New Jersey, for $60M

by Taylor Williams June 28, 2021

TOMS RIVER, N.J. — Multifamily investment and management firm Universe Holdings has acquired Mariners Cove, a 225-unit townhome community in the coastal New Jersey city of Toms River, for $60 million. Built in 1972 and renovated in 2013, the waterfront property features two-bedroom units, about 90 percent of which offer water views. Amenities include a fitness center, playground and a pet play area, according to Apartments.com. Spencer Yablon of CBRE represented both Universe Holdings and the undisclosed seller in the transaction. Mariners Cove was 98 percent occupied at the time of sale.

June 28, 2021

Acquisitions California Healthcare Office Western

Angelo Gordon & Co. Sells Medical Office Building in Northern California to Morgan Stanley for $64.4M

by Amy Works June 25, 2021

BURLINGAME, CALIF. — Angelo Gordon & Co. has completed the disposition of a medical office building located at 1720 El Camino Real in Burlingame. Morgan Stanley acquired the asset for $64.4 million. The 106,018-square-foot building is immediately adjacent to the 241-bed, acute-care Sutter Health Mills-Peninsula Medical Center. The medical office building is anchored by Sutter Health, Stanford Health Care and DaVita. The property features recently renovated common areas and extensive medical buildouts, including a 10,300-square-foot endoscopy center in the Sutter Health space. The property also includes a five-story, 396-stall parking garage that provides direct access into the building from each floor. Steven Golubchik, Seth McKinnon, Ben Appel and Darren Hollak of Newmark’s Northern California Capital Markets team represented the seller in the deal.

June 25, 2021

Acquisitions Office Southeast Virginia

Finmarc Management Acquires Office Project in Northern Virginia for $33.6M

by Julia Sanders June 25, 2021

CHANTILLY, VA. — Finmarc Management Inc. has acquired Park East I, II and III, a three-building business park in Chantilly comprising nearly 200,000 square feet of flex and office space, for $33.6 million. Eric Berkman of Cushman & Wakefield represented the seller, PS Business Parks, and Joe Hoffman of Kelley Drye & Warren provided legal services to Finmarc. The Park East buildings are located on 23 acres in Fairfax County and were collectively 96 percent leased at the time of the transaction. The properties include a nearly 6.5-acre parcel that is suitable for a future development opportunity. Contained within the Park East Corporate Center, Park East I is located at 14150 Parkeast Circle, Park East II is situated at 14048 Parkeast Circle and Park East III is positioned at 13990 Parkeast Circle. Each building features both drive-in and dock-high loading options and free onsite parking. The properties are located close to Va. Routes 28 and 50 and Interstate 66, and Washington Dulles International Airport is approximately 9.4 miles from the site. The project features a mix of tenants including American Systems Corp., the Fairfax County Board of Supervisors and United Bank. Two golf clubs are located less than one mile …

June 25, 2021

Acquisitions Industrial Texas

Partnership Acquires 311,000 SF Forney Industrial Park in Metro Dallas

by Taylor Williams June 25, 2021

FORNEY, TEXAS — A partnership controlled by Dallas-based developers Gault Co. and RTG Capital LLC has purchased Forney Industrial Park, a 311,000-square-foot property located on the eastern outskirts of Dallas. The property consists of 32 buildings across 50 acres that are leased to a roster of 35 tenants. The seller and sales price were not disclosed. The new ownership is planning various upgrades and improvements to the property, including possibly adding additional buildings in the future. TAG Industrial Group, a division of Marcus & Millichap, brokered the deal.

June 25, 2021

Acquisitions Midwest Office Ohio

Stan Johnson Co. Arranges Sale of 70,876 SF Office Building in Cincinnati

by Kristin Harlow June 25, 2021

CINCINNATI — Stan Johnson Co. has arranged the sale of a 70,876-square-foot, Class A office building in Cincinnati for an undisclosed price. Liberty Mutual Insurance Co. occupies the building, which is located at 1876 Waycross Road within the Carillon Business Park. The building was originally completed in 2015, and tenant improvements were added earlier this year when Liberty Mutual relocated to the building from nearby Fairfield. Brad Pepin of Stan Johnson represented the seller, Nebraska-based Ameritas. NRED, a Kansas-based operating and investment firm, was the buyer.

June 25, 2021

Acquisitions Florida Multifamily Southeast

Estate Cos. Sells Soleste Alameda Apartments in West Miami for $83M

by Julia Sanders June 24, 2021

WEST MIAMI, FLA. — The Estate Cos. has sold Soleste Alameda, a new eight-story multifamily development in West Miami, for $83 million. Soleste Alameda features 306 rental units and is located at 6320 SW 8th St. Dallas-based Westdale Real Estate Investment and Management was the buyer. Completed in the second quarter of 2020, Soleste Alameda is over 90 percent occupied with a variety of studios, one- and two-bedroom units. The units feature modern kitchens, stainless steel appliances, porcelain floors, washer and dryer, private balconies, and impact-resistant windows and sliding glass doors. Community amenities for the property include a pool deck with sundeck and private cabanas, fitness center, parking with electric car charging stations, children’s playground, dry cleaning service and Luxer One package management technology. Other amenities include a resident entertainment lounge with a cyber café, al fresco dining and grilling areas. The Estate Cos. is a Miami-based developer, owner and operator of residential communities throughout South Florida.

June 24, 2021

Camino-Santa-Fe-Business-Park-San-Diego-CA

Acquisitions California Industrial Office Western

Hill Properties, Westport Capital Partners Buy 172,743 SF Business Park in San Diego

by Amy Works June 24, 2021

SAN DIEGO — An entity controlled by a joint venture between Hill Properties and Westport Capital Partners has purchased Camino Santa Fe Business Park, a seven-building industrial asset located in San Diego’s Miramar submarket. A global investment manager sold the campus for an undisclosed price. The sale also includes an 0.8-acre developable land parcel. Developed between 1983 and 1990, Camino Santa Fe Business Park consists of six multi-tenant industrial buildings and one office building located at 8320, 8340, 8360, 8375, 8380, 8395 and 8445 Camino Santa Fe. Totaling 172,743 square feet, the park features efficient ingress/egress, functional warehouse and office layouts, docks and grade loading and ample parking. Suites range from 835 square feet to 22,290 square feet. At the time of sale, the property was 91 percent leased to multiple tenants. Bryce Aberg, Jeff Cole, Jeff Chiate and Zach Harman of Cushman & Wakefield’s Industrial Investment Advisory Group in Southern California, together with Rick Reeder and Brad Tecca of the firm’s Capital Markets Group in San Diego, represented the buyer and seller in the deal. Additionally, Cushman & Wakefield’s Brant Aberg and Ryan Downing provided market leasing advisory for the transaction.

June 24, 2021

Acquisitions Illinois Industrial Midwest

Colliers Brokers Sale-Leaseback of Three Industrial Facilities Totaling 496,744 SF

by Kristin Harlow June 24, 2021

ELK GROVE VILLAGE AND NILES, ILL. — Colliers International Chicago has brokered the sale-leaseback of three industrial facilities totaling 496,744 square feet for an undisclosed price. GHP Group Inc. sold the properties to W. P. Carey. The portfolio includes a 225,006-square-foot facility at 1501 Nicholas Blvd. in Elk Grove Village and a 161,770-square-foot property at 6440 W. Howard St. in Niles. Additionally, the portfolio includes a 109,968-square-foot building in Guelph, Ontario near Toronto. Jeff Devine, Steve Disse, Brendan Green and Ron Jansen of Colliers represented Niles-based GHP Group, which is a manufacturer of seasonal products such as barbecues, heaters, fireplaces, water dispensers and filtration products.

June 24, 2021

Acquisitions Multifamily Texas

ShainRealty Capital Acquires Reflections at Highpoint Apartments in Dallas for $46.3M

by Taylor Williams June 24, 2021

DALLAS — Los Angeles-based investment firm ShainRealty Capital has acquired Reflections at Highpoint, a 373-unit apartment community in the Northwood Heights area of Dallas. The sales price was $46.3 million. Built in 1986, the property features one-, two- and three-bedroom units and amenities such as four pools, a fitness center, spa, package lockers and community gardens. Doug Banerjee, Andrew Mueller, Jack Stone and Hugo Reisenbichler of Greysteel represented ShainRealty and the undisclosed seller in the transaction. New York-based Arbor Realty Trust provided $40.6 million in acquisition financing to ShainRealty, which will implement a $2.3 million capital improvement program.

June 24, 2021

Acquisitions Industrial Self-Storage Texas

JLL Brokers Sale of 426-Unit Springwood Self Storage Facility in Austin

by Taylor Williams June 24, 2021

AUSTIN, TEXAS — JLL has brokered the sale of Springwood Self Storage, a 426-unit facility located at 9206 Anderson Mill Road on Austin’s north side. The three-story building was completed in 2017. All units are climate-controlled. Brian Somoza and Steve Mellon of JLL represented the seller, an entity doing business as Springwood Self Storage LLC, in the transaction. Wasatch Storage Partners purchased the asset for an undisclosed price.

June 24, 2021

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