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Avanath Capital Acquires Seniors Housing Community in Anaheim Hills for $87.5M

by Amy Works April 20, 2021

ANAHEIM HILLS, CALIF. — Avanath Capital Management has purchased Overlook at Anaheim Hills, a seniors housing property located at 145-235 S. Festival Drive in Anaheim Hills. An undisclosed seller sold the property for $87.5 million. Built in 2001, Overlook consists of seven two- and three-story garden-style buildings offering a total of 261 units with an average unit size of 751 square feet. Community amenities include a community center, clubhouse, business center, pool, spa, fitness center and billiard room. At the time of sale, the property was nearly 100 percent occupied. Avanath plans to implement a variety of capital improvements to the property, including renovating the clubhouse and community spaces, adding a dog park and implementing sustainability initiatives to reduce the property’s carbon footprint and generate energy savings.

April 20, 2021

Acquisitions Georgia Mixed-Use North Carolina Office Southeast Top Stories

Preferred Apartment Communities Agrees to Sell Southeast Office Portfolio to Highwoods for $717M

by John Nelson April 20, 2021

ATLANTA AND RALEIGH, N.C. — Preferred Apartment Communities (NYSE: APTS) has agreed to sell a portfolio of office assets in Atlanta and North Carolina to Highwoods Properties Inc. (NYSE: HIW). The deal, which is expected to close during the third quarter, is valued at $717 million and includes $28 million of planned improvements and $5 million in transaction costs. The sale comprises the bulk of Preferred Apartment Communities’ (PAC) office assets. Joel Murphy, president and CEO of the Atlanta-based REIT, says that the sale of the office portfolio is part of a larger plan to simplify its real estate footprint. The company also sold a portfolio of student housing properties last year as part of that plan. “Upon closing, PAC’s real estate portfolio will be further streamlined with an increased primary weighting on our core, Class A, suburban Sun Belt multifamily business and our complementary 100 percent grocery-anchored Sun Belt retail investments,” says Murphy, referring to PAC’s wholly owned retail investment subsidiary New Market Properties LLC. The portfolio sale to Highwoods includes seven properties in Atlanta, Charlotte and Raleigh. The assets include: • 150 Fayetteville, a 560,000-square-foot tower in downtown Raleigh • Capitol Towers, a two-building complex in Charlotte’s SouthPark …

April 20, 2021

Acquisitions Multifamily Texas

REEP Equity Buys 192-Unit Savoy Manor Apartments in Northwest Houston

by Taylor Williams April 19, 2021

HOUSTON — San Antonio-based investment firm REEP Equity has purchased Savoy Manor, a 192-unit apartment community in northwest Houston. The pet-friendly property features one- and two-bedroom units that all offer private patios and balconies. Amenities include a pool, playground, fitness center, dog park and outdoor grilling areas. Mark Brandenburg, C.W. Sheehan and Cort Martin of JLL represented the seller in the transaction. JLL also provided an undisclosed amount of Freddie Mac acquisition financing, which was structured with a 10-year term and a floating interest rate, on behalf of REEP Equity.

April 19, 2021

Acquisitions Illinois Industrial Midwest

IRG Acquires 1.5 MSF Former Caterpillar Facility in Rockdale, Illinois

by Kristin Harlow April 19, 2021

ROCKDALE, ILL. — Industrial Realty Group LLC (IRG) has acquired a 1.5 million-square-foot industrial facility formerly occupied by Caterpillar in Rockdale near Joliet. The purchase price was undisclosed. The 69-acre property includes several buildings along the Des Plaines River. The largest building is 1.3 million square feet and includes 65,384 square feet of office space. Caterpillar used the site for its hydraulic manufacturing operations. IRG’s CEO John Mase says the company intends to convert the single-tenant manufacturing facility into a multi-tenant complex capable of accommodating warehouse, distribution and manufacturing users. IRG plans to immediately begin renovations and marketing the space for lease.

April 19, 2021

Acquisitions California Retail Western

Stream Realty Partners Buys 49,334 SF Shopping Center in Santa Ana, California

by Amy Works April 19, 2021

SANTA ANA, CALIF. — Stream Realty Partners has acquired a grocery-anchored shopping center located at 2360 N. Tustin Ave. in Santa Ana. Previously owned by two private owners for 50 years, Stream purchased both the leasehold interest and the fee simple. Stater Bros. Markets has been a tenant since the property’s completion. Additionally, Stream acquired the 0.78 acres of adjacent land, which currently features two residential units, for future development. As a result of the transaction, Stater Bros. has renewed its 25,587-square-foot lease and Del Taco renewed its 1,859-square-foot lease at the center, which is slated to undergo several upgrades in the coming quarter. Renovations will include façade upgrades, new signage and landscaping. Additionally, Del Taco will begin interior renovations in the second quarter of 2021.

April 19, 2021

Acquisitions Industrial Self-Storage Texas

Montfort Capital, Blue Vista Buy 909-Unit Self-Storage Facility in San Antonio

by Taylor Williams April 16, 2021

SAN ANTONIO — A joint venture between Dallas-based self-storage investment firm Montfort Capital Partners and Blue Vista Capital Management has purchased A3 Storage Centers, a 909-unit facility in San Antonio. The property was built on 3.7 acres in 2007. Jon Danklefs of Marcus & Millichap represented the joint venture in the transaction. Additional terms of sale were not disclosed. With this acquisition, Montfort Capital Partners now owns seven self-storage assets in Texas.

April 16, 2021

Acquisitions California Multifamily Western

Griffin Capital, Legacy Partners Sell Transit-Oriented Apartment Community in Southern California for $100M

by Amy Works April 16, 2021

MONROVIA, CALIF. — Griffin Capital Co. and Legacy Partners have completed the disposition of Moda at Monrovia Station, a Class A multifamily property located in Monrovia. Opportunity Housing Group as property administrator with the California Statewide Communities Development Authority acquired the asset for $100 million. Legacy, which will continue to manage the community, developed the property in a financial partnership with Griffin Capital and Silverpeak Real Estate Partners. Sitauted adjacent to the Gold Line at Monrovia Station, Moda features 261 apartments in a mix of one- and two-bedroom layouts; two landscaped courtyards; a pool and spa; barbecue areas; fire pits; and a 4,000-square-foot rooftop terrace. Gregory Harris of Institutional Property Advisors, a division of Marcus & Millichap, represented the sellers in the deal.

April 16, 2021

Acquisitions Retail South Carolina Southeast

IPA Arranges $18.2M Sale of Publix-Anchored Market at Standing Springs in Upstate South Carolina

by Julia Sanders April 15, 2021

SIMPSONVILLE, S.C. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the $18.2 million sale of Market at Standing Springs, a 63,883-square-foot, Publix-anchored shopping center in Simpsonville. Zach Taylor of IPA’s Taylor-McMinn Retail Group represented the seller, Carolina Holdings, and the buyer, C.F. Smith Property Group. The buyer is a family office completing a 1031 exchange, according to Taylor. “The buyer was placing funds from a single-tenant Lowe’s Home Improvement that my partner, Don McMinn, sold for it in March,” says Taylor. Completed in 2021, Market at Standing Springs is located at the intersection of West Georgia and East Standing Springs roads near Interstate 385. The tenant roster includes Starbucks.

April 15, 2021

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 378-Unit Self-Storage Facility in Lake Jackson, Texas

by Taylor Williams April 15, 2021

LAKE JACKSON, TEXAS — Marcus & Millichap has brokered the sale of Brazos Self Storage, a 378-unit facility in Lake Jackson, located south of Houston. The facility was built on 3.4 acres in 1978 and expanded in 1981 and 1992. The unit mix consists of 104 climate-controlled and 274 non-climate-controlled units totaling 45,086 net rentable square feet. Brian Kelly, Brett Hatcher, Gabriel Coe and Dave Knobler of Marcus & Millichap represented the seller, a limited liability company, in the transaction. Tim Speck of Marcus & Millichap also assisted in closing the deal as the broker of record. The buyer and sales price were not disclosed.

April 15, 2021

Acquisitions Industrial Midwest Minnesota

Westmount Realty Capital Sells 413,239 SF Warehouse in Burnsville, Minnesota

by Kristin Harlow April 15, 2021

BURNSVILLE, MINN. — Westmount Realty Capital LLC has sold I-35 Industrial Center in Burnsville, a southern suburb of Minneapolis. Located at 2300 State Highway 13 West, the 413,239-square-foot warehouse is fully leased to e-commerce company ShopJimmy.com. Originally built in 1970, the Class B property is situated on 21 acres. It features a recycling center, showroom and storage space as well as 23 dock doors, 12 drive-in doors and a clear height of 21 feet. Westmount repaired masonry work on the building’s exterior, painted the building and upgraded the parking lot. Mark Kolsrud, Pete Carbonneau and Peter Loehrer of Colliers MSP Investment Services Group represented Westmount in the sale. The buyer and sales price were undisclosed.

April 15, 2021

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