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Cresa Negotiates Sale of 393,000 SF Broadacres Office Park in Bloomfield, New Jersey

by Taylor Williams April 27, 2021

BLOOMFIELD, N.J. — Cresa has negotiated the off-market sale of Broadacres Office Park, a 393,000-square-foot property located in the Northern New Jersey community of Bloomfield. Originally built in 1976 and renovated in 2001, Broadacres Office Park consists of a quartet of four-story, 98,250-square-foot buildings. Amenities include a fitness center, cafeteria and a tenant lounge. P3 Properties sold the asset to ERCT Capital Group for an undisclosed price. Dennis Gralla, James Scancarella and Jonathan Marks of Cresa brokered the deal.

April 27, 2021

Acquisitions California Multifamily Top Stories Western

Waterford, Development Authority Jointly Acquire Metro LA Apartments for $300M, Plan Workforce Housing Conversion

by Amy Works April 27, 2021

GLENDALE, CALIF. — Waterford Property Co., in partnership with the California Statewide Communities Development Authority (CSCDA), has purchased Altana, an apartment community located at 633 N. Central Ave. in Glendale, for $300 million. The partnership plans to convert the 507-unit property to workforce housing. Upon taking ownership, Waterford and CSCDA will immediately lower rents for qualified new residents making 80 percent to 120 percent of the area median income (AMI) in Los Angeles County. Current tenants who qualify can participate in the program during lease renewals. The AMI for Los Angeles County is $52,574 annually, which translates to roughly $4,381 per month. To be considered affordable, a household would need to spend less than 30 percent of its monthly income on rent. For Los Angeles County and Glendale, this means that rents equal to or less than $1,314.30 per month are deemed affordable for households earning 100 percent of AMI. Rental rates at Altana currently range from $2,235 per month for a one-bedroom unit to $4,340 for a two-bedroom apartment and loft layout, according to the property website. In partnership with CSCDA, Waterford has now acquired four multifamily communities in California since the start of the year as part of …

April 27, 2021

Acquisitions Florida Multifamily Southeast

Sentinel Real Estate Purchases Miami Beach Multifamily Portfolio for $96.6M

by Julia Sanders April 26, 2021

MIAMI BEACH, FLA. — Sentinel Real Estate Corp. has purchased a 452-unit multifamily portfolio in Miami Beach for $96.6 million. The portfolio includes a total of 30 individual properties, 25 of which are located in the heart of South Beach, with the other five located in the submarket of Bay Harbor in north Miami Beach. Cushman & Wakefield represented the seller, Boardwalk Properties, in the transaction. Located between 7th and 16th Streets, the South Beach properties are close to Lincoln Road, Ocean Drive, Collins and Washington Avenues and the Miami Beach Convention Center. The Bay Harbor properties are located on East Bay Harbor Drive, which runs along the eastern waterfront of Bay Harbor Island across from the Miami Beach peninsula and Bal Harbor. The previous ownership had invested approximately $10 million into the structures within the portfolio over the last six years. In acquiring the assets, Sentinel intends to capitalize on the opportunity to upgrade the interiors to feature high-quality finishes, and drive up rent growth. The portfolio will be rebranded as Helios Apartments Miami Beach. Sentinel Real Estate Corp. is an independently owned real estate investment management firm based in New York City.

April 26, 2021

Acquisitions Midwest Ohio Retail

CBRE Brokers Sale of 1.4 MSF SouthPark Mall in Suburban Cleveland

by Kristin Harlow April 26, 2021

STRONGSVILLE, OHIO — CBRE’s National Retail Partners Midwest Team has brokered the sale of SouthPark Mall in Strongsville, a suburb of Cleveland. The sales price was undisclosed. The 1.4 million-square-foot regional mall is located at 500 Southpark Center. Anchor tenants include Dick’s Sporting Goods, Cinemark, Kohl’s, Macy’s, Dillard’s and JC Penney. CBRE represented the seller, a private equity firm. Kize Capital LP and Spinoso Real Estate Group purchased the asset and plan to implement a repositioning program.

April 26, 2021

Acquisitions New Jersey Northeast Office

Princeton Insurance Co. Sells 110,000 SF Office Complex in New Jersey

by Taylor Williams April 26, 2021

PRINCETON, N.J. — Princeton Insurance Co. has sold 742 and 746 Alexander Road, the company’s two-building, 110,000-square-foot office complex in its namesake town. Kevin O’Hearn, Jose Cruz, Thomas Romano, Michael Oliver and Steve Simonelli of JLL represented the owner and tenant in the transaction. The complex consists of a 50,000 and 60,000-square-foot building and amenities such as a fitness center and a cafeteria. Strategic Funding Alternatives LLC purchased the property for an undisclosed price.

April 26, 2021

Acquisitions Multifamily New Mexico Western

RanchHabor, Westgrove Partners Acquire Value-Add Multifamily Portfolio in Albuquerque

by Amy Works April 26, 2021

ALBUQUERQUE, N.M. — A joint venture partnership between RanchHarbor and Westgrove Partners has purchased a two-property multifamily portfolio in Albuquerque. Terms of the transaction, including the name of the seller and acquisition price, were not released. The properties, Candlewood Village and Candelaria Heights, have been rebranded to The Grove and The Heights at Tramway, respectively. The two assets offer a total of 79 garden-style apartments. Located at 12050 Candelaria Road NE, The Grove was built in 1985 and features 59 units ranging from 650 square feet to 950 square feet spread across eight buildings. Additional amenities include 87 uncovered parking spaces and a common area with a pool. Built in 1972 at 301 Lori Place NE, The Heights offers 20 units ranging from 807 square feet to 1,100 square feet and 30 parking spaces. The joint venture plans to implement institutional-grade property management at the properties and perform interior and exterior renovations to reposition the assets. Interior improvements will include painting, installing new flooring and updating lighting, cabinet and fixtures in kitchens and bathrooms. Exterior renovations will include new paint and improvements to the buildings’ façades, landscaping and lighting in addition to clubhouse and common-area amenity renovations.

April 26, 2021

Acquisitions Florida Office Retail Southeast

Tricera Capital, LNDMRK Acquire Cube Wynwd Office Building in Miami for $28M

by Julia Sanders April 23, 2021

MIAMI — Tricera Capital, a Miami-based real estate investment firm, and LNDMRK Development have acquired Cube Wynwd, a newly constructed office building with ground-floor retail space in Miami’s Wynwood neighborhood. RedSky Capital sold the property to the buyers for $28 million. Scott Wadler and Michael Basinski of Berkadia arranged the $27.5 million loan for the sale. Developed by RedSky Capital LLC, Cube Wynwd is an eight-story building with approximately 100,000 square feet of office and retail space with a rooftop terrace. Located at 222 NW 24th St., the property is close to area attractions including Wynwood Walls, Panther Coffee, Salty Donut, KYU and Bar Taco. Coworking operator Spaces occupies about 30 percent of the office space and about 1,700 square feet of the retail space in Cube Wynwd’s lobby. Other retail tenants include a Rome-based Bonci Pizza and Mini Market. Tricera and LNDMRK obtained acquisition financing from South Florida-based Amerant . Glacier Credit Strategies provided a mezzanine loan to the buyers as well. Law firm Polsinelli represented Tricera and LNDMRK in the transaction.

April 23, 2021

Acquisitions Colorado Multifamily Western

Mill Creek Residential Sells 197-Unit Modera Cap Hill Apartments in Denver

by Amy Works April 23, 2021

DENVER — Mill Creek Residential has completed the disposition of Modera Cap Hill, a multifamily property located in Denver’s Capitol Hill neighborhood. The name of the buyer and acquisition price were not released. Located at 1200 Grant St., Modera Cap Hill feature 197 studio, one- and two-bedroom floor plans averaging 782 square feet. Units feature private patios or balconies, high ceilings and premium finishes. Community amenities include a fitness studio and yoga room, pet spa, bike storage, electric car charging stations, controlled-access garage parking, rooftop lounge and sundeck, and an elevated pool deck with Rocky Mountain views. The property was built in 2019. Dan Woodward, David Potarf, Matt Barnett and Jake Young of CBRE represented the seller in the transaction.

April 23, 2021

Acquisitions Multifamily Texas

IPA Negotiates Sale of 240-Unit Mag & May Apartments in Fort Worth

by John Nelson April 23, 2021

FORT WORTH, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Mag & May, a 240-unit apartment community located within the Magnolia Urban Village development in Fort Worth. Built on two acres in 2019, the property offers studio, one- and two-bedroom units and amenities such as a pool, fitness center, clubroom and courtyards. Drew Kile, Michael Ware, Taylor Hill, Joey Tumminello and Will Balthrope of IPA represented the seller, Hudgins Cos., in the transaction. The team also procured the buyer, New York-based Abacus Capital Group.

April 23, 2021

Acquisitions Midwest Ohio Retail

PEBB Enterprises Sells Sugarcreek Plaza in Dayton for $7.4M

by Kristin Harlow April 23, 2021

DAYTON, OHIO — PEBB Enterprises has sold Sugarcreek Plaza in Dayton for $7.4 million. The retail center spans nearly 70,000 square feet on 6.4 acres at 6140-6148 Wilmington Pike. PEBB substantially renovated the property, which was originally built in 1987. The firm acquired the asset for $2.2 million in January 2016 when it was completely vacant. The center is now home to tenants such as Bed Bath & Beyond, buybuy Baby and Planet Fitness. Dan Cooper of Cooper Commercial Investment Group represented PEBB in the sale. Florida-based Pinnacle Leasing & Management LLC was the buyer.

April 23, 2021

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