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Avison Young Brokers $58.9M Sale of Pinnacle Corporate Park in Fort Lauderdale

by Julia Sanders June 9, 2021

FORT LAUDERDALE, FLA. — Avison Young has brokered the $58.9 million sale of Pinnacle Corporate Park, a two-building, Class A office portfolio located at 500 and 550 W. Cypress Creek Road in Fort Lauderdale. The portfolio totals 259,458 square feet on 14.3 acres in Broward County’s Cypress Creek submarket. Avison Young arranged the sale on behalf of the seller, a joint venture between a fund managed by DRA Advisors LLC and Banyan Street Capital. The buyer, an affiliate of St. Petersburg, Fla.-based Feldman Equities doing business as Pinnacle Corporate Park LLC, purchased the property with capital raised through online crowdfunding platform called Crowdstreet.com. Pinnacle Corporate Park is Feldman’s first investment property in South Florida. The buyer plans to invest over $3 million in renovations. Pinnacle Corporate Park’s tenants include Vertiv, Jacobs Engineering, Trustbridge, I Pipeline and AmTrust. The property is in the center of Fort Lauderdale’s Uptown Urban Village, a master plan that supports the development of a mixed-use neighborhood. The offices are less than one mile from Interstate 95 and close to the Cypress Creek Tri-Rail station. John Crotty, David Duckworth, Michael Fay, Greg Martin, George Vail, Brian de la Fé and Berkley Bloodworth of Avison Young led the …

June 9, 2021

Acquisitions Industrial Texas

KBS Sells 372,763 SF Southpark Commerce Center in Austin to BentallGreenOak

by Taylor Williams June 9, 2021

AUSTIN, TEXAS — California-based KBS has sold Southpark Commerce Center, a 372,763-square-foot industrial park in Austin, to institutional investment firm BentallGreenOak for an undisclosed price. Built in 1998, the four-building property was fully leased at the time of sale and features 24-foot clear heights and a 36 percent office finish. Trent Agnew, Dustin Volz, Dom Espinoza, Josh Villareal and Wesley Gilmer of JLL represented KBS in the transaction.

June 9, 2021

336-Logistics-Drive-Hamburg-Pennsylvania

Acquisitions Industrial Northeast Pennsylvania

JLL Negotiates $22.3M Sale of Industrial Property in Hamburg, Pennsylvania

by Taylor Williams June 9, 2021

HAMBURG, PA. — JLL has negotiated the $22.3 million sale of a 149,632-square-foot industrial property in the Lehigh Valley community of Hamburg. Built in 2020, the building features a clear height of 32 feet, 24 overhead doors and an ESFR sprinkler system. John Plower, Pete Pittroff, Ryan Cottone and Jeff Lockard of JLL represented the seller, a joint venture between The Keith Corp. and Kiel Group, in the transaction. Boston-based TA Realty purchased the asset, which was fully leased to two tenants, S Walter Packaging and LTL Home Products, at the time of sale.

June 9, 2021

Acquisitions Industrial Midwest Ohio

Weston-Led Partnership Purchases Former 1.7 MSF Ford Plant in Suburban Cleveland

by Kristin Harlow June 9, 2021

BROOK PARK, OHIO — Weston Inc., the DiGeronimo Cos. and Scannell Properties have purchased the former Ford Motor Co. plant in Brook Park, a southwest suburb of Cleveland. The purchase price was $31.5 million, according to Crain’s Cleveland Business. The existing facility spans 1.7 million square feet across 210 acres and is located next to Cleveland Hopkins Airport. The buyers plan to redevelop the property, details of which will be announced in the coming months.

June 9, 2021

Acquisitions California Multifamily Seniors Housing Western

SLIB Negotiates Sale of 77-Unit Seniors Housing Community in Whittier, California

by Amy Works June 9, 2021

WHITTIER, CALIF. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Posada, a 77-unit assisted living and memory care community in Whittier, a suburb of Los Angeles. The facility was built in 1984 with a renovation in 2017. It totals 41,658 square feet on approximately 0.72 acres of land. The seller was a regional owner-operator looking to divest from the senior care space. The buyer is a local owner-operator that plans on making some renovations to the property. The price was not disclosed. Brad Goodsell, Jason Punzel and Vince Viverito of SLIB handled the transaction.

June 9, 2021

Acquisitions Loans Multifamily Texas

Sterling Real Estate Sells 332-Unit Multifamily Property in Cedar Park, Texas

by Taylor Williams June 8, 2021

CEDAR PARK, TEXAS — Arizona-based investment firm Sterling Real Estate Partners has sold Muir Lake, a 332-unit luxury multifamily property in Cedar Park, a northwestern suburb of Austin. Built in 2014 by developer Larry Peel, the waterfront community is located within the 189-acre Lakeline Park master-planned community, which includes walking trails, sport fields, water activities and festival/event areas. Units feature studio, one- and two-bedroom floor plans and are furnished with granite countertops, stainless steel appliances, full-sized washers and dryers and private balconies/patios. Amenities include a pool, outdoor lounge, business center, billiards room, fitness center, dog park and a boat and canoe dock. Matt Pohl, Forrest Bass and Spencer Roy of Walker & Dunlop brokered the deal. An affiliate of Chicago-based Walton Street Capital provided a $61.4 million acquisition loan to the buyer, a partnership between Old Three Hundred Capital and ArrowMark Partners. Marko Kazanjian, Chris McColpin and Andrew Cohen of JLL placed the debt. Muir Lake was 96 percent occupied at the time of sale.

June 8, 2021

Acquisitions Midwest Missouri Multifamily

Passco Acquires 345-Unit Apartment Complex in Suburban St. Louis for $98M

by Kristin Harlow June 8, 2021

CHESTERFIELD, MO. — Passco Cos. has acquired a 345-unit apartment complex in Chesterfield for $98 million. Watermark Residential was the seller. Passco will rebrand the community, previously named Watermark at Chesterfield Village, as The PARQ at Chesterfield. The property is located at 16300 Lydia Hill Drive in suburban St. Louis. Amenities include a pool, fitness center, Starbucks coffee bar, firepit area, dog wash and 24-hour package pickup. Units range in size from one-bedroom to three-bedroom floor plans. Caleb Marten of KeyBank Real Estate Capital’s Commercial Mortgage Group arranged acquisition financing on behalf of Passco. Andrea Kendrick, Ken Aston and Bobby Mills of Berkadia St. Louis brokered the sale on behalf of Watermark.

June 8, 2021

Acquisitions Arizona Healthcare Office Western

Kidder Mathews Brokers Sales of Three Medical Office Buildings Near Phoenix Totaling $32.8M

by Amy Works June 8, 2021

GOODYEAR AND GLENDALE, ARIZ. — Kidder Mathews has arranged the sales of three medical office buildings located in Goodyear and Glendale for a total of $32.8 million. Michael Dupuy and Rachael Thompson of Kidder Mathews represented the undisclosed sellers in the transactions. The names of the buyers were not released. The transactions are the $7.6 million sale of the 20,235-square-foot Cornerstone Medical Center in Goodyear; the $10 million sale of the 35,893-square-foot Talavi Medical Plaza in Glendale; and the $15.2 million sale of the 52,013-square-foot Thunderbird Palms in Glendale.

June 8, 2021

Acquisitions Multifamily Texas

Investors Management Group Buys 246-Unit Apartment Community in San Antonio

by Taylor Williams June 7, 2021

SAN ANTONIO — California-based Investors Management Group has purchased Azul Apartments, a 246-unit multifamily community in northwest San Antonio. Built in 2007, the property offers a mix of one-, two- and three-bedroom units averaging 868 square feet. Amenities include a pool with a lounge and game areas, fitness center, outdoor grilling stations and picnic areas, a basketball court and a business center. David Bleiweiss of Berkadia originated an undisclosed amount of Freddie Mac acquisition financing for the deal on behalf of the new ownership, which plans to invest more than $1 million in capital improvements. The seller was not disclosed.

June 7, 2021

Acquisitions Connecticut Multifamily Northeast

IPA Negotiates Sale of 350-Unit Hoyt Bedford Apartments in Stamford, Connecticut

by Taylor Williams June 7, 2021

STAMFORD, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Hoyt Bedford, a 350-unit apartment complex in Stamford. Built on seven acres in 1940, the property consists of five buildings with 57 to 60 units per building that feature an average size of 927 square feet. Victor Nolletti, Eric Pentore and Wes Klockner of IPA represented the seller, an entity doing business as Stamford Apartment Co. LLC, in the transaction. The trio, along with Marcus & Millichap’s Andrew Daitch, also procured the buyer, Hoyt Bedford LP.

June 7, 2021

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